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GST advisory panel receives 700 representations on industry woes The six member advisory panel formed by the government for simplifying and rationalising the goods and services tax (GST) has received more than 700 representations on problems faced by industry over return filing, the eway bill, input tax credit, and exports.The committee will now meet for the first time on Wednesday to take up these issues, ahead of the crucial GST Council meeting on Thursday in Guwahati. Some of its recommendations may be taken up by the Council.The panel includes representations from trade and industry.“The government is open to taking feedback from industry and rectifying the anomalies in the law. We are putting in efforts to make the GST industry friendly and will be open to incorporating suggestions by the advisory panel,” said a government official. The final report of the group will be submitted on November 30 and discussed in the subsequent meeting of the Council.“If the panel comes toac

Wilful defaulters cannot bid for their cos State Bank of India (SBI) chairman Rajnish Kumar on Monday said that promoters of defaulting companies are within their rights to bid for their businesses which are on the block following insolvency proceedings. However, wilful defaulters or those borrowers who have diverted funds will not find any place in the bidding process, he said. Kumar’s remarks come at a time when the insolvency process has come under criticism as it allows existing borrowers to bid for the companies at steep discounts. For instance, in the case of Innoventive Industries — one of the first cases in the National Company’s Law Tribunal under the new Insolvency and Bankruptcy Code — the best bids that the lenders have received requires them to take a haircut of 75% of their loan amount, resulting in a stalemate. “Ethically, I don’t know, but legally they are within their rights to participate,” said Kumar, responding to queries on whether it was ethical to let a d

IT scanner on 80000 cases for huge cash deposits A year since demonetisation of high value currency notes, the incometax (IT) department has identified 80,000 “actionable cases” (people) who deposited cash of over Rs 10 lakh each in bank accounts but have no tax profile This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits made during the period under the two phases of Operation Clean Money —an exercise to identify black money stashed in the form of cash deposits in banks.According to sources, the IT department has sought explanations from these 80,000 people who have no record of income tax filing in the system. Some of them deposited cash of more than Rs 20 lakh in the bank account but have never filed returns.The finding sare part of a status report on demonetisation which was prepared by the ITdepartment under the supervision of the Central Board of Direct Taxes (CBDT). Sources said the

Board Tightens Norms Shuts Backdoor Entry of Promoters ?INSOLVENCY CURBS Bankruptcy board has empowered the committee of creditors to conduct a due diligence on bidders' background and viability of resolution plans to prevent frivolous bids and thwart attempts at backdoor entry of promoters who ran the enterprise aground The Insolvency and Bankruptcy Board Tuesday tightened disclosure norms for insolvency professionals, and empowered the committee of creditors to conduct thorough due diligence on the bidders' background and viability of resolution plans. The latest move is likely to prevent any frivolous bids and also thwart attempts at backdoor entry of promoters who ran the enterprise aground. This would help realise the objective of the code that was enacted to protect the value of assets. “A key objective of the Insolvency and Bankruptcy Code is insolvency resolution of corporate persons in a time bound manner for maximisation of value of their assets,“ IBBI said

Over 20000 Returns Picked For Probe The Income Tax Department has picked 20,572 tax returns for “detailed scrutiny” suspecting discrepancies in incomes before and after demonetisation, official sources said on Monday. Separately, they said, the department has identified one lakh “high risk” cases of alleged tax evasion for detailed investigation. According to the sources, 20,572 tax returns have been selected for detailed scrutiny after their profiles before and after demonetisation did not match. A scrutiny procedure in the I-T department parlance denotes submission of a volume of records and testimonials, after which the taxman or the assessing officer makes sure that the return filed is correct and the filer has not evaded any tax. The Business Standard, New Delhi, 07th November 2017

Sebi plans further rise in public float The Securities and Exchange Board of India is mulling another increase in minimum public shareholding (MPS) requirements from the current 25 per cent to 30 per cent, or even 35 per cent, said three people in the know.The discussions at the market regulator´s end are, however,anascent stage, clarified one of India has traditionally been driven market and increasing the threshold will ensure wider through institutional investors, more market depth and better corporate governance standards. “A wider ownership will improve liquidity and reduce the scope for price manipulation, besides bettering corporate governance standards,” said Pranav Haldea, managing director, PRIME Database.“Thus far, most private sector firms have complied with the Sebi requirement for a 25 per cent public float and raising it to 30 per cent or even 35 per cent should not pose a major challenge to most.” An email to Sebi did not receive a response. At present, 110 of t

Over 39 percent PANs linked with Aadhaar Over 13.28 crore Permanent Account Numbers (PANs) have been linked with the Aadhaar till now, official sources today said. With this, 39.5 per cent of PANs are now linked with Aadhaar numbers. There are about 33 crore PAN cards, while Aadhaar has been issued to about 115 crore people. The government had made the PAN-Aadhaar linking mandatory for filing ITR (Income Tax Return) and obtaining a new Permanent Account Number (PAN) from July 1. The Supreme Court had in June upheld the validity of an Income Tax Act provision making Aadhaar mandatory for allotment of PAN cards and ITR filing, but had put a partial stay on its implementation till a Constitution bench addressed the issue of right to privacy. The Business Standard, New Delhi, 07th November 2017