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Intra-state rollout of E-way bills soon The government may soon announce the rollout schedule for electronic way bills in intra-state sales under the goods and services tax regime, buoyed by the smooth implementation of the system for inter-state movement on April 1. The government is also confident of meeting the revised fiscal deficit target for FY18 following improved direct and indirect tax collections. February GST collections rose to over Rs 89,264 crore, up from Rs 88,047 crore in January. It ruled out any cut in excise duty to ease the recent spike in fuel prices. “E-way rollout has been successful —there is no glitch so far,” finance secretary Hasmukh Adhia said on Monday. A total of 28.9 million eway bills were generated on Monday against 25.9 million on Sunday, the first day of the nationwide rollout of the framework that’s expected to help check tax evasion. The e-way bill system had collapsed when it was first introduced in trials in February, forcing the governmen

Inclusion of petrol and diesel in the GST will help consumers pay a rational price: Dharmendra Pradhan An inclusion of petrol and diesel in the Goods and Services Tax framework will help consumers pay a rational price for the fuel, Oil Minister Dharmendra Pradhan has said after fuel prices rose to record level prompting demand for tax cuts. Following a rapid rise in the international rates to which local prices are linked, diesel is selling at record rates in the country and petrol at four-year peak. On Monday, diesel was sold for Rs 64.69 per litre and petrol for Rs 73.83 a litre at Indian Oil outlets in Delhi. Petrol and diesel prices have gained Rs 10.74 and Rs 11.36 per litre respectively in the last nine months in which crude oil has gained $21.87 per barrel to about $70/barrel. Heavy duties imposed by the Centre and states is key to petrol and diesel being so expensive in the country. In Delhi, petrol bear about 100% and diesel 69% levies comprising excise duty and VAT, a

 Day 1 sees no major glitch for e-way bill, says GSTN chief executive An official said it would take a week or two for flying squads to get into regular operation, since the mechanism is not fully final One has to wait a bit longer to assess the robustness of the e-way bill portal. Just over 171,000 of these had been generated till 5 pm on Sunday, the first day of its mandatory nation-wide introduction for inter-state movement of goods worth over Rs 50,000 under the goods and services tax (GST) system.  The numbers were less than half of those generated on February 1, the earlier date of its roll-out, when the portal had crashed. At the time, 480,000 bills were generated. At present, the portal — ewaybill.nic.in — has a capacity to handle 7.5 million bills a day. Formally the electronic way bill for movement of goods, it is an invoice or delivery challan, generated only on the designated portal. Transport of goods more than Rs 50,000 in value in any vehicle cannot be made by a

  RBI likely to stay put on rates, flag concerns on food inflation, oil’s surge The Reserve Bank of India (RBI) is likely to keep benchmark rates unchanged while signposting concerns over oil prices and food inflation at its first bimonthly policy review in the new financial year.  An ET poll conducted among 23 market participants suggests that the central bank may be headed into an extended pause on rate action even though the US Federal Reserve is penciling in higher borrowing costs in the world’s biggest economy toward the latter half of the year. Should the Monetary Police Committee (MPC) of the RBI hold rates at what they now are at its conclave beginning April 4, it would be the fourth such consecutive policy decision.  The MPC is expected to strike a balanced approach as inflation in the January-March quarter (Q1-2018) has undershot its target,” said Anubhuti Sahay, chief India economist at Standard Chartered Bank. “Additionally, growth recovery… in a nascent stage is al

MCA plans 'intensive review' of companies law administration The government plans to carry out an "intensive review" of the administration of companies law as part of efforts to prevent instances of corporate frauds, according to a senior official. The government plans to carry out an "intensive review" of the administration of companies law as part of efforts to prevent instances of corporate frauds, according to a senior official. In the wake of over Rs 13,000 crore scam at Punjab National Bank (PNB), involving diamond merchants Nirav Modi and Mehul Choksi, various authorities, including Ministry of Corporate Affairs (MCA), have initiated stringent measures. The ministry, which is implementing the companies law, is working to "tighten the screws" in order to prevent instances of corporate frauds, a senior official said. The Economic Times, New Delhi, 02nd April 2018

 Insolvency and Bankruptcy Code set for major overhaul The corporate affairs ministry is finalizing a series of IBC amendments as the government wants to decisively deal with business failures that slow down the Indian economy India’s bankruptcy law, the Insolvency and Bankruptcy Code (IBC), is set for a major overhaul as policymakers seek to decisively deal with business failures that slow down expansion in Asia’s third-largest economy. The ministry of corporate affairs is finalizing a series of IBC amendments based on a panel’s recommendations to remove difficulties in turning around businesses and to strike a balance between the interests of lenders, customers of failed businesses and their promoters, according to the insolvency law panel’s report which was submitted to the government last week. The IBC amendments proposed by the panel, led by corporate affairs secretary Injeti Srinivas, make a strong case for treating homebuyers as financial creditors, enabling them to ta

Number of delisted companies on the rise; bourses may see more exits The NSE delisted 100-odd companies in the past one year Despite a record line-up of debuts on the bourses this year, India’s listed universe is shrinking, and shrinking fast. Around 1,000 companies were compulsorily delisted in the past two years on the BSE and the National Stock Exchange (NSE). And, by some estimates, another 1,000-2,000 may be shown the door, effectively contracting the universe of listed shares by 30-50 per cent. Around 5,900 companies were listed on the BSE on March 31, 2016. The number has now reduced to 5,035. A majority on the list have been compulsorily delisted, sources said. The NSE delisted 100-odd companies in the past one year. At present, around 1,600 companies are listed on the NSE. Compared to the spate of exits, far fewer companies, around 70 in number, entered the market in the last two financial years. In May 2016, Sebi announced measures to delist companies from stock exc