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Jaitley made the remarks while making an intervention during a debate on the demands for grants for the Defence Ministry. “Therefore, whenever we take political positions on those issues, at the end of the day, we must realise that the size of the entire revenue cake has to increase.
It is only then that the slice, which will be available for national security, will also increase,” the minister said. Responding to All India Anna Dravida Munnetra Kazhagam (AIADMK) leader M Thambidurai’s remarks that the government was reducing the revenue base of the states through the Goods and Services Tax, Jaitley said the objective is to have a more efficient indirect taxation system.
“I know your party’s (AIADMK) and state government’s positions have been slightly different from everybody else. But one of the objects was to have a more efficient indirect taxation system which brings an end to evasion and, therefore, the revenue of the states and the Centre also increases.
That is why we were able to develop a bipartisan consensus on it,” Jaitley said. Source: Business Standard GST success depends on preparedness of businesses: Parthasarathi Shome: Fiscal policy expert Parthasarathi Shome has said that the success of the goods and services tax (GST) hinges on the preparedness of businesses to comply with the new levy. He reckons that the Centre and states will be forced to make improvements in the GST design if taxpayers find it difficult to comply with the new regime. “I do not want to be unduly critical of GST.
The Centre and states have done well to forge a consensus on the enabling laws after intense negotiations. Some give and take is inevitable. “Hopefully, improvements will take place if taxpayers are discomforted,” said Shome, former advisor to the finance minister during the United Progressive Alliance regime, at a panel discussion followed by the launch of his book ‘Development and Taxation’.
GST is meant to create a seamless common market and the Centre is hopeful of rolling out the new levy on July 1. The optimism follows the GST Council’s nod to all the enabling laws on March 16 — the draft central GST, integrated GST, state GST and the Union Territory GST laws. Besides the Centre, state legislatures too have to approve the law, after which all the rules have to be finalised and published.
India’s plan is to have a dual GST with a four-rate structure ranging from 5% to 28%. But the levy excludes real estate, electricity and alcohol besides petroleum products (that will be brought under the net subsequently). An extra cess will be levied on luxury and non-merit goods.
Shome is, however, clear that the current version of GST is not internationally benchmarked. “It seems as complex as the value-added tax regime that was introduced in Brazil in the 1960s,” he said, adding that improvements can be made over time. Shome was involved in the exercise to improve the VAT regime in Brazil in the 1990s. GST will be administered both by the Central and state tax authorities.
So Shome underscores the need for proper training of the tax administration to ensure ease of doing business. Ahead of the value-added tax regime that replaced archaic sales tax imposed by states, the empowered committee of finance ministers held several rounds of discussions with various stakeholders that included industry and trade, Shome said. Are both taxpayers and the tax administration prepared to implement the new levy and is the IT system up and running? These are the crucial questions to be asked, he said. A robust implementation strategy is also important to ensure the success of the tax reform, he added. Source: Economic Times Sin tax: GST Council caps tax on tobacco, luxury cars, pan masala at 15%: The goods and services tax (GST) Council on Thursday approved two more laws — state GST (SGST) and Union Territory GST (UT-GST) — increasing chances of a roll-out of the new indirect tax regime from July 1. Earlier, the council had approved the CGST, IGST and the compensation law.
At its 13th meeting held in the Capital, the council also capped the cess on demerit goods or so-called sin tax at 15%, the proceeds of which will be used to compensate states that may face a reduction in revenue once GST is in force. Finance minister Arun Jaitley said the cess would be restricted to five commodities. “We have kept a headroom of about 3% for imposing the cess on demerit goods,” the FM observed at a press conference. He clarified it would be levied in a manner such that the final tax incidence on such demerit items would not be lower than the existing tax rates.
The cess is to be levied on tobacco, luxury cars, pan masala and aerated drinks. Tax experts welcomed the cap on the cess of 15% and the fact that it would be limited to a few goods. However, several of them have drawn attention to the fact that the government needs to clarify on area-based exemptions given to companies in states such as Uttarakhand. They have pointed out that the exemptions cannot continue since they break the value chain.
While the four laws —CGST, IGST, UGST and compensation law, will require the Cabinet’s nod first and a parliamentary approval subsequently, the SGST law will have to be approved by the state Assemblies. The council in its next meeting on March 31 would approve four sets of rules under the GST laws. Jaitley said while five sets of rules — relating to registration, payment, refunds, invoices and returns — had already been approved, the council in its next meeting would discuss and approve the remaining four rules relating to composition, transition, input tax credit and valuation. The council will need another major meeting to approve the fitment of different commodities in the four slabs — 5%,12%,18% and 28%, Jaitley said.Post the fitment exercise the GST will be ready for a rollout. The industry has often represented the delay in announcement of rates for commodities was proving to be hurdle in preparation for the new taxation regime. The commerce ministry had asked for a zero rating of goods supplied to SEZs a proposal which has been approved by the council.
“It would also be critical for the government to immediately release the approved GST draft Bills along with relevant rules, rate schedules, etc for the industry to adequately assess the final impact of GST and align its business operations for a smooth and timely transition,” Krishan Arora of Grant Thornton India LLP said. Source: Financial Express Narendra Modi, armed with fresh mandate, revisits economic reform agenda: Prime Minister Narendra Modi, fresh from his landslide election victory in India’s most populous state, now has a chance to advance his economic reform agenda. Voters in Uttar Pradesh handed Modi’s Bharatiya Janata Party (BJP) the biggest majority for any party in the state since 1977, effectively giving their blessing to his shock decision last November to scrap 86 percent of the cash in circulation. The so-called demonetisation sought to wipe out ‘black cash’ – untaxed wealth and proceeds of corruption. While it caused huge disruption to daily and business life, voters backed Modi’s pitch that the undeserving rich would suffer most. Armed with a new mandate as a champion of the poor, Modi still faces a struggle to implement reforms to boost growth and jobs in Asia’s third-largest economy, say experts.
Here are the government’s reform priorities: There would be four tax slabs of 5, 12, 18 and 28 percent, plus a levy on taxes on luxury items like cars, aerated drinks and tobacco products to compensate states for any revenue losses in the first five years. State of Play: Federal and state finance ministers gave their final approval to GST legislation on Thursday. The government hopes to win parliamentary backing in the current session, and in state assemblies by next month, so that the GST could be implemented in the second quarter of the 2017/18 financial year. Likely upshot: The new tax structure will be revenue neutral, and broadly keep the rates that apply to businesses in line with existing levies. Still, it is expected to boost the rate of economic growth by about 0.5 percentage points; broaden the revenue base; and cut compliance costs for firms. BAD BANK: The finance ministry and the Reserve Bank of India are still in talks on whether to set up a Public Sector Asset Rehabilitation Agency (PARA), or bad bank, to deal with stressed assets in the banking system. State of play: Technocrats at both the finance ministry and RBI have called for urgent action.
Finance Minister Arun Jaitley has, however, not been won over to the idea of a bad bank, a senior finance ministry official said. The banking division of the finance ministry also opposes such a move. Likely upshot: Jaitley has told parliament the government is considering a range of options, while aides say the focus will continue on using existing mechanisms to deal with bad loans. The approach has failed to achieve much headway until now, weakening state banks that are poorly placed to extend credit. LABOUR REFORMS: Encouraged by the election results, the Modi administration wants to move forward with long-pending labour bills on wages and industrial relations. Labour Minister Bandaru Dattatreya has proposed boiling down 44 industrial laws into four codes to simplify employment rules and raise social security benefits for workers. State of play: Labour ministry officials say efforts continue to build a consensus, following a government decision to extend maternity leave to 26 weeks from 12 weeks.
Yet India’s small but militant trade unions – even those allied to Modi’s ruling party – oppose the reforms. The measures may now be introduced to the next session of parliament in July. Likely upshot: Officials say that if consensus cannot be reached at federal level, the Modi administration will encourage BJP-ruled states – including newly won Uttar Pradesh – to adopt state-level reforms already adopted by Rajasthan and Madhya Pradesh.
That means there won’t be a big-bang simplification; but more of a gradual spread of reform under the model of “competitive federalism” championed by Modi. Source: Business Standard GST Council to take up State and UT Bills today: With the expected July 1 rollout of the Goods and Services Tax (GST) regime drawing closer, the GST Council, led by Finance Minister Arun Jaitley, will meet on Thursday to finalise two Bills — the State and the Union Territory GST Bills. If these are firmed up, Jaitley will be able to table all four enabling legislations for the tax in Parliament in the ongoing Session.
These comprise of the Central, Integrated and UT GST Bills as well as the proposed legislation for compensation to States for any revenue losses. Sources said that once cleared by the GST Council, the Centre is keen to take it to the Cabinet latest by next week and then table it in Parliament. The Session adjourns on April 12 and passage of the Bills in the current Session is essential for implementation of GST from July 1. States may want changes But, with Assembly elections in key States completed and the process of government formation going on, it is unclear how far the discussions will proceed. “Ideally, there should be Ministers from all States present at the meeting, as it will take up the crucial draft SGST Bill,” noted a State Finance Minister.
Some States seem keen to reopen discussions on at least some provisions of the Centre and Integrated GST Bills, which were approved by the Council at its last meeting on March 4. The Council is also likely to review the process of migration of existing businesses and assessees to the GST Network (GSTN). Officials from the GSTN and the Finance Ministry are likely to make a presentation on the state of preparedness.
The draft laws have called for a transitional period of about six months to carry forward tax credit. According to official data, enrolment of existing taxpayers under GST is still going on with different States at varying stages in the registration process. Training of officials for the new tax regime is also almost complete. Source: Economic Times Karnataka hikes tax on high end bikes to 18%, dealers see minimal impact: The increase in Motor Vehicle Tax from 12% to 18% on motorcycles that cost over Rs 1 lakh means aspirational bike brands like Royal Enfield and KTM, and affluent superbikes like Harley Davidson will come at a superior price tag. The increase, experts believe, will cause a minimal dent on sales. Royal Enfield bullet costs Rs 1,60,548 onwards, but its dealers are not worried.
Roopa Manjunath, showroom in-charge at Sai Ram Autocraft, says, “There may be a 5-10% drop in sales. Brand-conscious customers do not hesitate to shell out a little extra these days.” According to Sainik Raj Chordia, a KTM partner-dealer, “The tax levied in Maharashtra and Kerala is 20%, which makes bikes still cheaper in our state.
Moreover, most bikes are sold on instalment basis through bank loans. The government has protected the common man by taxing only the high-end bikes.” The superbike segment may not be exactly hit either. Ashok Yaraganal, brand and marketing head of Riders Republic (bike club) says, “The decision to buy a luxury bike is driven by passion and not by the need to commute. But where is the good infrastructure as the government happily collects heavy taxes?” Harley owner Kripal Amanna shares that some of his biker friends are holding their decision to buy a new superbike. “Now, people will see a jump in the sales of second-hand bikes,” notes Amanna. Industry insiders believe despite the higher taxes, two-wheeler sales will continue to be highest in Bengaluru, which already has around 46 lakh two-wheelers. Source: Financial Express As Karnataka inches closes to polls, CM Siddaramaiah showers sops on voters in Budget 2017: Chief Minister Siddaramaiah on Wednesday presented a budget that is harsh on haves, but warms up to the low-income groups.
While people will have to pay more for luxuries read expensive bikes and hard alcoholic beverages food from the proposed canteens will be cheaper. So will be movies at multiplexes.The CM has paid special attention to Bengaluru and Mysuru the first because it is the engine of growth and the second because he represents that district. He has generously announced programmes focussing on rural voters, though he is unsure how GST will play out on revenues, and if he will be able to fund even half of these announcements. He has estimated that the next fiscal will end with a gap of Rs 372 crore, but it will be far higher going by past experiences. There are no major tweaks in the VAT structure as Karnataka is just a quarter away from implementing the GST. If the CM pursues the populist programmes aggressively with his sight on the assembly polls next year, it may wreak havoc on finances.
Since Siddaramaiah’s next budget will most likely read like a poll manifesto, this is his last budget where voters will hold him to account for his promises. While Tamil Nadu is home to Amma canteens, Siddaramaiah will unveil Namma Canteen in Bengaluru municipal corporation limits, and Saviruchi mobile canteens in districts. In one stroke, he will cover the entire state, and he plans to spend Rs 100 crore in Bengaluru alone a city with 28 assembly segments. This, coupled with 3,000 city buses and a slew of roads, bridges and Metro in Bengaluru, should cheer citizens if implemented well and without delay. The CM has clearly set a cat among the pigeons by announcing his intention to raise the retirement age for private sector employees by two years from the present 58. Source: Business Standard Karnataka Budget 2017: Retirement age in private sector up to 60, IT, ITeS exempted: Karnataka Chief Minister Siddaramaiah on Wednesday proposed to increase the retirement age of private sector employees from the present 58 to 60, leaving the captains of industry worried as they were hoping for more easing of labour regulations.
The budget, however, did not talk of any major reforms in labour laws. Bengaluru itself houses more than a million workers in technology and BPO sectors, and service sectors are known to hire workers on contract basis, and renew the employment contract on expiry on a need basis. Even public sector HAL has taken to contract hiring route. Its chairman T Suvarna Raju, at a recent press conference, said that the organisation has begun hiring engineers based on project tenures. “Each company in the private sector has its own dynamics based on the industry in which it operates, and therefore, it is unfair to impose an extended age of retirement,“ said Shekar Viswanathan, vice chairman at Toyota Kirloskar Motor. According to Madhu Damodaran, head of legal operations at Simpliance, a labour law compliance firm, Karnataka is well within its powers to mandate retirement age of 60 through standing orders under its existing state labour laws.
He, however, clarified the retirement age regulations are not applicable to the IT and ITeS firms as they are exempt from following the standing orders by way of a notification. Source: Economic Times Government likely to ease FDI rules for retail: The government is expected to move swiftly to ease foreign investment rules for the tightly-policed multibrand retail sector after BJP’s resounding win in the Uttar Pradesh assembly elections. In his budget speech, finance minister Arun Jaitley had announced the government’s intent to ease foreign direct investment (FDI) rules further but had refrained from naming any sectors in the wake of assembly elections in five states.
Sources, however, told TOI that the broad contours of the FDI package have been prepared at the level of bureaucrats and there are two options for the retail sector, which is seen to be a key element of the Narendra Modi government’s job creation plan as it heads into the last two years of its five-year term. One option is a limited opening up by allowing food retailers to generate around 20-25% of their sales from non-food items such as kitchen-use products or basic household requirements like toothpaste. The current policy allows 100% FDI in stores that sell only Made-in-India food products or locally produced farm goods.
There have been no takers for the food retail business so far as several retailers are waiting for a further opening up. The ministry of food processing was lobbying hard for letting these retailers sell everyday-use products but other government agencies were not on board. Later, however, the department of industrial policy and promotion, the agency that drives FDI policy, agreed to the proposal and has already communicated its backing. The second option is more radical and is seen as an option that will translate into “real opening up” of the multibrand retail business. Sources said the government may look to allow FDI in retail with the rider that only India-made goods would be sold in these stores. This proposal, they said, would be more palatable to retailers as it would give them greater operational flexibility besides providing an arrangement where the entire canvas is available.
FDI in retail has been a contentious sector with UPA’s move to open up the sector facing stiff resistance from BJP before 2014. In fact, BJP-ruled states had said that they would not allow foreign-owned companies to open stores under the shops and Establishments Act, preventing a rollout of the policy. Since coming to power in 2014, the Modi administration has not reversed the UPA decision but has not endorsed it earlier as none of the global players have sought permission. While Carrefour and Auchan have exited India, Tesco has a tie up with the Tata Group. Walmart is studying its model in some of the Latin American markets to see if it can enter the food retail space but it would be more comfortable if given greater policy elbowroom. Source: Financial Express As Dubai prepares to change tax laws, Indians scramble to hide undeclared wealth: Many Indians are making a last-ditch attempt to hide their undeclared wealth stashed abroad, with Dubai — often the last resort for many — no longer remaining as friendly a tax haven as it once was.
They hope to mask their wealth behind financial structures and special arrangements with professional service providers before January 2018 when the United Arab Emirates (UAE) begins to share information with India on bank accounts. As banks in the UAE turn more demanding, many rich Indians who have not come clean on their secret foreign bank accounts, are using ‘insurance wrappers’ and the time-tested services of nominee directors to escape tax, penalty, and possible prosecution. For opening accounts of companies, banks in Dubai are insisting on tax ID of the home country, copies of passport, and, occasionally, the presence of Indian shareholders of these entities. Banks, according to an expert in foreign currency regulations, are taking more than a month to open accounts compared to 3-4 days before.
The modus operandi to park undisclosed funds entails buying shares of existing shell companies by using the RBIsanctioned liberalised remittance route — which allows a resident individual to invest up to $2,50,000 a year in properties and securities abroad — and later using the company’s bank account to hold untaxed money. According to three senior finance professionals ET spoke to, more and more nominee directors are being used to camouflage the true ownership of such companies. “You buy a company remitting say $1,00,000. Later, you transfer funds lying in other destination like Switzerland and Jersey to the bank account of a Dubai company. Now, if you are holding 90% shares in such a company, it may be more difficult for you to wriggle out when questioned by the Indian IT department, which collects information from the UAE authorities.
But if you are holding just 10% shares of the company and do not occupy any board seat, you can claim that the funds are business income and belongs to the company and not you. Here, nominee directors hold shares on behalf of you against a nominee shareholding agreement, which may not be disclosed to banks,” said one of them. The other possible structure that is being tried out are insurance wrappers — life insurance policies similar to trusts but that can be formed and dismantled easily. “The arrangement is simple. The nominee or the ‘technical owner’ invests in insurance wrappers and the ultimate real owner is the beneficiary. The beneficiary then receives the amounts after a certain time period, say five years, as endowment; or, the family gets the benefit in the event of death or if they find themselves in unforeseen circumstances,” said another person. “Traditionally, Dubai has been used by Indians and NRIs to park their unaccounted money through different structures.
But, now, banks are more agile and enquiring about the ultimate beneficial owners. This is possibly forcing many to think of innovative structures,” said senior chartered accountant Dilip Lakhani. Since early 2016, banks are looking into remittances to and from entities in the UAE Free Trade Zone, while the UAE central bank is questioning so-called pass through transactions.
Banks and regulatory authorities are being extra vigilant when they come across Indian names. According to Mitil Chokshi, senior partner at Chokshi and Chokshi, and a cross-border business advisor, “Common reporting standards, or CRS, will have different deadlines of participating countries from Sept 2017 to Sept 2018 one will see modifications in bank application forms, several procedures are being changed even in countries like Mauritius where they require tax ID of Indians, Chinese, etc.
An individual is becoming one transparent entity whose data and information is linked to home country tax ID. This will enhance reporting and compliance. The credit goes to the US as the CRS follows the FATCA.” But, Chokshi and others interviewed by ET believe that while clever structures can help buy time, it will not hold back IT and ED from questioning transactions and the source of funds.
Source: Business Standard Cost to fall with integrated transport & logistics policy: Nitin Gadkari: The government will launch an integrated transport and logistics policy aimed at increasing the average freight speed on highways to 50 km per hour and cutting costs by half, road transport and highways minister Nitin Gadkari has said. “The plan includes construction of 50 economic corridors, 35 logistics parks and 10 intermodal stations at a cost of Rs 5 lakh crore,” Gadkari told ET’s Rajat Arora in an interview. Edited excerpts: Road construction target is set to hit a record of 8,000 km this fiscal. What are your targets for the next financial year? We are now coming out with an integrated transport and logistics framework which aims at increasing the average speed of freight transportation on the highways network from the current speed of 20-25 km per hour to 40-50 km per hour and to reduce the logistics cost by almost half. In the budget speech, the finance minister had said that a specific programme for the development of multimodal logistics parks, together with multimodal transport facilities, will be drawn up and implemented.
The plan, being spearheaded by my ministry, will bring together road, rail, air and urban planning to provide seamless movement of freight traffic across states. What all does this plan involve and how’s it going to be funded? It involves construction of 50 economic corridors across the country and setting up of 35 logistics parks at the existing freight clusters at a cost of Rs 5 lakh crore.
This will be the largest road construction programme ever undertaken by any government. India is a growing economy and the high cost of logistics, currently at 14 per cent of GDP, is having a negative effect We’ll launch the integrated transport and logistics framework on Wednesday which will be followed by an inter-ministerial logistics summit in New Delhi from May 3 to 5 where the action plan will be finalised. As far as the funding part of economic corridors is concerned, we’ll do it through our budgetary allocation, raising NHAI bonds and also leasing out existing national highways to pension funds for collection of toll and operations at an upfront fee. We could easily do highway works worth Rs 2 lakh crore on our own. We’ll also be awarding some projects on the hybrid annuity model.
For logistics parks, we are going to tie up with state governments that will provide land. We’ll develop trunk infrastructure on our own and railways will be responsible for building last-mile rail routes. Private players will be brought in for development and operations at logistics parks. How will the integrated transport and logistics policy reduce the congestion on highways and the cost for transporters? The policy is aimed at transforming India’s logistics from a point-to-point model to a hub-and-spoke model to achieve reduction in logistics costs. To start with, we’ll have 50 economic corridors which have already been identified and will be awarded for construction on both government-funded and PPP (public private participation) model from April. Most of these corridors are national highway expansion plans where two-lane highways will be expanded to six lanes.
The move would increase the average distances covered by the freight vehicles from the existing 200-250 km to 350 km. Then we have identified 35 clusters accounting for 50 per cent of the total freight movement in the country for logistics parks development. We’ll form SPVs (special purpose vehicles) with state governments where the state will provide land on the outer periphery of urban centres and the Centre will provide trunk infrastructure such as feeder highways and rail connectivity The private players will be invited to develop and maintain the logistics parks. The availability of such multimodal freight hubs will straightaway cut transport costs by 20 per cent.
Also, urban transportation will be an integral part of this framework where we need to bring in new technologies such as Metrino and Hyperloop to decongest our roads. Soon, I am going to make a presentation to the Prime Minister on the future of urban transportation technologies. You’ve been pushing for electric cars at a mass scale and invited Tesla to set up a manufacturing base in India. What’s the progress on that? Last week I had a meeting with finance minister Arun Jaitley where I sought his support to offer subsidies for people buying electric cars. I also want that e-taxis should be allowed to run without any commercial permits as needed in the case of diesel or CNG taxis. This will immediately improve the sales of e-vehicles as the hassle of getting permits will be removed, hence reducing costs.
I am in talks with several state governments for that To start with, a cab aggregator is launching 300 e-taxis in Nagpur. I am providing the company full infrastructure support in terms of charging points. This will be the first large-scale trial of e-taxis in the country.
Source: Times of India Pending repayments remain high for MFIs: RBI staff repor. The financial sector may gradually be recovering from the effects of demonetisation, but microfinance companies, whose customers depend on cash transactions, are still grappling with pending payments with high risk of defaults. A research paper by the Reserve Bank of India (RBI) staff said such customers often fall in the category of small farmers and unskilled labour. Microfinance institutions faced problems in getting full repayment from clients in some pockets of the country because of currency shortage. As the time progresses, the prospects of recovery from people who stay in default reduce, said bankers.
The RBI relaxed the norms for asset qualification for loan installments due between November and December 2016 as a step to reduce adverse impact on books of finance companies. Data provided by the Micro Finance Institution Network (MFIN), a self-regulatory body of finance companies working in micro finance segment, however, suggest that pending repayments were still high in January 2017, the paper said.
In November 2016, the RBI provided an additional 60 days beyond what was applicable for the regulated entities in this sector for recognition of a loan account as sub-standard. Cigarette market in India Volume (mn kg)%age share in industry Total tobacco consumption 562 100 Total legal cigarette market 62 11 Total non-duty paid cigarette market 22.5 4 Other forms of tobacco consumption 477.5 85 Figures are for financial year 2014-15; Source: Ficci Cascade Report, Tobacco Institute of India, Industry estimates For the past three years, except Rajasthan, no other states have toyed with the value added tax (VAT) rate in the tobacco sector. While states like Uttar Pradesh, Himachal Pradesh and Jammu & Kashmir, which together accounts for six per cent of the total cigarette consumption, charge an average 40 per cent VAT on tobacco consumption in their respective state, West Bengal, which accounts for eight per cent of the sales volume charge as low as 12 per cent on consumption. Chattisgarh, which accounts for three per cent of the sales volume charge half a per cent more than West Bengal. “Over the years, the states have realised that they need to rationalise taxes on cigarette so that they will not lose revenue to non-duty paid ones on account of tax evasion,” Abneesh Roy, Senior Vice President-Institutional Equities at Edelweiss Securities told Business Standard. Vijayan underscored that the problem with motor third-party insurance is that the claim amount keeps varying, it is not fixed. “So, when the claim amount keeps varying, naturally premium will also change.If there is a fixed compensation, then the premium is the same,” he said.
Source: Financial Express Maternity Bill passed: 26 weeks paid leave, creche a must, other highlights: A day after the world celebrated the International Women’s Day, the Parliament on Thursday passed a bill that will benefit about 1.8 million women in India. The Maternity Benefit (Amendment) Bill, 2016 was passed by the Lok Sabha, months after the Rajya Sabha approved the measure that takes India to the third position in terms of the number of weeks for maternity leave after Canada and Norway where it is 50 weeks and 44 weeks, respectively. While the bill has given many women reasons to cheer, it has left others with a heartburn. According to The Economics Times the Lok Sabha had just 3 MPs, including 11 women members, when the Maternity Benefit (Amendment) Bill, 2016, came up for discussion in the House on Thursday.
For all the eloquent speeches on women rights, Labour and Employment Minister Bandaru Dattatreya moved the bill for consideration and passage in the Lower House in the post-lunch session when only 53 members were present in the House. They included 8 women MPs from the Opposition and 3 from the treasury benches. Source: Business Standard Select farm goods to be taxed under revamped GST: India has incorporated a new definition of ‘agriculturalist’ in the goods and services tax law to enable select farm items to be brought under the tax net nationwide.
While farmers won’t have to register to pay the tax, registered buyers may need to collect the levy on a ‘reverse charge’ basis, similar to the purchase tax principle adopted in Punjab and Haryana. Most farm produce will likely be exempted from the new tax and some cash crops are expected to attract the threshold rate.
As per the latest definition, an agriculturalist is a person or a Hindu undivided family undertaking cultivation of land by own labour or labour of the family or by servants paid wages in cash or kind or by hired labour under personal supervision or supervision by any family member. The draft central and integrated GST laws, which were approved by the GST Council, have incorporated the new definition. The Bills are expected to be introduced in the budget session of Parliament.
The budget session resumed on Thursday after a recess. “It was felt that the earlier definition was vague and open to interpretation,” a senior government official privy to the development told ET. Agriculturalists are those who cultivate land personally for the purpose of agriculture. Agriculture itself was defined separately in the earlier draft. It said that agriculture, with all its grammatical variations and cognate expressions, includes floriculture, horticulture, sericulture, the raising of crops, grass or garden produce and also grazing, but does not include dairy farming, poultry farming, stock breeding, the mere cutting of wood or grass, gathering of fruit, raising of man-made forest or rearing of seedlings or plants. “Expansion of the definition of agriculturalist would ensure that the entire activity of agriculture would get consistent GST treatment, irrespective of the manner in which cultivation is done,” said Pratik Jain, indirect tax leader at PwC. Parliament Budget Session: From PM Narendra Modi’s GST stress, to Rajnath Singh’s ‘sympathy’ towards slain terrorist’s father; Top 5 things to know: Second half of Budget Session in Parliament started on Thursday.
Noisy protests were witnessed over recent racial attacks on Indians in the US. With the government planning to introduce in Parliament the Central GST (CGST) Bill, PM Modi underlined the importance of it. Union Home Minister Rajnath Singh has made a statement in Parliament on the killing of a suspected ISIS terrorist in Lucknow.
Opposition Congress has sought to corner the Narendra Modi government attacks on Indians in the US. Congress today also gave adjournment motion notice in Lok Sabha on ‘hatred generating for Indians in USA’. Noisy protests over PM Modi’s demonetisation move had stalled Parliament in the Winter Session. Hope both houses will witness more transactions of business this time. Here are top 5 highlights.
PM Modi calls for bipartisan support for GST Prime Minister Narendra Modi expressed hope that the Goods and Services Tax (GST) will be passed in the current session. Speaking to the media persons in the Parliament complex, the prime minister said that he was confident of the bill to be passed as most states and regional parties have supported it. He also expressed hope that the Parliament will be conducted in a peacful manner this time, without any chaos. Rajnath Singh briefs Lok Sabha on Lucknow encounter In a first in India, a day after the killing of the terrorist Saifullah and the end of the dramatic Lucknow shootout and the arrest of 7 other members of the gang, Home Minister Rajnath Singh stood up in Parliament today and gave his statement in the Lok Sabha on the case in the presence of Prime Minister Narendra Modi and Speaker Sumitra Mahajan.
NIA will probe Lucknow encounter, said Home Minister Rajnath Singh in Lok Sabha. Saifullah’s father has refused to take his body as he was a “traitor.” Government and Parliament is proud of him, Rajnath Singh said. The government is expressing sympathy to slain terrorist Saifullah’s father, the Home Minister said. Congress, TMC attack PM Modi over racial attacks on Indians in US Launching a scathing attack against PM Modi, Leader of Opposition Mallikarjun Kharge must issue statement over the attacks on Indians in the US.
Taking a dig at PM Modi, he said “PM tweets on every other issue, why doesn’t he talk on this issue? He should make statement today.” TMC MPs staged protest in front of Gandhi statue at Parliament complex over the attacks of Indians in US. Security beefed up Security was heightened in and outside Parliament in the wake of killing of one terrorist in Lucknow encounter. Red alert has been issued in the national capital.
Rajya Sabha adjourned Rajya Sabha was adjourned for the day today without transacting any business as a mark of respect to the memory of its sitting member Haji Abdul Salam who died recently. When the House met for the second part of the Budget session, Chairman Hamid Ansari mentioned the passing away of Salam on February 28 at the age of 69 years. Salam represented Manipur in the Upper House since April 2014. “In the passing away of Haji Abdul Salam, the country has lost a distinguished parliamentarian, an able administrator and a dedicated social worker,” Ansari observed in his obituary reference. Source: Financial Express Mauritius-based SPVs eligible to claim tax benefits under DTAA: AAR: Even as the industry trackers plan for place of effective management (PoEM) guidelines, Authority for Advance Ruling (“AAR”) in a recent case has ruled that Mauritius-based SPVs are eligible to claim tax benefits under DTAA. The case involved Mahindra – BT Investment (“Applicant”), a company incorporated in Mauritius that transferred shares of an Indian company to a US company is not liable to get taxed in India under the beneficial provisions of India-Mauritius Treaty, the AAR ruled. In this ruling, the AAR has dealt with the issue of residential status of the applicant which is guided by the place where the control and management of affairs of the applicant exists.
Treaty benefit is only available to a tax resident of the contracting states, Nangia and Co, a tax consultant said in a concept note. In the present case, the revenue authorities argued that the control and management of the applicant was situated in India since the sole purpose of existence of the applicant was “transferring the shares of TML (i.e.
The Indian company) to AT&T (the US company). The real transaction is between TML and AT&T and control and management lies in India, according to the concept note. The applicant argued that the board meetings wherein the business decisions were taken were held in Mauritius and hence the place of control and management of affairs of the applicant is situated in Mauritius. “Though an AAR is only binding on the applicant, persuasive value can be drawn from the same.
Where a foreign company is able to establish that major business transactions such as decisions on financial matters; approving of financial budgets and statements; decisions on declaration of dividends and decision on buyback of shares among other decisions are taken outside India, its residential status shall remain outside India,” said Rakesh Nangia, managing partner, Nangia & Co. The AAR ruling can have some bearing on future disputes under PoeM, say industry trackers. Place of Effective Management or PoEM is a framework to determine the tax payable by a foreign company that for all purposes is managed from India and yet does not pay tax domestically. Many Indian companies that have traditionally used holding companies and subsidiaries overseas for various reasons are assessing how they may be affected and are racing to put new structures in place before they come under scrutiny from next year. While the government has said that operational subsidiaries of Indian multinationals won’t be targeted, many such units are held via pass through companies registered in tax-friendly countries. “As per this ruling even an SPV merely earning dividend and interest income shall be construed as an entity having commercial purpose.
Revenue authorities in this case argued that the incorporation of the applicant was solely to hold the shares of TML to facilitate a tax neutral transfer. This ruling of AAR has laid a striking principal that an SPV which is established without any economic substance, shall be construed as having commercial purpose where the future transfer of shares by the SPV is linked to the happening of a future event,” said Nangia. Source: Business Standard India proposes smallest duty cuts for China, highest for ASEAN in RCEP pact: 9-03-2017 India has offered least tariff concessions to Chinese goods under the proposed free trade agreement between 16 Asia-Pacific countries including China and Australia. The highest duty cuts have been offered to imports from ASEAN under the Regional Comprehensive Economic Partnership (RCEP) trade agreement.
The formula, intended to reduce the rising trade deficit with China, has not found many takers. “The deviations are being discussed. Nothing is final,” said an official aware of the development. The proposal was discussed in the latest round of RCEP negotiations held in Japan from February 27-March 3. This was the 17th round of talks and the next round would be held in the Philippines in April before a likely ministerial level meeting in May. The new approach of differential treatment to duty cuts comes in the wake of India’s burgeoning trade deficit with China. In FY2015-16, India’s exports to China were mere $9 billion while the imports were $61.7 billion leaving a $52.7 billion deficit.
RCEP is a comprehensive free trade agreement subsuming goods, services, investment, competition, economic and technical cooperation, dispute settlement and intellectual property rights between 16 countries — 10 members of the Association of Southeast Asian Nations and their six free trade agreement partners — Australia, China, India, Japan, Korea and New Zealand. The RCEP grouping comprises over 45% of the world’s population, with a combined GDP of about $21 trillion.
However, despite India being able to convince the other countries to negotiate goods, services and investments together, not much progress has been made on liberalising services trade in the RCEP. “There is progress on the goods front but not in services,” said another official. Source: Economic Times Demonetisation effect to spill over to next quarter: RBI Deputy Governor Viral Acharya: With the latest GDP data failing to register any negative blip at all to the surprise of most analysts, expectations were that the impact of the note ban order by Prime Minister Narendra Modi announced on November 8 last, that caused shortage of currency notes in the financial system, would be seen in the next quarter has been affirmed by the Reserve Bank of India (RBI). Speaking on the subject today, RBI Deputy Governor Viral Acharya said, “Effects of demonetisation to spill over to the next quarter in some segments.” However, Acharya added that recovery was going on apace and the system per se would get back to its original state soon. The Deputy Governor added, “Remonetisation pace quick, should be completed in 2-3 months.” While the fight against black money is going on in the wake of the demonetisation drive, Acharya highlighted a key gain for the Indian economy that has come through the note ban order by the government.
One of the key goals of the ban on Rs 500 and Rs 1000 currency notes was to move the Indian economy to a less-cash status and that seems to have happened even though the sudden surge towards digital payments by the people has reduced as the cash component in the system increased as RBI pumped in notes to get back to the pre-November 8 period and thereby end the cash crunch situation that led people to stand in long, snaking lines at bank ATMs. He said, “Level of cash in circulation to be less in post-demonetisation era.” December GDP data revealed on February shows 7% yoy growth versus 7.4% in September, and with GVA at 6.6% versus September’s 6.7%. However, this shocked the economists as statistics that had been coming through other sources had painted a darker scenario.
Data for sales of cars, two-wheelers and commercial vehicles had contracted both in November and December and the same was the case with sales of consumer staples, cement and steel. What is more, CSO kept GDP growth forecast for the current financial year at 7.1%.
Source: Financial Express CBDT asks officials to monitor tax collections, take measures to achieve budget target: The income tax department has asked its officials to monitor tax collections on a weekly basis, pointing to lower rate of growth in collections than budgeted. In a letter sent on Tuesday, the chairman of the Central Board of Direct Taxes, Sushil Chandra, asked principal chief commissioners of income tax to take measures to achieve the budget target. “On review of the position of budget collections as on March 4, 2017, it is noted that as against the target growth rate of above 14%, the current rate of growth of net collections is only 10.6%, which does not augur well for achievement of the budget target in this year,” the letter says. Combined corporate, income tax collections are budgeted at Rs 8.47 lakh crore in FY17. The letter urges the commissioners to “personally review and monitor the position of collections through advance tax, TDS and recovery from arrear and current demand” on a weekly basis. The letter says the budget target needs to be achieved. “It may be reiterated that the achievement of revenue target is sacrosanct and the single most parameter for evaluating the performance of department and, accordingly, no efforts must be spared to achieve the same,” the letter says.
In the revised estimates for FY17, presented along with the budget for FY18, the government has retained its direct tax estimate as budgeted. The estimate of indirect taxes has been raised. Revised estimates show gross tax revenues at Rs 17 lakh crore in FY17, compared with the budgeted figure of Rs 16.3 lakh crore. Source: PTI FM-led panel to decide on labour codes today: Finance minister Arun Jaitley-led inter-ministerial committee on labour is set to consider on Wednesday two labour codes on wages and industrial relations, a move aimed at improving the ease of doing business in the country. In his 2017-18 budget speech, Jaitley had said that his government will initiate legislative reforms to simplify, rationalise and amalgamate the existing labour laws into four codes. A senior labour ministry official told ET that the high-level committee will take a call on the two codes before they are put before the Cabinet. The ministry has held several rounds of tripartite consultation with all the stakeholders, including trade unions and employers before finalising the draft codes.
The ministry has decided to amalgamate 44 labour laws into four codes that include the code on wages, the code on industrial relations, the code on social security and the code on safety, health and working conditions. The government intends to place the codes on wages and industrial relations before the parliament in the second half of the budget session, which is due to begin on March 9. Source: Economic Times. Preventing tax exemptions abuse: Changes in laws will make charitable trusts transparent: A trust is considered charitable if the object of the trust is directed to the benefit of the community or a section of the community and not for an individual or group of individuals. Charitable purpose includes relief of the poor, education, medical relief or any other object of public utility.
Owing to its aim of social development of the country, a charitable trust has received favoured and preferential treatment since 1886. Under the extant provisions of the Income Tax Act, 1961, income of such charitable trusts is granted tax exemption. With instances of misuse of funds by trusts owned by corporate entities, the government is tightening regulation governing such entities. The Budget 2017 saw a slew of changes in this direction. In order to prevent a charitable trust’s practice of receiving money/property for inadequate consideration/without consideration, section 56 has been amended to provide that money/property received by charitable trusts for inadequate consideration/without consideration in excess of R50,000 shall be liable to tax as ‘income from other sources’ in the hands of the trust. Trusts are believed to engage in giving corpus donations without actual applications.
Curbing these practices, any charitable/religious/private trust making any contribution to another trust with specific direction that such donation/contribution shall form part of corpus donation in the hands of recipient trust, will not be regarded as the application of income for the donor. This shall ensure that the income of the charitable trust is actually expended towards social causes. In case of any modification or adoptions of objects, a charitable trust shall be required to obtain fresh registration by furnishing an application to assessing officer within 30 days from the date of such modification or adoption. This way the assessing officer shall be able keep a check on any changes in the objects of the charitable trust and ensure that the same qualify for the tax benefits provided under the tax laws. Return of income must be filed within the time allowed under section 139 of the Act by every trust or institution which receives income chargeable to tax, else they may not be able to claim the tax exemption.
This way trusts have been brought on the same page as any other taxpayer, sending a clear message that any taxpayer claiming tax benefits should report in time to ensure that the tax authorities have ample time to scrutinise their return of income. Restriction has been imposed on cash donation under section 80G by reducing the capping from R10,000 to R2,000. This is to ensure that unaccounted money does not flow into the charitable institutions in the form of anonymous donations. Giving more powers to the tax authorities, it has been provided that now the income tax officers can conduct surveys under section 133A on trustees and places of activity for charitable purpose.
Section 35AC which allowed 100% tax deduction to individuals and companies making contributions to specific charitable organizations for specific schemes, shall no longer be available to donors starting April 1, 2017. With these changes, there will be substantial reduction in the corporate donations for specified charitable trusts. These changes will prevent abuse of tax exemptions and improve tax administration. Source: Financial Express Finance Bill will be passed in the Parliament before March 31, says FM Arun Jaitley: Union Finance Minister Arun Jaitley today said that the Finance Bill of 2017 would be passed at the Parliament before March 31. A Finance Bill is a secret bill that is introduced every year in Lok Sabha after the presentation of the Union Budget by the Finance Minister. The introduction of the finance bill is done so that all financial proposals made by the Government of India in the Union Budget are carried by ease. Further details awaited. Source: PTI Change to gratuity Act likely in coming session.
The government is likely to bring a change to an Act to make gratuity up to Rs 20 lakh tax-free in the upcoming second half of the Budget session of Parliament slated to begin on Thursday. The change to the Payment of Gratuity Act will not only raise the tax-free portion of the gratuity but also allow the government to increase it through the executive order in the future, official sources said. Ceiling on gratuity will be linked to inflation and that way it would be raised through an executive order in the future, if the Bill is passed by Parliament. Earlier, the labour ministry and trade unions reached an understanding in this regard. Pavan Kumar, organising secretary of the Bharatiya Mazdoor Sangh, said the government has conveyed to the trade unions that the change to the Act is slated to be introduced in the Budget session. However, he said trade unions have also demanded other changes, including a change in the current formula of calculation of gratuity to increase the number of days for which gratuity is calculated from 15 days in a year to 26 days. Currently, gratuity received is tax-free to the extent that it does not exceed 15 days’ salary for every completed year of service.
The unions, he said, have also demanded removal of the five-year ceiling. Currently, one gets gratuity only if he has completed five years of service. The Act applies to those establishments where the number of employees is not fewer than 10. Source: Business Standard Imports like electronics, machinery go against Make in India: The government’s “Make in India” programme to boost manufacturing should target on priority basis high import-intensive items like electronics, machinery, steel and transport equipment, industry chamber Assocham said on Sunday.
“There are other major import items like crude oil, gold and precious stones which cannot be produced indigenously or are used for re-exports,” the Associated Chambers of Commerce and Industry of India said in a statement here. “But a growing economy like India which is witnessing a huge expansion in usage of telecom and other items using electronics, should go about in a focused manner to drastically cut imports of the items which can be substituted by domestic production and add to the country’s manufacturing strength,” it said. “This is eminently doable, provided the policy initiatives are put in place and implemented with great clarity and speed both by the Centre and the states.” According to Assocham there were imports of close to $4 billion of electronics, $2.36 billion of electrical and non-electrical machinery, $1.47 billion of transport equipment and about $1 billion of iron and steel.
“Thanks to expanding demand for user industries particularly telecom, automobile, smart consumer devices, the annualized imports of electronics goods grew at a whopping 24.56 per cent in January, 2017,” the chamber said. “Import of products which can be manufactured within the country runs contrary to the basic grain of the Make In India. The tax structure should be such that it should make the domestic manufacture far more competitive than imports,” Secretary General D.S.
“Electronics is one area where the country does not have adequate capacity and is highly import dependent. Thus, investment in the sector from both domestic and global firms should be welcomed and promoted,” he added. Source: Financial Express Centre to hike dearness allowance by 2% from Jan 1: The Centre is likely to announce a hike of 2-4 per cent in dearness allowance for its about 50 lakh employees and 58 lakh pensioners later this month. Dearness allowance and dearness relief are provided to employees and pensioners to neutralise the impact of inflation on their earnings. The labour unions, however, are not happy with the proposed hike saying it would not be able to offset the real impact of price rise. “The dearness allowance as per the agreed formula by the Centre works out to be 2 per cent which would be effected from January 1, 2017,” Confederation of Central Government Employees’ President K K N Kutty told PTI.
However, Kutty expressed dissatisfaction over such a “meagre” hike saying that the consumer price index for industrial workers (CPI-IW) which is an agreed benchmark for increasing dearness allowance is far from reality. He said that there is difference between the quantum of price rise of commodities ascertained by the Labour Bureau and the Ministry of Agriculture.
CPI-IW is an imaginary number due to poor quality of data collection by Labour Bureau and it is far from reality, he claimed. The average CPI-IW to be taken into account for raising DA is 4.95 per cent from January 1 to December 31, 2017. Since the government has already hiked the dearness allowance by 2 per cent in October last year from July 1, 2016, it will now raise it further by 2 per cent. The dearness allowance is paid as proportion of the basic pay of the central government employees. Kutty said that the federation in the next meeting of the national council would make a case for considering the fractions while fixing DA. The national council is an apex forum functioning under the Department of Personnel and Training where unionists and senior official discuss issues concerning central employees.
Earlier last year, the government hiked DA by 6 per cent to 125 per cent of basic pay. The DA was later merged into the basic pay following the implementation of the 7th Pay Commission award. At present the Central government employees and pensioners are entitled to 2 per cent dearness allowance, which was effected from July 1, 2016. Source: Business Standard Single form soon for firms to enrol with EPFO, ESIC: New Delhi, Mar 5 (PTI) Companies will soon have to fill just a single common form to enrol themselves with retirement fund body EPFO and state insurer ESIC. The government is planning to introduce this common registration form soon and the basic idea is to make the job easier for firms by cutting down layers of paperwork they go through for the process of registration. “We are working on a single composite form for registration with the Employees’ Provident Fund organisation (EPFO) and the Employees’ State Insurance Corporation (ESIC) which will be used by employers,” a senior official said. This form is expected to reduce the tedious work of filling multiple forms for registering with these two social security bodies and improve ease of doing business.
The schemes run by EPFO and ESIC provide mandatory cover to formal sector workers in the country. The firms with 20 or more employees are required to register with EPFO while this ceiling is 10 or more in the case of ESIC. The EPFO runs three social security schemes — Employees Provident Fund Scheme, 1952, Employees Pension Scheme, 1995, and Employees Deposit Linked Insurance Scheme, 1976. Similarly, ESIC provides mandatory health cover to formal sector workers and facility of cashless health treatment. EPFO has a subscriber base of over 4 crore while ESIC has 2 crore insured persons and covers a population of around 8 crore people under its health insurance. According to the latest World Bank report, India was ranked at 130th out of 190 in ease of doing business.
The government is working on all the 10 parameters to improve its ranking. It aims to break into top 50. The parameters in question are starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Source: Economic Times Good news: Unemployment rate falls on Narendra Modi govt’s rural infrastructure drive: After the very optimistic GDP numbers released on February 28, there is another good news that unemployment rates have fallen as Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) has perked up rural infrastructure. The report by the Economic Research Department of State Bank of India points out that contrary to market perception, India’s unemployment rate declined sharply and consistently from 9.5% in Aug’16 to 4.8% in Feb’17. The states that witnessed major decline in unemployment include Uttar Pradesh (17.1% to 2.9%), Madhya Pradesh (10.0% to 2.7%), Jharkhand (9.5% to 3.1%), Odisha (10.2% to 2.9%) and Bihar (13.0% to 3.7%). According to the report, this decline is primarily due to government’s effort in providing new employment opportunities in the rural areas.
This decline is also explained by household allocated work under MGNREGA, which increased from 83 lakh households in Oct’16 to 167 lakh households in Feb’17. Hence, on the one hand, the unemployment rate has almost halved, on the other hand, the demand for work has almost doubled. Further, the report points out that the number of work completed under the scheme has also increased by a whopping 40% to 50.5 lakh in fy 17 compared to 36.0 lakh in fy 16. The most creditworthy increase was seen in Anganwadi work at 166%, drought proofing 158%, rural drinking water at 698% and water conservation and harvesting at 142%. This is a welcome trend and will contribute greatly for developing rural infrastructure as a sine qua non for sustained agriculture growth. After the very optimistic GDP numbers released on February 28, there is another good news that unemployment rates have fallen as Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) has perked up rural infrastructure.
The report by the Economic Research Department of State Bank of India points out that contrary to market perception, India’s unemployment rate declined sharply and consistently from 9.5% in Aug’16 to 4.8% in Feb’17. The states that witnessed major decline in unemployment include Uttar Pradesh (17.1% to 2.9%), Madhya Pradesh (10.0% to 2.7%), Jharkhand (9.5% to 3.1%), Odisha (10.2% to 2.9%) and Bihar (13.0% to 3.7%). According to the report, this decline is primarily due to government’s effort in providing new employment opportunities in the rural areas. This decline is also explained by household allocated work under MGNREGA, which increased from 83 lakh households in Oct’16 to 167 lakh households in Feb’17. Hence, on the one hand, the unemployment rate has almost halved, on the other hand, the demand for work has almost doubled.
Further, the report points out that the number of work completed under the scheme has also increased by a whopping 40% to 50.5 lakh in fy 17 compared to 36.0 lakh in fy 16. The most creditworthy increase was seen in Anganwadi work at 166%, drought proofing 158%, rural drinking water at 698% and water conservation and harvesting at 142%. This is a welcome trend and will contribute greatly for developing rural infrastructure as a sine qua non for sustained agriculture growth. In Union Budget speech, MGNREGA scheme has been allocated a budgetary resource of Rs 48,000 crore.
During fy 18, another 5 lakh farm ponds will be taken up, compared to expected 10 lakh farm ponds during fy 17. This single measure will contribute greatly to drought proofing of gram panchayats. The report that was released on Friday has been authored by Dr.
Soumya Kanti Ghosh, Chief Economic Adviser, Economic Research Department, SBI. If the GST Council makes GST any more onerous, or raises taxes, it may not be worth it: Though the weekend meeting of the GST Council is not expected to finalise the rates at which individual goods and services will be taxed under GST, negotiations in the council are reaching a critical stage, and how they progress will determine whether India will have a good or a bad GST. Chief economic advisor Arvind Subramanian has, in this newspaper, made a last-minute pitch to get land and realty under GST – as he rightly puts it, this does not remove the state government’s ability to levy stamp duties but allows more tracking of transactions to check black money in real estate. While it is not clear if this concern will be taken care of, the peak rate of 40% being proposed – from the current 28% — is a big cause for worry.
On the face of it, officials are saying this is just a precautionary move, to obviate the need for going to Parliament in case tax rates need to be raised, the idea of putting a 28% cap was precisely to ensure rates never went up – indeed, the lower the highest tax, the more the benefits from GST. It is true that, even now, goods that pay a 40% tax – excise plus VAT – will pay the same rate through the 28% GST plus a 12% cess. But while the cess is a temporary measure, putting a 40% rate in the statute could bind us to high rates. Even before this proposal, the top rate of 28% was problematic since, the way things look right now, over a fourth of the tax base falls in this bucket – Subramanian is on record saying, just recently, that if the 28% tax slab has more than 6-7% of the base, it would be disappointing and it will be a high-rate GST. More worrying is the fact that the centre and states seem agreed on an anti-profit clause in the GST. So, if the GST rate brings down the current tax on a good or service from, say 22% to 18%, the difference has to be passed on to consumers. Imagine the harassment if tax inspectors are to examine a company’s pricing structure to see whether a tax cut has been passed on or not – if a cut is not passed on, this could be because inputs have become costlier or the company was absorbing some costs or any of several other reasons.
Normally, markets decide on pricing structures and it is quite draconian to pass on part of the power to tax inspectors. Equally amazing is the proposal, in the first draft of the GST law, that allows states to issue some kind of documentation on the goods being transported that truckers need to carry in case they are stopped for checking. The idea behind GST was to stop border checkposts where such documents are verified right now, and where trucks waste precious hours while doing so, so why is this practice being resurrected? Given the reluctance of states to adopt GST, if finance minister Arun Jaitley wants the law to go through, it is true he needs to be a lot more flexible and accommodate state government demands. But, if the new law is going to be worse than what is there at the moment, you have to wonder whether it is worth all the heartburn.
Source: Financial Express Liability linkage provision in GST to hit small traders: A provision in the model goods and services tax (GST) law to ensure the smooth flow of credit and minimise tax evasion could hit small businesses and suppliers by favouring bigger and financially stronger ones. The ‘liability linkage provision’ allows the buyer credit for tax paid on inputs used only if the supplier has paid the tax within a given window. The provision, to be discussed at the meeting of the GST Council on March 4-5, calls for reversal of credit to the buyer in case of noncompliance by the vendor. That is, a buyer would be penalised for the supplier’s non-compliance. “This seems unfair as it penalises the buyer for someone else’s fault,” said Pratik Jain, indirect tax leader, PwC. “It could lead to preference in terms of dealing with bigger vendors which could hit the SME (small and medium enterprises) sector hard.” The provision has its roots in the concept of vendor matching that was introduced to ensure that the government has an audit trail to see if every sale has a corresponding purchase. In case of any mismatch, tax officials will proceed against the concerned vendor.
Tally Solutions managing director Bharat Goenka said SMEs sometimes face payment cycle issues and will be penalised for delayed payments. He suggested that the valid return of a supplier should be made the basis for input credit instead of linking validity to payment of liability. “This simple change will anyway unlock the businesses, improve compliance, and dramatically reduce fraud due to the triangulated nature of GST,” Goenka said. The government wants to roll out GST from July 1. The relevant laws need to be approved by the GST Council and passed by parliament to ensure the legal process is complete by then. The GST Council will try and clear all the legislation during its two-day meeting on March 4-5.
Source: Economic Times Benami Act violators will face double whammy of legal action, Income Tax dept warns: The tax department today warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to 7 years and such violators would also stand to be charged under the normal I-T Act.In advertisements issued in leading national dailies today, the Income Tax department stated: “Do not enter into benami transactions” as the Benami Property Transactions Act, 1988, is “now in action” from November 1, 2016. “Black money is a crime against humanity. We urge every conscientious citizen to help the government in eradicating it,” it said.
The department also spelled out some salient features of the new Act: “Benamidar (in whose name benami property is standing), beneficiary (who actually paid consideration) and persons who abet and induce benami transactions are prosecutable and may get RI up to 7 years besides being liable to pay fine up to 25 per cent of fair market value of benami property. “It added that “persons who furnish false information to authorities under the Benami Act are prosecutable and may be imprisoned up to 5 years besides being liable to pay fine up to 10 per cent of fair market value of benami property.” The department made it clear that the benami property “may be attached and confiscated by the government” and that these actions are in “addition to actions under other laws such as Income Act, 1961. The tax department today warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to 7 years and such violators would also stand to be charged under the normal I-T Act.In advertisements issued in leading national dailies today, the Income Tax department stated: “Do not enter into benami transactions” as the Benami Property Transactions Act, 1988, is “now in action” from November 1, 2016.
“Black money is a crime against humanity. We urge every conscientious citizen to help the government in eradicating it,” it said.
The department also spelled out some salient features of the new Act: “Benamidar (in whose name benami property is standing), beneficiary (who actually paid consideration) and persons who abet and induce benami transactions are prosecutable and may get RI up to 7 years besides being liable to pay fine up to 25 per cent of fair market value of benami property. “It added that “persons who furnish false information to authorities under the Benami Act are prosecutable and may be imprisoned up to 5 years besides being liable to pay fine up to 10 per cent of fair market value of benami property.” The department made it clear that the benami property “may be attached and confiscated by the government” and that these actions are in “addition to actions under other laws such as Income Act, 1961.
“The department, since the enactment of the law last year, has registered over 230 cases and attached assets worth Rs 55 crore nationwide, which also coincided with the action against black money post demonetisation. “A total of 235 cases and instances have been registered under the said Act by the department till mid-February this year. Show cause notices for attachment have been issued in 140 cases where benami assets worth Rs 200 crore are involved. “In 124 cases, benami assets worth more than Rs 55 crore have been provisionally attached till now,” an I-T report, accessed by PTI, had said. The attached assets, officials had said, include deposits in bank accounts, agricultural and other land, flats and jewellery, among others. Post demonetisation on November 8 last year, the I-T department had carried out public advertisements and had warned people against depositing their unaccounted old currency in someone else’s bank account. The I-T department is the nodal department to enforce the said Act in the country.
The taxman had initiated a nationwide operation to identify suspect bank accounts where huge cash deposits have been made post November 8 when the government demonetised the Rs 500/1000 currency notes. Source: Financial Express Higher tax fears spur capital restructuring in Corporate India: With a new higher tax regime coming into effect from April 1, top corporates and wealthy investors are in a rush to restructure their shareholding.
On Wednesday, Reliance Industries (RIL) announced a restructuring involving Rs 1.3 lakh crore of shares within promoter entities. Similarly, Aurobindo Pharma last week transferred shares totalling Rs 13,200 crore belonging to promoters into a family trust.
Investment guru Shivanand Mankekar, too, was seen undertaking similar restructuring. Legal experts said shares worth a few lakh crores or more could be restructured before March 31. Mukesh Ambani-controlled RIL said 15 promoter group entities would transfer their 1.19 billion shares in the company to eight other promoter group entities at a price of Rs 1,100.78 per share. While this amounts to 36.7 per cent of the company’s share capital, the transfer will not result in any change in the promoter group’s shareholding, which stands at 45.24 per cent in the company. Until now, such transfers didn’t have tax implications. However, with the new Budget proposal, transfers between individuals and trusts or limited liability partnerships (LLPs) — which were earlier considered a gift — will now be regarded as income and attract tax in the hands of the recipient. In what would make matters more complex, any transfer made at less than the market value will be deemed ‘fair market value’ for computation of tax by tax authorities.
To incorporate these changes, a new section — Section 56 (2) (X) — has been proposed to be introduced into the Income Tax Act. Stringent provisions under this could sound the death knell for corporate restructuring plans, said experts. “The broad-basing of the deemed income provision under Section 56 is unfortunately an extreme provision, and can have unintended consequences, including virtually killing any kind of restructuring, even where the economic interest before and after the transfer is identical or similar, within a family or otherwise,” said Ketan Dalal, senior tax partner, PWC, while declining to comment on any individual company’s plans. Tax experts said the impact of Section 56 (2) (X) could be felt beyond the stock markets. For instance, the changes could have a bearing on transfers in real estate, mergers & acquisitions, asset restructuring companies (ARCs) and estate management. The ‘fair market value’ computation for non-stock market transactions could even become a contentious issue, said experts.
“I think the section could have a lot of unintended consequences – in case of transfers within families or assets purchased by ARCs. Typically, ARCs purchase assets from other institutions at prices lower than the market value,” said Pranay Bhatia, partner-direct tax, BDO India. Experts said transfers made to family trusts, in a majority of the cases, are part of an inheritance plan and the shares received are not a consideration but an obligation to safeguard the assets and pass it on to the end-beneficiaries. “The inheritance and succession planning is usually driven by several non-tax considerations. Logically, if the transfer is between relatives, there should be no tax, either on the transferor or the transferee.
However, as a result of the amendment made in the Budget, even if the recipient is a private trust with beneficiaries being relatives of the settler or transferor, there can be potential tax exposure, which does not seem to have been intended; this should be addressed before the Bill becomes an Act,” said Dalal. Source: Business Standard Peak GST rate to be pegged higher at 40%: India has decided to peg the peak goods and services tax (GST) rate at 40% in the legislation instead of 28%, giving it the flexibility to raise rates without having to reach out to Parliament. This is only an enabling provision and the highest rate levied on goods will still be 28% (14% central GST and 14% state GST). The demerit and luxury goods will attract higher 28 rate plus cess.
This provision will also allow the government to remove the cess at some stage and instead have a higher GST rate only, which will make for a neater GST. The GST Council has decided to peg the peak tax rate at 40% (20% central GST and 20% state GST) in the model GST law to preclude the requirement of approaching Parliament or state assemblies for any change in future. This has been done to ensure that when the cess is removed or merged, the flexibility to impose higher rate on luxury goods is not taken away, a senior finance ministry official told ET. “Some members of the council felt such an enabling provision was needed,” the official privy to the development said.
The Centre is looking at GST rollout from July 1. The change in the peak rate will not alter the four-slab rate structure of 5%, 12%, 18% and 28% agreed upon last year, but is only a provision being built into the model law to take care of contingencies in future. “There shall be levied a tax called central/state goods & services tax (CGST/SGST) on all intra-state supplies of goods and/or services at such rates as may be notified by the central/state government but not exceeding 14%on recommendation of the council and collected in such manner as may be prescribed,” the draft GST law says. Officials said this “14%” will now be changed to say the rate will not exceed “20%”.
Experts said this raises the fear of rates being raised. “While it seems that it will not immediately impact the current slabs which have been envisaged, industry would be afraid that rates could increase once GST is implemented,” said Pratik Jain, indirect tax leader, “It is important for the government to realise that benefits of GST will only accrue if rates are moderate and tax base is enhanced. It might be prudent for the council to reconsider this decision,” said Pratik Jain of PwC India. The official dismissed these fears.
“There is no thinking to tinker with the rates at present,” the official said. The GST Council, headed by finance minister Arun Jaitley and comprising representatives of all states, is to take up the model laws at its next meeting. Mirroring the model GST law, the CGST, SGST and UTGST law will be firmed up by the Centre, states and Union Territories, respectively. The Centre plans to introduce in Parliament the Central GST Bill in the session beginning March 9. After it is ratified, the states will introduce the State GST Bill in their respective legislative assemblies. The central and state officials will soon start the exercise to determine which goods and services should fall in which tax bracket and the same will be taken to the council for approval. They will also decide the goods and services that would attract a cess on top of the peak rate to create a corpus that can be used for compensating states for any loss of revenue.
Source: Economic Times India, UK discuss agenda of Economic and Financial Dialogue: During his recent visit to the United Kingdom, Finance Minister Arun Jaitley met Chancellor of the Exchequer Philip Hammond at 10 Downing Street. Both leaders discussed the agenda of the upcoming Economic and Financial Dialogue scheduled to be held in Delhi in April 2017. The agenda for the EFD will include, among other things, progress on the India-UK sub-fund under India’s National Investment Infrastructure Fund, raising of capital in London including through issue of ‘masala bonds’ and exploring co-operation in the FinTech sector which has opened up immense opportunities post-demonetization in India. The two leaders appreciated the balanced two-way flow of investments between the two countries and the keenness on both the sides to pursue a trade agreement post-Brexit. They reaffirmed their personal commitment to further strengthening of India-UK economic and commercial ties.
In a special gesture, Prime Minister Theresa May dropped in to meet Finance Minister Jaitley during his meeting with the Chancellor. Recalling her visit to India in November last year, she expressed her appreciation on the follow-up of the agenda agreed upon by both the prime ministers. She remarked that the upcoming Economic and Financial Dialogue, Energy Summit and Migration dialogue will help consolidate on the momentum generated by the prime ministerial visits in the last two years and reiterated her keenness to promote UK’s relations with India, particularly post-Brexit and even otherwise. On Monday, Mr.
Jaitley met UK Foreign Secretary Boris Johnson at the Foreign and Commonwealth Office. Welcoming the India-UK Year of Culture, the two leaders hailed the strong India-UK bilateral ties and the potential to further strengthen them. In all these meetings, Mr. Jaitley raised the issue of Indians wanted by Indian government and courts residing in the UK and requested for UK Government’s assistance in facilitating their return to India. Jaitley also attended Her Majesty the Queen’s reception to launch the activities of the 2017 India-UK Year of Culture. He was accompanied by a FICCI business delegation. He also met with investors and business community in various events organised by London Stock Exchange, UKIBC, JP Morgan and the CBI.
He also delivered a talk on Transforming India: Vision for the next Decade at London School of Economics under the 100 Foot Journey Club, jointly organised by LSE and High Commission of India. Source: PTI Government notifies law to make banned note possession punishable: The government has notified the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs 10,000.
The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the “possibility of running a parallel economy” using the old Rs 500/1,000 notes that have been demonetised. The law, signed by President Pranab Mukherjee on February 27, also provides for a minimum fine Rs 50,000 for false declaration by persons who were abroad during the demonetisation period (November 9-December 30, 2016) and given time to deposit such scrapped notes with RBI till March 31. With the law coming into force, possession of more than 10 pieces of the old notes by individuals and more than 25 pieces for study, research or numismatics purpose will be a criminal offence, attracting fine of Rs 10,000 or five times the cash held, whichever is higher. The law prohibits the holding, transferring or receiving of scrapped notes from December 31, 2016, and seeks to confer power on the court of a first class magistrate to impose penalty. Source: Economic Times Virtual currencies are prone to risks, cautions RBI: The Reserve Bank of India has cautioned that virtual currencies (VCs), including bitcoins, pose potential financial, operational, legal, customer protection and security risks to users, holders and traders as no central bank or monetary authority has an oversight role on these currencies. Speaking at a fintech conference jointly organised by FICCI, IBA and Nasscom, R Gandhi, Deputy Governor, RBI, underscored that as VCs are stored in digital/electronic form, they are prone to, among others, losses arising out of hacking, loss of password, compromise of access credentials and malware attacks.
“Payments by VCs are on a peer-to-peer basis. No established framework for recourse to customer problems, disputes, charge backs, etc., is feasible. There is no underlying or backing of any asset for VCs. Value seems to be a matter of speculation.
“Legal status is definitely not there. While this is a purported objective of a VC, it puts a natural limit for its progressionAnd finally, the usage of VCs for illicit and illegal activities has been reported as uncomfortably large,” explained Gandhi. Confidence, anonymity The Deputy Governor said his arguments against VCs stem from two key elements — confidence and anonymity. He elaborated that a ‘currency’ should be able to sustain these two elements for ever; its exalted status will be impaired once either of these elements gets affected.
“The ‘confidence’ in bitcoins or for that matter any VC based on blockchain or any other technology is limited to its initial rounds and circles only. The initial rounds are always filled with adventurists and risk seekers.
“The moment the masses get in, the risk-avoiders get in, they will need greater ‘confidence’ for acceptance and that can come only if an ‘authority’ issues it,” said Gandhi. As regards ‘anonymity’, the Deputy Governor observed that blockchain technology apologists say it can be made very difficult to track. But ‘difficult to track’ is not ‘anonymity’, he pointed out. Therefore, the idea that blockchain will eliminate ‘currency’ by ushering in ‘virtual currency’ would remain a pipe-dream, added Gandhi. “Has currency died?
Or at least will it die? In all these years, you will find that currency has actually increased in absolute terms, not just in developing and emerging economies, where penetration of banking and finance is not yet complete, but also in developed economies, where penetration of banking and finance has been far larger. “Countries are printing more and more currency.
Perhaps the Nordic countries are the exceptions,” said the Deputy Governor. Marketplace financing Marketplace financing (or crowd funding/ peer-to-peer lending) links the fund-raiser and the fund-provider, thereby eliminating the need for a financial intermediary and, therefore, all the costs associated with it.
But Gandhi posed, “Who guarantees the good performance of the fund-raiser and fund-provider? Who will enforce the contractual obligations?” When each of them is faceless to one another and at a great distance, even beyond borders, the issue gets complicated. Therefore, marketplace financing may not be suitable for large amounts, he added. Source: The Hindu Despite curbs by Narendra Modi government, fiscal deficit overshoots target of Rs 5.64 lakh cr: Despite some curbs imposed on expenditure, the Centre’s fiscal deficit in the first 10 months of the current fiscal was at R5.64 lakh crore or 105.6% of the full-year target of R5.34 lakh crore. However, the government is confident of meeting the fiscal deficit target of 3.5% of GDP as the last two months will see increase in tax/disinvestment/dividend revenue and control on spending. In the same period last year, the deficit was 99.5% of the corresponding annual target. In April-January this year, the Centre’s capex (Plan and non-Plan) has declined nearly 3% to R2.03 lakh crore as against R2.08 lakh crore in the year-ago period.
However, Plan capex, seen critical to ignite economic activity, rose 4% during the period while non-Plan capex fell by 11%. The improvement in Plan capex, which was lagging behind until December, indicated the government’s effort to ramp up productive spending to partly offset the adverse impact of demonetisation on economic activity. The April-January net tax collection was R8.16 lakh crore, which was 75% of the revised estimate (RE) for the full year; in the corresponding period a year ago, it stood at R6.79 lakh crore or 71.65% of that year’s target. The strong performance in tax revenue was mainly due to central excise and improvement in personal advance tax payment post-demonetisation. However, overall revenue receipts during the first 10 months of FY17 were R10.53 lakh crore, or 71.2% of the full-year target; in the same period last year, revenue receipts were 72.3% of the target.
Due to weak dividend receipts from PSUs, non-tax revenue receipts were lagging behind with collections at R1.93 lakh crore or 57.6% of the FY17 target while it was 78.2% of the target in the year-ago period. According to the data compiled by the Controller General of Accounts, the total expenditure was R16.18 lakh crore in April-January or 80.3% of the RE for the full year. Total expenditure in the corresponding period last year was R14.36 lakh crore, or 80.4% of the RE. Primary deficit (PD), fiscal deficit minus interest payments that reflects government’s efforts at bridging the fiscal gap during a financial year, has soured. The primary deficit surged to R1.95 lakh crore or 381.9% of the FY17 target as compared to 206.2% in the corresponding period last year. Chief economic adviser Arvind Subramanian, the key author of the latest pre-budget Economic Survey, is understood to have said in a dissent note to the Fiscal Responsibility and Budget Management (FRBM) panel (tasked to suggest measures to rejig the fiscal road map) that India should target PD, not fiscal deficit.
The survey also flagged PD as a key vulnerability of India compared to other emerging economies. Source: Financial Express Implementation of TFA of WTO can bring down exporters’ costs significantly: CBEC: Implementation of various articles in the Trade Facilitation Agreement (TFA) of the World Trade Organisation (WTO) will bring down exporters’s costs by up to Rs 15,000 per 40-foot equivalent units (FEU) containers, increasing the competitiveness of Indian exporters immensely, Beni Bhattacharya, principal commissioner of customs, Central Board of Excise and Customs (CBEC), said. TFA, which facilitates movement of goods, including release and clearance of goods which are in transit, was ratified by 110 or two-thirds of members of the 164-member WTO on February 22, 2017, and it came into operation forthwith. India is ranked very low, at 143, in the World Bank study in international trade facilitation out of about 190 countries. Ms Seema Jere Bisht, Additional Director General, Risk Management Division, Directorate of Revenue and Intelligence, CBEC added that India has successfully done a lot of work that was required to be done under TFA, though there was a lot of ground yet to be covered in the next two years. Bisht added that India’s ranking was also low because because the industry is not giving its feedback to CBEC or World Bank on a regular basis.
Danish Hashim proposed that CBEC should limit the post audit vetting to a select few trades. He exuded hope that with the advent of GST, the audit teams of customs and excise, service tax, VAT etc will merge into a comprehensive team to do intelligence- based audit instead of routine audit at the factory premises. Source: Business Standard. ESIC plans super speciality medical benefits for retired insured persons: From April 1, the Employees State Insurance Corporation (ESIC) plans to provide super speciality treatment to retired insured persons (IPs), with a ceiling of ₹10 lakh a year. “The retired IPs and their spouses are getting in-house medical facility benefit on payment of ₹120 per anum.
Now, the Corporation has approved in principle, extending the facility of super speciality treatment (SST) to retired IPs”, subject to some eligibility conditions, ESIC said in a release. This was decided at a ESIC recent meeting in Kochi. The ESIC said the “option to join shall be one time on retirement (under Rule 61). No enrolment shall be allowed thereafter.” The“ceiling of expenditure on SST/all referrals to tie-up hospitals in a financial year may be restricted to ₹10,00,000.” On the hike in premium, it said: “The actuary has made a rough assessment of ₹1,700/month for ₹10 lakh cover to retired member and spouse for SST. However, monthly contribution to be paid to avail SST along with medical benefits by retired IPs will be decided later by the Ministry of Labour & Employment.
This facility is likely to be made available w.e.f..” Under the norms, only the IP and his/her spouse shall be eligible for treatment; a retired IP who has opted out at any time after retirement shall not be eligible to rejoin on any subsequent date; IPs already retired but not enrolled so far may be given a one time opportunity to join the scheme within three months. However, they shall be eligible for SST only after six months.
Source: Economic Times India can grow at higher rate; job creation plans underway: FM Arun Jaitley: India has potential to grow faster and plans are underway to reduce poverty and create jobs in rural areas, Finance Minister Arun Jaitley said today, even as he ruled out the country becoming totally ‘cashless’ immediately. “One of the reasons for note ban was tax non-compliant. One of the objectives of the demonetisation was to reduce and eliminate anonymity. I don’t see India becoming a cashless system immediately. I see India becoming less-cash economy,” Jaitley told PTI here. The Finance Minister, who is meeting top government officials and business leaders here, further said the GST regime would also make generation of cash more difficult, besides making the taxation system much more efficient.
He hoped that the GST would be implemented by July 1. On the Centre’s efforts to move towards digitalisation and cash-less regime, he said, “Major business, property transactions, salary payments, and school fees will be done through cash-less system. Will it be totally cash-less? I don’t see it happening immediately.” Talking about retrospective taxation, the Finance Minister said the government has decided not to resort to such measures and the existing disputes are being sorted out either bilaterally or through the judicial system. “India still has the potential to grow at a higher rate than today.
A series of action is needed to reduce poverty in the rural areas. We have planned several programmes for rural India coupled with measures to create jobs,” Jaitley said. “Today, India is one of the most open economies of the world. While the world is turning protectionist, India is opening up more,” he added. On the Goods and Services Tax (GST) roll-out, the FM said, “The first requirement is constitutional amendment, the law has been passed unanimously and by September 15, 2017 the curtain will be down. We have resolved most of the critical issues.
Legislations have been drafted. Two weeks ago, we approved the first draft. By March first week, the second draft will come up. Parliament will be resuming from march 9.” The Finance Minister said, “Despite teething problems, hopefully GST will come up for implementation by July 1. The entire process has to be completed by September 15. At the moment, it is the biggest tax reform since Independence.
Once implemented, it will be far more efficient tax system. The quantum of taxation will go up. GST will make generation of cash more difficult.” Defending the government surprise move to ban old Rs 500/1,000 notes in last November, Jaitley said “one of the reasons for note ban was tax non-compliant.
One of the objectives of the demonetisation was to reduce and eliminate anonymity Today there is much greater support for any reform in India.” On trade deal with the UK, the FM said “in my discussion with my counterpart here, he clearly convinced me that Brexit should not be confused with protectionism”. On visa liberalisation, he said it depends on the policy of the UK government. Source: Financial Express As GST methodologies, CBEC takes a gander at rebuilding itself: Amid staff concerns over redundancy in the post-goods and services tax (GST) regime from the coming financial year, the Central Board of Excise and Customs (CBEC) is identifying new areas of work in international customs, risk assessment, post-clearance audits and taxpayer services, among others, to remain relevant.
With limited administrative role under GST, the indirect tax department is aiming to redeploy. “There are a lot of areas where maturity of administration needs to go up. We are not able to perform in those due to lack of workforce and resources. GST is one opportunity — it will free-up manpower to concentrate on important areas like data analysis, intellectual property, risk assessment, etc,” said a senior official.
There will be new Customs divisions. One on dispute resolution, capacity building and compliance is being deliberated. CBEC administers service tax, Customs duty and excise duty. GST, expected to be rolled out from July 1, will subsume service tax and excise duty, to be jointly administered with states. CBEC officers had protested to the finance minister on this division of powers. By the Centre-states agreement, the latter will monitor 90 per cent of the taxpayer base, whose annual revenue is up to Rs 1.5 crore each.
The other 10 per cent will be with the Centre. Officers had protested that many of them would have little work.
Finance Minister Arun Jaitley had assured that the new regime would generate adequate opportunities. “I see no reason for disquiet. Opportunities available in the service are protected, except that the nature of activities will change. The extent of revenue to be collected will expand (under GST). Economic activity will expand,” he’d told CBEC officials. The Indian Revenue Service (Customs and Central Excise) Officers’ Association had even sought Prime Minister Narendra Modi’s intervention to reverse the decisions taken by the GST Council.
CBEC is also working on setting up a National Targeting Centre to intercept consignments and do risk profiling. It would identify, develop, update and maintain risk parameters in relation to trade, commodities, services and all stakeholders in the domestic supply chain, among other things.
There could also be a wing to work on data analysis, mutual recognition and free trade agreements with other countries. Post clearance audit is another area to be strengthened. “There is a lot of emphasis on improving facilitation levels without inspection and examination.
So, there must be simultaneous strengthening of post-clearance audit. If you are opening doors, we should also focus on revenue and security,” said another official. Last year, CBEC had launched a ‘single window interface for facilitating trade, to speed clearance for consignments and improve the ‘ease of doing business.’ The idea was that importers should not need to run around to get approvals from multiple government agencies for consignments. The GST Council, chaired by Jaitley and with a minister of state (finance) and state finance ministers as members, will meet over the weekend to discuss the proposed GST laws. Source: Business Standard Give fewer action points for ease of doing business ranking: State Governments: State governments have urged the Centre to reduce the action points for reforms to a doable number for this year’s ease of doing business ranking, raising issues with the agenda drawn up by the Department of Industrial Policy and Promotion (DIPP).
After cutting the number of action points to less than 300, the department had introduced sub-points, taking the total to nearly 680 reforms. In contrast, last year states had to implement 340 reforms and the rankings were based on the outcome achieved. The DIPP, while stressing that it had brought down the number of reforms, had gone for a deeper dive into every individual action point.
This nearly doubled the work for states this year. “States have conveyed that it would not be possible to implement so many reforms within a few months We are still finalising the final set of reforms,” said a senior government official, who did not wish to be identified.
The government has this year drawn focus on specific sectoral reforms at state level in areas such as transport, state excise, licences for health, drug, pharma and fertiliser. In consultation with the World Bank, the government has clubbed various reforms to reduce the overall number of headline reforms. However, for each reform states have been given a series of detailed action points which has increased their task. Due to the delay in the finalisation of reforms agenda for states, the rankings for 2017 are likely to miss the October deadline. Andhra Pradesh and Telangana tied for the first spot in last year’s rankings. Source: Economic Times GST: DGFT wants GST Council to create an e-wallet facility to ease exporters fears: Showing allegiance to exporters who fear that the proposed policy of tax refunds — as opposed to exemptions — for exports under the Goods and Services Tax (GST) regime will jack up their capital costs, the Director General of Foreign Trade (DGFT) has written to the GST Council, saying that, instead, an e-wallet facility could be created for virtual payment of taxes so that the GST chain is not disrupted. “The provision for no-exemption-and-only-refund (as proposed in the model GST law) will lead to blockage of about R1,85,500 crore annually for manufactured goods exporters,” an official source, with direct knowledge of the DGFT’s move told FE.
“This estimate assumes exports of $200 billion, 30% value addition and cost of capital of 12%,” the source said. The reason behind the GST Council’s decision is the notion that the present system of tax exemptions under various export promotion schemes will besmirch the integrity of the proposed comprehensive indirect tax, the hallmarks of which are envisaged to be an uninterrupted chain of taxation and seamless input tax credits. Exporters, on the other hand, cite their practical experience of state VAT refunds getting unduly delayed, leading to increased capital requirement/working capital problems. “The capital cost for the government is lower than that of the exporters.
The government should also consider the possible consequences of hurting exporters’ competitiveness when the global demand is weak and exports are struggling to recover,” said Ajay Sahai, director-general and CEO, Federation of Indian Export Organisations. The DGFT has also urged the Council to continue with the current practice of treating supplies to projects under global bidding, mega power plants and World Bank-funded projects as “deemed exports.” The council had mooted removal of this tag which will make these supplies taxable. However, with the latest revision, GST model law has addressed the exporters’ concern with regard to GST’s impact of special economic zones (SEZs). These zones and the units therein, many of which not in good shape with average value addition just around 10%, are now eligible for duty-free import of inputs. Imports into SEZs will continue to be exempted from both basic customs duty (which will continue in GST regime) and integrated GST (IGST), which will replace the present countervailing and special additional duties on imports, sources said. “There is however an area of concern regarding possible taxation of inter-unit transfers in SEZs,” Sahai said.
Currently, exporters can import inputs duty-free under advance-licence and duty-free import authorisation schemes. They are also eligible for excise duty exemption for domestic sourcing of inputs. Besides, the export promotion capital goods scheme allows duty-free imports of machinery against export obligations (which are up to six times the tax foregone). Under the council’s proposal, manufacturer-exporters will require to pay IGST on inputs and then seek its refund.
Also, merchant exporters, who source domestic goods and export, will require to pay IGST on exports and then ask for credits. While duty waiver will be available in regard to basic customs duty, IGST will have to be first paid by the exporter although he can subsequently seek its refund. While the GST Council, that comprises the central and state governments, is committed to the principle that exports should be tax-free, it reckons that exporters should be made to pay taxes at the time of a transaction so that the GST chain is intact. Refunds, the model GST law says, will be given in “a reasonable period of time.” Sahai said although it is said that 90% of the VAT credit (refunds) will be paid in 30 days after shipment and the balance 10% (which are scrutinised) in 180 days, in practice, these refunds get delayed. So, there is an apprehension that in GST system, this problem will be compounded.
The DGFT has suggested that exporters be allowed to pay the taxes through e-currency – which could be in the nature of an I Owe You (IOW) certificate under which a firm would agree to set off its IOUs with actual payment within a year or at the time of completion of exports whichever is earlier. A firm, the official quoted above said, could be allowed to use IOU equal to the value of its past year’s export performance Source: Financial Express PwC seeks GAAR clarity on various M&A deals: As mergers and acquisitions gain momentum in India, tax consultant PwC has said the income-tax department should provide more clarity on General Anti-Avoidance Rules (GAAR) on these activities. GAAR will be effective from the next financial year. PwC wants clarity on things such as consolidation through amalgamation by which the losses of certain entities are set off against the profits of others. Also, it should be made clear whether GAAR will be invoked when a private limited company is converted into a limited liability partnership (LLP) and its profits are distributed, the tax consultant says in its report Mergers and Acquisitions: The evolving Indian Landscape. PwC wants to know what will happen when a company with substantial reserves is merged into a new concern and the resultant entity is converted into an LLP. Another situation in which clarity is required is when a listed company’s controlling stake is gifted by an entity to an individual, PwC says.
The Central Board of Direct Taxes (CBDT) came up with a clarification on GAAR on January 27. However, industry wants more of them and case-by-case examples.
A tax official said some uncertainty in GAAR would remain; otherwise, it would become Specific Anti-Avoidance Rules (SAAR). The PwC report says the first half of 2016 saw a 12 per cent increase in the value of M&As despite a fall in the number of deals. It did not mention the recent M&As in the telecom space since those came later. Hiten Kotak, Partner and Leader, M&A Tax, PwC, says ever since the litigation on the tax dues of Vodafone started in 2007, uncertainties surrounding M&As in India came into prominence, so much so that companies have now started taking tax-insurance policies. He, however, also says that while the government is issuing clarifications on indirect transfers, it is also tightening the screws on various fronts, such as the renegotiation of India’s tax treaties, the looming advent of GAAR in 2017 and the adoption of the Base Erosion and Profit Shifting (BEPS) action plans. The report says these are challenging times for businesses, with economic and political volatility dominating the headlines the world over.
Brexit, a potential Grexit, a slowing Chinese economy and the growing threat of terrorism—all tend to contribute to a negative and gloomy investor sentiment. However, despite global volatility, CEOs are continuing to search for growth and value. Source: Business Standard IRS officers seek PM’s intervention for smooth roll-out of GST: An association representing indirect tax officers has sought Prime Minister Narendra Modi’s intervention to reverse certain decisions taken by the Goods and Services Tax (GST) Council. In a memorandum submitted to the Prime Minister’s Office (PMO), the officers’ body has also highlighted the serious security and financial concerns raised by the Comptroller and Auditor General (CAG) and the Home Ministry against the Goods and Services Tax Network (GSTN). The GSTN is a special purpose vehicle set up to provide information technology infrastructure for the implementation of the new tax regime. The GST Council had in its January 16 meeting agreed to give states the powers to levy tax on economic activity within 12 nautical miles of territorial waters and to administer 90 per cent of the tax payers under Rs 1.5 crore annual turnover, besides drafting certain provisions of Integrated GST. The Indian Revenue Service (Customs and Central Excise) Officers’ Association said that states have no experience of Service Tax which is very different as a concept.
“In such a scenario, divergent views on similar tax issues may emerge across states leading to a plethora of litigations,” it said. The association demanded revision of the division of assessees below Rs 1.5 crore in the ratio of 50:50.
This would mean a vertical split of the entire assessee base in the ratio of 50:50. It also raised concerns over the GSTN which is manned by non-IRS officers at senior levels. “There are security and financial concerns in GSTN, which could have been avoided by giving this work to the Directorate General, Systems, Central Board of Excise and Customs. CAG and Home Ministry have already raised concerns regarding GSTN,” the association said.
In written reply to a question in the Lok Sabha, the government had recently said no security clearance was obtained by the Ministry of Finance from the Ministry of Home Affairs at the time of incorporation of GSTN-Special Purpose Vehicle. The officers’ association has demanded that the Chairman and Chief Executive Officer of GSTN be from IRS, serving or retired or “GSTN kindly be placed under CBEC”. The association said in many countries GST implementation has failed because of faulty execution in the hand of “generalists”, instead of giving it to “specialists”. “There is a feeling that the dignity and the vital role of the central government has been compromised and the role of Indirect Tax experts has been undermined in the hand of generalists, which is the major cause of above perceived problems. It may be seen that here is no one to represent this Service in GST Council to give expert advice and technical input. The Chairman, CBEC is only an invitee,” it said.
It said that the Additional Secretary in the GST secretariat is an IAS officer without any experience. “We will be failing in our constitutional duties, if we do not bring these concerns to your kind notice before the roll-out of GST.
Final call is always with the government, to which we promise to abide. “We sincerely hope that the issues raised above would be redressed, for the smooth and successful implementation of GST, unlike other countries. Successful GST is our utmost desire,” the association said.
Source: Economic Times GST represents one tax, one market, one India: CEA Arvind Subramanian: A few months ahead of the incorporation of the much-awaited Goods and Services Tax (GST), Chief Economic Advisor Arvind Subramanian revealed that internal trade has drastically improved; this being a boon to the country’s progress in the wake of GST. Addressing a session at the Indian Institute of Management (IIM) in Ahmedabad yesterday, Subramanian presented results of a survey that was conducted in various regions of India analysing tax collection, trade statistics, urban density and the need for a Universal Basic Income. “In spite of Octroi and other tax barriers across states, movement of goods in India is going well.
Trade within India is 56 percent. This goes to show that trade barriers have not affected statistics much,” stated Subramanian.
Furthermore, the Chief Economic Advisor revealed that according to statistics, India has managed to overtake China, as the latter’s economic growth ‘plummeted post the financial crisis.’ However, Subramanian emphasised on the importance of timely tax collection, stating that the State Governments need to impose stricter penalties on deferring tax payment. “The survey done in Bengaluru and Jaipur has showed only five to 15 percent of the total tax to be collected. States need to be less lenient with regards to tax matters,” said Subramanian. “One of India’s biggest concerns at the minute is the growing disparity among states. Globally, statistics from the past 25 to 30 years has revealed that poorer countries are now catching up with developed countries, thus diversifying standard of living. However, within the states, a division of growth is still prevalent,” added Subramanian.
Highlighting the proposal to implement a minimum basic income for Indians, Subramanian said that the implications are being monitored and will be discussed as and when a consensus is made. “The idea of having a universal basic income has garnered a lot of attention, both nationally and internationally,” added Subramanian. Source: Financial Express Govt takes a big leap in tax administration: The income tax (I-T) department has decided to waive tax arrears up to ~100 for individuals struggling with small dues. The unprecedented step by the Central Board of Direct Taxes (CBDT) has been approved by Finance Minister Arun Jaitley. The government will forego ~7 crore in tax revenue but will be able to close 1.8 million cases, making up at least 10 per cent of total I-T arrears entries by volume. The move will also ensure smoother tax refunds. “Most of these cases are older than three years.
It will de-clutter our database,” an official said. He added the move was aimed at focusing on the big default accounts. “The exercise may be expanded, going forward,” another official said. Jaitley has approved the move under the Delegation of Power Rules, 1978, which empower the finance minister to write off any tax dues. The rules allow chief commissioners of I-T to write off arrears up to ~25 lakh. “It is a good move. If collection costs too much, it is a burden on taxpayers.
But this should not be seen as an encouragement to not pay taxes,” said Rahul Garg, leader, direct tax, PwC. Around 2.2 million cases of tax arrears involve amounts between ~100 and ~5,000. Widening the initiative will promote a friendlier tax regime.
“Such petty dues affect tax refunds,” said the official. “The cost of recovery is higher than the pending amount in many cases.” Earlier in the financial year, the government expedited refunds of up to ~5,000 and cases where the amount in arrears was up to ~5,000. The Centralised Processing Centre (CPC) of the I-T department has processed over 41.9 million tax returns and issued over ~1.62 crore in refunds during the current financial year. This is 40 per cent higher than the corresponding period of the previous year. Of these, around 92 per cent of the refunds were below ~50,000. Source: Business Standard Government warns banks over non-acceptance of PMGKY tax: The government has warned banks of “de-authorisation” of branches if they refuse to accept taxes under the amnesty scheme PMGKY, which ends on March 31.
The finance ministry, in a communication to heads of banks authorised to accept deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), has asked them to issue directions to all branches for making necessary changes in their system/software to accept the tax. “Non-compliance of this order may be viewed seriously and may lead to de-authorisation of that branch in case of refusal to accept taxes,” the ministry said. Post demonetisation, the government came out with PMGKY under which people holding unaccounted cash can deposit them in bank accounts till March 31by paying 50% tax plus penalty.
A quarter of the total sum will have to be parked in a non-interest bearing deposit for four years. The scheme opened on December 1. There have been complaints that many banks were not accepting payments of tax under PMGKY due to lack of awareness of prescribed challan and certain technical reasons. Accordingly, the matter was referred to principal chief controller of accounts, who issued an order directing banks to accept taxes under PMGKY or face action. Source: Economic Times Realtors express concern on Supreme Court ruling on consumers vs builders disputes: Realtors body CREDAI today expressed concern that the Supreme Court judgement that flat buyers can jointly approach the apex consumer commission NCDRC will open the floodgates of legal cases against builders. The Supreme Court has upheld the order of the National Consumer Disputes Redressal Commission (NCDRC) that flat buyers can jointly approach it in case of a dispute with a builder.
According to the Consumer Protection Act, if the cost involved is less than Rs 1 crore, the complainant has to first file the plea at the district consumer forum. Commenting on the Supreme Court judgement regarding the Rs 1 crore criteria for the plea in NCDRC, Credai President Getamber Anand said: “While the Supreme Court judgement has brought a semblance of relief to the concerned home buyers, it has opened the floodgates on similar lawsuits which will look to bypass the due process set forth initially.” “In such a scenario, any and all developers are vulnerable to the misuse of this precedent which, during this difficult and transitionary time for the sector increases confusion and uncertainty,” he added. The Supreme Court has upheld the order of the NCDRC that flat buyers can jointly approach it in case of a dispute with a builder. Realtors body CREDAI today expressed concern that the Supreme Court judgement that flat buyers can jointly approach the apex consumer commission NCDRC will open the floodgates of legal cases against builders. The Supreme Court has upheld the order of the National Consumer Disputes Redressal Commission (NCDRC) that flat buyers can jointly approach it in case of a dispute with a builder. According to the Consumer Protection Act, if the cost involved is less than Rs 1 crore, the complainant has to first file the plea at the district consumer forum.
Commenting on the Supreme Court judgement regarding the Rs 1 crore criteria for the plea in NCDRC, Credai President Getamber Anand said: “While the Supreme Court judgement has brought a semblance of relief to the concerned home buyers, it has opened the floodgates on similar lawsuits which will look to bypass the due process set forth initially.” “In such a scenario, any and all developers are vulnerable to the misuse of this precedent which, during this difficult and transitionary time for the sector increases confusion and uncertainty,” he added. Anand said the impetus right now should be to comfort homebuyers without laying undue burden on the developers who are working towards complying with the new administrative structure being brought in by the real estate regulatory law. A bench headed by Justice Dipak Misra rejected the appeal of Amrapali Sapphire Developers Pvt Ltd challenging the NDCRC decision on the ground that a plea can be filed directly before the apex consumer commission if the total value of the disputed deal is over Rs 1 crore and the 43 buyers could not have filed a joint plea before the NCDRC. Source: Financial Express Govt mulls reducing MDR charges on card payments: The government is working to reduce Merchant Discount Rate (MDR) charges to encourage digital payments, Niti Aayog CEO Amitabh Kant said today. “We are pushing digital transactions. Our aim is to bring down MDR charges.
Also if volume of transactions increase, MDR charges will come down,” Kant said. Referring to RBI’s recent draft circular on rationalisation of MDR for debit card transactions, the Niti Aayog CEO said, “We are examining RBI’s draft circular on MDR. There are challenges to see MDR rates come dowmWe will meet those challenges.” Last week, RBI had proposed to drastically cut MDR charges on debit card payments from April 1 with a view to maintain momentum of digital transactions post note ban, especially among small merchants. For small merchants with annual turnover of Rs. 20 lakh and special category merchants, like utilities, insurance, mutual funds, educational institutions and government hospitals, the MDR charge has been proposed at 0.40 per cent of the transaction value. Merchant Discount Rate (MDR) charge, which is levied on debit card transaction, would be even less at 0.3 per cent if transaction is through digital PoS (QR Code), the RBI had said in a draft circular on rationalisation of MDR for debit card transactions. The existing MDR is capped at 0.75 per cent for transactions up to Rs. 2,000 and 1 per cent for over Rs.2,000.
However, there is no RBI cap on MDR on credit card payments. Post demonetisation, the RBI has reduced the charge till March 31. The new charges, as per the RBI draft would come into effect from April 1. MDR for debit cards for petrol/fuel shall be decided subsequently after the industry consultation process with Oil Ministry is completed, the Reserve Bank had proposed.
As per an official document, the allocation for making payment to RBI towards reimbursement of Merchant Discount Rates (MDR) charges for 2017-18 is Rs. 200 crore. It is estimated at Rs. 50 crore this fiscal. Post demonetisation, the Finance Ministry had announced that MDR charges will be absorbed by the government for payments of tax, non—tax and other payments to the government by citizens using debit cards. Source: Business Standard India-Israel DTAA protocol notified: The Central Board of Direct Taxes (CBDT) has given effect to the provisions in the Protocol that amended the double taxation avoidance pact between India and Israel. This Protocol, which was signed at Jerusalem in October 2015, had entered into force on December 19, 2016. The provisions of the Protocol have been given effect to in India with the CBDT’s latest move. Among other things, the Protocol has introduced a new article on exchange of information based upon international best practices.
It also permits the application of domestic General anti avoidance rules (GAAR) in case of treaty misuse. The newly inserted limitation of benefit clause provides that treaty benefit will not be available “if one of the main purposes of the creation or existence of such resident or of the transaction undertaken by it, was to obtain benefits under this Convention that would not otherwise be available”. Amit Maheshwari, Partner, Ashok Maheshwary & Associates LLP, said that after Singapore, this (India-Israel) is another treaty wherein it has been specifically provided that GAAR will override the treaty. “Addition of LOB has become a gold standard for all new treaties which India is signing,” Maheshwari added.
Amit Singhania, Partner, Shardul Amarchand Mangaldas & Co, a law firm, said that the Protocol has introduced the concept of beneficial ownership of item of income for the purposes of availing tax treaty benefits. Source: Economic Times Manish Sisodia on GST: It will be another economic disaster after note ban if it doesn’t address traders’concerns: Manish Sisodia on Tuesday hit out at the Centre saying that if GST talks don’t address traders’ concerns then it will be yet another economic disaster after note ban. In an conversation with CNBC TV 18, Sisodia said, “Centre has no answers to queries of traders on GST.
Deadlines are important for GST roll-out but ambiguity remains”. The main focus, according to Sisodia, needs to be on the traders who will be impacted and not the implementation deadline. Last week Sisodia said that Land and real estate should be brought within the Goods and Services Tax (GST) regime and consumer durables should be taxed at the lowest slab to make the new indirect tax regime consumer friendly. The Minister assured industry chambers that he would take up the aforesaid issues in the forthcoming GST Council meeting as keeping land and real estate being outside purview of GST and that higher taxation slab for consumer durables would kill its basic purpose, a PHD Chamber release said. Addressing a seminar on GST, Sisodia said dual control of GST also defeated its intended objectives and sought more intense consultations on the issue in future course of GST Council, arguing that the objective of the GST should be consumer and traders oriented and it should not entirely aim at raising taxation with higher rates.
“I fought tooth and nail for inclusion of land and real estate within the ambit of GST but somehow there couldn’t be an absolute consensus on the issue at number of GST Council Meetings of all the States Finance Ministers because of obvious reasons,” Sisodia said. “Consumer durables such as TV, Mobiles, electric appliances and host of similar such articles should not be taxed luxuriously. That is our view and we will continue to articulate them whenever necessary in the interest of Aam Aadmi though the GST tax rates have yet to be finalized,” he said. CBEC Chairman Najib Shah asked the industry not to keep seeking exemptions under the GST regime as most of such exemptions would go away after it is put in place. The Chairman also clarified that the anti-profiteering clause in GST Law is there as an enabler and industry should not read too much on it, promising that post GST host of indirect taxes would subsume in it making the new law user friendly, the statement said. Source: PTI Market took demonetisation positively; rising dollar dampened sentiment, says FinMin: The Finance Ministry today said demonetisation of Rs 500/1,000 notes last year was viewed “positively” by the market though the bullish sentiment was restrained due to strengthening of US dollar. “The government’s decision on November 8, 2016 to demonetise high denomination value notes was viewed positively by the market as deposits were expected to surge in banks and led to bullish market sentiment, particularly for short-end bonds,” said the quarterly debt management report.
The bullish market sentiment was, however, “restrained to a certain extent” with US 10 year treasury yield rising to 2.15 per cent level and led to dollar strengthening — adversely affecting the market, said the report for October-December quarter. The mid-November of lower October inflation figures — both WPI and CPI – further supported the market with yields making fresh 7-1/2 year lows. However, the market was restrained to a certain extent on hardening of US treasury yields on likely expectations of adoption of stimulative economic policies by US President Donald Trump. The rupee continued to trade with volatility during November and breached all-time low levels, however, ample system liquidity ensured position building across securities in the bond market, it said. The rupee slumped in the third week of November 2016 as USD continued to create pressure on the domestic currency.
The domestic currency hit an all-time intra-day low of Rs 68.86 per USD on November 24, 2016, on concerns of demonetisation and also about a possible US Fed Reserve rate hike in the near term. Intermittently, the rupee gained on few occasions to touch a quarter high of Rs 66.43 per USD on November 9, 2016, ahead of US presidential election result and on others occasions due to positive CPI and IIP data. The report further said the deficit in liquidity was at an average of Rs 3,065 crore in October but turned into a surplus in November (average Rs 5.19 lakh crore) post the demonetisation decision and increasing further in December 2016 (average Rs 7.04 lakh crore). The report further said India’s public debt increased to Rs 61.76 lakh crore at end-December, up 2.4 per cent over the previous quarter, the government said today. The debt (excluding liabilities under the Public Account) was Rs 60.33 crore at end-September 2016.
“This represented a quarter-on-quarter (QoQ) increase of 2.4 per cent (provisional) in Q3 FY17 as compared with an increase of 2.1 per cent in the previous quarter (Q2 of FY17),” it said. Internal debt constituted 92.6 per cent of public debt as at end-December 2016, while marketable securities accounted for 83.6 per cent. Source: Financial Express Insurance penetration will improve if regulations are reduced: New India chief: Insurance is important for the political growth of our country, especially when there is no social security among the below poverty line (BPL) population in India, G Srinivasan, CMD, New India Assurance, said at the recent Fourth Insurers’ Conclave here. The conclave was organised by the Asean Institute of Insurance and Risk Management at the Rizvi Institute Of Management Studies and Research, Mumbai.
Srinivasan concluded that insurance penetration will improve if regulations are reduced and people are expected to bring in lesser capital. The first panel discussion was on the role of commercial insurance, and was moderated by Haris Ansari, former member, IRDAI. He noted that the biggest problem with insurance is that it is a push product and not a pull product and that a consumer can be taken care of only if the product is properly explained to him/her, which is often not the case. R Chandrasekaran, Secretary-General, General Insurance Council, deliberated on the performance of commercial insurance companies, while PVS Nagaraja Rao, Chief, P&GS, LIC, spoke on LIC’s roles in propagating inclusive insurance through socially-relevant insurance policies. Yogesh Lohiya, CEO & MD, Iffco-Tokio General, highlighted the challenges in the propagation and spread of social and inclusive insurance in India and how they can be overcome. The second session focussed on the role of alternative insurance, moderated by Liyaquat Khan, Managing Partner of Global Risk Consultant and a former long serving president of the Institute of Actuaries of India.
Abhijeet Chattoraj of Amity Business School, Amity University, Mumbai, one of the very few practising insurers to do a PhD on health insurance, drew a vivid graph of the decline of mutuals and cooperative forms of insurance in India post-nationalisation and post-IRDAI Act. The second panellist, Kumar Shailabh, Executive Director, Uplift Mutuals, showed how mutuals make insurance work for the poor, while Shariq Nisar, Senior Research Fellow on Takaful or Islamic Insurance from Harvard University, explained the nuances of the concept. The third session, on the confluence of alternative channels of insurance, was moderated by AK Roy, former CMD, General Insurance Corporation Re. He was of the view that the confluence of the alternative channels of insurance with the existing one, if brought about with supporting regulations and controlled experimentation, can speed up universal inclusive insurance.
Anil Kumar Singh, Chief Actuarial Officer, Birla Sunlife Insurance, relied upon his vast experience in the field to suggest best practices for cooperative insurance, while G Mallikarjun, General Manager, Reserve Bank of India, and former OSD, IRDAI, expertly blended his experiences of working with both the regulatory bodies to put forward succinct and practical suggestions on the the cooperative format. Kalim Khan, Director, Rizvi Institute of Management Studies and Research, spoke about the urgent need for sustained mass education to bring about inclusive insurance. PK Behl, former ED of LIC and Chairman of the Organising Committee of the conclave, gave the welcome address, while KC Mittal, Ex-Chairman of GIC, and RN Bhardwaj, Ex-Chairman of LIC, were felicitated for their contribution to the industry. Arun Agarwal, India Representative of Lloyds Insurers, gave the concluding address, saying that insurance will only be inclusive when insurance mutual and cooperatives cater to the underdeveloped sections of the economy through instruments such as healthcare management. Source: Economic Times Narendra Modi reluctant to go ahead with key reforms that could lift India’s growth: Across Asia, the world has supposedly been witnessing the return of the strongman. Chinese President Xi Jinping has been grasping more and more control in his own hands since claiming power in 2012.
Two years later, Prime Minister Narendra Modi in India and President Joko Widodo (known as “Jokowi”) in Indonesia won office by selling themselves as forceful economic and political reformers. All three were heralded as the firm hands these giant developing nations needed to rejuvenate their promising but troubled economies. Yet here we are, at the start of 2017, still waiting. Jokowi’s lackluster reform program has produced equally lackluster growth.
Xi’s much-hyped pro-market manifesto, approved in 2013, has gone almost nowhere, leaving China to limp along on ever-greater infusions of debt. While India is the best performing of the bunch, Modi has remained reluctant to press ahead on key changes that could lift growth even higher. The truth is that Asia’s strongmen aren’t strong enough. This matters to a world counting on emerging markets in Asia and elsewhere to lift global growth.
In October, Capital Economics released a report darkly entitled “The End of the Golden Age,” which predicted that “widespread expectations for a sustained rebound in emerging market growth after the slowdown of recent years will be disappointed.” Emerging economies’ GDP, the research outfit forecast, would grow no more than 4 percent in coming years, sharply slower than the 6 percent notched since 2000. To be fair, as big economies like India and China advance, eye-popping growth rates naturally become harder to come. But these countries don’t lack potential — they lack leadership. Compare current policies to the bold decision-making witnessed during Asia’s go-go years. In India in the early 1990s, Prime Minister P.V. Narasimha Rao and his finance chief Manmohan Singh tore down large swaths of a regulatory raj that had been considered sacrosanct.
In the early 1980s, Deng Xiaoping and a team of forward-thinkers discarded the economic irrationalities of Mao. Even Suharto in Indonesia, with his myriad faults, instituted dramatic changes that greatly alleviated poverty in the world’s fourth-most populous country. Why haven’t today’s leaders acted as forcefully? Partly it’s a problem of success. Though millions of people in these countries remain trapped in poverty, overall they are a lot less desperate than they once were, easing some of the urgency to force through difficult and potentially unpopular changes.
Since 1980, GDP per capita in Indonesia has increased more than five times, in India, six times, and in China more than 26 times. Despite the fact that globalization has been the prime driver of these gains, there are still powerful voices who aren’t convinced further opening is necessary or desirable, especially in light of the turmoil in the global economy over the past decade.
Arguably, too, most of the low-hanging fruit has been plucked. Previously, connecting low-cost economies to global trade, services and supply chains was sufficient to spur dramatic gains in productivity and incomes. Today’s economies are far more complex and their challenges — such as spurring innovation — much tougher. The prospect of opening protected sectors and untangling regulations threatens special interests that benefited from the earlier booms. Xi’s reform roadmap, for instance, affects everyone from state enterprises and banks to Communist cadres and coddled tycoons. True, none of these Asian leaders are free to act as they wish. Modi still must contend with a spirited political opposition, and Jokowi has had to tiptoe through a political minefield even within his own party.
Even Xi faces a major Communist Party conference later this year, which may lead to a reshuffling of the country’s top leaders. At the same time, democracy isn’t the roadblock. There seems to be an inverse relationship between Xi’s expanding grip on China and the pace of free-market reform, for instance.
The democratically elected Modi has arguably introduced more meaningful reforms in India — reducing barriers to foreign investors and ushering in a major and long overdue tax reform — than Xi has. After a slow start, Jokowi, too, has at least sliced red tape and made it easier to start new companies in Indonesia. For another self-proclaimed economic strongman — Donald Trump — the lessons abound. Much like Xi, Modi and Jokowi, Trump’s arrival has boosted the hopes of investors and CEOs for great, business-friendly changes. But high expectations can very quickly turn into even bigger disappointment. Trump’s Asian counterparts all allowed political distractions to sidetrack their reform agendas; with his White House in turmoil, Trump may be making the same mistake. Unless today’s Asian leaders get back on track, their economies won’t either.
Modi must resume the campaign for land reform to speed the process of building industry, and launch a sweeping privatization of lumbering state companies. Jokowi needs to push forward with a productivity-enhancing infrastructure program. Both Modi and Jokowi must also reduce barriers to hiring and firing workers to attract the manufacturing that would increase exports and incomes. Xi needs to stop subsidizing zombie enterprises, slim excess capacity and, most of all, allow market forces to have greater sway in financial and capital markets. If they can’t act more boldly — and soon — Asia’s golden age might truly be over. Source: Financial Express RBI asks banks to collaborate with fintech cos: The RBI deputy governor has said that in view of the competition from fintech companies, banks should reorient their business model and look at collaborating with more efficient players after assessing the likely impact of disruption.
Delivering the inaugural address at a seminar organised by College of Agricultural Banking in Mumbai, RBI deputy governor SS Mundra said, “Fintech companies have leveraged on growing technological advances and pervasiveness of smartphones and have targeted niches to bridge the funding gap for small businesses with innovative and flexible credit products.”. Mundra said that potentially, the ministry of micro, small and medium enterprises (MSMEs) borrowers can apply online in minutes, select desired repayment terms and receive funds in their bank accounts within 2-3 days with minimal hassle. “There are few documentation requirements, very quick turnaround time and flexible loan sizes and tenors. That the P2P lenders can become a significant source of finance for the small borrowers is evident from the UK example where the P2P lending represents about 14% of the new lending to the SMEs,” said Mundra. Source: PTI Expect a visit from taxman if you’ve ignored I-T dept’s email: Income Tax officials could soon be at your doorstep if you have deposited a huge amount during the note-swapping exercise last year, and have not yet explained the source of the cash.
“We have tried to keep the exercise non-intrusive. But if people have not come forward, then some kind of verification is needed especially in cases that involve deposits of large sums,” a senior income-tax department official told ET. Under the ‘Operation Clean Money’, the I-T department had sent out SMSes and e-mails to about 18 lakh people who deposited over Rs 5 lakh each during the 50-day window from November 10 to December 30, because the desposits did not tally with their income. The depositors were asked by the I-T department to explain the source of the money by logging in to its portal. By February 15, about 7.3 lakh people responded to the emails and explained their deposits. According to the official, the department is now contemplating issuing notices or carrying out surveys in cases where no response has come or the replies are unsatisfactory. “In cases where responses are not satisfactory, notices would be issued.
In some cases where big sums are involved and response is not satisfactory, surveys could be carried out,” the official said, adding that people could be also asked to come to income-tax offices or tax officers may pay them a visit. Incidentally, the I-T department is soon expected to send out the next batch of emails and SMSes, beginning the part two of the ‘Operation Clean Money’, which will target suspicious deposits below Rs 5 lakh identified through data analytics. The department is examining the voluminous data received from banks on deposits made during the 50-day period. It is also hiring external experts to work on the data to identify splitting of deposits or use of other means to evade notice. Source: Economic Times Sebi to enlist resource persons to spread financial literacy in select districts: Markets regulator Sebi has decided to empanel ‘resource persons’ to help spread financial literacy in select districts.
The Securities and Exchange Board of India (Sebi) will empanel financial education resource persons (RPs) on part-time basis for various districts in Uttar Pradesh, Haryana, Punjab, Jammu and Kashmir, Himachal Pradesh and Uttarakhand. The individuals will be part of the financial education efforts of the regulator for the districts where it does not have any financial education resource person and/or where there is deficiency of RPs. Sebi has invited applications from interested candidates by February 28. “This empanelment is not a full-time job but an exercise to enlist experienced persons having good communication skills, including effective presentation ability and passion for social work along with knowledge of computer/net to spread message of importance of financial literacy among masses in their identified area of operations,” Sebi said in a notice. Serving or retired teachers, professionals, bank and government officials as well as defence persons can apply for the opportunity. The candidates should have at least a graduate degree and minimum three years working experience. The RPs should have proficiency in the local language of the district that he/she is based in and should be willing to travel across the assigned area and conduct financial education workshops at various locations in the assigned area.
The individual should also preferably have experience of conducting programs of interest to retail investors, it said. Successful candidates would be required to undergo four days’ training by Sebi. In Uttar Pradesh, Sebi is looking to empanel resource persons in as many as 46 districts including Etah, Fatehpur, Ghazipur, Mathura, Moradabad, Muzaffarnagar and Pilibhit. Similarly, it would empanel individuals for seven districts in Himachal Pradesh — Kinnaur, Lahaul-Spiti, Sirmour, Solan, Una, Kangra and Chamba — and five districts in Haryana, including Fatehabad and Faridabad.
Sebi requires RPs in seven districts in J&K — Doda, Kargil, Kishtwar, Leh, Poonch, Ramban and Reasi. In Uttarakhand, RPs are needed for six districts — Almora, Bageshwar, Champawat, Garhwal (Pauri), Chamoli (Gopeshwar) and Pithoragarh. Barnala, Kapurthala and Pathankot are among the seven districts in Punjab where Sebi will empanel resource persons. Source: Financial Express Goods and ServiceTax Council clears pay Bill: The goods and services tax (GST) Council on Saturday formally approved a Bill for compensating the state governments for any revenue loss they might have to suffer in the first five years in the GST regime, as the constitutionally empowered body entered the last lap of its key legislative business. At its 10th meeting held at Udaipur, the council also resolved to make some clarificatory changes in the model GST Bill — which will be replicated as the central and state GST bills — with a view to amplifying their legal tenability. The model GST and integrated GST drafts are also likely to be endorsed by the council at its next session to be held in New Delhi on March 4-5.
The Centre is hoping to introduce all the three crucial bills in Parliament in the second half of the Budget session, which will commence on March 9, finance minister Arun Jaitley said. The Centre has set a July 1 deadline for ushering in the GST regime, the journey towards which has been a decade-long and chequered one, marred by political squabbles and bureaucratic turf battles. As for the remaining agenda, Parliament needs to pass the three bills and the state assemblies will have to approve the state GST bills. The fitment of items under the four-tier (5%, 12%, 18% and 28%) rate structure, in keeping with the principles of revenue neutrality (for the government) and ensuring minimal inflationary impact, is a key challenge too.
Jaitley said there would a 12th session of the council to finalise the fitment, while a technical committee has already made considerable headway in this regard. The GST Network, the IT backbone for running GST, must be up and running and the businesses will have to get ready for the proposed destination-based tax on consumption that will replace all major existing indirect taxes except the basic customs duty and have a seamless input tax credit facility. As per the compensation Bill cleared by the council on Saturday, the states will be given full compensation for the first five years for any shortfall in revenue from what 14% annual growth from the 2015-16 base would have otherwise yielded. The compensation will be funded via a clutch of cesses, including the extent clean energy cess and the impost on tobacco. While some states like West Bengal had earlier said that the compensation requirement could turn out to be much higher than R50,000 crore estimated earlier due to the negative impact of demonetisation on state finances, analysts said states have actually nothing to worry in this regard as the compensation is being computed on the 2015-16 revenue base and assuming 14% annual growth. However, at the Udaipur meeting of the council, the Central bureaucracy is learnt to have sought to raise the issue of “dual control” again.
While the proposed division of powers will lead to a significant shifting of the taxpayer base from the states to the Centre, states will gain hugely from the 50:50 division of the above-R1.5 crore taxpayer base, in terms of the taxpayer base to be under their control. Businesses with a turnover above R1.5 crore contribute to over 95% of the revenue attributable to the taxes to subsumed in GST, while 93% of the service tax assessees and 85% of those registered for state VAT have a turnover below the threshold. As regards the model GST law, Jaitley said the council brought additional legal clarity on aspects like how to tax work contracts (currently both VAT and service tax are levied on them), definition of “agriculture,” exemptions to be accorded to small businesses during the transitional phase, and the composition of the appellate tribunals at the central and state levels.
Besides, the council discussed the composition scheme that allows a registered trader up to pay tax at a fixed rate (likely 1%) on turnover and avoid any further scrutiny by the taxman, as far as local (intrastate) sales up to a threshold are concerned. Those who opt for the scheme, sources said, would not be eligible for input tax credit, a reason why not all manufacturers and service providers might not find it attractive, analysts said.
Saturday’s meeting did not discuss the dreaded anti-profiteering clause. This is sought to be an enabling provision for designated agencies to examine whether input tax credits availed of by any registered taxable person, or the benefit of a reduction in the tax rate, has resulted in a commensurate reduction in the price of the goods or services supplied.
While most analysts and industry bodies oppose this provision, saying it would disrupt market dynamics, some say if it is judiciously used by the government as a tool to curb inflation, it might be legitimate. Source: Financial Express Government mulls proposal to free up retail FDI policy but only for India-made goods: The government is considering a proposal to free up foreign direct investment (FDI) policy on retail but only for domestically manufactured goods. The policy under consideration applies to both offline and online retail and would remove restrictions on companies such as Walmart, Tesco, Amazon and others when it comes to the sale of things produced in the country. Apart from attracting investment in retail, such a policy would also give a big boost to the Make in India programme, a senior official told ET. “It has been proposed that FDI restrictions in retail be lifted to the extent of goods manufactured in India,” he said. “The matter will be deliberated by the government in the near future.” The government is expected to take a decision after the Uttar Pradesh assembly elections.
Overseas-owned online retailers can only function as marketplaces, or platforms for buyers and vendors, and aren’t to sell goods on their own account through an inventory model. Multibrand retailers such as Walmart can only own up to 51% of Indian ventures and are subject to other constraints as well. The current policy allows domestic manufacturers to sell just their own goods through any channel — online or offline. Only in the case of food products can locally processed items be sold by anyone through any mode, a policy change made in August last year to give a boost to food processing. Retailers have been lobbying for similar exceptions to be made for grocery and personal care items as well. They say confining such stores to food product doesn’t make business sense. Finance minister Arun Jaitley said in his February 1 budget speech that the government is considering further liberalising the FDI policy.
More than 90% of FDI is currently through the automatic approval route. Amazon recently submitted a proposal to the government for setting up brick-and-mortar stores to sell locally made food products alongside its online platform in India.
In an earlier proposal, the online retailer had pushed for a hybrid model under which it could sell its own products as well as those of independent sellers. This was turned down as it didn’t support the Make in India strategy. Easing restrictions will benefit producers, experts said. “It is in the interest of the Indian economy to relax these rules for retailers just like they did for manufacturers,” said Devraj Singh, executive director, EY. “Jobs will not be affected and overall manufacturing will get a boost.” The government wants to bolster manufacturing as part of its job-creation strategy. Manufacturing has lagged behind services in total FDI.
India’s retail sector has been gradually opened over the years but with multiple conditions such as local sourcing rules amid strong resistance over fears that smaller, family-run stores would be hit. Source: Business Standard. GST Council To finish draft display law, meeting being held headed by Arun Jaitley: The GST Council, which is meeting on today, is likely to finalise the draft Model GST Law including final drafting of the anti-profiteering clause to ensure benefit of lower taxes gets shared with consumers. The Council, headed by Finance Minister Arun Jaitley and comprising representatives of all states, is also likely to finalise the definition of ‘agriculture’ and ‘agriculturist’ as well as constitution of a ‘National Goods and Services Tax Appellate Tribunal’ to adjudicate disputes, reports Bloomberg. The law ministry has sent the approved language and draft of the Model GST Law, which outlines how the new national sales tax will be levied on goods and services. The law ministry-approved draft and the language were discussed on Friday by the Council’s sub-committee comprising central and state officials. The vetted draft will then be put up before the Council at its 10th meeting being held in Udaipur on Saturday.
The government intends to introduce the Model GST Law in Parliament in the second half of the current Budget Session beginning next month, officials said. The government is keen to roll out the new regime from July 1 but for that, it will have to get two laws – the Central GST (CGST) Act and Integrated GST (IGST) Act – approved by Parliament and each of the state legislatives have to pass the State GST (SGST) Act. The Model GST Law provides a common draft of CGST Act, SGST Act. Besides, there is an IGST law and Compensation law.
Officials said that the government is keen to pass benefit of lower taxes to consumers and so an anti-profiteering measure has been incorporated in the draft law. It provides for constituting an authority to examine whether input tax credits availed by any registered taxable person, or the reduction in the price on account of any reduction in the tax rate, have actually resulted in a commensurate reduction in the price of the said goods and/or services supplied by him. For example, a good or service is to be levied with a GST of 5 percent. But in course of supply, a 20 percent tax is paid, whose input credit is taken. So, the final consumer will be levied only 5 percent tax and not 25 percent, as the input credit of 20 percent is already taken, an official explained. “This has to be declared at the time of filing returns by the taxpayer,” the official said. Source: Financial Express 50 CPSEs headed for listing, government to also cut stake in listed firms to 75%: As many as 50 state-run companies could be listed on the stock exchanges soon with the government putting out rules and guidelines for biggest ever plan to invite public participation in its profit-making enterprises.
It will also bring down shareholding in already listed firms to 75%. On Friday, the department of investment and public asset management (DIPAM) issued the mechanism for listing of state run firms, announcing the details of the decision announced in the budget. “The government will put in place a revised mechanism and procedure to ensure time-bound listing of identified CPSEs on stock exchanges,” finance minister Arun Jaitley had said. The government will look to list all its companies that have a positive net worth, no accumulated losses and have earned net profit in three preceding consecutive years. According to Public Enterprise Survey 2014-15, there are 157 profit-making companies, of which 45 are listed. Some of the profitable companies are Airports Authority of India, Central Warehousing Corporation, Magazon Dock Shipbuilders Ltd and ONGC Videsh Ltd. As many as 50 companies meet all three conditions an assessment will be made every year according to the guidelines put out.
The administrative department or DIPAM will draw the list of eligible CPSEs for listing within one month from the finalisation of audited accounts of the last financial year. “The department will work closely with the administrative ministry to ensure that timelines set by the government for listing of CPSEs is adhered to,” said DIPAM secretary Neeraj Gupta. In case of issue of fresh equity in conjunction with the sale of government stake (piggyback transactions) for listing, the union cabinet’s approval will be sought by the administrative ministry. The government aims to list the staterun companies within 165 days of the agreement by the administrative ministry on their listing. An empowered committee will be set up to ensure that the timeline is adhered to. The committee will be headed by DIPAM secretary.
“Both administrative ministries and CPSEs understand the advantage of listing and accessing capital for business expansion,” said Gupta. For FY2017-18, the government has set a mammoth disinvestment target of Rs 72,500 crore, of which Rs 46,500 crore is to come from regular stake sales including ETFs. Source: Business Standard Demonetisation unnecessarily demonised: Aditya Puri: A day after Rajiv Bajaj lashed out at the demonetisation exercise, industrialist Anand Mahindra and banker Aditya Puri today stood by the government, saying the move has created transparency but is unnecessarily demonised. “He (Prime Minister Modi) has created transparency and traceability. He has changed the mindset (in such a way that) everybody is going to think twice about going back to their old ways and from what I understand, the conversion to digital has occurred at a pace much faster,” Mahindra said at the annual NILF here.
Puri, who heads the second largest private sector lender HDFC BankBSE 3.75%, concurred, saying, “demonetisation is being demonised for nothing” and listed several positives from the move. It may be noted that speaking at the same event yesterday, Bajaj AutoBSE -0.25% managing director Rajiv Bajaj had said it is incorrect to blame the government for bad execution during the demonetisation exercise, saying the idea to ban high value notes was itself “wrong”. The positives of demonetisation drive listed out by Puri included more money in the system, a wider tax base, lower interest rates with possibility of going down further, greater transparency and cost reductions in the system. Improvising on yesteryears’ Bollywood actor Dharmendra’s famous dialogue ‘Chun chun Ke maroonga’ to ‘Chun chun ke nikalenge’, Mahindra, who termed Modi as a “practical man”, said the government may not have succeeded in getting a windfall out of the exercise but will get “somewhere” to bridge the deficit. Puri explained that depositing money into bank accounts does not legitimise it and added that the government will be using data science to get to the wrongdoers and called this a “big idea”.
Mahindra said corruption is “virtually non-existent” in the corridors of power in New Delhi under the present Modi regime. Drawing from his recent field visits, Puri asserted that agricultural activities have not been affected because of the demonetisation exercise. “The sowing was at a record level, let us be very clear about this, agriculture did not suffer,” he said. Puri also dismissed notions of newer ways of corruption being found out because of demonetisation. It can be noted that industrial activity and consumption have been impacted due to the November 8, 2016 announcement of the Prime Minister to ban Rs 500 and Rs 1,000 currency notes, which accounted for 86 per cent of the outstanding currency in the system in a cash-dependent economy like India. The RBI had to resort to a cash rationing consequent to the move and the long queues because of it led to over 80 deaths in the country.
Source: Economic Times India’s GDP to expand post demonetisation: Arjun Ram Meghwal: Demonetisation of old high value currency and the government’s push towards digital economy will definitely expand India’s GDP, Minister of State for Finance Arjun Ram Meghwal said today. Referring to the ongoing debate on impact of note ban on GDP, he said experts are divided on the issue, but stressed that “it will definitely increase”. Meghwal said that about 23.2 per cent of the economic activity is “shadow economy” and government’s push to cashless transactions will widen the tax bracket.
“Our tax net will increase and this economic activity under shadow economy will start getting counted (in the GDP) (and hence) GDP will definitely increase,” he said at the ‘Digital and Cashless Economy’ conference organised by industry body CII. The minister also expressed concern over the high cash to GDP ratio in India in comparison to developed countries and said the demonetisation and digitisation of payments would narrow the gap. In advance countries, the cash to GDP ratio is in range of 4 while in India it is estimated at 12. Following its move to demonetisation old Rs 500/1000 notes on November 9 last year, the government has been taking several measures to push the country towards less cash economy.
A reward programme for customers as well as merchants has been launched to promote digital payments. The government has also launched BHIM, a mobile app for facilitating cashless transactions. Source: PTI Financial crisis likely under Donald Trump, says RBI Governor, Urjit Patel in the first ever interview: Urjit Patel, the RBI Governor in a first ever elaborate interview to CNN, TV 18 spoke about demonetisation, growth, rates and rupee.
He said financial crisis was likely under the new US President, Donald Trump. And that nobody would be spared of financial volatility from the United States. He said nobody would be spared of financial volatility from the United States. Speaking on demonetisation of Rs 500 and Rs 1000 that happened in November 2016, he said that it was well managed and that remonetisation has been very quick. The Governor said that quick and faster remonetisation was part of the plan.
However, “we are open to constructive criticism”. On asking as to when was demonetisation planned, he said that currency printing plans were set in motion much before. “There are tens of thousands of bank branches and 4,000 currency chests. We need to be careful and try that this is a number which is not a mere estimate but a verified number both physically and in the accounting sense,” Patel added when asked about the estimated amount of old currency notes that have come back. On macro economic indicators he said that the best way to support durable growth is to keep the inflation low. India’s 7.5 per cent GDP growth target should not be ridiculed. Source: Business Standard Govt may cut potash subsidy in potential blow to demand. Source: Economic Times Trump effect: IT industry expects to log lower growth: The information technology (IT) industry lobby body Nasscom said the sector will grow at the lower end of its revised target in fiscal 2017 but deferred guidance for the next financial year by a quarter as it faces headwinds.
Amid continuous technology disruptions, political upheavals and slowdown in IT-BPM (Business Process Management) global spending, the Indian IT-BPM industry is projected to grow 8.6% (in constant currency) to cross $155 billion in FY2017, according to a statement from Nasscom. Nasscom had earlier revised downward its fiscal 2017 revenue growth target to 8%-10% from an initial 10%-12% as the headwinds started emerging. In an unprecedented move, Nasscom president R.Chandrasekhar said the association will come out with its guidance for the IT and the BPM sector in the next quarter, most probably in May, once it is done with “deeper interactions” with customers and other stakeholders. Chandrasekhar accepted that there were headwinds on factors such as change in policies in the U.S., the industry’s largest market, under a ‘protectionist’ Donald Trump regime but was optimistic on analysts’ estimate that growth in global IT spending would double to 5% from 2.6% this fiscal. While the world and especially Indian IT industry tries to adjust to Mr. Trump’s policies, Reliance Industries chairman Mukesh Ambani opined that the protectionist policies were ‘blessings in disguise’ for India. Trump’s ‘protectionist’ moves would get India’s IT industry to focus on solving local problems, Mr. Ambani told participants at the Nasscom Summit.
Stressing the significance of data Mr. Ambani said, “Data is the new oil and Indians should not have scarcity of it in terms of quality, quantity or affordability.” Addressing the summit, TCS CEO and Tata Sons chairman-designate N. Chandrasekaran asserted there was no turbulence in the Indian IT industry and there was only ‘opportunity’. ‘IT, most important’ “Every time there is a regulation change, everybody thinks that IT industry is in doldrums, I want to categorically say it’s the most important industry to be in. Fundamentally, every business will be powered by technology.
The biggest difference digital has made is that it has driven technology to such a level that every business is embedded in technology,” said Mr. “We have been fortunate that opportunity is everywhere as every country and every industry needs technology. Many industries are not fully addressed, so are many markets, so we have great opportunity,” he added. Source: Financial Express India slips to 143 in economic freedom index: US thinktank: India ranked a dismal 143 in an annual index of economic freedom by a top American thinktank, behind its several South Asian neighbours including Pakistan, as progress on market-oriented reforms has been “uneven”. The Heritage Foundation in its Index of Economic Freedom report said despite India sustaining an average annual growth of about 7 per cent over the past five years, growth is not deeply rooted in policies that preserve economic freedom. Putting India in the category of “mostly unfree” economies, the conservative political thinktank said progress on market-oriented reforms has been “uneven”.
It said the state “maintains an extensive presence” in many areas through public-sector enterprises. “A restrictive and burdensome regulatory environment discourages the entrepreneurship that could provide broader private-sector growth.” Also, India’s overall score of 52.6 points is 3.6 points less than that of last year, when India ranked 123rd. Hong Kong, Singapore and New Zealand topped the index. Among South Asian countries, only Afghanistan (163) and Maldives (157) were ranked below India. Nepal (125), Sri Lanka (112), Pakistan (141), Bhutan (107), and Bangladesh (128) surpassed India in economic freedom. The thinktank, however, credited Prime Minister Narendra Modi with “reinvigorating” India’s foreign policy.
It said Modi, who in June 2016 made his fourth visit to the US in two years, has bolstered bilateral ties, particularly in defence cooperation. “India has technology and manufacturing sectors as advanced as any in the world as well as traditional sectors characteristic of a lesser developed economy. Extreme wealth and poverty coexist as the nation both modernises rapidly and struggles to find paths to inclusive development for its large and diverse population,” it said. India is a significant force in world trade, the report noted, but corruption, underdeveloped infrastructure, and poor management of public finance undermine overall development.
China with a score of 57.4 points – an increase of 5.4 points compared to previous year – was placed at 111 position. The United States was ranked 17 with 75.1 points. The world average score of 60.9 is the highest recorded in the 23-year history of the index. Forty-nine countries – the majority of which are developing countries, but also including countries such as Norway and Sweden – achieved their highest-ever index scores. Source: PTI CBDT proposal to tap Aadhar database needs Cabinet OK. The proposal by Central Board of Direct Taxes (CBDT) to use Aadhar database to verify PAN card recipients will need cabinet approval as it involves multiple agencies of the central government, said a spokesperson for the body. “Currently it takes up to three weeks to verify the applicant.
If the Aadhaar database has all the latest details of a person including address, finger prints, that can be used for verification of the PAN applicant and reduce the time taken,” Meenakshi Goswami, CBDT spokesperson, said. Goswami said the proposal has not yet been finalised. Source: Eonomic Times Union Budget 2017 – merger of oil cos: Does India really need a giant oil PSU?: The idea of merging state-owned oil companies germinated during the AB Vajpayee years and surfaced during Mani Shankar Iyer’s tenure as the UPA petroleum minister. An advisory committee on Synergy in Energy, chaired by V Krishnamurthy in 2005, strongly recommended against such a merger. After the NDA came to power in 2014, petroleum minister Dharmendra Pradhan floated the idea of a giant company in July 2016. Surprisingly, it did not feature on the national agenda as significantly as it has after the presentation of Budget 2017. The finance minister wants a giant integrated oil company to compete with the likes of Exxon, BP, Shell, Chevron, Total, etc, “to bear higher risks, to avail of economy of scales, to take higher investment decisions and create more stakeholder value”.
The petroleum minister wants instead multiple mega-oil companies. The accompanying table gives some idea of the size of India’s six large state-owned oil companies to challenge the feasibility of such a plan. Market capitalisation of all six is approximately equal to BP, half of Chevron and one-third of Exxon and twice that of Reliance.
The following analysis of India’s oil sector, based on eight criteria, shows that the demand for the merger policy is not well-founded. Managing risk: Undoubtedly, to take higher risks, one needs a minimum amount of capital. All the six major Indian oil companies have more than this minimum amount of required capital. Let me give the example of a little-known Irish company, Tullow.
There are several companies like Tullow in oil industry. With market capitalisation of just $2.6 billion, it has managed to have exploration acreages in 19 countries and succeeded in finding oil in Ghana, Uganda and Kenya in recent years. In each country, by forming consortia with small and large oil companies, Tullow managed to reduce the risk. While exploring either in virgin or well-established territory, oil companies, even the largest ones, always try to reduce risk by taking partners to form a consortium. It is not necessary that India needs a giant oil company to bear higher risks.
ONGC’s overseas subsidiary ONGC Videsh Ltd has been able to do this already by joining other oil companies and is active in 17 countries. Success of discovering oil depends not on the size of a company. It is largely dependent on the company’s ability to attract world-class geologists and managers, and its access to the latest technology. Economies of scale: As discussed above, in the case of upstream operations, there is no economy of scale to discover oil and gas, or to develop them. It is not the size which results in discovering oil reserves, but the technical ability to identify sweet spots, to drill in difficult environment and develop discovered reserves efficiently.
Large and complex discoveries require large investment and the size of a company has no impact. However, there are economies of scale to be achieved in refinery investment. Tea-kettle and small refineries have higher per barrel cost while large refineries have a lower per barrel cost of operations and thus higher profits. However, after an optimum size, there may be some amount of negative returns. Thus, one has to optimise the size against complexity.
The three downstream, state-owned companies—IOC, BPCL and HPCL—have already achieved such economies of scale. Thus, merging them will not result in any economy of scale. Ability to invest in large projects: It is certainly true that unless a company is of the “minimum required” size in terms of asset, profit and market value, it cannot invest in projects requiring huge amount of capital. In the oil industry, even small projects, especially in the upstream sector, need millions of dollars, and mid-sized ones, billions. Offshore oil and gas projects require tens of billions of dollars. However, by forming consortia as oil companies around the world do often, large capital can be raised to support even projects requiring $10 billion or more. When a new oil discovery has attractive economics, banks are willing to lend huge amounts of money based on project finance.
Also, equity money can be raised, just as companies like Tullow have done. Some have attributed the failure of ONGC to buy into oil properties abroad—competing against Chinese or oil companies from other jurisdictions—to its “small” size.
These failures are not because of it being small. They have more to do with bidding strategies, evaluation of attractiveness, and the practically unlimited capital available to Chinese companies. At present, the largest oil project (requiring more than $50 billion) in the world is the development of Kashagan field in Kazakhstan. ONGC tried to buy Conoco’s share in Kashagan. But it failed not because of its size. The Chinese government succeeded in convincing the Kazakh government to partner with the Chinese National Petroleum Corporation.
What is needed is not integration, but strategic thinking. Creating shareholder value: In recent years, oil companies have realised that it is better to be small rather than big to create better shareholder value. Marathon Oil (2011), ConocoPhillips (2012) and Marathon (2013) have spilt up functions into two—upstream and downstream. Is this a herd mentality which we often see in the oil industry, or a sincere effort by the management to create better value for their shareholders?
Time will tell. It is possible that in the future some of these companies may merge back again. From 2012 to 2016, the average shareholder return of the two companies formed after the breakup of ConocoPhillips was 40% whereas, for the same period, it was 12% for Chevron and 18% for Exxon.
This example refutes the argument merger is better for the shareholders. There are many studies which have showed that more often than not, in other industries as well, mergers have often failed to generate value for shareholders. This is the first of a two-part series Source: Financial Express Employees ready to pay for insurance facilitated by employer: Employees are willing to pay for additional insurance if it is provided by their employers. This is because employer facilitated insurance offers better coverage, efficiency in cost and better claim recovery. This was the key theme of Marsh India’s 9th annual Employee Health and Benefits Survey.
Top-plans in health insurance and term life is one big focus area for employees. Another area which saw high demand was coverage for outpatient department and parents. Almost 83 per cent of employees also said they are looking to customise their insurance offered by employer such as increasing room rent and maternity limits. There is also increasing demand for voluntary programmes to cover assets like car or house and travel insurance, provided it is facilitated by the employer. “The average sum insured for medical insurance provided to employees was Rs 3 lakh. It has now increased to Rs 3.5 lakh.
Similarly, the average limit on room rent was Rs 3,000. It has now increased to Rs 4,000. But even these are inadequate because of greater utilisation,” said Sanjay Kedia, Country Head and CEO of Marsh India. In case of parents coverage, 100 per cent employee funded coverage is on a decline, but partly funded parent coverage is increasing. The percentage of employers who provide 100 per cent sponsored parents’ coverage is now 35 per cent, as against 41 per cent last year, said the survey.
But the percentage of companies that facilitate parents coverage has increased to 80 per cent from 76 per cent last year. “Employees want to leverage the buying power of corporates. So, companies in turn are asking insurance companies for specific enhancements in coverage. For instance, features like coverage for women, medical advancements like robotic surgery, chronic conditions etc in medical insurance,” Kedia said. Source: Business Standard GST likely to halt economy: Avendus Capital Alternate chief executive Andrew Holland: Even as the economy is getting itself together post-noteban shock, the implementation of goods and services tax (GST) is also likely to cause serious disruptions, Avendus Capital Alternate chief executive Andrew Holland said today. “Valuations are challenging.
We are seeing early signs of pick-up from demonetisation but its not a V-shape pick-up and will not be a V-shaped recovery” Holland told reporters here. In a V-shaped decline, the economy suffers a sharp but brief period of decline with a clearly defined trough, followed by a strong recovery. “GST implementation has the real risk of again halting or having shock effects on the economy these are the short-term challenges to the economy,” he added. “Large companies may understand how to implement GST but we are not so sure about small and medium enterprises,” he added. Further, he noted that while various financial experts have pegged earnings growth at 20 per cent for fiscal 2018, it is likely to be lower at 10 per cent considering the many downside risks. GST will replace a jumble of levies to create one of the world’s biggest single market. A single tax will make it easier to do business in the Asia’s third largest economy as also help combat evasion, boost revenue for the government.
Source: Times of India Aadhaar bill: Tentatively not convinced, says Supreme Court: Supreme Court today said it was “tentatively not convinced” with the grounds taken by Congress leader Jairam Ramesh to challenge Lok Sabha Speaker’s decision to certify a bill to amend Aadhaar law as a money bill. As the government asserted that it fulfilled the criteria as the expenditure for the welfare schemes has to be drawn from the Consolidated Fund of India, the apex court said the issue was “important and serious” and it did not want to take a call on it in haste.
It granted four weeks to Ramesh’s counsel and senior advocate P Chidambaram to prepare his case by taking into account all the objections raised by Attorney General Mukul Rohatgi, who also said that the decision of the Speaker cannot be brought under judicial scrutiny. The remarks “tentatively, we are not convinced and you can convince us” came from a bench comprising Chief Justice J S Khehar and Justice N V Ramana, after the Attorney General countered Chidambaram’s submissions by stating that all criteria laid down under the Constitution have been incorporated in the bill to be designated a money bill. Chidambaram, the former Finance Minister, was trying to convince the bench that the bill was certified as a money bill to avoid its scrutiny before the Rajya Sabha which does not have any say on a money bill. “More and more bills are certified as money bills to bypass the Rajya Sabha,” Chidambaram told the bench which asked, “what ex-facie can you show us in it (Aadhaar bill) that does not fall in the criteria for money bill”.
However, after Rohatgi said the bill fulfilled all the constitutional requirements including that all the expenditure incurred on subsidies for welfare scheme would be withdrawan from the consolidated fund, the bench told the Congress leader that before this submission by the Attorney General, it was in agreement with the points raised by them. “We were quite agreeable but now certain points have been raised by the Attorney General,” the bench said. Rohatgi submitted that the Speaker of the House was a high constitutional post and decisions are taken with responsibility. However, the bench said, “So be it.
But does it mean it cannot be examined. We are also holding constitutional posts. We also pass judgements and the constitution bench overturns them”. “This is a serious issue. Your (Centre) intention may be good,” the bench observed. Attorney General submitted that the amendment was a money bill and the argument that since the parent bill was not a money bill, so the amendment bill cannot be a money bill, was rejected by the court. During the hearing, the bench wanted to know whether the Rajya Sabha at the time of amendment said it was a money bill.
Pressing for the scrutiny of the Speaker’s decision to certify the Aadhaar bill as money bill, Chidambaram said it is important to see what can be certified as money bill. He tried to make distinction between a money bill and a financial bill saying all financial bills are not money bills. However, the Attorney General focussed his arguments only on the bill for Aadhaar and said Ramesh has no locus standi to file such petition as there was no violation of any of his fundamental rights. He said that Speaker has all the privilege to take action in the House which is supreme and there is no question of courts examining the decisions taken there. “You have to give flesh and blood. It’s a withdrawal of money from the consolidated funds,” the AG said while stressing that the bill was rightly certified as a money bill by the Speaker and referred to the Preamble of the Aadhaar Act that the expenditure on subsidies have to be incurred from the consolidated fund.
“This is the main feature. Money is withdrawn from the consolidated fund,” he said while pointing to the relevant provision of the law.
The Aadhaar (Targeted Delivery of Financial & Other Subsidies, Benefits & Services) Bill, 2016 was discussed and passed in the Lok Sabha on March 11 last year. It was then taken up in Rajya Sabha on March 16, where several amendments were made to it. The bill was then returned the same evening to Lok Sabha which rejected all amendments proposed by the Upper House and passed it.
Source: Financial Express Sebi initiates process to integrate commodity spot and derivatives markets: After meeting Finance Minister Arun Jaitley on Saturday, the board of Sebi, regulator for the financial markets, including commodities, has decided to take forward the issue of integration of the commodity spot markets and the derivatives markets. Jaitley had proposed this in the Union Budget on February 1. The move is significant as even for the futures market, a transparent price for the relevant commodity traded in the spot market is required. Some to whom Business Standard spoke said there were several challenges for integrating spot and derivatives. The latter are standard contracts, with specified allowances in grades. In the spot market, several varieties, qualities and grades of the same commodities are traded in the same market and they differ regionwise. Also, there are now several forms of spot markets.
One is the traditional Agriculture Produce Marketing Committees (APMCs), national electronic agri spot market platform (‘e-NAM’) — where at present hardly any trading is happening — and the state-level e-spot markets, known as the Karnataka model. The minister had said in his Budget speech, “the commodities markets require further reforms for the benefits of farmers. An experts committee will be constituted to study and promote creation of an operational and legal framework to integrate the spot market and derivatives market for commodities trading. E-NAM would be an integral part of such a framework”. With Sebi stepping into this, an expert says, “The regulator can use its experience in also regulating commodity futures for the spot markets.” In APMCs or wholesale markets where a large part of trading happens on a spot basis, “there is a lack of transparency and the traders’ lobby is stronger than farmers”. Which is why farmers get much less than what consumers pay for the same commodity, explained an official.
Separately, the finance ministry is considering a committee to discuss integration as proposed in the Budget. Vijay Sardana, an expert on commodity markets, said: “The committee should have experts who understand derivatives, the functioning of APMCs and the electronic market, apart from crop-specific issues.” The issue needs much more deliberation, as market price discovery is inefficient in spot markets — there is no national reference price. Another person, involved in electronic spot market trading, said: “As originally proposed, state-level electronic platforms should be allowed to be integrated with the national platform, e-NAM, as agriculture is a state subject and states should have the flexibility to select their platforms.” Apart from integrating spot and derivatives, the minister asked the Sebi board on Saturday to look at “further integrating the commodities and securities derivative markets by integrating the participants, brokers, and operational framework”. This means allowing equity and currency trading exchanges, as well as commodities trading exchanges, to penetrate in each other’s areas. The Sebi board has also discussed as part of its 2017-18 agenda the linkages among various markets — equity, forex, commodity, etc. And on allowing, in consultation with stakeholders and regulators, institutional participation in commodity derivatives markets. Another item on the agenda, apart from investing more in commodity research, is designing a system of risk-based supervision for commodity brokers.
Integrating of commodities and equity markets means allowing equity trading stock exchanges to penetrate into commodities, and for commodity exchanges to trade in equities and currencies. This will be a big reform as and when permitted but “may not be in the immediate phase”, said an official. Source: Business Standard Government focus on clean economy, bold decisions: Arun Jaitley: The Modi government’s emphasis is on bold decision making and a clean economy with business friendly environment, the returns of which can be spent on the poor, Finance Minister Arun Jaitley said today. He also said the fundamental problem during the UPA rule was that its Prime Minister (Manmohan Singh) was not a natural leader of the ruling party or the government that committed mistakes in its approach to policy as well as in intention.
“But now we have someone who is willing to take courageous decisions in the form of Narendra Modi,” he added. “Our overall emphasis has been on faster decision, bolder decisions, cleaner economy, freedom from black money, freedom from corruption and a friendly environment for doing business, so that the larger returns that come to the economy in terms of taxes can be spent on the poor of this country,” Jaitley said, adding that it is the Prime Minister’s approach which has been followed in the recently presented budget. He was speaking at ‘Budget 2017 – An Analysis’, organised by Bengaluru City BJP and attended by Union Ministers Ananth Kumar and Sadananda Gowda and State party President B S Yeddyurappa, among others. Stating that changes were visible in the last two-and- half years after the Modi government came to power, compared to the last 10 years, Jaitley said the first change is that the Prime Minister must also be the natural leader of the country or be the natural leader of the ruling party of the government. The UPA Prime Minister, he further said, did not have the last word as far as the government was concerned. This model can be prevalent in a company where a hired CEO is brought in by shareholders to run it and he reports to the board, but not applicable to the world’s largest democracy. “Democracies don’t work like this.
Countries need an inspirational leadership which leads from the front.” The UPA government committed two fundamental mistakes in its approach — one in terms of policy and the second in terms of its intention, Jaitley said. He said every politician wants the vestige of arbitrary and absolute power, but good governance does not permit that. “They were quite satisfied with the system in which contracts and natural resources were to be arbitrarily distributed. Whether it was coal mine or spectrum, the arbitrary power of the government or the discretionary power of the government is what they relished,” he said. Stating that this discretionary power can create a lot of complications and that is why corruption charges came up, some of which were proved, people were jailed and led to a scare in taking decisions, he said that “there was a problem of intention.” Jaitley said the UPA government’s second mistake was that instead of concentrating on improving productivity and growth, they went back to resource reallocation and re-distribution. The combined effect of both these was that certain amount of paralysis set into the government. The world was thus referring to it as a policy paralysis, he said.
He said the Modi government’s first objective was not to have such power. It was decided that things will be determined by a mechanism which is fair and not discretionary, where markets decide the rate and who gets what he gets is decided through auction. “We distanced our government from arbitrary exercise in almost all areas of distribution of resources like minerals, coal mining and spectrum,” Jaitley said. “The first effect of it was nobody could raise fingers and therefore we started cleansing the whole system where the last government was paralysed from functioning and this helped in taking economic decisions and courageous decisions one after the other,” he added.
On steps taken towards Ease of Doing Business in India, Jaitley said every move of the government has been to have a convenient environment for business activity. “We have a decisive government, Prime Minister who is willing to take courageous decisions, red tapism has been eliminatedthere is no charge of scandal against this government, all that is coming out is of previous government.” Jaitley also spoke of the impetus given to the rural economy and rural infrastructure by the government in the budget He said that as far the rural and agriculture sector was concerned, this year alone from the central government “we are spending Rs 1,83,000 crore, so that we can have a quality of life in rural India”. “The entire developmental budget of UPA in its last year was less than Rs 4,00,000 crore. This year I have allocated Rs 3,96,000 crore only for infrastructure, of this Rs 2,41,000 crore is on transportation,” he added. Listing out government’s developmental steps, he said demonetisation has been a “big blow” to black money and corruption.
Advocating a less cash society, he said “cash is the facilitator of crime. Quantum of bribery and other things will come down”. Jaitley said electoral reform was possible only because the Prime Minister has been stressing on cleaning up political funding of the world’s largest democracy, where funding was only through black money. The Finance Minister also spoke of the steps taken towards a tax compliant society in the budget.
Source: Economic Times Remember disastrous merger before this oil slick: Finance minister Arun Jaitley indicated, in his budget speech, that the government is considering bundling of all oil public sector enterprises (PSEs) into one giant unit: “We propose to create an integrated public sector ‘oil major’ which will be able to match the performance of international and domestic private sector oil and gas companies.“ This is a terrible idea. Jaitley has not clarified as to whether the intention is to bundle all PSEs into one company or into a number of companies. When such a proposal was mooted in 2005, the then minister of petroleum and natural gas, Mani Shankar Aiyar, wanted one giant corporation under his chairmanship like Aramco of Saudi Arabia or Russia’s Gazprom. Fortunately, an expert panel did not recommend this and this did not happen. Such a corporation would be too tempting for politicians not to interfere and capture through appointments that are not strictly based on merit. There are a number of issues that need to be carefully considered before the government takes this step. Unbundling has been carried out in the power sector and generation, transmission and distribution were separated to ensure that overall, the sector works efficiently.
The same arguments for efficiency are relevant for the oil sector. In the oil industry there are four main activities. Exploration and production of crude oil; refining the crude oil into products such as petrol, diesel, kerosene, lubricating oils, etc; transport of these products and distribution of these products to consumers through retail outlets. When these activities are combined into one unit, inefficiency in one activity can be hidden by efficiency of another.This reduces the incentive to be efficient for the loss making company and reduces resources for growth and investment for the profit making company. One giant oil corporation will increase the bargaining power of the company in purchasing crude in the international market.
But the bureaucratic and political oversight that is inherent in public sector procurement may more than negate such gains. The larger financial clout of the company may provide some advantage in upstream acquisition or bidding for oil or gas blocks overseas. However, these benefits can be captured by other measures such as bidding jointly with financial institutions who can do independent risk assessment, and provision of risk capital support by the government.
Dharmendra Pradhan, minister of petroleum and natural gas, is reported to have said that they are not thinking of one giant corporation but two or three vertically integrated firms. This would preserve some competition, but the risks of hiding inefficiency of one with the other will be there. If all the downstream companies are to be bundled together such as IOC, HPCL, BPCL, MRPL and CPCL, they could gain some advantage of using certain infrastructure such as import or transport facilities. However, efficient use of such facilities can be obtained by putting such infrastructure in a separate company, in the spirit of separation of wire and content in the power sector. A merger of downstream companies can make it possible to procure crude from international markets at lower price. However this can be realised by a mechanism to jointly import crude oil.
While private companies often grow through mergers and acquisitions it is difficult for PSEs to do so, particularly in India. The cultural differences between two units can be a huge obstacle to capturing the gains of synergy. The example of Indian Airlines and Air India merger should open our eyes to this fact. The two airlines merged officially on February 27, 2011. Five years later, as reported in The Economic Times on July 1, 2016, the chairman of Air India observed that the biggest reason for the downfall of this airline was the merger between erstwhile Air India and Indian Airlines, which was done despite the fact that the carriers are total opposites of each other.
There were many differences between the two companies in terms of work culture, areas of operation, compensation, working conditions, entitlements, etc.The merger resulted in massive discontent and frustration amongst the staff. Very recently, six years after the merger, Air India chairman Ashwani Lohani has indicated that merger related issues still haunt Air India.
When two PSEs merge the employees demand and inevitably get the better of the two emoluments and benefits that are the better of the two, very likely with responsibilities that are the lesser of the two. Also many employees will feel that they did not get a fair deal and jealousies will eat away their motivation to put their best into the job. That is why the merger has turned the profit making Air India into a sick unit.
I will urge the government to unbundle the oil PSEs more, while finding alternate means of reaping the envisaged gains of bundling. The writer is Chairman, Integrated Research and Action for Development (IRADe). Source: Financial Express Universal Basic Income will be set in motion over next 1 year, hopes Arun Jaitley: Finance Minister Arun Jaitley today hoped that the Universal Basic Income (UBI) scheme mooted by the Economic Survey will be implemented over the next one year in some parts of the country at least on experimental basis. The Economic Survey, authored by Chief Economic Advisor Arvind Subramanian, had suggested that the Centre may come out with UBI scheme under which the government should provide a minimum cash to poor people to meet their basic needs.
Speaking at a function to release the book ‘India 2047 Voices of the Young’, Jaitley said under the proposed system UBI could be given to people and subsidies can be done away with. “His (Subramanian) Economic Survey has been unconventional, very different from the past. This year, he wants to do away with the current system of subsidies altogether and substitute it with the UBI.
Let’s hope, by the time he publishes his next Survey, at least in some part of the country, his idea of the UBI gets experimented and therefore we start thinking on steps which overnight, at least where it is experimented, can bring poverty rates down. I think that will help us in reaching the destination 30 years from now,” Jaitley said. In his first Economic Survey last year, Subramanian had flagged the issue of subsidies meant for poor benefiting the rich, an idea which Jaitley said had generated a “good debate”. The Minister further said that with the current pace of reforms it would be possible to significantly reduce poverty, create world class infrastructure and achieve high level of global competitiveness. He, however, expressed concerns over issues like rising insurgency and social and caste divide which has increased since 1970s.
“In terms of growth, economic development, our place in the world — we can look at far more positive 30 years down. But the jury would still be out whether we would be able to get rid of these baggage (insurgency, social, caste divide). Because in last 30 years this is one area in which we have actually slided down on the index,” Jaitley added. Source: Business Standard Chidambaram asks Jaitley to cut indirect taxes immediately: Former finance minister P Chidambaram, who feels the Union Budget for 2017-18 is “aimless and directionless”, says the government should immediately cut indirect taxes across the board to revive the sagging economy. Demonetisation, he said, damaged India’s GDP growth in 2016-17 and fears that its shadow will fall on 2017-18 and some parts of 2018-19.
He also said lack of creation of jobs for the youth is a powder keg and a small spark can lead to a large explosion. Resentment may not be visible but it can be a “silent killer”.
“What is the overarching goal of this budget? It is aimless and directionless,” said Chidambaram, who has presented nine Union Budgets in a span of nearly two decades. “Sometimes, you chase growth. Sometimes, you chase financial and monetary stability. Sometimes, the goal is boosting growth in a slowing economy,” he told PTI in an interview. Chidambaram said Finance Minister Arun Jaitley missed an opportunity at reviving the economy hit by demonetisation.
“That (cutting indirect taxes) is a tried and tested and proven method of boosting economy. He could have easily cut between 4-8 per cent (tax) across the board.
“It is only up to GST time and when GST comes, GST will take over. He had a window of about 8 months to cut indirect taxes. It would come into force from 1st of February and I don’t think GST is going to come before October 1. So, he had eight full months to give a boost to economy by cutting indirect taxes,” he said. Asked if the finance minister should still cut indirect taxes now that the Budget has been presented, he said, “Yes, he should.
Even now it is not too late.” Chidambaram said slashing indirect taxes would push consumption and in turn perk up production. “If you cut indirect taxes by 4-8 per cent, there is going to be a revenue loss, I am not denying that.
But just imagine the signal that would have gone to both producers and consumers. And if consumption rises much above the level of the cut, some of the cut will be made up. The idea is to boost consumption which in turn will boost production,” he said.
Source: Economic Times No decision yet on imposing tax on cash transactions: Economic Affairs Secretary Shaktikanta Das: The government has not taken any decision on levying a Banking Cash Transaction Tax (BCTT) on cash deals of Rs 50,000 and above as suggested by the high- powered Chief Ministers’ panel, Economic Affairs Secretary Shaktikanta Das said today. Besides, expressing hope that GDP growth would be upwards of 7 per cent next fiscal, he said that reduction in corporate tax cannot be done overnight but in phases because of fiscal constraint. “Some suggestions have come (on imposing tax on cash transactions) The government has not taken any decision on the recommendation of Chief Ministers’ panel.
The government will go through the report very carefully and take appropriate decision,” he said. The Andhra Pradesh Chief Minister Chandrababu Naidu-headed committee on digitisation had in its report last month recommended a cap on cash in all types of big-ticket transactions and a levy on cash deals beyond Rs 50,000 as it sought to discourage the use of physical currency. On tax rate, Das said: “Two years ago the Finance Minister had announced that the corporate taxes will be reducedbut the government also has certain fiscal constraints. It is difficult to reduce the tax rates overnight to 25 per cent because the fiscal cost will be very high and he government will not be able to do justice to various other sectors of the economy.” It is dependent on the financial affordability of the government without compromising the spending requirements in various critical sectors like infrastructure, he said at an event organised here by industry body Assocham. On the back of various policy measures undertaken by the government, the economy growth would be over 7 per cent next year, he said. “So far as the next year is concerned I think the outlook is very positive despite some talk of some uncertainty which is seen in some parts of the world.
We would expect the growth to be upwards of 7 per cent on the back of various policy measures that have been taken by the government,” he said. Source: PTI GST: Understandable Arun Jaitley did not want to take chance by lowering income tax rates: Given the likelihood of a large compensation to states on account of GST, it is perhaps understandable that finance minister Arun Jaitley didn’t want to take a chance on increased compliance by lowering income tax rates beyond what he did for the lowest income bracket—that was done as a sop for the problems this group faced due to demonetisation. What is not understandable, though, is how many economists argue that there is no point lowering rates since there is dramatic evidence of increased compliance. Indeed, though we still have far too few people paying taxes, there can be little doubt the sharp increase in personal income tax collections is largely correlated with the fall in tax rates. To be sure, increased efforts by the taxman in computerisation and in keeping tabs on expenditure has increased compliance—if people are confident they will not get caught, even a 5% tax rate as opposed to 35% today will not have too many takers.
In 1990, the lowest tax rate was 20% and it was applied at an income of R22,000 or around 3.5 times the per capita income; the top rate was 50% and applied at an income of over R100,000 or 18 times the per capita income. By 1997, when P Chidambaram became the finance minister, the lowest rate was cut to 10% and levied on an income of R40,000 (3.3 times the per capita income) and the top rate was cut to 30% and applied to an income of R150,000 (12.2 times the per capita income). Though personal income tax collections fell after that—from 1.3% of the GDP in FY97 to 1.1% in FY98 and FY99—they recovered soon enough to rise to 1.5% of the GDP in FY2000 and are today at 2.3% of the GDP; the GDP collapse in FY98 is probably responsible for the slowdown in tax-to-GDP in that year. If tax collections haven’t risen as much in recent years, apart from the slowdown since FY12, one reason could be that tax rates are too high—the bottom rate of 10% kicks in at R2,50,000 which is just 2.5 times per capita income and the top rate of 30% at R10 lakh which is just 10 times per capita income.
Indeed, comparing the tax returns for assessment year 2014-15 with a theoretical income structure for the year, you get a compliance ratio of around 25% for R3.5-10 lakh income bracket, but that falls to around 10% for those in the R10-15 lakh tax bracket—that is, those earning around R10-15 lakh per year pay lesser taxes than they should, probably the result of the 30% tax bracket kicking in at R10 lakh itself. Since the GST should start stabilising by next year, and there will be a significantly larger number of taxpayers—or incomes disclosed—because of demonetisation, the finance minister would do well to address the larger issue of tax reforms next year.
Source: Financial Express Note ban lends a hand to consumer lending as consumer-durables & personal loans jump in Nov, Dec: Consumer lending was the surprise beneficiary of the November 8 currency swap as Indians borrowed more to spend on high-value items and travel, upending conventional financial wisdom that only basic needs and staples make up the typical shopping list during periods of economic stress. Central bank data at the end of November showed that demand for white goods — such as refrigerators or automatic washing machines — drove credit expansion in India. Consumer-durables loans at banks increased 18.2 per cent and personal loans 15.2 per cent in the month while total non-food credit rose 4.8 per cent. “Demonetisation has played out differently for different segments,” said Rajiv Jain, MD at Bajaj FinanceBSE 0.37%. “It was a highly volatile quarter. Originally, our expectation was it would be much worse. Our consumer balance sheet was up 47 per cent in the quarter.” The Centre on November 8 decided to demonetise currencies of.Rs 500 and.Rs 1,000 denominations to help combat counterfeiting and root out the source of parallel economy.
The government sought to replace about 85 per cent of the total currency circulation by value at one go. Source: Economic Times What the RBI is really saying about Indian economy: The Reserve Bank of India has not exactly covered itself in glory since Nov.
8, when Prime Minister Narendra Modi sprung the news on a startled nation that 86 percent of its currency would be worthless within a few hours. The central bank’s refusal to release up-to-date data about the demonetization, its constant stream of confusing and contradictory orders to banks and its apparently supine acquiescence in the government’s grand experiment prompted accusations it was abdicating its responsibility and independence. With its decision Wednesday to hold the policy interest rate steady at 6.25 percent rather than lower it, as many in the government and Indian industry had hoped, the RBI has put some of those fears to rest.
Its reasons for doing so, however, raise different concerns about the government’s policies — and its basic assumptions about the economy. In declining to cut rates, the RBI went so far as to say its monetary policy stance was no longer accommodative; the era when India could expect several more rate cuts to be around the corner appears to have ended. The bank was optimistic about growth next financial year — which begins April 1 — and praised the government’s fiscal restraint in its recent budget.
It even rosily announced that money rationing would end soon. What the decision acknowledges, however, is that the fallout from demonetization isn’t as easy to predict as the government seems to think. Some of India’s recent and welcome moderation in inflation might well be the result of distress sales following the crash in consumer demand after Nov. India’s headline inflation is driven by food prices, which form a big chunk of the bundle of goods from which the consumer price index is calculated. Conditions have been so bad that reports have come in from across the country of farmers dumping their produce because it barely seems worthwhile to take it to market. At the same time, the RBI should have been even more wary of the government’s arithmetic.
The numbers in the most recent federal budget appear healthy: The government claims to have done the impossible, staying fiscally responsible while pushing more public investment. But look a little deeper and that story doesn’t quite hold up. For one, the government’s revenue estimates for the coming year are largely a feat of imagination, not projection. It’s not hard to see why: From July 1, a new, nationwide goods-and-services tax is supposed to go into force, replacing the existing tangle of indirect taxes. Yet the budget has been calculated as if the GST doesn’t exist. Government finances have been shown as depending on existing indirect taxes that will cease to exist a few months from now.
In other words, the much-ballyhooed fiscal deficit target the government has set for itself is based on numbers that have little basis in reality — assuming, that is, the government is still committed to the GST. It’s difficult to suppose then that its fiscal restraint leaves much space for the RBI to cut rates in future. The bank left another critical question unspoken. Even if the RBI were to cut rates, how much would it help cure India’s sharp investment slowdown? Private investment has shrunk for several quarters.
But that’s not because rates are too high. Rather, banks remain unwilling to lend, even after receiving a flood of new deposits since November. Bank credit to Indian companies has declined by 60 percent since 2011. Banks aren’t lending partly because they aren’t confident about the quality of their existing loan books, and partly because they’re worried about their overall capital adequacy requirements.
The government — state-owned banks comprise most of India’s banking system — has done little to fix either problem. On the first, it continues to dither about how to approach the issue.
Should there be a so-called bad bank that will take soured loans off bank balance sheets, and at what price? On the second, the government designated a paltry $1.5 billion in the budget for bank recapitalization. None of this suggests that the bank problem — and thus the pipeline for new investment — is going to be addressed any time soon. So yes, it’s heartening that the RBI has managed to stand up and sound a note of caution about India’s economy. But the assumptions driving an optimistic view of the Indian economy are clearly flawed. Reviving growth is now very much up to the government.
And, as the ill-conceived and poorly-implemented demonetization experiment revealed, the government doesn’t seem like it’s prioritizing growth and investment at the moment. Modi govt allows people to deposit unaccounted cash in parts under amnesty scheme: The government has allowed people declaring unaccounted cash under the new black money amnesty scheme PMGKY to deposit in parts the mandatory 25 per cent of the total in a 4-year fund by March 31 Offering one last chance to black money holders, the government has given them time until March end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post demonetisation.
Under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), declarants also have to park a quarter of the total sum in a non-interest bearing deposit scheme (PMGKDS) for four years. “The Government has decided to allow declarants to make deposits on one or more occasions in the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016,” said a statement by the Finance Ministry. As per the scheme, taxes will have to be paid first and then the scheme can be availed of on production of tax receipt, unlike the recent Income Disclosure Scheme and other such plans wherein disclosures were made first and taxes were recovered later. The PMGKY scheme commenced on December 17 and will remain open for declarations up to March 31. The scheme is part of The Taxation Laws (Second Amendment) Act, 2016, which was approved by the Lok Sabha on November 29. Also, as the disclosures will be kept confidential, the holder of unaccounted cash need not disclose it in Income Tax Returns forms.
After the shock November 8 demonetisation announcement, the government allowed the junked Rs 500 and Rs 1000 notes to be deposited in bank accounts. For those depositing unaccounted cash, the government offered the tax evasion amnesty scheme wherein 50 per cent tax will be charged on declarations and quarter of the total sum be parked in a non-interest bearing deposit for four years. Non declaration of undisclosed cash or deposit under the Scheme will render such undisclosed income liable to tax, surcharge and cess totalling to 77.25 per cent of such income if it is declared in the income tax returns.
In case the same is not shown in the return of income a further penalty of 10 per cent of tax shall also be levied followed by prosecution. Source: PTI Accounting curriculum needs to be aligned with Ind-AS, feel auditors: India needs to revise its accounting curriculum to align it with ever increasing companies adopting the new Indian Accounting Standards (Ind-AS) which is expected to significantly boost the demand for accounting practitioners in the country, feel industry leaders. Several companies having net worth over Rs 500 crore like Tata Consultancy ServicesBSE 1.08% (TCS), Coromandel InternationalBSE -0.18% etc. Have already started reporting their financials in the Ind-AS format while many others with turnover above Rs 250 crores will be implementing it since April 1, 2017. According to Ganesh Balakrishnan, partner, Deloitte, “There is expected to be a significant jump in the demand for accounting practitioners in the next three to four years with the implementation of Ind-AS which requires higher level of accounting standard domain expertise.” “In order to meet the growing demand, we need to start aligning our accounting curriculum with the new accounting standards,” said T.
Murlidharan, chairman of TMI Group, adding that “currently at the B.Com, M.Com level, we haven’t aligned our curriculum with Ind-AS while at chattered accountants (CA) level, we have started the transition.” The TMI group’s subsidiary, C&K Management on Tuesday unveiled an e-learning course for students and practitioners in partnership with ICWAI- Management Accounting Research Standards, a body promoted by the Institute of Cost Accountants of India (ICWAI). Source: Economic Times Ministries, regulators sufficient to decide FDI proposals’ fate: Sitharaman. With the government sounding the death knell for the Foreign Investment Promotion Board (FIPB), foreign investment proposals may now be directly considered by various line ministries and regulatory bodies. An inter-ministerial body under the Finance Ministry, the FIPB processes proposals for Foreign Direct Investments (FDI) entering the country. Speaking to reporters, Commerce and Industry Minister Nirmala Sitharaman on Monday said that of the only 6-7 per cent of sectors not covered under automatic route, every department already has a departmental framework or a regulator for it. “If there is a regulator for a concerned department, that is sufficient to take care of investment proposals which are coming in and for them to be screened,” Sitharaman said. While the FIPB had the final say in approving FDI proposals in the country for long, its power has been systematically reduced under the current government.
Most notably, back in June 2016, the government had announced relaxed FDI norms in a large number of sectors including single brand retail, pharmaceuticals, animal husbandry and food products. Even though more than 90 per cent of all sectors are currently allowed under the automatic route, full or partial investments in sectors considered sensitive by the government like defence, media and broadcasting, aviation and telecom continues to need the FIPB approval. Currently, the Finance Minister considers the recommendations of FIPB on proposals with total foreign equity inflow of and below Rs 5,000 crore. The recommendations of FIPB on proposals with total foreign equity inflow of more than Rs 5,000 crore is placed for consideration of Cabinet Committee on Economic Affairs (CCEA). The CCEA will continue to decide on important matters, a senior government official said under conditions of anonymity.
Incoming FDI grew 27 per cent in the first seven months of the financial year 2016-17 to $27.82 billion from $21.87 billion a year ago. Manufacturing accounted for 41.5 per cent of the total equity inflows into the country during April-October 2016, according to the Department of Industrial Policy and Promotion’s (DIPP) year-end review.
The figures for net FDI inflow as a proportion to GDP have risen sharply after the current government took office, but it is still 1.7 per cent, compared to 2.8 per cent of China or 4.9 per cent in the case of Vietnam – the highest among major developing countries. H1B visa issue On the contentious issue of H1-B visas, used by IT professionals heading to the United States becoming expensive, Sitharaman said the government will hold stakeholder consultations with the industry. After the current Parliament session ends, the government will talk to major IT industry players as well as Nasscom. The High-Skilled Integrity and Fairness Act of 2017, introduced in the United States lower house of Parliament calls for doubling the minimum salary that an H1-B visa applicant should have for qualifying to $130,000 from the current minimum wage of $60,000. Industry body Nasscom has announced its plans to take a delegation of senior executives to Washington DC later this month to reach out to the new US administration.
According to its estimates, the proposed overhaul of the H-1B visa regime may result in higher operational costs and shortage of skilled workers for the $110 billion Indian outsourcing industry. Source: PTI Brexit bill set to clear major parliamentary hurdle: MPs look set to approve a bill on Wednesday empowering Prime Minister Theresa May to start Brexit negotiations, in a major step towards Britain leaving the European Union. Seven months after the historic referendum vote to leave the 28-nation bloc, the House of Commons is expected to grant its approval for May to trigger Article 50 of the EU’s Lisbon Treaty. The bill must now still pass through the House of Lords, where there may be more opposition from unelected peers less concerned about defying the majority of voters who backed Brexit.
But if, as expected, the bill passes its Commons stage in a vote late Wednesday, May will be significantly closer to her goal of starting the two-year exit talks by the end of March. Under pressure from MPs, the government was forced to concede on Tuesday that parliament would have a vote on the final Brexit deal before it is signed off.
The move helped fend off a rebellion by pro-European members of May’s Conservative party, who had threatened to back an opposition amendment to the two-clause bill. But ministers stressed that if lawmakers rejected the final deal, the alternative was not to return to negotiations but to leave the EU without an agreement. “This will be a meaningful vote. It will be a choice between leaving the European Union with a negotiated deal or not,” Brexit minister David Jones said. More than two-thirds of MPs campaigned against Brexit in the June referendum, but after 52 percent of Britons voted to leave the EU, most have reluctantly accepted that they must uphold the result.
When May introduced her Brexit bill last month, following a Supreme Court ruling that she must seek parliament’s approval to start the process, the opposition Labour party promised not to block it. Some 47 Labour MPs rebelled to vote against the legislation, backed by the Scottish National Party (SNP) and the smaller Liberal Democrats party, and more could defy their party leadership on Wednesday. In a symbolic move on Tuesday, the SNP-dominated Scottish Parliament voted overwhelmingly against the bill passing through Westminster. But there are not enough critics to thwart the bill, and efforts to amend it to tie the government’s hands in negotiations have so far failed. Brexit minister Jones said the “final draft agreement” on leaving the EU would be put to MPs and peers before it was put to the European Parliament for ratification.
A number of lawmakers are sceptical that both the exit terms and a new trade deal can be agreed within two years of talks. But Jones said he was confident of getting agreement on both areas, but said that if there was no deal, Britain would fall back on World Trade Organization rules to determine its trade with the EU. Labour MP Chris Leslie warned: “On the nightmare scenario, that we could leave the EU with no deal at all, and face damaging barriers to trade with Europe, it seems parliament could have no say whatsoever.” Source: Financial Express RBI monetary policy: How long can Urjit Patel stay accommodative: Economists predict RBI Governor Urjit Patel will deliver a final interest-rate cut Wednesday to buoy growth, though the question is whether he will acknowledge it as the last of this cycle. The Reserve Bank of India will lower the repurchase rate to 6 percent from 6.25 percent, according to 34 of 39 economists in a Bloomberg survey.
The rest see no change. The rate will stay there at least until June 2018, a separate survey shows, ending a streak of seven reductions since January 2015. If Patel omits any mention of “accommodative” policy, it would be the RBI’s first change in stance since June 2015. With deposits surging and economic growth seen dipping to a four-year-low after Prime Minister Narendra Modi’s cash ban, Patel’s under pressure to lower borrowing costs before a global window for easing closes. Federal Reserve left its benchmark lending rate unchanged last week and said inflation will rise to its target even with “gradual” adjustments in interest rates.
“We retain our call of a residual 25 basis point cut even as the decision in the upcoming policy review will be a close call,” said Abhishek Upadhyay, an economist at ICICI Securities PD in Mumbai. “This is also amplified by how the monetary policy committee chooses to communicate that interest rates have bottomed out along with the forecast of a prolonged pause.” The monetary authority will announce its decision at 2:30 p.m. In Mumbai followed by a press conference 15 minutes later. Growth Concerns Government officials have sought monetary stimulus to boost gross domestic product. Growth may dip as low as 6.5 percent in the year through March from 7.9 percent the previous year as the cash squeeze dents demand, Finance Minister Arun Jaitley’s advisers predicted last week. While the government will publish its forecast on Feb.
28, investment is poised to fall for the first time since 2013 even before accounting for the impact of the cash ban. Inflation Soothes Consumer prices rose 3.4 percent in December from a year earlier, below the 4 percent mid-point of India’s inflation target for the second straight month. Bloomberg Intelligence analyst Abhishek Gupta says the dip in core inflation — which strips out volatile food and fuel — opens space for Patel to cut rates. The RBI’s six-member panel voted unanimously to keep rates unchanged in December as it wanted to assess the impact of the cash clampdown and the Fed’s stance. It reiterated its commitment to the inflation target and warned about the risk of rebounding oil prices. Budget Comfort Patel will have some comfort on government spending. Jaitley on Feb.
1 vowed to narrow the budget deficit to 3.2 percent of gross domestic product in the year starting April 1 from 3.5 percent the previous year. While wider than an earlier target of 3 percent, the goal is lower than economists’ estimates of 3.3 percent and, if met, the shortfall would be the smallest in a decade. “We expect the RBI to deliver a 25 basis point repo rate cut on Feb. 8, given continued fiscal consolidation and likely undershooting of its near-term inflation target,” said Sonal Varma, Singapore-based economist at Nomura Holdings Inc. “However, with global factors turning adverse, this is a close call.” Source: Economic Times Slow notification impacts bankruptcy code. The Insolvency and Bankruptcy Code in India is unable to realise its potential because its provisions are being notified in bits and pieces and not at one go, say professionals. By not notifying the sections that will make the part of the code on bankruptcies of individuals effective, the interests of the guarantors are not being safeguarded, while companies enjoy the 180-day breather.
The current law is somewhat biased in favour of the debtor, as evidenced by the fact that it does not have to settle its dues for 180 days after filing for insolvency, experts say. Insolvency professionals say a delay in notifying the bankruptcy provisions will put undue pressure on guarantors as creditors will try to recover dues from them. The rules do not permit liquidating a company’s assets during the 180-day period. “Since they (guarantors) do not have immunity in the NCLT (National Company Law Tribunal), their assets can be liquidated,” Misha, partner at leading law firm Shardul Amarchand Mangaldas, says. According to the new code, corporate insolvencies are to be filed at NCLTs, while individual and partnership bankruptcies are to be handled by Debt Recovery Tribunals (DRTs). None of the sections related to individual bankruptcies has been notified. Nilesh Sharma, an insolvency professional and senior partner with Dhir and Dhir Associates, says that because of the provisions on insolvency resolutions and bankruptcies of individuals and partnerships not being notified, corporate debtors can file for an insolvency resolution but their guarantors cannot do so.
Because of this, the guarantors and their assets do not get the breather and the creditors can proceed against them. Part III of the code deals with insolvency resolutions and bankruptcies for individuals and partnership firms. While the principal debtor cannot be pulled up, the assets of the guarantor can be liquidated. Sharma says, “Sales of the assets of the guarantor and appropriation of the sales proceeds by one or more of their creditors will result in an unfair distribution of sale proceeds of their assets.” Insolvency professionals are also of the opinion that guarantors will not be able to work efficiently in such a situation. The code came into force in December 2016. As things stand now, corporate insolvency codes have been notified and their insolvencies can be filed at an NCLT. Within two weeks of receiving an insolvency petition, the NCLT has the powers to accept or decline it. Vijay Mallya-led UB Engineering and Innoventive Industries are some of the instances in which insolvency cases have been filed under the new code.
Source: Financial Express Capital gains tax on unlisted firms, government to issue exemption list. The government will come out with an “exhaustive list” of transactions on which the “anti-abuse” provision of levying long-term capital gains tax on share transfer in unlisted companies will not be applicable. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said the provision was introduced in Budget 2017-18 to plug bogus long-term capital gains being availed by investment in penny stocks and put an end to “sham transactions”. “We are taking information from all stakeholders and we will give a very exhaustive list as to where Section 10(38) will not be applicable. It is absolutely an anti-abuse law which we have brought in and it will be used where the law is abused,” he said at a CII post budget meet here. Finance Minister Arun Jaitley in his Budget for 2017-18 proposed 10% long-term capital gains tax on those who acquired shares in unlisted companies after October 1, 2004, if they had not paid securities transaction tax (STT) at the time of purchase.
Chandra said genuine investors in IPO or those which have come in through FDI need not worry as there will be no change in policy with regard to capital gains. “We will come out with clarification as to what kind of share transactions will be put (under this provision) so that there is no harassment,” he said. The tax department has found that the route of long-term capital gains in unlisted shares was being misused in the last 2-3 years and estimated that ‘bogus’ gains availed by ‘khoka’ (shell) companies last year were Rs 80,000 crore.
Chandra said out of 15 lakh companies incorporated under Ministry of Corporate Affairs, only 6 lakh companies file Income Tax returns. Out of this 6 lakh, 2.5 lakh companies show losses or zero income and 2.85 lakh companies disclose income less than Rs 1 crore. Only Rs 36,500 companies file income tax return showing income over Rs 1 crore. “Our purpose is everyone should be tax compliant. The big challenge is how to make it happen. Our work is clear, more people should come under the tax net,” Chandra said.
Source: Business Standard Prime Minister Narendra Modi now faces the primary test of authority: Narendra Modi has reached a very delicate and significant phase of his term, one that has little to do with his party’s prospects in Uttar Pradesh but a lot to do with the stamp of authority he wants to cement on his office by the time he is up for re-election in 2019. This relates to the PM’s institutional role as head of executive. And, by now, the broad consensus is that he runs a tight ship, steered by a powerful PMO that has sought to actively explore the boundaries of executive authority. The impact of the change he brought has been felt on other institutions: legislature, judiciary, even the bureaucracy. This was well in tune with the sweeping mandate for change that catapulted him to Delhi. But three years down the line, Prime Minister Modi is no longer an outsider correcting the system.
He is very much at the heart of the system: as much the rulekeeper as the challenger. Why is any of this power nuance relevant? Because change is in the air again: in judiciary, legislature, the presidency and a range of other statutory authorities. This, in turn, will test the relatively stable executive. By August, when there’s a new president and vice-president, which also means a new chair of the Rajya Sabha, Modi would appear every bit a veteran on Raisina Hill.
The onus to guide these relationships would lie very much with him and his executive regardless of who is elected and how. The conversation with the judiciary is already on test with a new Chief Justice of India (CJI) at the helm. Both sides are striving hard to close the gap on the Memorandum of Procedure to appoint judges. CJI J S Khehar also doesn’t go beyond August.
Which means we may have another new head in the Supreme Court along with the president and vice-president. Thus, the constitutional responsibility of harmonising these new relations will fall on the PMO. On Uneven Keel This task is harder than it seems.
Take the case of the RBI governor, a statutorily autonomous office that has been under scrutiny for the nature of its role since Raghuram Rajan’s last few months in office to the recent handling of the demonetisation issue. GoI has had to engage in coursecorrection of late to ensure that the grammar of the relationship doesn’t get skewed against RBI’s institutional autonomy. Yet, there’s no doubt that a powerful executive through higher offices of the government will have a dominant say in reshaping these new equations. A typical example was the RBI-Election Commission (EC) standoff on candidates in the ongoing state elections unable to access fund amounts mandated by the EC. RBI said it could not grant an exemption just to election contestants. Eventually, GoI’s silent intervention and honest brokering at the highest levels resolved the matter.
But it’s not easy to attain the same degree of effectiveness each time. In the Jallikattu case, the Tamil Nadu government did engage in a sleight of hand by categorising ‘bull taming’ as a sport, hence a state subject on which it could legislate. So, all it sought was an approval on a point of law.
The Centre played along, ostensibly to ensure the crowds got off the streets but knowing well that the stage for a fresh court battle was being set. Events like J Jayalalithaa’s death did alter the board in a way that the Tamil Nadu government could author such a script with the Centre. Similarly, one can say Rajan’s departure did impact the nature of RBI’s response on key issues with the government. But broadly, all of this firmly indicates that the executive — and, so, the PM — will probably take institutional centre-stage in the rejig of the constitutional balance of power within the next few months. This, especially, after the gradual exit of powerful political personalities, including some key UPA appointees. But with centre-stage comes greater scrutiny.
Questions will be asked that if GoI can exercise more institutional muscle on the Supreme Court to develop a screening mechanism to shortlist judges for appointment, will it also initiate a conversation with its own party back end on the quality of the selection of governors, a crucial constitutional office? Governors selected for the sensitive northeast states of Arunachal Pradesh and Meghalaya have had to resign within the first two years. They were outright political appointees, who became a source of embarrassment for the government. There are a few others constantly treading the thin line.
One of them has even been told off for venting political views on social media. Chill, Deep Dive Ahead And then there’s the other side of the problem in Jammu & Kashmir. There, the Centre is struggling to find its own suitable candidate to replace octogenarian N N Vohra, who is now in the fourth year of his second term. From meeting standards to setting standards is always a challenging journey. It can be both heady and humbling at the same time.
Not all PMs have had the popular mandate to traverse this space with authority. Modi is among those rare exceptions with the opportunity to define his own institutional stamp. And it’s that leg that’s now begun, where winning elections is not necessarily the primary test of authority. Source: Economic Times Multi modal hubs, mass rapid electric transport soon: Nitin Gadkari: After award of a record Rs 4.5 lakh crore contracts in the highways sector, a multi-modal transport planning comprising airports, railways, bus stations and waterways will be implemented in a big way, Union Minister today said. “We broke all records in highwaysWe have awarded contracts worth Rs 4.5 lakh crore so far.
We will be awarding contracts for 15,000 km of highways by March taking the highways building pace to 30 km from 20 km a day in December,” Road Transport, Highways and Shipping Minister said addressing media here. He said 15 per cent rise in budget allocation for highways was a welcome step and for the first time Budget has made a provision for multi-modal transport hubs which will comprise air, rail, surface and water transports. The country needs to adopt a holistic and integrated multi-modal transport planning for the sector including roads, railways, waterways and airways to reduce traffic congestion, bring down pollution and make the overall movement of passengers and goods more efficient and cost effective.
The Minister pointed out that in most cities, bus stations, airports and railway stations are situated at quite a far distance from each othe and if these are properly integrated, a lot traffic congestion and pollution can be reduced. The government is committed to set up multi-modal hubs where all modes of transport — air, road, rail and waterways wherever possible — are within close proximity to each other. Besides this, latest technology for electricity based Mass Rapid Transport like the metrino and hyperloop will be set up. Talking about the Shipping sector Gadkari said that Sagarmala is all set to be a game changer with its stress on port led development.
The programme will create 1 crore jobs, including 40 lakh direct and 60 lakh indirect ones, he said, adding ports are being mechanised and modernised. He said waterways are also being developed in a big way and 111 rivers would be developed as National Waterways besides promoting coastal shipping along the country’s 7,500 km of coastline. Ro-Ro services are being launched to cut down travel time and distance and cruise services are being brought in to carry both goods and passengers. The agenda of the Ministry is to harness the full potential of the maritime sector through its Sagarmala programme, he said.
Source: PTI Property as investment to lose edge due to capping of tax break proposed in Budget 2017: Borrowers claiming unlimited tax benefits on interest payment towards home loans for a rented out second property will have their tax deduction capped from 1 April 2018. While individuals today use this window to set off any loss arising from property against salary or other income, without any upper limit, they will be able claim a set off only up to Rs 2 lakh in subsequent years. By paring down this major tax sop for second home buyers, the Budget has diluted the potential of property as an investment. This is how it works: Assume you had taken a loan for a second home with an interest outgo of Rs 6 lakh last year. If you had rented out the house for Rs 15,000 a month, or Rs 1.8 lakh a year, you were allowed to set-off or adjust the entire loss of Rs 4.2 lakh (Rs 6 lakh – Rs 1.8 lakh) against your salary income or any other source of income. From 1 April 2018, the set-off you can claim will be capped at Rs 2 lakh, even if the loss extends beyond this threshold.
Kuldip Kumar, Partner and Leader, Personal Tax, PwC India, says, “You will be allowed to carry forward the remaining losses not claimed for up to eight years, but the immediate relief will be capped at Rs 2 lakh.” This effectively removes an anomaly that allowed individuals buying second homes on loan to enjoy higher tax relief than those buying for own use. Many invested in the property market using this relief to lower their tax burden and bolster effective rental yield. With the tax shield removed, investment in housing is expected to take a hit. “This can be a double-edged sword.
It can bring down property prices significantly. But it can also demotivate investors who can invest in property and rent it to those less privileged,” says Vaibhav Sankla, Managing Director, H&R Block India “Some individuals were taking on heavy loan burdens for second homes simply to avoid taxes. This rationalisation in tax relief will put a break on this habit,” says Suresh Sadagopan, Founder, Ladder 7 Financial Services.
According to him, the habit made little sense given the low rental yields and high maintenance cost of property. The Rs 2 lakh cap will particularly affect those who have high-ticket home loans and are in the initial years of repayment, when the interest component comprises a chunk of the EMIs. There is another dampener for landlords. Tenants will now have to deduct 5% TDS on rent exceeding Rs 50,000 a month.
However, this will affect only a small number of home owners, given the high threshold. The Budget has given some relief on capital gains taxation on immovable property by lowering the holding period requirement for long-term capital gains to two years from the earlier three. This means homeowners can enjoy a slightly lower tax rate—20% after indexation benefit—on capital gains at the time of sale of the house after two years.
Earlier, they would have incurred tax at the marginal rate if property was sold within three years. “Home owners can now liquidate the property earlier at lower tax rates,” says Rahul Manjrekar, Partner, Tax & Regulatory Services, KPMG. The reduction in holding period is expected to bring more inventory into the resale housing market as existing homeowners who have been holding on to their property to qualify for indexation benefits on sale will be in a position to do so immediately. In another development, the base year for indexation of capital gains is proposed to be shifted from 1 April 1981 to 1 April 2001 for all classes of assets including immovable property. Experts say this shift in base year will allow more realistic computation of acquisition cost of the house when claiming indexation benefits at the time of sale, and possibly reduce the capital gains tax burden. Source: Business Standard Jaitley’s fiscal pledge, easing inflation make case for a rate cut on February 8, say ET poll participants: The Reserve Bank of India is likely to cut the policy rate by a quarter percentage point, with the government adhering to fiscal prudence amid growth optimism and easing inflation, according to an ET poll of 18 market participants.
RBI is scheduled to announce the monetary policy on February 8, a week after the Budget was unveiled. “A conservative fiscal policy, easing inflation trajectory and short-term risks to growth keep the door open for further easing,” said Radhika Rao, a Singapore-based economist at DBS Bank. “The government plans to adhere to fiscal discipline while also making room for inclusive growth policies.” Finance minister Arun Jaitley’s pledge to bring the fiscal deficit back on track despite some deviation in the next fiscal year has encouraged expectations of further moderation in the policy. Added to that is the government’s plan to step up spending on infrastructure. “Budget’s underlying philosophy on fiscal prudence too has underscored a strong case for RBI rate cut,” said Shubhada Rao, chief economist, Yes Bank. “Together with easing monetary policy and fiscal expenditures towards capex, this should push up the country’s growth.” The key concerns weighing on the six RBI monetary policy committee members in seeking to push growth won’t be inflation but overseas factors, analysts said.
These include US policy changes, rate increases by the US Federal Reserve and China’s growth outlook “RBI’s biggest challenge this year will be to strike a right balance between supporting growth and increased external uncertainties,” said Anubhuti Sahay, chief India economist at Standard Chartered. “Retail inflation is unlikely to pose any challenge with easing food prices and contained core inflation (excluding gold) Increased infrastructure and rural allocation are key positives from the Budget.”.