1. Tax Practitioners Seek More Time for Filing GST Returns
Tax practitioners have urged the government to grant more time for filing tax returns and invoices for the month of July, the first month since the roll-out of the goods and services tax (GST), as businesses and traders strive to adjust to the new indirect tax system.
While many firms managed to file returns without any glitch, many faced difficulties in the two days prior to the extended deadline of 25 August to pay taxes and file returns for the month of July.
Those seeking credit for taxes paid prior to 1 July under the earlier tax regime have time till 28 August to file GST returns. However, they have to remit their taxes by 25 August, taking into account their eligible tax credits.
Source: Livemint
2. DLF Promoters to Sell Entire Stake in Rental Arm
In the biggest foreign direct investment deal ever in India's real estate space, Singapore sovereign wealth fund GIC agreed to acquire a 33.34 percent stake in developer DLF's rental arm DLF Cyber City Developers (DCCDL) for $1.39 billion ( Rs 8,900 crore). The proceeds will go to the Singh family, the promoters of the group.
In addition, DCCDL will also buy back Rs 3,000 crore of preference shares held by promoters in two instalments, taking the total money accruing to DLF's promoters in two instalments, taking the total money accruing to DLF's promoters to Rs 11,900 crore. This entire amount, after paying requisite taxes, will be ploughed by the promoters into DLF Ltd as equity, and will be used to reduce the developer's debt. This 6.66 percent stake to be bought back by DCCDL will be extinguished.
The first repurchase will happen before the closing of the GIC deal and the other a year later, DLF said in a regulatory filing.
Source: Economic Times
3. RBI Launches Rs 200 Notes, Promises To Ramp Up Supply
The Reserve Bank of India (RBI) on Friday launched the bright yellow Rs 200 notes and said it will shortly ramp up the supply of the new currency note across the country.
Long queues of people were witnessed at RBI offices to get the new Rs 200 currency note that has been introduced for the first time by the central bank.
The RBI has launched the lower-denomination currency note with an aim to make it easier for citizens to transact in lower-denomination currencies. These notes are available only through "select RBI offices and banks as is normal when a new denomination of notes is introduced and the supply increases gradually", the RBI said in a press release.
(Source: BloombergQuint)
4. Nandan Nilekani Gets To Work Cleaning Up The Infosys Mess
“I’m here because I think there’s nobody else, that’s just a joke. It’s a fact also I guess. That’s how Nandan Nilekani opened his first Infosys press conference in almost a decade. But the humour quickly faded and Nilekani stuck steadfastly to the script (read press statement) that he’s here to stabilise the company and put it back on the growth path.
This week Nilekani returned to Infosys Ltd, a company he co-founded, to help it tide through its second leadership crisis. The first one prompted the return of co-founder NR Narayana Murthy for about a year. But this time Murthy played some part in the drama that led to the resignation of Vishal Sikka, chief executive and managing director for three years. This time it was Nilekani’s turn to come to the rescue, for what seems like an open-ended term.
Source: BloombergQuint
5. Sebi Questions Fundraising on LinkedIn
The Securities and Exchange Board of India (Sebi) has written to LinkedIn Corp, asking if its social networking service provides a platform for people or start-ups to raise money publicly in violation of the Companies Act, according to two people aware of the development. LinkedIn has said it is not involved in any activities related to securities markets.
LinkedIn, which has at least 42 million users in India, has several angel investors and other similar funding groups which claim to be able and willing to help any registered LinkedIn member with money to fund entrepreneurial activities.
These include groups with names such as “Startups and Entrepreneurs Get Funded” (62,396 members) and “Global Investment Network” (44,005 members).
Source: Livemint
6. To Combat Reliance Jio, Vodafone to Offer Free Talk Time With Itel Phones
Vodafone India has bundled voice plans and cashback with 2G feature phones from China’s Itel in a first-of-its kind deal for India’s no 2 telco. It is striving to ring fence its voice-only user base from migrating to the Reliance Jio Infocomm-backed 4G feature phone, pre-bookings for which started on Thursday.
The operator will offer talk time worth Rs 50 free for 18 months for consumers who buy one of 17 models priced between Rs 800 and Rs 1,600, being offered by the No 2 feature phone brand in the country, with a bid to protect its voice business, which still contributes around 80 percent of revenue, said sector analysts and industry insiders.
Under the offer, Vodafone users would need to buy an Itel feature phone, the starting price for which is Rs 800. They will then need to recharge for a cumulative amount of Rs 100 – even in smaller installments – in one month, which will make them eligible for an extra talk time worth Rs 50 each month for the next 18 months.
Source: Economic Times
7. Govt Plans to Launch New Version of GeM App That Supports UPI
The government is planning to launch a revamped version of government e-marketplace (GeM) app in the next six months that will support Unified Payments Interface (UPI)-based transactions. The move is aimed at offering a larger choice of payment options, especially for government buyers who carry out small-value transactions, said a senior official from GeM.
GeM is an end-to-end procurement system developed by the Directorate General of Supplies and Disposals (DGS&D) for purchase of goods and services of common use by government buyers.
The GeM platform was launched on 9 August last year on pilot basis to ensure greater transparency. The government has announced that in the next six months, the platform, which is still in the pilot phase, will be launched officially with more categories of products and services, enhanced logistics model, better grading system and integration of artificial intelligence and analytics.
Source: Livemint
8. Government Bans Gold Imports From South Korea
The directorate general of foreign trade (DGFT) has banned imports and exports of gold and silver jewellery, coins, medallions, etc at zero duty from and to South Korea. Director General of foreign trade, Alok Vardhan Chaturvedi, has signed a notification to this effect on Friday. Economic Times has reviewed a copy of the notification.
Several trade bodies like India Bullion & Jewellers Association (IBJA) and All India Association of Gold Refineries and Mints (AGRM) had represented before and after imposition of GST from 1 July that duty free imports from countries with which India has signed Free trade agreements (FTAs) or Comprehensive Economic Partnership Agreements (CEPA), like S Korea, would again distorting the market.
Source: Economic Times
9. NCLAT Asks McDonald’s And Vikram Bakshi To Settle Dispute Themselves
The National Company Law Appellate Tribunal (NCLAT) asked US fast food giant McDonald’s and its estranged Indian joint venture partner Vikram Bakshi to consider settling their dispute among themselves.
The tribunal, which will hear the matter next on August 30, asked McDonald’s to give an undertaking that the 169 outlets will be allowed to function till the negotiations are on. The parties will have to decide by then whether they will consider settling the dispute.
McDonald's has terminated its franchisee agreement for the 169 outlets in north and east that were operated by Connaught Plaza Restaurant Ltd., the joint venture with Bakshi’s firm.
Source: BloombergQuint
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