1. GST Exemption List Likely to Be Kept Around 100 Items
The Centre and states are expected to keep the exemption list short — about 100 — under the proposed goods and services tax regime, even as the North Block is flooded with requests from industry associations to keep their products out of tax net or in the lowest slab.
The Centre currently exempts 299 items while states keep 99 out of the tax net. “Some items will remain exempted,” said a top government official.
Goods of common use and consumed largely by the masses will be spared in the final list. Salt, primary produce, fruits and vegetables, flour, salt, milk, eggs, tea, coffee and prasad sold at temples could figure on the exemption list.
(Source: The Economic Times)
2. CBDT Seizes Rs 16,398 Crore Unaccounted Income
The Central Board of Direct Taxes (CBDT) has unearthed unaccounted wealth worth Rs 16,398 crore post the government’s demonetisation move during November 2016-March 2017 through search operations.
The assets seized were worth Rs 900 crore, including Rs 636 crore in cash during the same period, CBDT Chairman Sushil Chandra told reporters in New Delhi.
During November-March, surveys conducted in 8,239 cases led to the detection of undisclosed income worth Rs 6,746 crore, Chandra said. Over 400 cases were referred to Enforcement Directorate and the Central Board of Investigation, with ED and CBI arresting 18 and 38 individuals, respectively.
(Source: BloombergQuint)
3. CARE, Crisil Didn't Follow Due Process in Amtek Auto Case: SEBI
India’s market regulator has sent showcause notices to two ratings agencies, alleging that they did not follow due process and had failed in monitoring the ratings of JP Morgan’s credit opportunity fund and Amtek Auto Ltd, said two people with direct knowledge of the development.
The Securities and Exchange Board of India (Sebi) has started hearing officials from Crisil Ltd and Credit Analysis and Research Ltd (CARE), the two said on condition of anonymity.
Sebi launched a probe in the aftermath of a redemption crisis faced by JP Morgan India Treasury Fund and JP Morgan India Short Term Income Fund in August 2015. The crisis was brought on by a sharp downgrade and withdrawal of ratings on the bonds of Amtek Auto, which was on the verge of defaulting on Rs 800 crore in bond repayments.
(Source: Livemint)
4. Maruti Inches Close to Combined Market Cap of Tata Motors, M&M
A speedy ride in stock price has brought the market value of Maruti Suzuki, country's largest car maker, quite closer to the combined market cap of two leading domestic auto makers, Tata Motors and M&M.
The stock price of Suzuki promoted company closed at a new high of Rs 6,952 at the BSE on Tuesday, taking its market cap to Rs 2,10,024 crore, just about Rs 1,100 crore lower to the combined market cap of Rs 2,11,186 crore between Tata Motors(Rs 1,26,264 crore) and M&M (Rs 84,922 crore).
Maruti's stock has surged 16 percent in the new financial year which started last month. A key trigger behind the surge was the April sales volume which registered an increase of 19 percent to a new monthly record of 1,51,215 vehicles.
Another positive influence came in form of the record annual profit of Rs 7,337 crore for last year, up 37 percent over FY16.
(Source: Business Standard)
5. Apple Said to Plan Laptop Upgrades as Microsoft Enters Market
Apple Inc plans to announce an update to its laptop lineup at an annual conference for app developers in early June, a move that could help offset new competition from Microsoft Corp as well as declining iPad sales.
Apple is planning three new laptops, according to people familiar with the matter. The MacBook Pro will get a faster Kaby Lake processor from Intel Corp, said the people, who requested anonymity to discuss internal planning. Apple is also working on a new version of the 12-inch MacBook with a faster Intel chip. The company has also considered updating the ageing 13-inch MacBook Air with a new processor as sales of the laptop, Apple’s cheapest, remain surprisingly strong, one of the people said.
Apple and Intel declined to comment.
(Source: BloombergQuint)
6. After Gaining 0.86% Against the Dollar in Past Five Trading Sessions, Rupee Likely to Strengthen Further
The rupee may be in for a fresh round of appreciation as it remains the currency offering the best returns for carry trade investors. Those returns coupled with a possible weakening of the dollar across the board may translate into a boon for importers and those with debt denominated in the US currency.
The Reserve Bank of India’s stance — traditionally, it won’t try to fix the value of the currency although it will look to reduce volatility — has given comfort to global investors as other central banks like that of Indonesia are said to be intervening heavily in the currency market. Carry trade involves borrowing cheaply to buy currency that will appreciate.
The rupee has gained 0.86 percent against the dollar in the past five trading sessions, closing at 64.08 on Tuesday compared with the previous day’s 64.06.
(Source: The Economic Times)
7. Income Tax Base Expands by 9.1 Mn After Note Ban
The government’s move to demonetise Rs 500 and Rs 1,000 notes has helped the authorities bring 9.1 million people under the tax net as money has lost its anonymity, Union Finance Minister Arun Jaitley said on Tuesday. This is roughly one-fourth of 37 million individuals who filed tax returns in 2015-16.
Launching a new website on ‘Operation Clean Money’, a programme to bring illegal wealth on the books, Jaitley said demonetisation had given a push towards digitisation and led to an increase in the number of assesses and tax revenues.
The 8 November announcement had also instilled fear among people about dealing in cash, he said.
(Source: Business Standard)
8. CNG Price in Delhi Hiked by 35 Paise per Kg, Piped Cooking Gas by 81 Paise
Day after the oil companies cut petrol prices by Rs 2.16/litre and diesel prices by Rs 2.10/litre as crude rates fell, CNG prices in Delhi were hiked by 35 paise per kg, and those of piped cooking gas by 81 paise. Petrol in Delhi now costs Rs 65.32 a litre as against the earlier Rs 68.09. Similarly, a litre of diesel is priced at Rs 54.90 as compared to the earlier Rs 57.35.
“The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement.
(Source: Financial Express)
9. Airtel-Tikona Deal: Reliance Jio Asks Telecom Dept to Withhold Clearance
Reliance Jio Infocomm Ltd has asked the telecom department to withhold approval for Bharti Airtel Ltd’s acquisition of Tikona Digital Networks Pvt Ltd until Airtel pays fees to migrate Tikona’s wireless broadband spectrum, held under an Internet service provider (ISP) licence, to a unified licence (UL) regime that allows operators to provide all types of telecom services.
The Mukesh Ambani-controlled firm, in a 5 May letter, also requested the department to amend the merger and acquisition rules to plug loopholes in the current guidelines before evaluating the transaction for approval.
Alternatively, Reliance Jio suggested the telecom department refund Rs1,658 crore it paid for migrating to UL to ensure a level playing field.
(Source: Livemint)
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