Cabinet approves alternative mechanism for ETF

Source: The Hindu Business Line, July 19, 2017

New Delhi: In a boost to the Centre’s disinvestment policy, the Cabinet on Monday approved an alternative mechanism that will decide on stake sales in State-owned banks and creation and launch of exchange-traded funds (ETFs).

“It will decide on disinvestment of public sector banks, listed public sector financial institutions and public sector insurance companies through ETF or other methods, subject to the government retaining 52 per cent stake,” said an official statement.

The new mechanism will also work out the ETF for public sector units, subject to the government retaining majority stake.

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Tax rates under GST will not be revised unless there is an anomaly: CBEC chief

index.jpgSource: The Hindu Business Line, July 19, 2017

New Delhi: The government on Wednesday said that tax rates under the Goods and Services Tax (GST) will not be revised unless there is an anomaly, but promised to go slow on enforcement actions in the first six months on genuine mistakes.

“The issue has snowballed…The textile sector is taxed for the first time. So anybody who comes into the net would feel the pinch,” said Vanaja N Sarna, Chairperson, Central Board of Excise and Customs, at a CII event. She said the CBEC has received representations from textile traders and is looking into their demands.

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Govt working on new pharma policy

Source: The Hindu Business Line, July 18, 2017

New Delhi: The Government is looking at introducing a new National Pharmaceuticals Policy and is already in the process of working out details, Parliament was informed on Tuesday. “The government is contemplating introducing a new National Pharmaceuticals Policy. The details are being worked out,” Minister of State for Chemicals and Fertilisers Mansukh L Mandaviya told the Lok Sabha in a written reply.

Replying to a query on the time-frame for coming out with the new policy, he added: “No time limit can be indicated at this stage.”

 

IRDAI issues new norms for mediclaim policies

download (1).jpgSource: The Economic Times, July 13, 2017

CHENNAI: Many customers only realise at the time of making a claim that their health insurance policy does not cover certain medical conditions or ailment. Policyholders usually depend on what has been told to them by their insurance agents, who sometimes overstate the coverage. To prevent such cases, the Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to group together all policy exclusions upfront in the policy document.

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Govt to make MRP, expiry date mandatory on goods sold online from Jan 2018

download (5).jpgSource: Business Standard, July 10, 2017

New Delhi: To protect online consumers, the government has made it mandatory for e-commerce companies from January 2018 to print not only the MRP on goods but also information like expiry date and customer care details.

An amendment in this regard has been made to the Legal Metrology (Packaged commodities) Rules, 2011 by the consumer affairs ministry last month. A six-month deadline has been given to the companies to comply with the new rule.

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E-way bill system in GST to come from October

download (4).jpgSource: The Economic Times, July 09, 2017

NEW DELHI: The GST provision, requiring any good more than Rs 50,000 in value to be pre-registered online before it can be moved, is likely to kick in from October after a centralised software platform is ready, a top official said.

The provision, called the e-way bill, would be implemented after infrastructure for smooth generation of registration and its verification through hand-held devices with tax officials is ready.

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GST: Consumer goods firms in a fix over MRP sticker rules

Source: LiveMint.com, July 06, 2017

Mumbai: Packaged consumer goods makers such as Dabur India Ltd, Marico Ltd and Godrej Consumer Products Ltd are worried about the impact of new guidelines issued by the government on displaying the maximum retail price (MRP) of products under the new Goods and Services Tax (GST) regime.

Aimed at ensuring that companies and retailers have a way of dealing with older (so-called pre-GST) stock, and preventing profiteering, the guidelines, announced on Tuesday, allow companies to print, stamp, or use stickers to show the new MRP on a product package. They also insist that companies issue ads in at least two newspapers if they are raising the prices of any products—and that they feature both the new (post-GST) and old (pre-GST) MRPs on the new packaging.

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