Birla Sun Life Mutual Fund floats Fixed Term Plan-Series CV

Birla Sun Life Mutual Fund new issue closes on 22nd March

Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series CV, a close-ended income scheme.

The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have duration of 366 days.

The new issue closes on 22nd March. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta would be the designated fund manager of the scheme.

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Axis Mutual Fund unveils Fixed Term Plan-Series 13 (370 days)

Axis Mutual Fund new issue closes on 22nd March

Axis Mutual Fund has launched Axis Fixed Term Plan-Series 13 (370 days), a close-ended income scheme.

The plan of the scheme will endeavour to generate returns through a portfolio of debt and money market instruments that are maturing on or before the maturity of the respective plan. The new issue closes on 22nd March. The minimum investment amount is Rs5,000.
 

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Cabinet to take up GST Constitution Amendment Bill on Tuesday

After missing the original GST roll-out deadline of April 2010 and the near impossible deadline of April 2011, the proposed roll-out date of 1 April 2012 is also likely to be missed, revenue secretary Sunil Mitra opined

After missing the two GST roll-out deadlines of April 2010 and April 2011, the new roll-out date of 1 April 2012 is also likely to be missed, revenue secretary Sunil Mitra opined

New Delhi: The Union Cabinet is likely to consider a Constitution Amendment Bill on Tuesday to pave the way for the implementation of Goods and Services Tax (GST), a new indirect tax regime that will subsume various levies like excise and service tax, reports PTI.

According to sources, Cabinet will consider the GST Constitution Amendment Bill tomorrow, after which it will be introduced in the current session of Parliament.

The finance ministry has worked on the final draft Amendment Bill-the fourth since the discussions on the new tax regime started. Earlier, the first three drafts prepared by the Centre were rejected by the states, citing autonomy issues.

The fourth draft, a hybrid of the second and third draft, has proposed that the GST council for taking decisions on all important matters will be formed through a presidential order.

In addition, the composition of the GST Dispute Resolution Authority, proposed to be a part of the Constitution Amendment, will be decided by Parliament.

Furthermore, petroleum, natural gas, diesel and ATF have been kept out of the GST ambit in the final draft.

Last year, a draft Constitution Bill proposed by the Centre to the states had suggested a council chaired by the Union finance minister, with states as members, to make changes in GST.

The states, especially NDA-ruled ones, had raised objections to the proposal, saying it would give veto power to the Union finance minister over state taxation issues.

The Centre subsequently provided another draft to the states, suggesting that changes in GST could be made only if there was a consensus on those issues in the council. However, some state finance ministers did not agree to even this suggestion.

Taking into consideration the states' concerns, the finance ministry had floated a third draft on the GST Constitution Amendment Bill.

The new draft proposed to create a GST Council through an Act of Parliament, instead of a presidential order, as proposed in the previous draft. The Centre had also dropped any reference to the Union finance minister heading the GST Council.

After missing the original April 2010 deadline for GST rollout, the government proposed to introduce it in April 2011. But it is all set to miss this deadline too. According to revenue secretary Sunil Mitra, it may be difficult to implement GST from 1 April 2012, too.

The GST will subsume indirect taxes like excise duty and service tax at the central level and VAT on the states front, besides local levies.
 

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