Citizens' Issues
India Inc. voices concern with government on GST provisions
 Indian industry chambers on Friday raised concerns on the draft Goods and Services Tax (GST) law at a meeting here with Revenue Secretary Hasmukh Adhia, flagging issues like dual administrative control vested and wide discretionary powers for tax authorities.
 
"Provisions may lead to unwarranted disputes in future so it requested to give a re-look the law before finalising," a Federation of Indian Chambers of Commerce and Industry (FICCI) representative said after the meeting.
 
"Non-inclusion of electricity will lead to significant economic distortion," Assocham said in a representation to the government.
 
The chamber also said that on products like petroleum and alcohol, the industries will operate under a hybrid tax regime and will be unable to claim GST credit due to temporary non-inclusion of these products, that could increase costs.
 
"Consequently, some thinking around zero rating or concessional taxation under existing law on the inputs for these industries is warranted," Assocham said.
 
The GST Constitutional Amendment Bill was passed by Parliament earlier this month, while three states - Assam, Bihar and Jharkhand - have so far ratified the Bill.
 
The meeting was a part of a Finance Ministry exercise to solicit industry's views on the proposed model GST law before finalising it.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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Zuckerberg gives away USD 95 mn Facebook shares in charity
In the first gesture to fulfil his pledge that he and his wife made last year, Facebook CEO Mark Zuckerberg has sold $95 million of the social networking giant's shares.
 
According to a US regulatory filing, The Chan Zuckerberg Foundation and CZI Holdings LLC sold Facebook shares worth $95 million before taxes, Forbes reported on Saturday.
 
"The sales likely netted more than $85 million after capital gains taxes, the report added.
 
The couple plans to give away no more than $1 billion worth of stock each year through 2018.
 
Last December, Zuckerberg and his wife Priscilla Chan pledged to donate 99 per cent of their Facebook shares -- about $45 billion -- to advance human potential and promote equality for children.
 
Declaring the "Chan Zuckerberg Initiative" as they welcomed their first girl Maxima Chan Zuckerberg, the couple said they have created a new foundation that would initially focus on "personalised learning, curing disease, connecting people and building strong communities".
 
"As you begin the next generation of the Chan Zuckerberg family, we also begin the Chan Zuckerberg Initiative to join people across the world to advance human potential and promote equality for all children in the next generation," they posted in a 2,200-word letter to their new-born daughter on Facebook.
 
"We will give 99 per cent of our Facebook shares during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others," the couple wrote.
 
Facebook currently has 1.71 billion monthly active users.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

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Maharashtra attaches 10 properties related with Yash Birla group
The Maharashtra Home Department has attached 10 properties of the Birla Group in connection with the alleged scam of over Rs300-crore involving Birla Power Solutions Ltd (BPSL), says a report. The attachment also includes 69 bank accounts.
 
As per the report from Mumbai Mirror, the properties in Mumbai that have been attached include a row house at Grand Paradi, Kemps Corner, a flat in Ashoka Apartments on Nepean Sea Road, a 4,000 sq mt plot at Oshiwara, and an apartment in the Sagar Darshan Society on Carter Road in Bandra. The deputy collector, who has issued the notices, has also sought a valuation of these properties.
 
The Home Department notification, issued on 19 March 2016, states that the Maharashtra government was convinced that Birla Power Solutions would not be able to return the investors' and creditors' money. “The government has to protect the interest of the depositors, and hereby attaches the properties of the said financial establishment,” the notification said. 
 
Advocate Ramakant Gaur had filed an objection on behalf of Yash Birla and BPSL saying there was no need to attach his ancestral property. “After the government notification, an affidavit is supposed to be filed by the competent authority within 30 days, which was done three days later. Moreover, there are no reasons assigned for attaching ancestral property such as the Grand Paradi row house," the newspaper quoted from the objection letter.
 
"...more than 9,000 of the 11,000 investors have been paid, and the value of the properties far exceeds the pending amount," the report added quoting Adv Gaur.

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COMMENTS

Anil Kumar

9 months ago

Great news. Of late I find the Maharashtra government vigilant. It initiated cases against road contractors of BMC for shoddy work. This is another feather in their cap.

manoharlalsharma

9 months ago

if such a small co., can do this then what done by ORKAY industry,Akai impax,Genelac like peoples,they must go through this route only./thanks

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