Companies & Sectors
Infosys to roll out GST network soon
Software major Infosys will soon implement the central government's ambitious project to network the country for its Goods and Services Tax (GST) collection, a senior official said on Monday.
 
"As the sole vendor for the five-year project, we will set up the network across the country connecting all states and operate it for the new tax collection system," Infosys chief operating officer U.B. Pravin Rao told reporters here.
 
The IT bellwether recently bagged the $200-million (Rs.13,130 crore) multi-year deal from the finance ministry in a competitive bid, outsmarting four other contenders, including rivals TCS and Wipro.
 
"The project involves designing and developing software applications and hardware for the network system, installing it in states, integrating it with the existing infrastructure, training personnel to operate and maintain its ecosystem," Rao said on margins of the company's briefing on financial results for second quarter (April-September) of fiscal 2015-16.
 
The GST rollout will depend on the passage of its bill by parliament. It is held up in the Rajya Sabha for want of political consensus although the Lok Sabha had passed it during monsoon session in August.
 
"GST is yet to become a law, as its bill is still in parliament. We, however, want to execute the project for its rollout in time as the government is keen to implement it from April 1, 2016," Rao said.
 
As the Modi government is keen to enforce the new tax system from next fiscal (2016-17), the ruling NDA will take up the 122 amendment bill, 2014, in the upper house during the winter session of parliament and build consensus with opposition parties.
 
The ministry had set up a GST Network firm to provide the technology backbone to rollout the GST system and link the databases of states with its server in New Delhi.
 
The system will also enable taxpayers to register their permanent account numbers (PAN) and file tax returns and process payments online in a bid to check tax evasion and widen the tax base.
 
The network will facilitate traders with turnover above Rs.10 lakh per annum to register on the website without verification by state tax departments.
 
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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COMMENTS

Mahesh kumar Aneja

1 year ago

It will be a great achievement of govt if it succeeds in implementing GST wef 1-4-2016 despite obstacles put by some political parties

Dell to buy EMC for $67 bn in largest technology deal
In what is considered the largest technology acquisition in history, computer maker Dell announced Monday that it is buying cloud computing and storage giant EMC for roughly $67 billion in cash and stock.
 
"We're creating an unbelievable powerhouse of an enterprise company," Dell chairman and CEO Michael Dell told CNBC announcing the deal with MSD Partners and Silver Lake.
 
"This is really all about bringing together complementary technologies and helping our customers address the challenges and opportunities that this digital future is creating," he said.
 
EMC stockholders will receive about $33.15 per share in cash and a type of stock that is linked to "a portion of EMC's economic interest" in its VMware business, which will remain an independent, publicly traded company, the companies said in a statement.
 
The transaction marks the largest technology sector deal on record, topping US chipmaker Avago Technologies' $37 billion offer for rival Broadcom, CNBC said. That deal is still in process.
 
The acquisition of EMC is seen helping Dell diversify from the stagnant personal computer market and give it the scale to attack the faster-growing and more lucrative market for managing and storing data for businesses.
 
EMC will have a "go-shop" provision that will allow the data storage company to seek out other buyers and give EMC a discounted breakup fee if it finds a more desirable deal, EMC chairman and CEO Joe Tucci told CNBC.
 
"We will do our duty to make sure we get the best deal for our shareholders and time will show," he said.
 
According to technology site wired.com, here are the previous big technology deals.
 
Dell - EMC (2015): $67 Billion; HP - Compaq (2001): $25 billion; Facebook - WhatsApp (2014): $19 billion; HP - EDS (2008): $13.9 billion; Symantec - Veritas (2004): $13.5 billion; Google - Motorola Mobility(2011): $12.5 billion; Oracle - PeopleSoft (2005): $10.3 billion; HP - Autonomy (2011): $10.3 billion; Microsoft - Skype (2011): $8.5 billion; Oracle - BEA Systems (2008): $8.5 billion; Oracle - Sun Microsystems (2010): $7.4 billion; Microsoft - Nokia (2013): $7.2 billion.
 
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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Princeton professor wins Nobel measuring poverty in India
Nobel Prize winner Angus Deaton's current research focuses on the determinants of health in rich and poor countries as well as on the measurement of poverty in India and around the world.
 
The British-born Princeton University professor has been awarded the 2015 Nobel Prize in economics for his contributions to understanding consumption at the individual level and in aggregate. Deaton, who also maintains a longstanding interest in the analysis of household surveys, noted that his focus on individuals and their decisions is important both from an academic and ethical standpoint, according to a report on the university website.
 
"In the end, it's individual peoples' well-being that counts," he was quoted as saying. "When you're counting the poverty rate in India or the mortality rate in the United States, all of those things you're looking at are aggregates."
 
"But it's one death at a time. It's one person at a time who's in poverty," Deaton said. "It's their lives that are being led. In the end, I don't think you're ever going to want to get away from the individual."
 
Deaton's latest book, "The Great Escape: Health, Wealth and the Origins of Inequality" (Princeton University Press), explores the story of how, beginning 250 years ago, some parts of the world sustained progress, opening up gaps and setting the state for today's unequal world.
 
He's also widely known for publications on the relationship between income and happiness, with Kahneman.
 
In announcing Deaton's prize, the Nobel committee also specifically noted Deaton's 1980 paper, with John Muellbauer, "An Almost Ideal Demand System," which details a way to provide a reliable picture of demand patterns in society.
 
At a news conference in Princeton Monday afternoon, Deaton noted the tremendous progress that has been made in conditions around the world.
 
"I've spent a lot of time arguing the world is getting to be a much better place," Deaton said.
 
"Over the past 200 years, the world has been transformed from something close to destitution to where many, many of us have much richer lives in which our talents and capabilities can be more fully expressed. I do tend to emphasise there's more to be done."
 
Deaton, a native of the United Kingdom, earned his bachelor's degree and PhD from Cambridge University. He taught at Cambridge and the University of Bristol before joining the faculty at Princeton in 1983.
 
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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