1. New GST Return Mechanism Will Be Implemented in Phases
The Finance Ministry on Tuesday unveiled a roadmap for the implementation of the new GST return mechanism. It has also put in place a transition mechanism.
The new mechanism will be used on a trial basis from July to September. For the large taxpayers (those whose aggregate annual turnover in the previous fiscal was more than ₹5 crore), Form GST ANX will replace GSTR 1 from October. Small taxpayers (with aggregate annual turnover in the previous fiscal up to ₹5 crore) who file on a quarterly basis will have to use this in January for the October-December quarter.
2. IL&FS Probe: Top Executives Bent Rules to Favour Ansals
Even as investigating agencies probe former top executives of IL&FS Group for alleged irregularities in the business affairs of the company, an internal investigation report of the group reveals an alleged nexus between one of them, Ramesh Bawa, former MD of IL&FS Financial Service (IFIN), and the Ansal Group.
Bawa is currently in jail after the Serious Fraud Investigation Office (SFIO) arrested him in April 2019 on the grounds of abusing his powers in IFIN through fraudulent conduct and in granting loans to entities which were not creditworthy, thereby causing wrongful loss to the company and its creditors.
(Source: Financial Express)
3. Govt Planning New Labour Legislation by Merging 44 Laws Under 4 Categories
Aimed at helping investors and accelerating growth, the Modi government is planning a new labour legislation that would merge 44 labour laws under four categories – wages, social security, industrial safety and welfare, and industrial relations.
The decision has been taken at an inter-ministerial meeting chaired by Home Minister Amit Shah and attended by Finance Minister Nirmala Sitharaman, Labour Minister Santosh Gangwar, Commerce and Railway Minister Piyush Goyal among others.
(Source: The Economic Times)
4. Auto Sales Go from Bad to Worse, Fall 21% in May
Passenger vehicle sales in India posted the steepest drop in nearly 18 years in May amid weak demand and a liquidity crunch faced by non-bank vehicle financiers, prompting major auto makers to cut production.
Sales fell 20.6% in May to 239,347 vehicles from a year earlier, according to data released on Tuesday by the Society of Indian Automobile Manufacturers (Siam). It was the biggest fall since a 22% decline in September 2001 and the seventh consecutive drop in monthly domestic passenger vehicle sales. Vehicle sales in India are counted as factory dispatches and not retail sales.
5. Reliance Group Has Serviced Debt Payment of over Rs 35,000 Cr in 14 Months: Anil Ambani
Reliance Group Chairman Anil Ambani on Tuesday emphatically said the group is servicing its debt payments and will continue to reduce its arrears.
In a suddenly announced conference call, Ambani said “unwarranted” rumours and “bear hammering” have damaged the value of the group’s stocks.
These observations come in the backdrop of ratings agencies such as CARE and Brickwork Ratings downgrading almost all of the companies of group.
6. Are ATM Charges Set to Go? RBI Forms Review Panel After Removing RTGS, NEFT Fees
Days after the RBI removed charges for payments through NEFT and RTGS and asked banks to pass benefits to customers, a committee has been constituted to examine the charges and fees levied for using the Automated Teller Machines (ATM). The committee would submit a report within two months from the date of its first meeting, the RBI said in a statement.
In the June bi-monthly monetary policy, the central bank had said that it would constitute a committee to review the ATM interchange fee structure with a view to boost the ATM deployment in the unbanked areas. A panel of all stakeholders, under the chairmanship of the Chief Executive Officer (CEO), Indian Banks’ Association (IBA), will review the ATM charges and fees, the RBI had said in its statement on developmental and regulatory policies.
(Source: Financial Express)
7. Azim Premji's Pay Package Rose 95% to $262,054 in FY'19: Wipro
Wipro's outgoing Executive Chairman Azim Premji saw his pay package rise almost 95 percent to USD 262,054 (about Rs 1.81 crore) during fiscal 2019.
His son, Rishad Premji, who is set to take over the reins of the Bengaluru-based software services company soon, took home a compensation of USD 987,652 (about Rs 6.8 crore) in 2018-19, Wipro said in a regulatory filing on Tuesday.
(Source: The Economic Times)
8. Govt Removes Export Incentives for Onion
The government has removed incentives for export of fresh and chilled onions, a move aimed at discouraging outbound shipments of the kitchen staple due to rising prices in the domestic market. Exporters of onion were earlier availing incentives under Merchandise Exports from India Scheme (MEIS) at the rate of 10 percent.
The Directorate General of Foreign Trade (DGFT), an arm of the commerce ministry, in a public notice dated June 9, stated it is withdrawing the benefits for exports of fresh and chilled onions.
9. RBI to Pump in ₹15,000 Crore Through OMO on Thursday
Reserve Bank of India said Tuesday it will infuse₹15,000 crore into the financial system through bond purchases on Thursday.
"Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the RBI has decided to conduct purchase of (six) Government securities under OMOs for an aggregate amount of ₹150 billion on June 13, 2019 (Thursday) through multi-security auction using the multiple price method," the central bank said in a statement.
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