New ITR forms to seek details on cash deposits during demonetisation
The tax department is including a new column in Income Tax Return forms for assessment year 2017-18 for obtaining details on cash deposits made by an individual during the demonetisation period between 8 November and 30 December 2016, people aware of the matter said. The new column will also be introduced in salaried individuals’ income tax returns form, called ITR-1 or ‘Sahaj’, said the people. Read original article here.
All GST bills passed in Lok Sabha for uniform taxation across India
India is on the verge of creating history. With the Lok Sabha signing off on the last batch of bills on the goods and services tax (GST), India is just a step away from rolling out an indirect tax regime that will for the first time economically unify the country. Not only is this a game-changing tax reform initiative, it also puts in place a template for cooperative federalism because the states, thanks to the creation of the GST council, are as much a stakeholder as the Centre. Read original article here.
Revised GST legislation may pinch working capital of industries
The revised draft of the goods and services tax (GST) legislation tabled in Parliament on Monday could put pressure on the working capital of industries and spark greater litigation in the coming years, analysts said. According to the provisions of the central GST law tabled in the Lok Sabha, taxpayers can claim credit only on the basis of receipt of goods or services. The earlier version of the draft had provided for the facility of provisional credit, which has now been done away with. So, even if a taxpayer has made an advance payment, he cannot claim credit until he receives the entire consignment. Read original article here.
Coca-Cola ties up with FSSAI to train street food vendors
A sector regulator and the companies under its watch aren’t usually partners. The regulator frames the rules and ensures that companies abide by them. But Pawan Kumar Agarwal, chief executive officer of Food Safety and Standards Authority of India (FSSAI), believes companies can join hands with the food regulator in its primary task—ensuring safe food for every Indian. Towards that end, the local unit of American beverages company Coca-Cola Co. formally singed a memorandum of understanding (MoU) with FSSAI on Monday. Under the agreement, Coca-Cola India will train 50,000 street food vendors, irrespective of items they sell, over the next three years. The vendors will get training on how to prepare safe food, ensure hygiene, and in waste management. Read original article here.
Swiggy in talks to raise $50 million in fresh funds
Online food delivery start-up Swiggy (Bundl Technologies Pvt. Ltd) is in talks with potential investors to raise at least $50 million in fresh funding, a move that is likely to give the company significant financial heft over rival Zomato Media Pvt. Ltd, said two persons aware of the development. Swiggy is in talks with South African media company Naspers Ltd and Chinese conglomerate Fosun International Ltd to raise fresh capital. Existing investors are likely to participate, these people said on condition of anonymity. Read original article here.
Snapdeal in talks with Flipkart, Paytm for potential sale
Online marketplace Snapdeal, which has been struggling to raise fresh funds, is in preliminary talks with two of its biggest rivals—Paytm E-Commerce Pvt. Ltd and Flipkart India—for a potential sale that could value the company at less than the total equity raised by parent Jasper Infotech Pvt. Ltd, according to three people aware of the development. SoftBank, which has invested roughly $900 million of the $2 billion or so raised by Snapdeal, is leading the sale talks, the three said on condition of anonymity. Read original article here.
India's telecom industry will soon ring in a new order. Vodafone India and the Kumar Mangalam Birla-owned Idea Cellular are to merge to create the country's biggest phone company by subscribers, dislodging Bharti Airtel, which has been at the top for 15 years. The new Rs 1.55 lakh crore entity will also be the world No. 2 after China Mobile. The deal will see Aditya Birla Group, the promoters of Idea, gradually raising its stake in the combined entity while Vodafone Group will reduce its own, with the aim of both holding equal stakes over a period of time. As a first step, AB Group will acquire 4.9% from Vodafone for Rs 3,874 crore, or Rs 108 a share, to take its stake to 26%, with Vodafone holding 45.1%. Further, the company will have the right to buy another 9.5% (at Rs 130 a share or the prevailing market price, depending on the time of purchase) in the combined entity over four years from the British telecom firm. Read original article here.
Airbnb CEO Brian Chesky gives a 5-star rating to India market
The Economic Times
Airbnb CEO Brian Chesky sees India rising to become one of the company’s key revenue generators with the country’s young and rapidly expanding middle class spending big on travel. “The reason I am incredibly excited is, say in about 10 years from now it will be one of the world’s biggest markets for Airbnb,” Chesky, 35, cofounder of the alternative accommodations company, said in an interview to ET. Read original article here.
Amazon India boss Amit Agarwal promoted as senior VP at parent firm
Amazon.com Inc. has promoted India country head Amit Agarwal to the level of senior vice president, after Agarwal brought the world’s largest online retailer within touching distance of market leadership in India in just three years. Agarwal, who will continue to remain India head for now, was earlier vice president at Amazon. “This (Agarwal’s promotion) indicates how excited Amazon is about the progress the company is making in India and the opportunity Amazon sees ahead,” an Amazon India spokesperson said in an email. Read original article here.
Baba Ramdev wants to take Patanjali products to China
After giving multinational consumer products makers a run for their money in India, yoga guru Baba Ramdev is taking the fight to overseas markets. Ramdev’s Patanjali Ayurved Ltd is looking to set up a production unit in Sahibganj, a district in Jharkhand that the central government plans to turn into a multi-modal hub with direct connectivity through roads, waterways and air with neighbouring countries. Read original article here.