Business Today podcast: Fresh start for Infosys; Infrastructure records highest growth in a year
Infrastructure records highest growth in a year
India's infrastructure sector recorded the highest growth in more than a year in November, while the country's biggest carmakers reported double-digit sales growth in December. It's a great start to the new year. The index of eight core industries rose 6.8% in November, the government data showed. These have a weight of more than 40% in the Index of Industrial Production
Fresh start for Infosys
Infosys chief executive Salil Parekh takes charge of the company today among high expectations. This might mark a fresh beginning at the Bengaluru-based company. Infosys is looking to put aside the horrors of 2017. Interestingly, Parekh was in the race for the top seat in 2014 too. Parekh's immediate challenge will be to win over the broader firm and, in particular, cofounder NR Narayana Murthy.
Anti-profiteering notices to McDonald's, Lifestyle International
The investigation arm of the Revenue Department has sent notices under the GST anti- profiteering law to three entities, including retail shopping outlet Lifestyle International, for allegedly not passing benefit of cost reduction to consumers. The authority has given time till January 12 to these entities to file their reply to the notice stating whether they admit that the benefit of reduction in tax rate or input tax credit has not been passed on to consumers by way of commensurate reduction in prices.
Bandhan bank files IPO
Bandhan Bank has said it plans to sell up to 11.9 crore shares through an initial public offering (IPO), and has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India. It said in its DRHP that as per the terms of the RBI New Bank Licensing Guidelines, the equity shares of the bank are required to be listed on the stock exchanges within three years from the date of start of business of the bank. For Bandhan Bank, the cut-off date is August 22, 2018.
PAN compulsory on air-ticket bookings
The Institute of Chartered Accountants of India has suggested the government to make PAN compulsory on air-ticket bookings for overseas package tours to bring high value transactions into the data system. In its pre-Budget memorandum with regards to direct taxes, the Chartered Accountants' apex body also recommended an independent audit provision which may be inserted to provide for a comprehensive audit of all TDS returns filed.
Govt relaxes norms for rectification of returns under GST
The Finance Ministry has permitted businesses to rectify mistakes in their monthly returns - GSTR-3B - and adjust tax liability, a move that will help them file correct returns without fear of penalty. This relaxation will give an opportunity to businesses to claim tax credit correctly by rectifying the mistakes made initially while computing GST liability.
SBI to take action against defaulters
State Bank of India is set to initiate insolvency proceedings against at least a dozen defaulting companies including Videocon Industries after failing to recast their loans by the December deadline. The country's largest bank in terms of assets will refer Videocon Industries, Visa Steel, Monnet Power, Uttam Steel, Essar Projects, Videocon Telecom, Jaiswal Neco and Jai Balaji to the National Company Law Tribunal (NCLT) starting today.
RCom deal to decrease Reliance Ind's costs
The acquisition of Reliance Communications's (RCom) wireless infrastructure assets by Mukesh Ambani-led Reliance Jio will bring in synergies and lower costs for the latter.The deal is expected to provide synergy for Reliance Industries's telecom business which currently has lease or sharing arrangements with RCom for some of its existing infrastructure like spectrum, towers and optic fibre backbone.