Weekly E-News Letter
Issue No. 29/2015-16
Trade & Industry
CCI streamlines, simplifies norms for M&A filings
From omitting certain requirements to simplifying existing norms, a slew of changes have been affected by way of the new amendment. The Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2016, has been notified.Read More
Labour ministry notifies amendments to Payment of Bonus Act
The labour ministry has notified amendments to the Payment of Bonus Act that seek to make more workers eligible for bonus by raising the eligibility limit of employees to those drawing Rs 21,000 per month from Rs 10,000. Consequently, it has also doubled the limit for monthly bonus calculation to Rs 7,000 per month from Rs 3,500, thus substantially increasing the amount of bonus.Read More
E-filing: Over 50 lakh ITRs e-verified by I-T department
The Income Tax department's ambitious OTP-based ITR filing system for taxpayers has crossed the 50 lakh e-verification mark, while more than 39 lakh Aadhaar numbers have been successfully linked with the PAN database after the scheme was launched over six months back.
All communication of tax scrutiny to be via e-mail from FY17
The Income Tax department is planning to carry out nationwide all communication related to the scrutiny of returns through e-mails from the next fiscal to reduce harassment of tax payers by eliminating interface between assessees and taxmen. The I-T department, on a pilot basis, has already started scrutiny of returns through e-mails in 5 metropolitan cities - Delhi, Mumbai, Bengaluru, Ahmedabad and Chennai regions.
Over 11k unregistered dealers brought in tax net in Gujarat in 2015-16
As many as 11,166 dealers who were trading illegally have been brought in the tax net by state commercial tax department in the financial year 2015-16. These dealers were earlier operating illegally without Tax Identification Number (TIN) to avoid paying value added tax (VAT). On the other hand, around 21,338 new dealers sought TIN voluntarily in the current fiscal. This has taken the total dealers in Gujarat to 4.78 lakh.
Gas price cut a relief for Morbi ceramic industry
Gujarat government's move to reduce prices of piped natural gas (PNG) for industrial users has given a new lease of life to ceramic industry in Morbi, which was reeling under slowdown and fierce competition from China. Reduction in production cost as a result of gas price cut is expected to provide a much needed cushion to India's largest cluster of ceramic units to face Chinese onslaught and slowdown to some extent.
Economic & Financial
India's retail inflation picks up for 5th month to 5.61% in December
India's annual consumer price inflation edged up for the fifth straight month in December to 5.61% on rising food prices, from a year ago period, government data showed. Retail food inflation in December came in at 6.40%, higher than 6.07% recorded in the previous month.Read More
India consumer confidence ends 2015 at record low level: Report
Consumer sentiments in India fell for the fourth consecutive month in December to the lowest on record, as consumers reported a further deterioration in their personal finances amid rising inflation, a Deutsche Borse report said.Read More
India Inc's overseas investment grows 27% to $2 billion in November
Direct investments by Indian firms abroad surged 27.4%year on year to USD 2 billion in November 2015, data from the Reserve Bank showed. Indian companies had invested USD 1.57 billion in their overseas ventures in November 2014. In October 2015, the figure stood at USD 2.28 billion.Read More
India aims to locally manufacture 500 million mobile phones by 2019
The Indian mobile handset industry aims to locally manufacture 500 million handsets by 2019 and create 1.5 million jobs and establish a Rs 50,000-crore worth component industry in the country.Read More
Make in India: Over 80 Chinese handset ecosystem players to look at manufacturing options in India
More than 80 mobile phone ecosystem players from China will look at manufacturing possibilities in India , in what could give a massive push to the government's 'Make in India' initiative.
Science & Technology
Now, buy Flipkart warehouse space and get priority seller status
Flipkart is currently offering a deal of a different kind. India's largest ecommerce firm is hawking warehouse space once occupied by WS Retail, which at one point accounted for nearly 80% of total sales on the Flipkart platform, to companies in return of "priority" seller status on the marketplace, three top executives at fashion brands said. A Flipkart executive, meanwhile, said the warehouse space that the company is offering is owned by its logistics arm, eKart.Read More
Trai, Facebook spar over responses to consultation paper
In yet another face-off, Facebook and TRAI are sparring over responses to a consultation paper on differential pricing for data services submitted via the social networking giant's campaign with the regulator saying only a tenth of responses claimed were actually received.
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