News Digest: GST rates cut,Tata sons,black money, HUL, and more
Budget 2018: Council may cut GST rates for 70 items; 40 on revision list A fortnight ahead of the Union Budget, the Goods and Services Tax (GST) Council is likely to take up rationalisation of rates of about 70 items, of which at least 40 are services. Amendment in rules may also be taken up to simplify filing and plug some of the loopholes.
A fitment committee of officers has made these recommendations to the Council. Reads moreSebi to vet Tata Sons bid to go private, evaluate minority interest The Securities and Exchange Board of India (Sebi) is looking at whether Tata Sons’ plan of becoming a private limited company from a public one would impact shareholders, especially minority shareholders of listed Tata entities that own shares in Tata Sons.Read moreSingapore partner has first rights on Air India’s ground-handling unitSingapore Air Transport Services can exercise its right of first refusal for taking over the 50 per cent stake of Air India in its most profitable unit that provides ground-handling services at major metro airports across the country.Read moreBlack money stashed in Singapore banks since 2008 now under govt scanner Those hiding unaccounted income in banks in Singapore will come under the scanner of Indian authorities, with New Delhi soon getting information of all accounts opened in the country since 2008. The Singapore revenue authority has asked all banks to share details of Indian account holders to pass it on to New Delhi under a double taxation-avoidance agreement (DTAA). As part of the information-exchange drive to curb back money stashed overseas, many Indians with bank accounts in Singapore have received letters about this. Read moreAnti-profiteering notice served on HUL; FMCG, IT firms may move HC The largest consumer goods company in the country, Hindustan Unilever (HUL), was on Tuesday slapped with a notice by the government’s anti-profiteering body, set up to monitor whether or not firms were passing on benefits of the goods and services tax (GST) to consumers. Read more