QBiz: Govt Mulls Service Tax Hike, to Table Bankruptcy Bill Today
Here’s the latest from the world of business for the day.
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1. Govt May Raise Service Tax Rate in Budget: BS
To meet higher expenditure requirement for the next financial year, mainly on account of the seventh pay commission’s recommendations and the implementation of the one-rank-one-pay (OROP) pension plan, the Centre could raise the service tax rate by up to two percentage points in the coming Union Budget.
A committee headed by Chief Economic Advisor Arvind Subramanian has recommended a standard rate of 16.9 percent to 18.9 percent under the proposed goods and services tax (GST) regime. So, Finance Minister Arun Jaitley has the room to increase the service tax rate from the current 14 percent to 16 percent next financial year – to shore up revenue and also prepare the country for a GST
regime.
Read more here.
2. Finance Minister To Table Bankcruptcy Bill Today: TOI
Finance minister Arun Jaitley will table the Insolvency and Bankruptcy Bill in Parliament on Monday. This bill is the second biggest reform proposal after the Goods and Services Tax (GST) bill, as per the government. The government intends to bring important legislative measures on structural reforms during the remaining three days left of Parliament’s winter session.
Read more here.
3. PFRDA Switches to PAN for Online Enrolment Under NPS: FE
Pension fund regulatory body PFRDA has started using PAN instead of Aadhaar for validation of new customers who can now be registered online under the National Pension System (NPS) scheme. “PAN (permanent account number) cards will be used instead of Aadhaar for online opening of an NPS account.
An online facility for opening of an NPS account based on verification of PAN and bank KYC has commenced,” Pension Fund Regulatory and Development Authority of India (PFRDA) Chairman Hemant G Contractor was quoted saying.
Read more here.
4. Govt to Announce Minimum Import Price of Steel Soon
In order to stop cheap imported steel from flooding the market, the central government has decided to announce a Minimum Import Price (MIP) for steel. Union minister for heavy industries Anant Geete said the formal announcement of the MIP would be made early next week by the ministry of commerce.
Read more here.
5. Internet Giants Like Google, Facebook Look up to Indian Small Businesses for Growth: BS
As they look at ways to monetise their platforms, internet companies in India seem to be aggressively targeting the small and medium enterprise (SME) space with dedicated offerings. In the recent past, companies such Facebook, Google and Alibaba have come up with platforms catering to the different needs of the emerging businesses in the country.
Earlier this month, Facebook launched India SME Council, its second one after the US. The council will meet several times a year and will advise the social media firm about creating advertising solutions for the small businesses registered on its portal through dedicated accounts called Pages.
Similarly, Google launched its ‘Digital India’ website earlier this month. While the website promotes Indian start-ups in the form of publishing their success stories, it also creatively mentions how various Google apps have helped these firms.
Read more here.
6. Taj’s New Luxury Hotel Opens up in Bengaluru: ET
Taj Hotels Resorts and Palaces has announced the opening of Taj Bangalore, the latest addition to the group’s luxury portfolio. Located minutes from Kempegowda International Airport, Bengaluru, it is the sixth Taj group hotel in the city, a company release mentioned.
Read more here.
7. Chennai Flood Leaves 50,000 Jobless in MSME Sector: BL
Nearly 50,000 employees in nearly 10,000 micro enterprises located in and around Chennai have been left unemployed due to the recent torrential rains and flood that left their units damaged badly, said Kalraj Mishra, Union Minister for MSME.
The number of affected employees could be more if the 3,000 small units and 1,000 medium-sized industries hit by the floods are also taken into consideration
Read more here.
8. Tata Motors Only Indian Firm on Top-50 Global R&D List: FE
Tata Motors has entered the top-50 league of the world’s biggest companies in terms of their R&D investments, topped by German automaker Volkswagen. On the annual Industrial R&D Investment Scoreboard for 2015, prepared by European Commission, Volkswagen is followed by Samsung, Microsoft, Intel and Novartis in the top-five.
Read more here.
9. Medical Loan Provider Arogya Plans to Raise Rs 50 Crore: BL
Arogya Finance, which provides medical loans without collateral, is looking at a more than six-fold increase in disbursals to Rs 50 crore by FY17. Disbursals currently stand at Rs 8 crore (approximate), a year.
The increased disbursals will be backed by a new line of funds for the Mumbai-headquartered company, along with expansion in operations.
Read more here.
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