QBiz: Inflation at 15-Month High, NHAI to Bid out Highway Projects
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1. Taxpayers Have Till 27 Dec to Revise Erroneous GST Credit Forms
The government has advised taxpayers who have claimed transitional credit “erroneously” under the Goods and Services Tax to revise their incorrect forms by 27 December.
The government has asked taxpayers to ensure only correct and bonafide credit is availed in the transition to GST, failing which, the tax administration would be forced to initiate audit and enforcement action against offenders, finance ministry said in a press release.
“It has been noted that some taxpayers have availed extraordinarily high transitional credit of CGST which is neither commensurate with the trend of input tax credit of the industry nor as maintained by the taxpayer himself in the past,” the Finance Ministry statement said.
GST TRAN-1 forms are to be filed to claim credit on taxes paid before the implementation of the new indirect tax regime. Taxpayers could use these credits to pay their Central GST liability.
(Read full story on Bloomberg Quint)
2. India's Consumer Inflation Rises to 15-Month High in November
Consumer prices in India rose to a 15-month high in November due to the ongoing seasonal surge in vegetable prices and an unfavourable base effect from last year, breaching the the Reserve Bank of India’s medium term target for inflation.
Retail inflation accelerated to 4.88 percent over the same month last year, according to data from the Central Statistics Office. CPI Inflation in October had stood at 3.58 percent, while it was at 3.28 percent in September. Economists polled by Bloomberg had expected inflation much lower at 4.29 percent.
The surge in inflation was led by a 22.5 percent rise in the prices of vegetables. Higher vegetable prices, particularly the seasonal surge in onions and tomatoes, have kept India’s inflation on the rise since July, after hitting an all-time low.
(Read the full story on BloombergQuint)
3. NHAI to Bid out 3,500 Km Work Highway Projects by December
The National Highways Authority of India (NHAI) is making all-out efforts to speed up award and construction of highways and would bid out projects for 3,500 km by December, the government today said.
"NHAI has invited bids for projects of 4,900 km till November, 2017, while bids for another 3,500 km are likely to be invited by December end, taking the total up to 8,400 km," the Ministry of Road Transport and Highways said in a statement.
It said projects for bidding during Jan-March 2018 will be identified by the end of the month.
"Projects costing Rs 22,100 crore and covering 1,170 km have already been awarded so far and the bids for many other projects are under evaluation," the statement said.
(Source: PTI)
4. India to Host 3rd Annual Meeting of Board of Governors of AIIB
India will host the 3rd annual meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) at Mumbai on 25-26 June next year, an official statement today said.
The theme of the meeting will be 'Mobilizing Finance for Infrastructure: Innovation and Collaboration’, the statement further said.
The MoU was signed by joint secretary (multilateral institutions division) in the ministry of finance Sameer Kumar Khare on behalf of the government of India and AIIB's vice- president and corporate secretary Danny Alexander.
According to the statement, speaking on the occasion, Department of Economic Affairs Secretary Subhash Chandra Garg said it is a significant development that India is to host the 3rd annual meeting of AIIB at Mumbai.
(Source: PTI)
5. Sebi to Have Department to Address Issues Firms Face in Bankruptcy Court
The Securities and Exchange Board of India (Sebi) has formed a new department to review company filings for debt raising and address issues that listed companies face in bankruptcy court.
“Talking about work bifurcation, we have created a separate debt department which is looking at debt instruments such as Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), securitised assets and corporate bonds,” Sebi chairman Ajay Tyagi said.
Out of the 12 large non-performing assets (NPA) accounts currently under insolvency proceedings, 11 including Bhushan Steel Ltd, Alok Industries Ltd, Amtek Auto Ltd, Lanco Infratech Ltd, Electrosteel Steels Ltd and Era Infra Engineering are listed companies.
Once a company is admitted by the National Company Law Tribunal, its board is no longer in control.
(Source: Livemint)
6. Religare Gets NCLT Nod to Merge 11 Entities With Itself
Diversified group Religare Enterprises today said it has got approval of the National Company Law Tribunal (NCLT) to merge 11 of its entities with itself.
In December last year, the company had informed about the said merger in order to achieve better synergy and to simplify its corporate structuring.
"NCLT vide its order dated December 8, 2017 has approved the scheme of arrangement/amalgamation between Religare Securities (transferor company 1), Religare Commodity Broking (transferor company 2), RGAM Investment Advisers (transferor company 3)...Religare Capital Markets (India) Ltd (transferor company 11) (collectively referred to as 'Transferor Companies') Religare Broking Ltd (resulting company) and Religare Enterprises Ltd (transferee company)," Religare Enterprises said in a regulatory filing.
(Source: PTI)
7. Ashok Leyland Opens Africa Headquarters
Ashok Leyland inaugurated its West African headquarters at Abidjan, Ivory Coast, on Tuesday.
The flagship company of the Hinduja Group rolled out four models of vehicles from the headquarters: Captain (range of tippers), Boss (an intermediate commercial vehicle), Hawk (intra city bus) and MiTR (a mini bus), which are customised for the African market, the company said in a release.
The headquarters comprises the regional marketing office, genuine spare parts warehouse (Leyparts), training centre and 12 fully-equipped workshop bays.
(Source: The Hindu)
8. Bank of Maharashtra Gets Nod to Raise Rs 313 Cr via QIP
State-owned Bank of Maharashtra (BOM) on Tuesday said its board has approved to allot over 12 crore shares under QIP to raise up to Rs 313.55 crore.
"In respect of the qualified institutions placement (QIP), the Equity Issue Committee of the Board of Directors of the bank at its meeting approved the allotment of 12,27,21,827 equity shares to eligible qualified institutional buyers at the issue price of Rs 25.55 per share, aggregating to Rs 313.55 crore," it said in a regulatory filing.
Shares of the bank closed 0.57 percent down at Rs 26 on BSE on Tuesday.
(Source: PTI)
9. Societe Generale Buys Shares for 697 Crore
Societe Generale on Tuesday bought shares of several firms, including Fortis Healthcare and InterGlobe Aviation, for Rs 696.92 crore through open market transactions.
According to the block deal data available with BSE, Societe Generale purchased 2.66 crore shares of eight firms for Rs 696.92 crore.
The firms are Bharat Financial Inclusion, Crompton Greaves Consumer Electricals, Fortis Healthcare, Icra, InterGlobe Aviation, Max Financial Services, Petronet LNG and Shriram Transport Finance Company.
The shares were acquired in the range of Rs 137.75-3,875 apiece.
(Source: PTI)
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