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Thursday, June 22, 2017

DoP sets up facilitation cell to help cos shift to GST
The Department of Pharmaceuticals (DoP) has constituted a GST facilitation centre to enable pharma companies to successfully implement the new tax regime. "In order to help and support the pharmaceutical industry in ensuring smooth and successful rollout of GST, a facilitation cell is hereby constituted," the DoP said in a notification. The cell will be in constant touch with the major industry and business associations and sectoral groups on drugs and pharmaceuticals and will serve as the first contact for addressing any issue relating to the sector, it added.

NCAER pegs FY'18 GDP growth at 7.6% on normal monsoon
Economic think-tank NCAER has revised up its projection for the country's economic growth to 7.6% for the current fiscal, compared with the earlier prediction of 7.3% on forecast of normal monsoon. In its quarterly review of the economy, NCAER said prospects for the agricultural sector in 2017-18 remain optimistic on forecast of good rains. Recent estimates show that foodgrain production in 2016- 17 has touched a new record of 273.4 million tonnes or 8.7% higher as compared to last year.

MeitY's new webpage to help IT, electronic cos in GST regime
Ministry of Electronics and IT has launched a dedicated webpage to help companies in the IT services and electronics sector to adapt to the GST regime. The webpage will help address issues being faced by the companies in the sector and also enable them to file for grievance redressal with regard to GST implementation, an official release said. "In order to ensure preparedness for GST implementation from July 1, 2017, Ministry of Electronics & IT (MeitY) has launched a dedicated webpage for facilitating taxpayers with regard to addressing issues related to information technology services and electronic goods," it said.

CDSL IPO oversubscribed 169 times
The initial public offer of the Central Depository Services (India) Ltd (CDSL) saw huge investor demand with the issue being oversubscribed 169 times on the last day of bidding yesterday. The IPO, to raise Rs 524 cr, received bids for over 421 cr shares against the total issue size of 2.48 crore shares, data available with the NSE showed.

3-4 more municipal bodies to raise funds via bonds: Lavasa
After successful issuance of bonds by Pune Municipal Corporation (PMC), 3-4 more such bodies plan to raise funds through this route, Finance Secretary Ashok Lavasa said yesterday. PMC bonds will be listed on the stock exchange tomorrow, he said at an event organised by Icrier here. Another 3-4 municipal bodies have lined up bonds and will be floated soon, he added. PMC has raised Rs 200 crore by selling 10-year bonds, becoming the first civic body to tap money from this route in 14 years.

Home finance listing: RCap gets NCLT nod for shareholders' meet
Reliance Capital yesterday said it has received approval from National Company Law Tribunal (NCLT) for shareholders' meeting on demerger of Reliance Home Finance, a move that will facilitate independent listing of the home finance unit on exchanges. The company has already received 'no-objection' from the BSE and the NSE on the scheme. Listing of Reliance Home Finance is expected to be completed by September, Reliance Capital said. For every share held in Reliance Capital, shareholders will get one share of Reliance Home Finance after listing.

HDFC Bank partners ZineOne to provide rich digital banking experience
HDFC Bank Ltd has partnered with ZineOne to provide rich digital banking experience to its customers across all digital channels.  As part of this partnership, ZineOne, a start-up based in Silicon Valley in the US, will deploy its innovative Customer Interactions Hub (CIH) to provide personalized, seamless, and rich digital banking experiences across all digital banking channels of the bank. It will benefit over 40 million customers of the bank.

World steel output jumps to 143 mt in May
World crude steel output in May increased marginally by 2% to 143 million tonnes over the same month last year. "World crude steel production... Was 143.3 million tonnes (mt) in May 2017, a 2% increase compared to May 2016," said the World Steel Association (worldsteel). China's crude steel output was 72.3 mt, an increase of 1.8% year on year, it said. Japan produced 9 mt crude steel, up 0.1%.

Tata Power SED bags contract from Ministry of Home Affairs
Tata Power yesterday said its strategic engineering division (Tata Power SED) has bagged a contract from the Ministry of Home Affairs to supply comprehensive integrated border management system (CIBMS) to Border Security Force (BSF). This order is an initial phase of the larger border management project of the ministry to enable round the clock surveillance of Indian borders and to ensure every inch of area of interest is kept under vigil by the forces, the company said in a statement.

Courier cos say e-way bills defeat the GST spirit
Express logistics players yesterday hit out against the e-way bills provision under GST, saying the extra paperwork and processes is contrary to the spirit of the tax reform and threatens the industry's survival. "Under GST, the idea is to reduce the processes and introduce the 'one country one tax' regime. E-way bills go against the grail...It also threatens our survival," Express Industry Council of India chief operating officer Vijay Kumar told PTI over phone.

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