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Friday, June 23, 2017

GSTN to launch helpline for taxpayers, officials on June 25
GST Network, the company providing IT backbone for the GST, will launch two call centres on Sunday to handle queries from taxpayers and tax officials. The Goods and Services Tax will be rolled out from July 1, and GSTN will have a major role to play as it will have to handle the huge traffic of invoices and turnover details of companies. GSTN has partnered with IT giants Infosys and Tech Mahindra for launching the call centres. For any enrolment queries, tax payers may call on the call centre number 0120-4888999.

No possibility of power tariff hike after GST rollout, says Goyal
Power Minister Piyush Goyal sees no possibility of increase in power tariff across the country post GST, saying industry associations have not sought its deferment. The Goods and Services Tax (GST), which is set for July 1 kick-off, will usher in a new system under which there will be one tax on commodities and services across the country. "I don't see any possibility of spike in power tariff due to implementation of GST. There could be one or two paise variation (per unit of electricity)," Goyal told reporters after his meeting with the industry covering power, coal, mines and renewable energy sectors.

Govt seeks details of proposed investments in India from Apple
The government has sought investment and job creation details from iPhone maker Apple in order to facilitate setting up its proposed manufacturing facility in India. A view on Apple's application for tax concessions would be taken up after considering the levels of investments and the benefits that are likely to accrue to the Indian economy, sources said. Departments including revenue, electronics and information technology, and industry are deliberating upon the Cupertino-based technology major's proposal to set up smartphone manufacturing facility in India.

Bajaj Allianz Life launches ULIP Future Wealth Gain
Bajaj Allianz Life Insurance, yesterday launched Future Wealth Gain, a unit-linked endowment plan offering a choice of two variants - Wealth Plus and Wealth Plus Care. Future Wealth Gain is a non-participating ULIP plan with a regular and limited payment premium payment option. "The product provides our customers the flexibility to choose from eight funds covering both equity and debt asset classes for investment. This launch coincides with our company's achievement of crossing Rs 50,000 cr AUM recently," said Bajaj Allianz Life Insurance MD and CEO Tarun Chugh.

MPC minutes strengthen case for a rate cut, say Analysts
Minutes of the RBI meeting in June reveal more flexibility among MPC members and the central bank might deliver a 25 bps rate cut in its August review, said analysts. According to global financial services major HSBC, the minutes of the MPC meeting held earlier in June show that the members are more flexible in their outlook and ready to be convinced by lower inflation prints over the next few months.

Indian IT export to grow 7-8% in current fiscal: Nasscom
Indian IT export is projected to grow by 7-8% in 2017-18, industry body Nasscom said in its guidance yesterday. The domestic market is expected to grow 10-11%, it said. The IT-BPM industry is expected to add 1.3-1.5 lakh new jobs during 2017-18, Nasscom president R Chandrashekhar told reporters here. In the previous fiscal, the industry's net hiring stood at 1.7 lakh. Keeping in view the political and economic uncertainties in key overseas markets that impacted decision-making and discretionary spend, and also the performance of IT companies last year, Nasscom expects the future outlook to be positive, he said.

SAIL brings in SBI Cap as transaction advisor
SBI Capital Markets (SBI Cap) has been roped in as the transaction advisor for the divestment process of three units of SAIL and Luthra and Luthra has been engaged as legal advisor for stake sale. "SBI Cap is the transaction advisor while Luthra and Luthra Law Offices is the legal advisor," a source privy to the development said. Protocol Insurance Surveyors & Loss Assessors is the assets valuer for the stake sale, the source said.

Tata Power offers to sell 51% stake in Mundra for Re 1
Tata Power has offered to sell 51% stake in its 4,000 MW Mundra power project for Re 1 to states like Gujarat, which buy electricity from it, to tide over the financial crisis facing this business. Coastal Gujarat Power Ltd (CGPL), the Tata Power unit which operates the Mundra project, wrote to Gujarat Urja Vikas Nigam Ltd earlier this month offering to retain only 49% stake and operate the project as a contractor provided the procurers buy all the power at higher tariffs.

Jet Airways expands codeshare pacts with Air France, KLM Royal Dutch & Delta
Budget carrier Jet Airways yesterday announced expansion of its codeshare partnership with Air France, KLM Royal Dutch Airlines, and Delta Air Lines. Under the expanded pact, the carriers will expand choice and connectivity options for guests flying between India and Europe, Jet Airways said in a release. It enables Jet Airways passengers convenient access to as many as 43 European destinations via the airline's European hub Amsterdam and 27 via Paris besides 34 in North America.

GTPL Hathway IPO subscribed 41% on Day 2
The IPO of GTPL Hathway, which offers cable TV and broadband services, received 41% subscription at the end of the second day yesterday. The issue, which opened on June 21, received bids for 83,22,072 shares against the total issue size of 2,02,15,966 shares, data available with the NSE showed.

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