Around the Globe

Around the Globe

Centre, states broadly agree on CGST, IGST provisions

The GST Council at a meeting today broadly agreed on the contours of two key legislations - CGST and IGST - but a final approval is likely only by mid-March.

Union Finance Minister Arun Jaitley met with his state counterparts today and discussed the GST legislation to be adopted by Union Territories, but there was no discussion with regard to the State GST Bill.

Ola signs MoU with MP Govt

Cab aggregator Ola today said it has signed MoU with Government of Madhya Pradesh to create 25,000 entrepreneurs in the state.

The MOU is focused towards training, skill development and empowerment of 25,000 driver partners in the next two years, Ola said in a releae.

It said the MoU has been signed with Madhya Pradesh State Skill Development Mission (MPSSDM) and Directorate of Skill Development (Technical Education & Skill Development Dept).

The company has set goal of nurturing micro entrepreneurship and skilling 50 lakh drivers by 2020.

US to temporarily suspend premium processing of H-1B visas

The US today announced that from April 3 it will temporarily suspend the 'premium processing' of H-1B visas that allowed some companies to jump the queue as part of its efforts to clear the backlog.

The US Citizenship and Immigration Services (USCIS) announced that it would start accepting the H-1B visa applications for the fiscal year 2018 beginning October 1, 2017, from April 3.

It also announced the temporary suspension of the premium processing of H-1B visas beginning April 3. The H-1B visas are widely used by Indian IT majors.

H-1B visa reform to be part of immigration package:US to India

The US has assured India that the H-1B visas issue was not a priority for it and would be part of the larger immigration reforms package that the new Trump administration is working on.

The assurance came amid an ongoing debate in the US and reported moves by the Trump Administration to bring out an executive order to curtail the use of H-1B visas.

Govt in wrong direction to prevent farmer suicides: SC

The Supreme Court on Friday expressed grave concern over farmers’ suicide due to indebtedness and crop failure and said it felt the government was going in a “wrong direction” in tackling the real problem.
Asking the Centre to apprise it of the policy roadmap to address the burning issue, a bench headed by Chief Justice JS Khehar said the issue of farmers’ suicide was of “extreme importance” and paying compensation to the families of such victims “post-facto” was not the real solution.

Benami Act violators to face double whammy of legal action

The tax department today warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to 7 years and such violators would also stand to be charged under the I-T Act.

In advertisements issued in leading national dailies today, the Income Tax department stated: "Do not enter into benami transactions" as the Benami Property Transactions Act, 1988, is "now in action" from November 1, 2016.

Nepal needs more conducive framework for higher Indian FDI: FM

India is ready to provide more soft loans for new infrastructure projects to Nepal, Finance Minister Arun Jaitley has said, while asking it to develop a conducive legal and regulatory framework to attract more FDI.

Addressing the 'Nepal Investment Summit 2017' in Kathmandu yesterday, Jaitley said that with "early completion of power projects like Upper Karnali and Arun-III, Nepal would be able to export electricity to India".

Indian IT industry contributes immensely to US economy:NASSCOM

The debate in the US over H-1B visas has become a political and emotive issue as there is a "yawning gap" between the facts and perception, IT industry body NASSCOM has said, contending that Indian IT firms contribute immensely to the US economy and jobs creation.

CBEC asks tax officers to speed up GST migration

The Revenue Department has expressed "serious concern" over delay in migration of excise and service tax assessees to the new GST regime and asked field officers to complete the process by March 31.

The Central Board of Excise and Customs, the apex policy making body for indirect taxes, in a communication to the field formations has asked the Zonal Chief Commissioners to submit a weekly progress report beginning March 6.

Organised retail gains what e-comm lost

Organised retail chains have been gaining what both e-commerce and un-organised sector lost in the past few months. While e-commerce has been witnessing slower growth during the past few months with funds drying up, the cash crunch after demonetisation has resulted in a shift from un-organised to organised retail.

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