Gujarat Chamber of Commerce & Industry


Thu, 10 March 2016

Trade & Industry

MCA issues draft norms for revival of sick companies

Ahead of setting up the National Company Law Tribunal (NCLT), the government has come out with draft rules pertaining to revival and rehabilitation of sick firms under the companies law. NCLT, proposed under the Companies Act, 2013, would replace the Company Law Board. The ministry has sought comments on the draft rules with respect to revival and rehabilitation of sick companies related provisions under the Act.

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CBDT forms directorates to monitor taxpayer service

To reduce grievances of tax payers, the revenue department has set up a dedicated structure for delivery and monitoring of taxpayer services. CBDT Member (Revenue and Tax Payer Services) will oversee the related services in Central Board of Direct Taxes. Two separate Directorates - Directorate of Tax Payer Services I and Directorate of Tax Payer Services II - have been set up

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Exit tax may allow entities to shed charity tag

Entities looking to shed the charitable tag and fill up their coffers by becoming for profit organizations will now be able to do so, but at a price. The government has decided to levy such entities an exit tax to prevent siphoning off of corpus and assets of the charitable organizations built over time by taking advantage of exemptions and tax benefits.

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Labour ministry to integrate 5 labour Acts with e-biz portal

The labour ministry will integrate registration process under five labour Acts with its e-business portal so that various registrations required by a company can be obtained through a single window. The labour Acts covered in this process include the Employees Provident Funds and Miscellaneous Provisions Act, 1952; the Employees State Insurance Act, 1948; the Contract Labour (Regulation & Abolition) Act, 1970; the Building and Other Construction workers (Regulation of Employment & Conditions of Service) Act, 1996; and, the Inter-State Migrant Workmen (Regulation of Employment & Condition of Services) Act, 1979.

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Corruption major constraint for businesses: NCAER survey

Corruption is the biggest constraint being faced by businessmen across states in the country, says a survey of economic think tank NCAER. "The results (of the survey) indicate that corruption emerged as the biggest problem," it said adding that business enterprises have consistently ranked corruption as the major obstacle for growth.

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Companies will have to pay service tax on services availed from government from next fiscal year

Indian companies will have to pay service tax on any service they avail from the government or local authority from the next fiscal year, broadening the scope of the levy to include not just spectrum but all auctions, right of way, licence fees and development rights. These will all attract service tax, now applied at 15%, inclusive of two cesses. The government has notified a provision of the last Budget that will kick in on April 1.

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FDI proposals of Rs 48,902 crore cleared till January in FY16

The government has approved 285 FDI proposals worth Rs 48,902.76 crore till January this fiscal. Foreign Direct Investment (FDI) supplements the domestic capital and helps in bringing technology in various sectors, thereby stimulating economic growth and leading to increased exports, and employment generation, Minister of State for Finance Jayant Sinha said in a written reply to Rajya Sabha.

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Gold imports in Gujarat touch 23-month low

Import of gold in the state in February this year was only 1.32 MT, the lowest in a month since February 2014 when 1.25 MT gold was imported. Experts said the decline in import of the yellow metal was the result of unfulfilled expectations of relief in duty and taxes in the Union Budget; low demand; and slack sales. This is a decline of 77% over February 2015 (5.96 MT).

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Economic & Finance

India consumer confidence dips in February: Report

Consumer sentiments in India fell marginally last month, offsetting Januarys rise as consumers reported a further deterioration in their personal finances and saw little hope of a turnaround, says a report. The MNI India Consumer Sentiment Indicator fell to 108.9 in February from 109.8 in January. While the sentiment remained above the 100 level, meaning optimists still outnumber pessimists, it stands 7.4 per cent below last years average.

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New Projects

Mercom forecasts 100% growth in solar installations in 2016

Mercom Capital Group, a global clean energy communication and research firm, forecasts a near 100 per cent growth in solar installations in India for the 2016 calendar year to over 4 GW from a total of 2,133 MW in the previous year.

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What you pay for visas

Come March 18 and the UK will increase the visa application fees across-the-board. Fees for tourist visas to the UK will go up from £85 to £87 (six months); £324 to £330 (two years); £588 to £600 (five years); and £737 to £752 (10 years).

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Science & Technology

PurpleTalk invests $1 mn in retail tech start-up Nukkad Shops

Purple TalkInc, a Dallas-headquartered mobile solutions company, has invested $1 million (approximately Rs 6.7 crore) in Nukkad Shops.

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Ministry unveils new categories of industries for green nod

The environment ministry has released new categorisation of industries, exempting 36 types of industries from taking environmental clearance. The newly introduced `White category of industries pertains to those industrial sectors which are practically nonpolluting. It includes cotton and woollen hosiery (dry process only without any dyingwashing operation), electric lamp (bulb) and CFL manufacturing by assembling, scientific and mathematical instrument manufacturing, solar power generation through photovoltaic cells, wind power and mini-hydel power (less than 25 MW of capacity) among others.

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Government to change law to act against polluting industries on the basis of online evidence

The Centre will make necessary changes in existing law to enable use of online data as legal evidence against polluting industries if such units violate permissible emissioneffluent limits. The move is necessary as 1475 industries have already switched over to the web-based monitoring system and the remaining ones will put in the devices by June 30. The amendment in the Environment (Protection) Act, which is to be brought in during the second half of the ongoing Budget session of the Parliament in April-May, will also introduce various kind of penalties for different kind of violations by industries.

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