Here are the India Business News Headlines 1st January 2018:
- Suspecting massive tax evasion under the GST regime and to get hold of tax evaders, the government is banking on the new e-way bill system and the transaction trail that will be established once businesses start filing their detailed sales returns. All states will implement e-way bill system for inter-state movement of goods from 1st February. The taxpayers will have to file GSTR-1 form relating to supplies for the initial few months by 10 January. GSTR-1 form requires the supplier of goods to specify details of the supply and the recipient, which will get automatically filled in the tax return form of the recipient, thereby ensuring a transaction trail and compliance.
- DoT will issue notice to five telecom operators, including Tata Teleservices, Telenor and Reliance Jio, to recover Rs2,578 crore as the CAG has red-flagged them for understatement of revenues by over Rs14,800 crore, resulting in a shortfall of nearly Rs2,578 crore.
- The anti-profiteering committee set up under the GST law has launched investigation against McDonald’s, Lifestyle and HUL for allegedly not passing on the benefit of tax cuts to customers.
- ATM industry wants Central Bank to increase the interchange fee for ATM transactions. The reason for demand is cited as increased costs of running the channel, impact of demonetization and a fall in the transaction volumes. The demand is being led by private sector banks while some large public sector banks are against the increase.
- The appointment of an Insolvency Resolution Professional for Videocon Industries has sparked a row among top audit companies. While Alvarez & Marsal won the bid, some others companies have complained that their bids were far lower. The IRP process is expected to last around 10 months.
- In a message to employees, Air India’s new CMD Pradeep Singh Kharola has called on the employees to improve performance, so its either perform or perish. He said that professional and productive work culture is the key to the airline’s turnaround and “we have to perform if we do not want to perish”.
- Alibaba Group Holdings is in advance talks to pick up a minority stake in logistics company XpressBees for $100 million. If the deal goes through, this will be Alibaba’s 6th investments in India.
- e-commerce companies will now have to display MRP and use-by date on the websites. This is expected to impact the tendency of companies which usually exaggerate MRP and then offer discounts or sell products close to their expiry date. Sellers says that this will help weed out the fake products.
Wishing you all a very Happy New Year!