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Export of Oilmeals during January 2017 has jumped more than doubled
Feb 08,2017

The Solvent Extractors Association of India (SEA) has compiled the export data for export of oilmeals for the month of January 2017. The export of oilmeals during January 2017 has jumped more than doubled and reported at 165,980 tons compared to 71,890 tons i.e. up by 131%. The overall export of oilmeals during April 2016 to January 2017 is reported at 1,335,894 tons compared to 1,300,465 tons during the same period of last year.

SEA has revised export data from April16 onward for soybean meal and de-oiled rice bran with update data collected for export by surface transport to neighboring countries.

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Fitch: India Oil Merger May Boost Efficiency; Faces Challenges
Feb 08,2017

A proposed merger of Indias state-controlled oil companies could reduce inefficiencies across the sector. It would also create an entity that is better placed to compete globally for resources, and less vulnerable to shifts in oil prices. However, a merger would face significant execution challenges, particularly in terms of managing the integration of employees, addressing overcapacity in the merged entity, and winning the backing for the merger from private shareholders, says Fitch Ratings.

Fitch would expect the merger to give the new entity much stronger bargaining power with suppliers, and greater financial clout to secure oil resources. Most Asian countries have just one national oil company integrated across the value chain. In contrast, there are 18 state-controlled oil companies in India, with at least six that can be considered key players - Oil India Limited, Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation and GAIL (India) (all BBB-/Stable) and ONGC. Proposals to consolidate Indias oil & gas sector have been floated before, but last week the idea was presented in a budget speech for the first time. No details have yet been provided on which companies would be involved, but the aim is to create an integrated public sector oil major.

A merged entity would have opportunities to save on costs and improve operational efficiency. For example, there would be less need for multiple retail outlets in a single area. Transport costs could be reduced by retailers sourcing from the nearest refinery, rather than the ones they own - as is currently the common practice. A merged entity would also be able to share expertise for exploration and acquisition of resources.

The integration of upstream, refining and retail companies would have the additional benefit of spreading the impact of oil prices movements across the various parts of the value chain, which would reduce volatility in cash generation.

However, there will be considerable difficulties involved in merging a number of entities with differing structures, operational systems, and cultures. Political sensitivities are likely to limit job cuts, and personnel-related issues are likely to arise from the need to manage hierarchies and potential overcapacity in the integrated entity. Moreover, all are listed companies, with public shareholding ranging from 51%-70%. That could cause some problems in obtaining approval from the 75% of shareholders that is typically required to approve a merger, particularly if there are concerns over valuation.

There is also a question of how the state will handle the likely decline in competition after a merger. Consumers have benefitted from competition among the state-controlled retail companies, which has supported improvements in service standards. Private companies are increasing their market share from a low base, but could find it even harder to compete with a single large state-controlled company.

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ASSOCHAM seeks fine prints of electoral bond scheme
Feb 08,2017

ASSOCHAM today said the fine prints of the electoral bond scheme for donations to the political parties by businesses and wealthy individuals should aim at maximising clean-up of the system and transparency in political funding.

n++Reducing the political anonymous donations limit to Rs 2,000 from Rs 20,000 per individual may not be fool-proof but is certainly a step forward. Along with this the other big move by the Finance Minister Mr Arun Jaitley to bring in the electoral bonds is an out of box idea. While there is a popular pressure for full transparency and disclosure of names of both the donors and the receivers of the political funds, there is also a merit in the government contention about protecting the identity of the donors as their identification could lead to bigger problems, n++the ASSOCHAM Secretary General Mr D S Rawat said.

He said no industrial house would like to be identified whether it donated to one political party or the other. This way, business houses could be trapped in political rivalry.

The ASSOCHAM said the fine-prints of the electoral bonds scheme should be worked in a manner to make it a credible tool of transparency in the election funding.

Alongside, the n++idea of state funding of elections should also be considered seriouslyn++.the industry which is committed to work for strengthening the Indian democracy would be happy to work with the Election Commission, government, political parties and the civil society to find a common solution to reduce the money power in the electoral process so that well meaning people who do not have financial resources can also come forward and make a qualitative changes in the Indian policy,n++ the chamber said.

It said, the Prime Minister Mr Narendra Modis suggestion of holding simultaneous elections for both the Lok Sabha and the state assemblies should also be considered seriously by all the political parties. n++Besides, exerting a lot of pressure on the administrative machinery of security forces, bureaucracy, teachers, frequent elections in some state or the other lead to enforcing Election Commission Code of Conduct, delaying the developmental schemes. Besides, it also leads to populist competitive politics, that may not always be growth oriented. Some of the schemes may yield immediate political dividend, but could be detrimental for long term gainsn++.

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The Government is not thinking to hike service tax if GST roll out is delayed
Feb 08,2017

The Government is not thinking to hike service tax if GST roll out is delayed. The Government is taking steps to expedite the GST and to take the concerns of the States on board.

Goods and Services Tax Council (GST Council) has been constituted on 15 September 2016 under Article 279A of the Constitution. The GST Council consists of the Union Finance Minister, the Union Minister of State in charge of Revenue or Finance and the Minister in charge of Finance or Taxation or any other Minister nominated by each State Government. The GST Council is presently deliberating on various issues entrusted to it. The GST Council has held nine meetings so far and has made recommendations with respect to thresholds, tax rates, GST Rules, treatment of existing tax incentives, Draft GST Compensation Law and Model GST Law for implementation of GST. All the decisions taken by the Council so far have been based on consensus. The Government is making concerted efforts in the form of IT readiness, rigorous consultations, workshops and training sessions for the industry and traders, and all other stake holders involved.

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Protection of consumers interests in digital mode of payment
Feb 08,2017

Instructions have been issued on Merchant Discount Rate (MDR) Structure on June 28, 2012 capping the MDR @ 0.75% for payment made through debit cards upto Rs. 2000/- and @ not exceeding 1 % for transaction value above Rs. 2000/-. Further, in order to facilitate wider acceptance of card payments, following temporary measures have been introduced for the period from Jan 1, 2017 applicable till March 31, 2017:

i. For transactions upto Rs. 1000/- MDR shall be capped at 0.25% of the transaction value.

ii. For transactions above Rs. 1000/- and upto Rs. 2000/-, MDR shall be capped at 0.5% of the transaction value.

Reserve Bank of India has been continuously striving to promote electronic transactions by making it safe, secure accessible and efficient. Toward this end, a number of measures have been taken on n++Security and Risk Mitigation Measures for Securing Electronic Payment Transactionsn++ which can broadly be put in to 4 categories.

i. Securing Card Present Transactions

ii. Securing Card not Present Transactions/On line card not present transactions.

iii. Securing Payments through Internet banking /Electronic Payments-RBI has required banks to introduce additional measures to secure electronic mode of payments like RTGS, NEFT and IMPS.

iv. On line alerts for all type of card transactions - RBI instructed banks to send on line alerts to customers for all type of card transactions

Honble Finance Minister in Budget Speech 2017-18 has proposed to create a Payments Regulatory Board in the Reserve Bank of India by replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems. Necessary amendments are proposed to this effect in the Finance Bill 2017.

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Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016
Feb 08,2017

The Government of India, in consultation with the Reserve Bank of India (RBI), had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 vide Notification No. S.O.4061(E) dated December 16, 2016. The deposit under this Scheme shall be made by any person who declared undisclosed income under Pradhan Mantri Garib Kalyan Yojana, 2016. The deposit sum, which shall not be less than twenty-five per cent of the declared undisclosed income, can be deposited at the authorized banks (as notified by Government of India) from December 17, 2016 (Saturday) to March 31, 2017 (Friday).

In this connection, the Government of India has decided to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016. Accordingly, para 4(4) of the notification stands amended as under:

n++4. Subscription and Mode of investment in the Bonds Ledger Account- (4), the deposit to be made under sub-section (1) of Section 199F under this Scheme can be made, on one or more occasions. The deposits shall be made before filing declaration under sub-section (1) of section 199C.n++

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CBDT issues Certificates of appreciation to nearly 3.74 lakh tax payers for their contribution towards Nation building
Feb 08,2017

In continuation of the initiative of the Government to acknowledge the contribution of tax payers by paying taxes towards nation building and promptness in filing of Income Tax Returns, CBDT has issued the third round of Certificates to nearly 3.74 Lakh tax payers. With this, the total number of certificates issued by CBDT now stands at approximately 23 Lakh.

Individual tax payers may take note that such certificates of appreciation are only sent by e-mail in various categories on the basis of the taxes paid by them for the Assessment Year 2016-17, where taxes have been paid in full, tax payers have no outstanding tax liabilities, the return is e-filed within the prescribed due date and verified through Digital Signature or Electronic Verification Code (EVC) or submission of signed ITR-V to CPC Bangalore. The categories for individual taxpayers are:

i. Platinum -Taxpayers who have contributed Rs 1 Crore and above as tax

ii. Gold -Taxpayers who have contributed between Rs 50 Lakh and Rs 1 Crore as tax

iii. Silver -Taxpayers who have contributed between Rs 10Lakh and Rs50 Lakh as tax

iv. Bronze -Taxpayers who have contributed between Rs 1 Lakh and Rs 10 Lakh as tax

Taxpayers are advised to verify and update their email address and mobile number on the e-filing website to receive electronic communication. It may be noted that taxpayers can provide upto two email and two mobile numbers in their profile. Therefore, it is strongly advised that taxpayers should provide their personal and regularly used Email and Mobile number as their primary email.

The CBDT urges taxpayers to e-file their returns in time and verify their return by submitting the Electronic Verification Code online or sending their ITR-V within the 120 day period so that they can be also acknowledged for their contribution.

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Speedy Recovery of Non-Performing Assets (NPAs) of Public Sector Banks (PSBs)
Feb 07,2017

Non-Performing Assets (NPAs) of Public Sector Banks (PSBs) as on September, 2016 stands at Rs.5,89,502 Crore (11.82%).

During FY 2015 and FY 2016 PSBs made total NPA recoveries of Rs.42,542 Crore and Rs.39,986 Crore, respectively. The bank-wise details of recovery of NPAs due to actual recoveries in the PSBs during the last two years as per Table below. Based on above data it is observed that PSBs recorded only a moderate decline of Rs. 2,556 Crore in NPA recoveries.

The Government has taken sector specific measures (Infrastructure, Power, Road, textiles, Steel etc.) where incidence of NPA is high. The Insolvency and Bankruptcy code (IBC) has been enacted and Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) and The Recovery of Debts due to Banks and Financial Institutions (RDDBFI) Act have been amended to improve resolution/recovery of bank loans. Six new Debt Recovery Tribunals (DRTs) have been established for improving recovery. RBI has provided a number of tools in this regard- Corporate Debt Restructuring (CDR), Formation of Joint Lenders Forum (JLF), Flexible Structuring for long term project loans to Infrastructure and Core industries (5/25 Scheme), Strategic Debt Restructuring Scheme (SDR) and Sustainable Structuring of Stressed Assets (S4A).

ANNEXNPA REDUCTION DATA FOR PUBLIC SECTOR BANKS(Rs. In Crore)Bank NameTotal reduction in NPAs- due to actual recoveries during the FY20152016Allahabad Bank8272,465Andhra Bank1,156729Bank of Baroda1,2951,347Bank of India2,7983,153Bank of Maharashtra430645Bharatiya Mahila Bank Ltd.--Canara Bank1,8711,260Central Bank of India3,4303,087Corporation Bank318477Dena Bank595728IDBI Bank Limited1,149840Indian Bank525513Indian Overseas Bank2,3421,784Oriental Bank of Commerce1,0101,149Punjab & Sind Bank190217Punjab National Bank4,2206,001Syndicate Bank1,0711,248UCO Bank1,6291,369Union Bank of India1,125844United Bank of India1,2371,095Vijaya Bank646288Nationalised Banks27,86429,239State Bank of Bikaner & Jaipur575756State Bank of Hyderabad1,9812,503State Bank of India8,5004,119State Bank of Mysore1,014490State Bank of Patiala1,4111,405State Bank of Travancore1,1971,474SBI Group14,67810,747Public Sector Banks42,54239,986Source: RBI


Conversion of Kisan Credit Cards into Rupay Cards
Feb 07,2017

Under revised Kisan Credit Card (KCC) Scheme issued by Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD), withdrawal through ATM/Debit Cards has been allowed as one of the delivery channels for the drawal of the drawing limit for the current season/year. The Government has been closely monitoring the progress of conversion of Kisan Credit Cards (KCCs) to RuPay ATM cum Debit Kisan Credit Cards (RKCCs). The Government has now decided that NABARD will coordinate the conversion of operative/live KCCs into RKCCs by Cooperative Banks and Regional Rural Banks (RRBs) in a mission mode. Conversion of KCCs into RKCCs will facilitate the farmers in undertaking financial transactions on digital platform. The use of RKCCs may increase the frequency of funds accessed by the farmer as there will be ease in withdrawing cash as and when required. This periodic withdrawal of small amounts will help in reducing the interest burden on the farmers and enable them to access credit as per their needs.

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Ministry of Agriculture & Farmers Welfare constitutes a committee to achieve the target of doubling of income of farmers by March 2022
Feb 07,2017

To understand the impact of demonetization on farming sector, Indian Council of Agricultural Research (ICAR)-National Institute of Agricultural Economics and Policy Research (NIAP) conducted a short survey of farmers in few villages around Delhi under Mera Gaon Mera Gaurav (MGMG) initiative. Survey findings could not establish any significant adverse effect of demonetization on input availability, market arrivals of produce and area sown in Rabi season. As per preliminary reports received from the States, the total area sown under Rabi crops as on 27th January, 2017 stands at 637.34 lakh hectares as compared to 600.02 lakh hectares this time in 2016 indicating no significant impact of demonetization on Rabi sowing.

In order to achieve the target of doubling of income of farmers by March 2022, the Department of Agriculture, Cooperation and Farmers Welfare has constituted a Committee under the Chairmanship of Additional Secretary, for the following aspects:

i) To study the current income level of farmers/ agricultural labourers

ii) To measure the historical growth rate of the current income level

iii) To determine the needed growth rate to double the income of farmers/agricultural labourers by the year 2021-22

iv) To consider and recommend various strategies to be adopted to accomplish (iii) above

v) To recommend an institutional mechanism to review and monitor implementation to realise the goal

vi) To examine any other related issue.

The Committee has held five meetings so far to evolve a suitable strategy.

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Moodys: Asian liquidity stress index improves for second consecutive month to 29.4% in January
Feb 07,2017

Moodys Investors Service says that its Asian Liquidity Stress Index (Asian LSI) fell for the second consecutive month in January 2017, registering 29.4% a slight improvement from 30.3% in December 2016.

The Asian LSI fell to 29.4% largely due to an increase in the number of Moodys-rated high-yield companies to 126 from 122 January but also reflects the second consecutive month showing improvement in the index and fifth consecutive month it is below the trailing 12-month average of 31.8%, says Brian Grieser, a Moodys Vice President and Senior Analyst.

The index measures the percentage of high-yield companies with SGL-4 scores and increases when speculative-grade liquidity appears to deteriorate.

However, the Asian LSI remains above the long-term average of 22.7%, highlighting the ongoing weakness in corporate liquidity profiles across Asia adds Grieser.

The liquidity stress sub-index for North Asian high-yield issuers fell to 30.5% in January 2017 from 32.5% in December 2016. Within this portfolio, the Chinese sub-index dropped to 31.9% from 34.3%. The Chinese high-yield property sub-index fell to 17.5% from 20.0%, and is now at its lowest level since November 2014. Meanwhile, the Chinese high-yield industrial sub-index dropped to 50.0% from 53.3%.

The liquidity stress sub-index for South and Southeast Asian high-yield issuers rose to 27.3% from 26.2%. By contrast, the Indonesian sub-index fell to 23.8% from 26.3%.

Moodys report points out that in January 2017, Moodys downgraded three high-yield issuers and there was one fallen angel, a term which denotes a company which was downgraded from an investment-grade to a non-investment grade rating. The downward rating actions continue the trend that has seen downgrades exceed upgrades every quarter since Q2 2013.

Across Moodys portfolio of 126 rated high-yield issuers, the percentage of negative leaning outlooks n++ meaning ratings with either a negative outlook or on review for downgrade n++ fell to 34.9% in January 2017 from 35.2% in December 2016.

Moodys also says that 11 bond deals closed during January 2017, raising $3.6 billion, and representing the strongest monthly issuance of rated high-yield debt in Asia since January 2014. Chinese corporates accounted for nine of the 11 deals, and two-thirds of the total dollar amount issued.

At 31 January 2017, Moodys rated 126 speculative-grade non-financial corporates in Asia n++ excluding Japan and Australia n++ with rated debt totaling $64.7 billion.

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Focus of the Budget is on tax compliance
Feb 07,2017

The budget this year focuses on the clarity and certainty of the tax laws, while at the same time endeavoring to make the country more tax compliant and to honour the honest taxpayers. The focus areas for the budget this year are digitalization, demonetization, expansion of tax base, and saving the genuine tax payers from any harassment from the taxmann++, said Mr Sushil Chandra, Chairman, Central Board of Direct Taxes, Ministry of Finance.

Mr Sushil Chandra further emphasized on the policy and direction of the budget, and assured the industry that the Government would come up with any clarifications that might be called for on any of the newly introduced legislations, such as GAAR and POEM.

Mr Ram Tirath, Member - Budget and GST, Central Board of Excise & Customs, Ministry of Finance mentioned that n++since the Government is committed on bringing GST with effect from 1st July, there are not many changes in the area of indirect taxes. The changes that have been incorporated in the budget are largely in the areas of digitization, ease of doing business, export promotion and anti-avoidance. The move to GST will be a smart transformation, i.e. Simple, Moral, Accountable, Responsible and Transparent, and will radically change the indirect taxation scenario of the countryn++. Mr Ram Tirath further added that the final GST law is expected to be in the public domain by the end of March.

Mr Sushil Kumar Sahai, Member - Income Tax, Central Board of Direct Taxes, Ministry of Finance addressed the concerns of the industry on issues involving tax reduction for MSME companies, MAT, APA, IndAS, GAAR and POEM. Mr Sahai stressed on the focus of the Government to save the genuine tax payers from any harassment under the newly launched Operation Clean Money. He promised to take back to the Government the concerns of the industry on the levy of surcharge on personal incomes between Rs 50 lakhs and 1 crore.

Mr Rajiv Memani, Chairman, CII National Committee on Taxation congratulated the Government on coming up with an outstanding and prudent budget, with emphasis on fiscal prudence, widening of the tax base, ease of doing business and tax compliance. Mr Memani appreciated the reduction of corporate tax rate for MSMEs, saying that it would go a long way in supporting the growth of the sector.

Mr Memani requested the Government to consider and address the concerns of the industry on various issues like MAT, APA, GAAR, long term capital gains, possible harassment to tax payers and Operation Clean money. n++The Government should reconsider the surcharge proposed on incomes between Rs 50 lakhs and 1 crore, as the move goes against the Governments intention to reward the honest taxpayers The Government should consider reducing the rate of surcharge to 5%, if not remove it altogethern++, suggested Mr Memani.

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GDP growth to be 7% plus in 2017-18, says Economic Affairs Secretary
Feb 07,2017

The 2017-18 Union Budget charts a story that is consistent with the policies of Government in the last couple of years, is predictable in its approach and is shorn of unnecessary surprises for the industry and society, said Mr. Ashok Lavasa, Finance and Expenditure Secretary, Ministry of Finance, while addressing the National Executive Committee Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI).

Mr. Lavasas observations were corroborated by Mr. Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, who said that the Budget maintains the Governments commitment with regard to reforms and taxation policy.

The Finance Secretary said that the Budget demonstrates that governance reforms were fundamental to transforming the economy and energising the people. Cleaning the system was another key component of the Finance Ministers proposals which is attempted through a series of steps such as Aadhar linked devolution of government support and subsidies to the targeted beneficiaries, expenditure reforms and the proposed revamping of the General Financial Rules to monitor how the various departments were expending the allocated funds.

Mr. Lavasa said that governance was being made more transparent and efficient through measures such as government procurement through the e-marketplace, rationalisation of Central sector schemes and reduction in Centrally-sponsored schemes.

He said that technology was being increasingly employed to impart efficiency in expending fund and space technology was being deployed to geo-map the creation of assets on the ground. This, he said, would help in framing an outcome budget. Once, every two years of the duration of a government scheme, an evaluation would be done on the way funds were being spent.

Mr. Lavasa described the Budget as progressive without being high sounding; pragmatic without being conservative and people-oriented without being populist.

Mr. Shaktikanta Das maintained the impact on demonetization on growth would be very transient and that it would not spill over to the next year which would see a growth of 7% plus and the economy would continue to do well thereafter. In spite of the stronger global headwinds, India remained buoyant, he emphasized.

In his elucidation on the Budget proposals, Mr. Das said that the Government had stuck to its commitment with a progressive outlook. This is seen by avoidance of retrospectivity in taxation, targeting of government support through Aadhar, reforms in agriculture, especially the model law on contract framing, UGC reforms, proposed amendments to the Airports Authority Act, metro development to harness private investment and skills and integration of spot and derivative markets to provide remunerative prices to farmers.

Mr. Hasmukh Adhia, Secretary, Department of Revenue, Ministry of Finance, said that the most challenging task for the government is to increase the share of personal income tax in GDP, which at present was abysmally low. He said that personal income tax has a share of a mere two per cent, which needs to be raised substantially. Also, the profile of personal income tax does not match with the consumption profile of the country, which needs to be looked at.

Speaking on the issue of Indias corporate income tax not being globally competitive, Mr. Adhia said that the government had limited resources and therefore moderation in corporate income tax rate has to be seen in the context of a concomitant expansion of the tax net. On GST, he said that it was well on track with the Centre and State Governments on board and it is hoped that on July 1, 2017, GST will become a reality.

Mr. Sushil Chandra, Chairman, Central Board of Direct Taxes, Ministry of Finance, and Mr. S Ramesh, Member, Central Excise, Service Tax & IT, Ministry of Finance, explained and clarified the provisions of the Finance Act and reiterated that the government was simplifying the tax regime to the extent possible for industry and individual taxpayers. The government was employing technology to make tax assessment faceless.

Earlier, Mr. Dinesh Kanabar, Chair, FICCI Committee on Taxation & CEO, Dhruva Advisors LLP, gave snapshots of the plusses and minuses of the Budget proposals with regard to direct taxation and Mr. Mahesh Jaising, Partner, BMR Advisors LLP, made a presentation on the indirect tax proposals.

According to a FICCI analysis on Economics of Union Budget 2017-18, the budget would strengthen the economic muscle of the country. It is directionally correct, fiscally prudent and strengthens the governance fabric of the nation. There is a balancing of objectives of higher economic growth and improved economic justice.

However, implementation is the key, especially with respect to capital expenditure, dsinvestment, tax reforms and Ease of Doing Business. Additionally, FICCI looks forward to additional measures over the year with regard to corporate tax reduction for large companies, and a further capital infusion in PSBs and introduction of Public Sector Asset Rehabilitation Agency (PARA).

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Central Board of Direct Taxes (CBDT) signs four more unilateral Advance Pricing Agreements (APAs)
Feb 07,2017

The Central Board of Direct Taxes (CBDT),Department of Revenue, Ministry of Finance has entered into four more unilateral Advance Pricing Agreements (APAs).

The four APAs signed pertain to the Manufacturing, Financial and Information Technology sectors of the economy. The international transactions covered in these agreements include Contract Manufacturing, IT Enabled Services and Software Development Services.

With this, the total number of APAs entered into by the CBDT has reached 130. This includes 8 bilateral APAs and 122 Unilateral APAs. In the current financial year, a total of 66 APAs (5 bilateral APAs and 61 unilateral APAs) have already been entered into. The CBDT expects more APAs to be concluded and signed before the end of the current fiscal.

The APA Scheme was introduced in the Income-tax Act in 2012 and the n++Rollbackn++ provisions were introduced in 2014. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the prices of international transactions in advance. Since its inception, the APA scheme has evinced a lot of interest from taxpayers and that has resulted in more than 700 applications (both unilateral and bilateral) being filed so far in about five years.

The progress of the APA Scheme strengthens the Governments resolve of fostering a non-adversarial tax regime. The Indian APA program has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner.

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3.56 Cr fake/duplicate accounts identified for 2015-16 under PAHAL
Feb 07,2017

The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan said that implementation of PAHAL has resulted in identification of 3.34 crore and 3.56 crore ghost/fake/duplicate accounts during Financial Year 2014-15 and 2015-16 respectively. The total subsidy / under recovery on domestic LPG during the financial years 2014-15 and 2015-16 was Rs. 40569 crore and Rs 16074 crore, respectively. Lower subsidy during the last year is due to various factors, including introduction of direct transfer of subsidies into the accounts of consumers (PAHAL Scheme) and fall in international crude oil prices.

As on 29 January 2017, 1,05,46,090 LPG consumers have voluntarily given up/ surrendered their LPG subsidy. Government has also issued a circular stating that the benefit of the LPG subsidy will not be admissible for the LPG consumers, if the consumer or his wife/her spouse had taxable income of Rs. 10 lakh and above during the previous financial year computed as per the income Tax Act 1961.

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