Telecom minister Ravi Shankar Prasad will launch a web portal to report theft of phones in Maharashtra on Friday. If your mobile phone is stolen or lost, you will have to file an FIR and inform the DoT via helpline number 14422. After the police complaint, the DoT will blacklist the IMEI number which would result in the handset being blocked from accessing any mobile network in the future. The cellular operator will also block the phone from accessing the network. Further details will emerge in the evening after the launch of the portal.
The GST Council in its meeting on September 20 is set to discuss a proposal to exempt small businesses with annual turnover of less than Rs 2 crore from filing annual returns. So far, only 25-27% of registered assesses have filed their annual returns despite extension of deadlines three times. The Council will decide if the mandatory return filing requirement be suspended for only 2017-18 or for subsequent financial years as well. As per official data, out of about 1.39 crore total assessees, nearly 85% have an annual turnover of Rs 2 crore or less.
Talking about the market, Jhunjhunwala said that indicators are suggesting that stocks have bottomed out, particularly midcaps, and this is a good time to invest. Endorsing government's economic policies, ace investor Rakesh Jhunjhunwala said the Narendra Modi-led government has performed very well and the country will achieve the target of $5 trillion economy in the given time. "We are seeing the beginning of a turnaround, but it will be slow," the ace investor added.
The cost inflation index (CII) for the financial year (FY) 2019-20 has been notified by the Ministry of Finance. In a notification dated September 12, the finance ministry stated that CII for FY 2019-20 has been set as 289. For the previous financial year, CII was 280. This number is important as it is used to arrive at the inflation-adjusted cost of acquisition of assets where indexation benefit is allowed and thereby long-term capital gains (LTCG).
The finance ministry has notified the e-assessment scheme 2019 for conduct of faceless scrutiny assessment of ITRs. The scheme involves creation of e-assessment centres at national and regional level; auto-allocation of cases among these centres; all communication between the department and taxpayer to be purely electronic; communications to be digitally authenticated; and most importantly individual taxpayers would not be required to appear either personally or through authorized representative in relation to the proceedings. Under the scheme, an assessee would be required to submit a reply electronically within 15 days against the scrutiny notice issued under section 143(2).
Mahindra and Mahindra announced a tie-up with self-drive car rental company Revv to offer its passenger vehicles on a subscription model. Revv offers vehicles from seven other manufacturers, including Hyundai and Maruti Suzuki, for subscription. Zoomcar, another car rental company, in which Mahindra is also a strategic investor, also offers Mahindra’s vehicles on subscription. At Zoomcar, however, customers can also rent their vehicles to other people on days when they are not using them, thus partially offsetting their monthly fee.
State-run Bank of Baroda has put on block the erstwhile headquarters of Dena Bank in the financial capital at a reserve price of Rs 530 crore. The property situated in the tony Bandra Kurla Complex central business district has a land area of 2,878.36 sqm with a built-up area of 9,953.73 sqm. Dena Bank and Vijaya Bank got amalgamated with Bank of Baroda in April, this year. The auction will be held on October 18.
SBI will revise service charges for deposits and withdrawal on October 1 which will encompass cash withdrawal, average monthly balance, deposits and withdrawals and will affect customers in many ways. Starting October 1, SBI has reduced the maintenance of average monthly balance (AMB) for urban centers from Rs 5,000 to Rs 3,000. Under the revised rules, if AMB falls short by 50% (that is Rs 1,500) the individual will be charged Rs 10 plus GST.
Tariffs imposed by the United States and China in the ongoing trade war could lower the level of global economic output by 0.8% in 2020 and trigger additional losses in future years, the International Monetary Fund said. IMF spokesman Gerry Rice said the global economy is witnessing difficult challenges, including a weakening of manufacturing activity not seen since the global financial crisis of 2007-2008.
The driver and the owner of a truck were slapped a fine of over Rs 2 lakh for various offences in Delhi under the new Motor Vehicles Act. The offences include overloading and driving without a proper licence. Since the implementation of the amended MV Act on September 1, this is the highest amount of fine imposed for violation of norms in Delhi. Earlier, a truck from Rajasthan was fined Rs 1.41 lakh for overloading and other offences.
The Centre is likely to permit cab aggregators such as Ola and Uber to charge customers up to three times the base fare during periods of high demand. The government is in the process of drafting new set of regulations for the industry. The proposed rules for cab aggregators follow the new motor vehicle law, which for the first time recognises cab aggregators as digital intermediaries or marketplaces.
The GST Council could lower levies for sectors such as automobiles, biscuits and other fast-moving consumer goods (FMCG) at its September 20 meeting. The automobile sector wants GST rates on passenger vehicles to be cut to 18% from 28% now. The auto sector, in addition to GST, also faces a compensation cess that ranges from 1% to 22%. The Council could also discuss raising the lowest slab of 5% to as much as 8%.