India's apex realtors group CREDAI said it is disappointed with the government's measures to support the sector, as it did not address the key demands such as tax rebate and lower interest rate for home buyers and developers. CREDAI's National Chairman Jaxay Shah said the Rs 20,000 crore special fund announced by the government for completing the stalled real estate projects will have limited impact as it excludes those projects which are either facing insolvency proceedings or become non-performing assets (NPAs).
The government will launch on October 1, the Grand Challenge, an initiative of inviting start-ups and other companies to provide ideas on expanding coverage and improving the Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). Prime Minister Narendra Modi is expected to launch the initiative in Delhi. Top 7 innovations will be selected and awarded. Under AB-PMJAY, 18,000 hospitals have been empanelled and about 45 lakh people have been given treatment so far.
Air India posted an operating loss of around Rs 4,600 crore in 2018-19 mainly due to higher oil prices and foreign exchange losses. However, the debt-laden national carrier expects to post an operating profit of Rs 700-800 crore in 2019-20. The airline's net loss stood at about Rs 8,400 crore while total revenues touched around Rs 26,400 crore last fiscal. The airline has a debt burden of more than Rs 58,000 crore while the annual outgo is more than Rs 4,000 crore.
India's exports dropped by 6.05% to $26.13 billion in August mainly on account of a significant dip in shipments from key labour intensive sectors such as petroleum, engineering, leather, and gems & jewellery. Imports too declined by 13.45% to $39.58 billion led by non-oil and non-gold sectors, thus narrowing trade deficit to $13.45 billion in August. However, the trade gap widened marginally from $13.43 billion in July. In August, oil imports declined by 8.9% to $10.88 billion, and non-oil imports fell by 15% to $28.71 billion.
Ending uncertainty for exporters, Finance Minister Nirmala Sitharaman on Saturday announced the Remission of Duties or Taxes on Export Products (RoDTEP) scheme for reimbursing input duties and taxes that will replace the existing Merchandise Exports from India Schemes (MEIS) which is not compliant with world trade rules. The revenue foregone for the new scheme is estimated at up to Rs 50,000 crore per annum. Textiles and all other sectors will transit into RoDTEP from January 1, 2020.
Verification of Aadhaar would be compulsory for new dealers from January 2020 to curb malpractices in paying GST. Though currently optional, all new dealers will have to submit their Aadhaar number for authentication from January 1 to curb the menace of fake invoices that came to light after the new tax regime came into being from July 1, 2017. The GST Network has also decided to complete online refunding from September 24 from the central GST or the state GST.
E-commerce firm Flipkart said it has expanded delivery reach by 80% to cover almost all pin codes in India. Flipkart will launch its big billion day sales from September 29. The company claimed it has widened its reach to around 19,200 PIN codes from about 10,660 codes in 2018 for delivery of large appliances. With this outreach expansion, Flipkart consumers in smaller towns will be able to access large appliances such as Smart TVs, washing machines and refrigerators.
Hero MotoCorp, the country’s biggest two-wheeler maker, has launched a Voluntary Retirement Scheme (VRS) for its employees to help improve productivity and efficiency. The VRS is applicable for employees above 40 years and those who have completed a minimum of five years of continuous service at Hero MotoCorp. The scheme would offer a generous one-time lump sum payout and other benefits including additional gifts, discounts on Hero products, medical benefits, discounts on company-given cars and laptops, career opportunities at Hero for children of the employees, and future business opportunities with the company.
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.