News digest: Angel tax issue, GST Council meet, liquidity crisis, and more

Differences over 'fair value' of fledgling firms makes assessment difficult

Start-ups face wave of new angel tax notices

Last week, angel investor Vikram Chachra got a text asking: “Is this legit?” The message, from a founder of a start-up that Chachra and others have invested in, was accompanied by a snapshot of an income tax (I-T) notice asking for copies of tax returns, bank statements, correspondence, ledger details, and more. Read more

 

Will try to get 99% items in 18% slab or lower: Modi

 

Prime Minister Narendra Modi said on Tuesday the government would make efforts to bring 99 per cent of items under the goods and services tax (GST) into the 18 per cent slab or lower. The next GST Council meeting is four days away. Read more

 

RBI to inject Rs 600 billion more liquidity by January

The Reserve Bank of India (RBI) on Tuesday announced a massive bond buyback programme for the current fiscal year to address the liquidity deficit — a move that’s expected to raise bond prices and boost bank treasury profits when lenders need capital. Read more 

 

Reviving JLR is Tata Motors’ litmus test

Tata Motors is facing a significant challenge of turning around its 100 per cent subsidiary Jaguar Land Rover (JLR), which is grappling with declining sales, lower margins, and the recent losses. The company is expected to lay off “thousands of workers” early next year in its bid to cut costs by at least $3.2 billion in the next two years, according to British media reports. Read more

 

Rahul promises farm loan waiver for all, sleepless nights for Modi

Armed with the announcement of farm loan waivers in Madhya Pradesh and Chhattisgarh the very day its chief ministers took oath, Congress President Rahul Gandhi promised a similar sop for all farmers across the country if his party was voted to power. He issued a second promise: Sleepless nights to Prime Minister Narendra Modi if the government did not address farmers’ issues. Read more