Top 10 biz headlines: Advance corporation tax mop-up, GST council, and more

From Unilever cutting sales to rise in financial frauds, here are the top 10 business headlines for the day

Advance corporation tax mop-up drops over 5% in Dec quarter to Rs 73,000 cr

The collection of advance tax paid by companies fell 5.2 per cent in the October-December quarter of this fiscal year while the mop-up of personal income tax saw marginal growth, which may make it difficult for the government to cut income-tax rates now. Read more.

Unilever cuts sales guidance as growth concerns in India market remain

Unilever, the world’s second-largest consumer goods company, has cut its sales guidance for calendar years 2019 and 2020 amid growth concerns in India, its largest market by volume and second-largest by value. Read more

GST Council may crack down on fraudulent invoices, input tax credit refunds

The Goods and Services Tax (GST) Council, in its meeting on Wednesday, is expected to take up the issue of fake invoices and fraudulent input tax credit (ITC) refunds. In the backdrop of a severe revenue shortfall, the Council would examine several enforcement measures such as blocking input tax credit, imposing penalties and even arrest in the case of fake invoices. Read more.

With rise in financial frauds, forensic audits prove handy for India Inc

Bring in the forensics — a line that’s often heard in crime thrillers — is fast turning out to be an audit industry essential. As instances of fraud rise, companies are reaching out to audit firms to seek extra comfort through extended procedures. Read more.

Jet lenders to invite fresh bids as parties are willing to revive airline

The committee of creditors (CoC) of beleaguered Jet Airways on Tuesday decided to call fresh expressions of interest (EoI) from prospective investors after two new entities expressed an interest in reviving the airline, sources privy to the matter said. South America-based airline company Synergy Group was the sole bidder for the defunct airline, but it had submitted only a draft resolution plan a week ago. Read more.

Benchmark indices touch all-time highs on easing US-China trade tensions

The Sensex and the Nifty hit record highs of 41,401.7 and 12,182.8 points, respectively, on Tuesday, as investors cheered the easing of trade tensions between the US and China. Both indices gained 1 per cent each. Read more.

Air India may not be able to sustain operations, CMD Lohani tells Centre

Air India Chairman Ashwani Lohani has warned of flight disruptions and possible invocation of government guarantee because of delays in fundraising and refinance of aircraft debt. Air India is facing a cash squeeze due to lack of fund infusion and monthly shortfall of Rs 220 crore in operations. Read more.

Five oilfields qualify for fiscal incentives under enhanced recovery policy

Cairn Vedanta’s Bhagyam oilfield (in Rajasthan’s Barmer district) and four fields of Oil and Natural Gas Corporation (ONGC) have been approved for fiscal incentives under the government’s Enhanced Recovery (ER) policy. Read more

Lease rates, refund for exporters on agenda 

On Wednesday’s Goods and Services Tax (GST) Council meeting, a boost for the real estate sector, rationalisation of tax rates on lotteries, making refunds seamless for exporters are  set to dominate, according to sources reported by The Economic Times.

GST centres to help file returns

The finance ministry is looking to set up facilitation centres on the lines of Aadhaar Seva Kendras to help traders and micro, small and medium enterprises file returns, with GST compliance remaining a big irritant for small businesses. The ministry is also looking at a new app-based solution for filing returns, according to The Times of India.