GST Council meet may turn stormy over states' cess; Rs 50k-cr dues pending
The compensation cess payment issue is not part of the official agenda circulated for the GST Council meeting on December 18, and that precisely is setting the stage for a stormy show.
Sources in the know said finance ministers of non-BJP-ruled states were likely to discuss on Monday their strategy for the Council meet. Read more
Lenders step up repossession of commercial vehicles on payment defaults
Stockyards in logistics and transport hubs in various parts of the country are overflowing with repossessed commercial vehicles, as the rising incidence of defaults is forcing financiers to step up the seizure of these vehicles. Read more
Budget 2020: Centre may announce sops for states for pollution control
Every autumn and winter, the states of North India blame one another and the Centre as smoke from crop-burning mixes with vehicular and industrial pollution, the air quality deteriorates, and Indian cities dominate the ‘world’s most polluted’ charts.
Now, states that control air, water, and noise pollution better than others can hope for additional funds if the Fifteenth Finance Commission’s (15th FC’s) recommendations on performance-based incentives to states are accepted by the central government. Read more
Airlines oppose Rs 8000-crore Tata Group-GIC stake in GMR Airports
Three major Indian airlines have opposed the proposed Rs 8,000-crore investment by a consortium of Tata Group and Singapore’s sovereign fund GIC in GMR Airports. The GMR Group has, however, dismissed the arguments put forward by the airlines. Read more
With YES Bank approval on cards, Coffee Day-Blackstone deal almost sealed
In a major relief to Coffee Day Enterprises (CDEL), YES Bank is learnt to have softened its stance and decided to render the ‘no objection’ to the Bengaluru-based firm’s decision to sell its Global Village Technology Park to Blackstone. Read more
Retail, telecom help RIL beat Indian Oil to be number one player by revenue
Reliance Industries has emerged as the number one company in terms of revenue in the Fortune India 500 list for 2019, pipping Indian Oil Corporation. RIL revenues crossed Rs 5.81 trillion in FY19 against IOC’s Rs 5.36 trillion. Read more
Centre likely to pare stake in BEML to 26% via strategic disinvestment
The Centre is likely to sell 28 per cent of its stake in BEML Ltd through strategic disinvestment and retain 26 per cent after the dilution of its shareholding in the public sector undertaking, a senior company official said. Read more
Govt mulls new duty on imports
Border adjustment tax (BAT) may soon be levied on imported goods to offset the impact of levies such as electricity duty, clean energy cess, levies on fuel and royalty that are not part of GST. The commerce department has asked finance ministry to do so, reports Times of India.
Zomato all set to acquire UberEats' India business
Zomato is in advanced talks to acquire UberEats' India business, multiple media reports said.
The deal currently values UberEats’ India business at around $400 million. Uber may invest between $150 to $200 million in Zomato and get a sizable stake in the 11-year-old Indian firm, according to reports.
Rs 26k-crore order for building Tejas Mark 1A to open door for Mark 2
After months of negotiations, the Indian Air Force (IAF) and Hindustan Aeronautics Ltd (HAL) have fixed the price of the Tejas Mark 1A light combat aircraft (LCA) at about Rs 310 crore per fighter, say Ministry of Defence (MoD) sources involved in the negotiations. Read more