Top headlines: Auto industry protests taxes; FM seeks to boost PSB lending

The government is looking at modifying its Faceless Assessment Scheme for solving tax disputes.

Captains of the auto industry have hit out at the government for not walking the talk on reducing taxes. The government is considering modifying the Faceless Assessment Scheme meant to cut down the physical interface between taxpayers and the Income Tax Department.

More on those stories in our top headlines this morning 

Top taxpayers may get flexibility to exit faceless assessment scheme

The Centre is looking at modifying the ambitious Faceless Assessment Scheme (FAS) meant to cut down the physical interface between a taxpayer and the Income Tax Department. Among other things, the change could offer flexibility to the top rung of taxpayers whose income exceeds Rs 200 crore. Read more...

R C Bhargava, Venu Srinivasan face off with govt on auto GST rate

In a rare face off, captains of the auto industry have hit out at the government for not walking the talk. At an industry event in the capital on Wednesday, R C Bhargava, chairman of India’s largest carmaker Maruti Suzuki, and Venu Srinivasan, chairman of TVS Motor, questioned the government’s intent to support the auto sector. Revenue secretary Tarun Bajaj sat in the audience listening, before his turn came to counter them. Read more... 

Mukesh Ambani is going green but it's oil that fuels Reliance's bottomline

Along the Arabian Sea, the Indian city of Jamnagar is a money-making machine for Asia’s richest man, Mukesh Ambani, processing crude oil into fuel, plastics and chemicals. It’s also where the billionaire is making his newest bet: a $10 billion investment in green energy. Read more...

FM Sitharaman asks PSBs to conduct credit outreach programme across India

Finance Minister Nirmala Sitharaman on Wednesday asked public sector banks (PSBs) to reach out to various sectors, especially export, to address their credit needs in order to keep up the momentum of the stimulus for economic revival. She also told them to conduct a credit outreach programme in every district of the country, starting October. Read more...

China's tech crackdown could be music to the ears of Indian start-ups

The Chinese government is imposing severe restrictions on their tech companies — whether it is on data security, marketing practices or floating an IPO. Should this be music to the ears of Indian start-ups and home-grown private equity (PE) funds? Ask Indian start-ups and the answer is a resounding “yes”. Read more...