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NEWS ROUNDUP - 2022-07-07

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ETCFO Newsletter | Thursday, July 7, 2022


Daily Newsletter



Top Stories



GST a hit despite hiccups, now tribunal should be set up: KPMG's tax partner
Abhishek Jain
Jain believes that it was only better to delay the decision of higher taxation
on online gaming and also give time to the GoM to present a report on t..




Govt exempts small taxpayers from filing GST annual return
Based on GST Council recommendations, the government had notified certain
procedural changes in the GST rules, including those related to threshold, ..




FMCG, electronics companies' margins set to improve soon
Company executives and analysts said they expect margin pressures to ease off,
but added that they are closely monitoring macro and geopolitical risks..




GST lens on bank arms using parent's brand name, log or tagline
The tax department has told the banks in recent meetings that if a mutual fund
unit uses any brand components, it should pay royalty or similar fees t..




Green washing not enough, money concept should redefine from Gold to Tree: Sonam
Wangchuk
Sonam Wangchuk, Founder, Himalayan Institute of Alternatives, Ladakh, on the
sidelines of the Point Zero Forum at Zurich, spoke to ETBFSI about how gl..




Airlines seek clarity on export tax on petroleum products
The higher levy aggravates cost pressures on airlines already reeling under
soaring prices of aviation turbine fuel (ATF) that have set record highs s..




Faceless scheme: Importers can complain online for delay in clearance of Bill of
Entry
The Central Board of Indirect Taxes and Customs (CBIC) has issued an advisory
for Anonymised Escalation Mechanism under faceless assessment, to resolv..




Clear acquires compliance management software CimplyFive
This marks the second acquisition by Clear in 2022, following the acquisition of
Xpedize earlier this year.


 

Accounting, Legal & Tax





Fintech companies, NBFCs funded by Chinese money generated Rs 950-cr slush funds
in India: ED
The Enforcement Directorate (ED), therefore, recently attached Rs 86.65 crore
worth funds lying in a total of 155 bank and payment gateway accounts of..




Vivo probe widens to role of three chartered accountants and a company secretary
The company, Grand Prospect International Communication Pvt Ltd, is a
distributor of Chinese manufacturer Vivo's products in Jammu & Kashmir. Forged
d..


 

Leadership



Exotel appoints Adarsh Dikshith as chief financial officer
Dikshith, who has over over 24 years of experience, joins Exotel from HighRadius
where he prepared the organization to go public, a statement said.


 

Tax



Need to prune GST services sop: revenue secretary Tarun Bajaj
A lot of work still needs to be done to prune GST-exempted items, especially in
the services sector, revenue secretary Tarun Bajaj said on Tuesday.


 

Corporate



Mittal family's plan to buy Airtel stake from Singtel hits valuation bump
Singtel has been a shareholder in Bharti Airtel since 2000. The Mittal family
and Singtel own 50.56% and 49.44%, respectively, in Bharti Telecom, whic..




Cisco in talks to buy Airtel-Vi JV FireFly Networks for Rs 200 crore
The Airtel-Vodafone Idea JV was set up in 2014 and named FireFly Networks.
However, industry insiders claim the collaboration failed to take off as ne..


 

Economy



IMF chief says 'cannot rule out' possible global recession
IMF Managing Director Kristalina Georgieva told Reuters the fund would downgrade
in coming weeks its 2022 forecast for 3.6% global economic growth for..




Exporters' order books begin to shrink due to low demand in key markets
High inflation in the US and the EU slowed take off for cotton yarn, ready-made
garments, leather goods and handicrafts, impacting the pace of India's..

 

 





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