Agencies, whether public sector or private sector, may have to pay goods and services tax on the charges they collect on behalf of the government from clients. The authority for advance rulings (AAR), Telangana, has ruled that e-procurement transaction fee collected by an agency on behalf of the government is chargeable to GST, said Rajat Mohan, senior partner at AMRG & Associates. The AAR also ruled that neither services provided by the agency to the government, nor services provided on behalf of the government to the business entities are exempt from GST, he informed about the case.
In a report to the Planning Commission, the panel headed by former SAIL chairman S K Roongta suggested at least 30 central PSUs be listed in the next three years, going up to 50 over five years.
The finance minister added that Indian government revenues are expected to increase by 21 per cent in the 2013-14 fiscal year.
Finance Minister Pranab Mukherjee on Tuesday sought to soothe industry's and stock market's nerves by saying that the government would not monetise the fiscal deficit. Spending a good part of his reply in the Lok Sabha on allaying fears over the seeming lack of reforms in his July 6 Budget, Mukherjee promised a roadmap for disinvestment in public sector undertakings and the financial sector.
UTI Mutual Fund will hit the capital markets with initial public offering on Tuesday for its sixth thematic funds including auto, banking and public sector undertakings.
Amongst the most aggressive of India's hopeful new Lockheed Martins is the Rs 1,30,000-crore Tata Group, which has launched a carefully crafted bid to become a major player in India's defence industry.
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
IDBI Bank, SBI, ONGC & PFC show interest in carrier's central Delhi land. Proceeds from the asset sale would be used to clear the government-owned airline's debt.
The interest rate on these schemes have remained unchanged for over a year now.
In a belated action, defence public sector undertakings Bharat Electronics Limited has removed former Indian Space Research Organisation Chairman G Madhavan Nair from its Board of Directors as he was barred from holding any government post for his role in the controversial Antrix-Devas deal.
Signalling both change and continuity, India's new government, headed by Prime Minister Narendra Modi for a third consecutive term, got into work gear on Tuesday with cabinet ministers and ministers of state filing into their respective offices to assume charge.
The challenge of Maoism can be met with equitable and inclusive socio-economic progress.
'Don't get stressed if you are not able to do your work.' 'If you feel you do not have the skill or capacity to do some work, accept it.'
The divestment of Bharat Petroleum Corporation (BPCL) may hit a fuel price hurdle, according to officials dealing with the matter. They pointed out that the inconspicuous administered price regime could hamper the prospects for potential buyers of BPCL. A senior oil ministry official said public-sector oil-marketing companies (OMCs) take a hit when they sell petrol, diesel, and liquefied petroleum gas (LPG), three of the most popular petroleum products in the country.
The Kolkata-based coal miner has tied up with the US-based Advance Resource International Inc for exploration and identification of the potential shale deposits within the company's coal blocks.
Delays in crucial PSU appointments a reflection of poor governance and political vested interests
The advisory sent out to the vigilance officers of banks, public sector undertakings and other government organisations says: "The Commission has come across certain skills and tools that professional organisations, non-profit organisations possess in field of forensic sciences that could be important for investigations."
The growing decline of MTech applicants in Indian colleges is due to multiple factors, including outdated curricula, poor return on investment and lucrative non-engineering alternatives, say experts.
Unwilling to compromise autonomy for a hefty pay hike announced on Thursday, several PSUs chiefs on Friday conveyed displeasure to the government over a directive asking them not to create senior posts in their units without the approval of their administrative ministries.
Trade unions on Wednesday opposed divestment in public sector undertakings and hike in foreign direct investment in telecom, insurance and aviation sectors
The CVC is launching on Thursday a new portal 'Vig-Eye' (vigilance's eye) on the Internet on which the citizens can upload videos or audios direct from their mobiles on the occasion of the UN-designated International Anti-Corruption Day.
Venkataraman Krishnamurthy, who is considered as the turnaround man of several Indian corporate houses like BHEL, Maruti Udyog, SAIL and Gail (India), passed away on Sunday at the age of 97. Krishnamurthy is considered as "the father of public sector undertakings in India" by many in India Inc. Born in the temple town of Tamil Nadu's Karuveli, he started his career as an airfield technician during the Second World War.
Following the request of the Securities and Exchange Board of India, the Institute of Chartered Accountants of India
The finance ministry may ask cash-rich public sector undertakings (PSUs) to invest in foreign assets that are currently available at cheap rates due to the global economic slowdown.
The central government has asked public sector undertakings to dissuade their employees from participating in the bandh.
Initial findings reveal that the tax code has received an overwhelmingly positive feedback
The finance ministry is considering amending the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, which governs public-sector banks (PSBs), to make suitable provisions for allowing PSBs to transfer shares to the Investor Education and Protection Fund (IEPF) when dividends of such shares remain unclaimed by the investors for seven consecutive years. "While Section 10B of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, allows the transfer of unclaimed dividends to the IEPF, it, however, does not mention a provision for transferring unclaimed shares and may now be amended by the next government to allow such transfers to happen," said a person familiar with the matter.
The government on Monday announced increasing people's holding in public sector undertakings through the divestment programme, but said it would retain at least 51 per cent equity in these enterprises and would keep the banks and insurance companies under its control.
The policy was part of the Aatmanirbhar Bharat package announced by Sitharaman in May 2020 as a coherent policy where all sectors would be opened for private sector participation.
This comes against the backdrop of the capital expenditure of these companies rising a mere 1.7 per cent this year, though the projection at the beginning of the year was of six per cent growth.
Foreign direct investment in the pension sector is likely to be pegged at 26 per cent initially and six players with at least one public sector undertaking would be allowed to operate as pension fund managers.
Describing the mission as a "major milestone" in the development of BrahMos, the sources said that the air version of the missile was test-fired from supersonic fighter aircraft Sukhoi 30 MK-I at 10.30 am.
The government asked five states to tighten security and take maximum precaution during the 48-hour shutdown called by the Maoists beginning on Tuesday.
Describing these as non-working companies, the CAG in its latest report on the state tabled in the Maharashtra Assembly stated that since no purpose may be served by keeping these units in existence, the state government needs to expedite closing down of these non-working PSUs.
He will succeed K K Venugopal, whose term will end on September 30.
Under attack over alleged inaction on corruption charges, government on Friday said Defence Minister A K Antony has ordered a Central Bureau of Investigation probe into a case relating to public sector undertaking BEML even as inquiry was on into a complaint about an alleged scam in purchase of Tatra trucks.
A decision on the merger will take some time as there are procedural problems with MTNL being a listed entity and BSNL non-listed.
