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By Ranjeet Mahtani and Sweta Rajan During its meetings on May 18 and 19, 2017, the GST Council declared the placement of goods and services across the fixed GST rate slabs. The GST Council further released the list of goods liable for GST Compensation Cess along with the applicable rate of cess and released a list of services which would be liable to GST under the reverse charge mechanism. While the GST law empowers the Government to specify goods and services on which GST is payable by the recipient, the Council has approved only services that are likely to attract GST on reverse charge basis.  Rate specific issues The release of the GST rates has, as expected, triggered varying responses across industries. Some ...

The Dollar Business Bureau Indian realty companies having exposure to the property market in the London are going to be affected in the near future due to UK’s decision to exit the European Union, Fitch Ratings said. “The demand for commercial and luxury residential properties in London, the sectors in which some Indian real estate firms have invested, may stay sluggish for over the next 6 to 12 months as buyers delay their purchases and banks cut loans due to increased economic uncertainty,” the global rating agency said in a report. Lodha Developers and Indiabulls Real Estate (IBREL) have considerable exposure to the commercial and luxury residential property segments in London, where they had done significant investments in 2013 and 2014.  Of these two companies, IBREL has ...

Source: PTI Urban Development Minister, Venkaiah Naidu at a roundtable discussion in Washington DC. Source: PIB, Government of India   India's economy is back on track and the country's growth rate is likely to cross eight per cent in the coming years, Indian Urban Development Minister Venkaiah Naidu has said as he asked US investors to take advantage of the current business-friendly atmosphere. "Public life in India is undergoing a rapid transformation. The economy is back on track, inflation is under control, and growth rate is likely to cross eight per cent in the coming years," Naidu, 66, said in his interaction with the American industry leaders at a round table organised by the US India Business Council (USIBC) on Wednesday. ...

 The Dollar Business Bureau Bloomberg Philanthropies has become the official knowledge partner of the Indian government’s smart city project and the organisation will soon start preparing list of possible cities. The ministry of urban development has accepted the offer of Bloomberg Philanthropies (BP) for cooperation in conducting the ‘Cities Challenge’ competition for selecting the cities for financing. Bloomberg Philanthropies will act as the knowledge partner for the smart cities mission, a government state said. BP will assist the ministry in design and implementation of the selection process. It will also help the government in designing and delivery of a capacity development programme for urban local bodies of aspiring cities. The organisation will also help the government in formulating ...

The Dollar Business Bureau The Union Cabinet, chaired by the Prime Minister Narendra Modi, has given its approval to allow the Real Estate Investment Trusts (REITs) as an eligible financial instrument / structure under the Foreign Exchange Management Act (FEMA) 1999. The approval is expected to enable foreign investment inflows into the completed rent yielding real estate projects, which is, as of now, prohibited under the FEMA Regulations, reported a PIB release. The Finance Minister in his Budget 2014-15 Speech proposed the introduction of Real Estate Investment Trusts (REITs), which have been successfully used as an instrument for pooling of investment by several countries for investments in the real estate, with a view to earning income and distributing earnings from its ...

The Dollar Business Bureau The Union Commerce Minister, Nirmala Sitharaman, on Wednesday, informed about various measures being taken by the Government of India towards improving industrial policy and ensuring an ‘ease of doing business’ environment. A number of steps have been taken by the government to provide ‘ease of doing business’, rules and regulations have been simplified and various products are taken off from licensing requirements, informed the Minister. Further stating that the government intends to provide robust infrastructure to the business, the Union Minister said the development of industrial corridors and smart cities are to provide a conducive working environment with the state-of-the-art technology. The Minister further informed that 25 Industry related Ministries are working on sector-specific targets which ...

The Dollar Business Bureau In a move to review the ongoing infrastructure-related projects in the country, the Prime Minister of India, Narendra Modi, recently chaired a high-level meeting focused at development of infrastructure sectors. In the review meeting, which witnessed the deliberations on overall status of the country’s infrastructure sector, a special focus was also laid on specific sectors like rural infrastructure, power, coal, renewable energy and petroleum and natural gas, among others. The Prime Minister, who reviewed the status of currently-stalled projects under infrastructure sector and other sectors, was given a detailed overview of the plans of various Ministries towards completion of pending projects within the current financial year. Besides this, the Prime Minister was also informed about ...

 The Dollar Business Bureau “Municipal Bonds are of crucial importance for uplifting India’s urban infrastructure. They may act as an alternative to the central and state government grants to urban local bodies (ULBs), whose quantum is likely to be reduced in the near future,” said a report. Adopting an innovative mode of financing in the form of ‘Government Citizen Partnership (GOCIP) Bonds’ where citizens invest in the bonds floated by ULBs to improve urban infrastructure and urban civic services is one such option, said an India Ratings report (Ind-Ra). This will make the development process participatory as it will enable citizens to be a part of the city improvement process. Citizens as investors of ‘GOCIP Bonds’ can keep a ...