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The Dollar Business Bureau  N Chandrasekharan, the Chairman of Tata Steel in his address to the shareholders in the company’s Annual Report for 2016-17 said, Tata Steel’s strategic priorities going forward will be to focus on India while pursuing  pension restructuring programme in the UK, which is likely to conclude soon.  Speaking about the steel demand in India which is likely to witness growth soon in the near future, Chandrasekharan said, "While the steel sector in India is financially stressed currently, the government of India has outlined its intent for ensuring long-term viability of the sector through the recently announced National Steel Policy 2017.”  Chandrasekharan who had taken over as Chairman of the company in February after the departure of Cyrus Mistry said, ...

By Ranjeet Mahtani & Sweta Rajan On the path to complete all responsibilities and release the requisite laws, regulations and rates ahead of the proposed transition date of July 1, 2017, the GST Council met on June 3, 2017. The key developments during the meeting were: A committee comprising revenue officers from Centre and States is to be set up to entertain complaints relating to anti-profiteering. GST rates of the items which were not placed across the agreed rate slabs (after the Council’s meetings on 18 and 19 May, 2017) were decided, including 3% GST on gold and gold jewellery, 0.25% on rough diamonds, 5% on packaged food items sold under registered trademarks, 18% on biscuits, 5% on footwear priced below Rs. 500/- ...

Sharath Chowdary Kotak Mahindra Bank is planning to increase its number of branches to 1400 in India by the end of this fiscal year from 1333 branches as on 31 March 2016. The bank had only 684 branches in the country at the end of FY 2015. Uday Kotak-led bank also aims at a 20 percent credit growth in FY 2017, the bank’s Senior Executive Vice President and Head - Branch Banking and Acquisition, Virat Diwanji told The Dollar Business. He said, “The corporate credit offtake was slow in the recent times. The bank has registered 14-15 percent credit growth in the previous year. As interest rates are being reduced, some green shoots are coming up in the economic growth of the country. This ...

The Dollar Business Bureau A government appointed committee proposed an Equalization Levy of 6% - 8% on e-commerce transactions that cross Rs.1 lakh. This move is to bring the burgeoning e-commerce sector under the tax net. In its report to the Finance Ministry, the committee stressed, “that only payment exceeding Rs.1 lakh made by a resident Indian or a permanent establishment of a non-resident person to a non-resident enterprise be covered under this levy, which may be charged at a rate between 6% - 8% of the gross payment made for specified services.” This equalization levy could be imposed on a wide spectrum of digital services and facilities that included – cloud computing, website designing hosting and maintenance, online marketing and ...