GST on mobile phones hiked to 18% from 12%, some relief on delayed payment

In a move that is likely to make more expensive, Council today proposed a high in the Goods and Services Tax (GST) rates on and allied parts.

Addressing a press conference following the Council meet, Finance Minister Nirmala Sitharaman also brought the manufacture of matches to a common rate of 12 per cent across the board. Earlier, hand-made matches attracted 5 per cent, while machine-made ones attracted 18 per cent.

She also said interest for delayed payment will be charged on net tax liability, not gross tax liability, and would be effective July.

Sitharaman said all decisions taken at today’s GST Council meeting would come into effect on April 1.

Stating that a there were a host of technical glitches in GST administration, the minister said she was engaging with Infosys to implement reforms and had asked the firm to come up with a sustainable solution. She added that Nandan Nilekani had made a presentation to this effect today and that she had asked Infosys to be present for the next three GST council meetings.

Sitharaman also demanded

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UP orders scrutiny of Torrent Power, Noida Power over distribution pacts

The government has ordered financial scrutiny of two private sector companies, and Noida Power, which hold franchisees in Agra and Noida respectively.

Earlier, UP Rajya Vidyut Upbhogta Parishad had written to state energy minister Shrikant Sharma demanding a high-level probe in the light of the various financial and consumer services mandates set in the respective agreements signed with these

Later, Sharma had issued a written order to the state power utility, (UPPCL) to submit a detailed report in the matter within 15 days.

Now acting on the energy minister’s directive, UPPCL managing director M Devraj has constituted a three-member high-level probe committee to conduct an investigation into the allegations levelled by the Parishad and submit a report within 7 days.

The probe committee comprises UPPCL director (commercial) A K Srivastava as the chairman, while UPPCL executive engineer A K Gupta and UPPCL chief engineer (commercial) Shravan Parti are members.

According to Parishad chairman Avadhesh Kumar Verma, the Agra power franchisee was handed over to in April 2010 and under

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Recent criticism of CVAs raises the question “are they fit for purpose?”

In 2018, we have seen a number of high-profile retail restructurings and common to many is the use of a Company Voluntary Arrangement (CVA).

After much press comment, which tended to focus on the plight of landlords, R3, the Association of Business Recovery Professionals, produced a report in May 2018 entitled, ‘Company Voluntary Arrangements: Evaluating Successes and Failures’, which comments on the use of CVAs as effective restructuring procedures. This report highlights the existing strengths and notes development potential for the current CVA process.

However according to Duff & Phelps, the global advisor that protects, restores and maximises value for clients, a CVA might not be the only route for an insolvent company and now might be the right time to review how CVAs are operating in the UK.

Phil Duffy, Managing Director, Duff & Phelps, stated: “Encouragingly, the R3 report confirms that a CVA is an effective tool in many situations, citing its flexibility as its greatest strength, but suggests it is not a panacea for every company. Most criticism seems to revolve around the lack of transparency and the initial planning by directors not being sufficiently robust to deliver the restructuring plan. Equally, to have the

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