Modi’s Independence Day speech is all about creating a ‘New India’

Says note ban helped nab shell firms and GST increased efficiency

In the penultimate Independence Day speech of his current term, Prime Minister Narendra Modi on Tuesday looked beyond the Lok Sabha polls due in April 2019 to give a call for building a “new India” by 2022.

If in his previous three speeches, the PM had announced such path-brea king steps as the abolition of the Planning Commission and schemes such as Startup India and Stand-Up India, Modi’s speech on Tuesday was devoid of new announcements except the launch of a website to honour gallantry award winners.

Instead, the PM focused on giving a report card of his government’s performance in the last three years and spelt out his vision of a “new India”. He indicated the lynchpins of his Lok Sabha campaign would be his government’s efforts at curbing corruption, building modern infrastructure, and delivering welfare.

Modi said by 2022, the 75th anniversary of India’s independence, he envisioned a country where each family would have a pucca house, electricity, and power supply; farmers would earn twice of what they get currently; the country would be free of terrorism, communalism, casteism, corruption, and nepotism; and it would be clean and healthy.

The PM appealed to people to leave behind the “chalta hai” attitude, to think of “badal sakta hai”, or we can transform. Asking countrymen to take the “New India pledge and move ahead”, the PM quoted from scriptures: “If we don’t accomplish work within a stipulated time, we shall not be able to get the desired results.”

Modi asked people to replicate between 2017 and 2022 the resolve Indians showed from 1942 (Quit India Movement) to 1947. He said if Quit India’s slogan was “Bharat chhoro” today’s slogan should be “Bharat jodo”. (more)

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M&M Q1 profit down 20% as car sales slowed ahead of GST

Excluding the impact of GST that kicked in from July 1, the company earned a profit of Rs 8.60 bn

Company News : Homegrown auto major Mahindra & Mahindra (M&M) today reported 19.79 per cent decline in its standalone profit after tax (PAT) to Rs 765.96 crore for the first quarter of the current financial year as sales were hit by GST transition.

Mahindra & Mahindra Ltd posted an about 20 per cent fall in quarterly profit on Friday, missing estimates, as sales growth in passenger vehicles slowed ahead of the transition to a new nationwide tax.

The company had posted a profit after tax (PAT) of Rs 954.95 crore during April-June period of last financial year.

Excluding the impact of the Goods and Services Tax that kicked in from July 1, the company earned a profit of Rs 8.60 billion.

Analysts on average had expected a profit of 8.93 billion rupees, according to Thomson Reuters data.

Revenue from operations during the first quarter of 2017 -18 stood at Rs 12,335.56 crore, up 3.29 per cent from Rs 11,942.9 crore the year-ago period, M&M said in a regulatory filing.

The company’s vehicle sales were at 1,12,293 units during the first quarter. It sold 81,270 tractor units during the period under review.

Elaborating on the quarterly performance, M&M said the automotive industry was impacted due to impending transition to Goods and Service Tax in the first quarter of 2017-18.

Passenger vehicles sales were adversely impacted in anticipation of a price reduction in the new tax regime and reported a nominal growth of 4.4 per cent, it said. Read more

Business class traveller? Submit your company’s GST Identification Number

Company News : People travelling for business purposes on business class air tickets are now required to submit details about their companies to avail tax benefits under the GST regime.

The Goods and Services Tax (GST) framework, which came into effect from July 1, provides for certain input tax credit only on business class tickets and there is no such provision on economy class fares.

Air India, Jet Airways and Vistara – the three domestic carriers that offer business class seats have already sent out communications to inform passengers that GSTIN details need to be submitted in order to avail the benefits.

The GST Identification Number is issued to entities that are registered under the new tax regime.

“It is now mandatory for guests travelling for business to add their company’s GST details at the time of booking. To ensure a seamless experience, we request that you inform your guests travelling for business to register on our portal and claim up to 12 per cent back on flights,” Jet Airways said in a communication.

The GST rate on first class and higher class tickets is 12 per cent while the rate is 5 per cent on economy class tickets. The GST would also replace service tax, krishi kalyan cess and swachh bharat cess.

After submission of the details, the airlines would generate GST invoice for the particular travel and that invoice can be used to claim the benefits.

“It is not compulsory to provide GST details. GST registration details for your business or company may be optionally provided if a customer wishes to claim input tax credit on the GST paid if travelling for business reasons,” Vistara said in a communication.

According to Air India, all passengers requiring GST invoice for their tickets have to complete the one-time registration process on its website by entering the relevant details.

In its communication, Jet Airways also made it clear that “any bookings for leisure travel will not be entitled for GST benefits”.

Congress tweets old clips of Modi saying,’GST can never be successful’

Congress launches campaign on social media as govt prepares to launch GST at midnight

Company News : The Congress has decided to keep away from today’s special midnight meeting convened by the government for GST (Goods and Services Tax) launch. The Congress said it would stay away not just because this was an imperfect GST, but also given the atmosphere in the country when joblessness is increasing, farmers are being killed in police firing and Muslims being lynched.

Congress has also tweeted few clips of Prime Minister Narendra Modi on Twitter in which Modi is seen saying “GST can never be successful” and implementing it is “impossible” without the requisite infrastructure.

Rahul Gandhi has also posted few tweets opposing govt’s GST move.

“This is what Modi ji & the BJP really think of GST” is what the Congress captioned one clip.

“Modi ji how quickly you forget your own words. Why are you rolling out GST without developing the proper infrastructure,” is the caption to another clip, in which Modi calls the implementation of GST “impossible” without proper IT infrastructure.

Party’s decision came after Congress president Sonia Gandhi met former Prime Minister Manmohan Singh along with other leaders on Thursday. The party has been in a dilemma over attending the midnight event in Parliament and has had discussions with other parties, which are likely to follow suit. After obtaining views of her key aides, Sonia had taken the political decision to boycott the special session.

Sources said that initially, Congress leaders weighed the party’s options, as a group within felt that the GST was the party’s brainchild that has now been taken over by the BJP, and thus favoured attending the meeting. However, some leaders opposing it felt that the GST is being implemented in a haste and all aspects were not taken into consideration lea

Paytm GST clearance sale offers discount up to 80%, here are the best deals

You could win an Apple iPhone 7 on minimum purchase worth Rs 1,000 as well; sale ends on Thursday

Companies News :Paytm is running a pre-GST clearance sale on its e-commerce platform Paytm Mall. The three-day sale — June 13 to June 15 – offers discounts, cashbacks and a chance to win Apple iPhone 7 in a bid to clear the stock before the final roll-out of Goods and Services Tax (GST) in the country on July 1.

Under the Paytm Mall pre-GST clearance sale, the e-commerce portal is offering up to 80 per cent off on products including TVs, laptops, phones, cameras, air-conditioners and refrigerators. The clearance sale also offers a cashback of up to Rs 20,000 on DSLRs, televisions, laptops and air conditioners.

Apart from all the discounts and cashbacks, the e-commerce portal is offering a chance to win Apple iPhone 7 on a minimum purchase amount of Rs 1,000.

Here are some of the best deals that the Paytm Mall is offering under pre-GST clearance sale:

Apple iPhone 7

maximum retail price of Rs 60,000, is currently going on sale at a discount of 24 per cent for Rs 45,366. Also, the e-commerce portal is offering a cashback of Rs 5,750 that brings down the overall selling price of the smartphone to Rs 39,616. At this price, the iPhone 7 is a great deal.

Also Read : Apple iPhone 7 Plus, Apple MacBook Air 13, HP OMEN Gaming Laptop, Canon EOS 1300D DSLR camera, Canon EOS 5D Mark IV Kit (EF 24 – 105 IS II USM)

Modi is doing everything he can to get votes: Jim Rogers

I like India and always hope that there will be an opportunity to invest here, Rogers says

Terming the Budget 2017 proposals as populist, JIM ROGERS, chairman of Rogers Holdings and author of Street Smarts: Adventures on the Road and in the Markets tells Puneet Wadhwa that the Modi government has done a lot of mistakes in its tenure, including demonetisation, which was a move to give himself and his government more control. Edited excerpts:

What is your interpretation of the Budget proposals?

It was certainly a populist budget. Mr Narendra Modi knows that he has an election coming up. He certainly has heard from a lot of people and is trying to make those people feel better. The demonetisation move, even if it was a good, it was badly done. He has surely hurt a lot of people and is now trying to appeal to them. Mr Modi is doing everything he can to get votes.

Having said that, I am always in favour of tax cuts, but unfortunately in India’s case, tax cuts will make the debt situation much worse. India already has very high debt-to-GDP (gross domestic product) ratio. This is one reason that India hasn’t been able to do as well as it could have otherwise. So, yes everybody is in favour of infrastructure spending, and India desperately needs it, everyone is also in favour of tax cuts – including me, unfortunately the overall economic picture does not look good.

What more would you have liked to see in terms of policies for specific sectors?

Mr Modi will seek a re-election and a new term at the helm in two years from now. A big debt problem will not impact the outcome in 2019 too much. However, a big debt problem will be a problem for the Indian economy. I was very pleased to see that he is privatising the railroads more, which is a good move for the country and its economy – if it actually happens. Read more

Shock and awe: Note ban, Jio launch, GST & other headline grabbers of 2016

Business Standard recaps the most prominent economic and corporate developments of the year

By almost any yardstick the year has been unique: Public policy, business rivalries and implosions, court verdicts and corporate malfeasance set new standards of shock and awe that will reverberate well into 2017.

Business Standard recaps the most prominent of economic corporate developments

Demonetisation

In terms of disruptive impact, this was a decision with few parallels in Indian policy-making. On November 8 evening, just as Donald Trump recorded an unlikely victory in the US presidential polls, Prime Minister Narendra Modi came on national television to announce the withdrawal of legal tender status to Rs 500 and Rs 1,000 notes, taking roughly 86 per cent of currency out of circulation. Citizens were given time till

December 30 to deposit old notes, but draconian withdrawal controls were put in place.

It was not just ordinary Indians who were caught unawares by this decision, which was initially explained as a route to staunching black money and terror finance. The government and Reserve Bank of India (RBI), too, seemed unprepared.  For one, the new Rs 500 and Rs 2,000 notes required over 100,000 ATMs to be recalibrated, an exercise that could not begin till after the announcement was made in the interests of confidentiality. For another, the assumptions on which the decision was made played out so differently in reality, that 60 notifications have been issued over one and a half months imposing new conditions or reversing other ones.    

The Tata-DoCoMo controversy


Goods and Services Tax


The RIL-ONGC spat


Nikesh Arora’s exit from SoftBank


The Singur verdict

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