Business Today 30 July 2017

Despite the worries that the government and the GST Council members had left too many decisions and details for the last minute, the Goods & Services Tax (GST) system became operational at the stroke of midnight of June 30. Finance Minister Arun Jaitley, Revenue Secretary Hasmukh Adhia and others in the team left no stone unturned to make sure that the biggest tax reform was implemented smoothly. A number of critics point out that the GST that Modi government has rolled out is a far cry from the original recommendations. They also point out that there are far too many rates and far too many issues with the current GST system. And despite the prime minister dubbing GST as the Good and Simple Tax, it is pretty complicated, though not…

The King of ecommerce Shows the Way This refers to your cover story on online business (The Juggernaut, July 16). It was a perspicacious study of the amazing business force of Amazon India. In the fastdeveloping e-business, Amazon has been continuously positioning itself in a cozy trail, focusing on the customer-centric strategies of big basket, economic viability, lightning delivery and reliability through a large bouquet of purchasing options. Its “Customer is King” principle has made Jeff Bezos the king of the castle of ecommerce citadels globally, and enabled him to ride herd on competitors in India. Its signature services have gone beyond bookish and theoretical management outlook by framing its business policies to suit different segments on virtual platform. Its investments are quite astonishing for all, including customers, for its…

“I-square-plus-Tsquare — India and Israel plus Israeli technology and Indian talent, is India-Israel ties for tomorrow.” Israeli Premier Benjamin Netanyahu while welcoming Prime Narendra Modi to his country 2 billion This is the number of monthly Facebook users. It took the social network less than five years to go from one billion to two billion users BENGAL GOVERNOR HITS BACK AT STATE GOVERNMENT The fight between Bengal Chief Minister Mamata Banerjee and Governor Keshari Nath Tripathi over communal violence in North 24 Parganas has intensified. Banerjee was quoted as calling Tripathi a “block president of the BJP”who threatened and insulted her over the phone. A statement by the governor called this an “attempt to cover the lapses of the state government and divert the attention from the main issue of…

12-13 DEBATING TAXATION WHAT: International Taxation in Asia: Issues and the Way Forward WHEN: July 12-13, Jakarta WHAT TO LOOK FOR: The International Monetary Fund in partnership with the Ministry of Finance, Indonesia, will hold a high-level conference on international taxation in Asia. The event will provide a forum to engage policymakers in the region on issues related to domestic resource mobilisation, including through international tax reforms. It is recognised now that international tax reforms are integral to domestic tax system development. 13 THE LOGISTICS CHALLENGE WHAT: India – On the Cusp of a Logistics Revolution WHEN: July 13, New Delhi WHAT TO LOOK FOR: India requires a National Integrated Logistics Policy (NILP). The policy will need to establish dedicated rail freight corridors, coastal freight corridors, national expressways, last-mile roads, last-mile…

After much dilly-dallying and half-hearted attempts to revive the fortunes of Air India, the government has decided to offload the airline. The fact that Air India’s revival is beyond the wherewithal of the government became evident when Finance Minister Arun Jaitley talked about the need for Air India’s divestiture in a television interview. Since then, things have moved fast. Jaitley’s comments were followed by the cabinet’s inprinciple approval for the stake sale in late June. A group of ministers will delve into the finer details of privatisation, including the amount of stake to be sold, treatment of debt and its subsidiaries, and how to manage public interests. Initially, it seemed that the government may face difficulties. It was believed that AI’S massive debt (`46,570 crore), accumulated losses (`47,440 crore between…

Shriram Transport Finance has 854 rural centres. These can help IDFC meet priority sector targets IDFC Group and South India-based financial services giant Shriram Group are reported to be in talks for a merger to create an entity with assets of over ₹2 lakh crore. While the two sides are yet to confirm this, experts say there are several reasons why such a move make sense. Access to new geography The merger will give IDFC Bank access to a well-established network in the entire south. Remember that Kotak Mahindra Bank had done a similar thing a few years ago when it bought ING Vysya Bank. Ready retail portfolio Shriram Group is totally into retail assets. IDFC Bank, which had a corporate background, will get a huge portfolio of retail assets,…