Taxes

The GST Council is likely to consider modification in summary return and monthly tax payment form, GSTR-3B, in its meeting next month, with a view to check fake input tax credit claims and expedite settlement of genuine ones, an official said. According to officials, the modified form will provide clarity with regard to gross input tax credit (ITC) due to the taxpayer, the amount claimed in a particular month and the net amount left in the taxpayer's ledger. A meeting of the Goods and Services Tax (GST) Council, the highest decision making body in the GST matter, is likely to be held next month. The modified form will help in checking bogus ITC claims and ensure that honest taxpayers are able to timely avail the ITC benefit. "The law committee of the GST Council is looking at streamlining the GSTR-3B so that there is further clarity on ITC disclosure. The modified GSTR-3B is expected to be put up before the Council in its next meeting," the official told PTI. Close … [Read more...] about GST Council may consider modification in monthly tax payment form for better ITC reporting

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Indian steel firms could be forced to cancel European orders and suffer losses after an overnight decision to impose export taxes on steel products, V R Sharma, managing director at Jindal Steel and Power told Reuters. India imposed an export tax of 15% on eight steel products late on Saturday, at a time steelmakers are looking to make up for tepid local demand by increasing market share in Europe, whose supplies have been hit by Russia's invasion of Ukraine. "They should have given us at least 2-3 months of time, we did not know about such a substantial policy," Sharma told Reuters in an interview. Sharma said Indian steelmakers have about 2 million tonnes in pending export orders, mostly to Europe, which are stuck in ports or in various stages of production. "This could possibly lead … [Read more...] about Indian steelmakers face hit on Europe deals over export tax: JSPL executive

As taxpayers face technical glitches on the GST portal, the government on Tuesday extended the due date for April tax payment till May 24 and has directed Infosys for early resolution of the problem. “The due date for filing FORM GSTR-3B for the month of April 2022 has been extended till 24th May 2022,” the Central Board of Indirect Taxes and Customs (CBIC) said in a late-night tweet. Earlier in the day, the CBIC had said that a technical glitch has been reported by Infosys in the generation of April GSTR-2B and auto-population of GSTR-3B on the portal. “Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest,” the CBIC tweeted. GSTR-2B is an auto-drafted Input Tax credit (ITC) statement which is available to every GST registered entity based on the information furnished by their suppliers in their respective sales return form GSTR-1. Close GSTR-2B statement is … [Read more...] about Government extends April GST payment deadline till May 24

Salil Parekh has been chief executive and managing director of Infosys since January 2018 India’s second largest software firm Infosys said on Sunday that its board has reappointed Salil Parekh as managing director and chief executive officer for five more years starting July, reposing trust in a leader who has turned around the company ever since he took over in January 2018. In a filing to exchanges on May 22, the company said, “The board in a meeting on May 21 approved the reappointment of Parekh subject to the approval of shareholders.” ESOPs to retain top talent The company has also rolled out performance-linked stock units to nearly 100 top executives amid rising attrition. The board has approved a grant of 104,000 shares to six key management personnel and another 375,760 shares to 88 other senior executives in a bid to retain leadership amid a war for tech talent. These performance stock units will be granted under the Infosys Expanded Stock Ownership … [Read more...] about Infosys reappoints turnaround artist Salil Parekh as boss, showers stock options on top execs

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Global brokerage firm JP Morgan has downgraded Indian IT services sector to 'underweight' and cut the target price of multiples by 10-20 percent. The brokerage firm says the Indian IT growth was accelerating till the third quarter of 2022 and has begun to slow down from the fourth quarter, which is likely to worsen into FY23 from tougher comps, supply issues and eventually a worsening macro. With peak sector growth behind, growth deceleration should continue to weigh on sector multiples. "Rising margin headwinds in the near term and revenue headwinds in the medium term from a potential macro slowdown will mean that the sector’s earnings upgrade cycle is behind," JP Morgan said in its report. "We see peak revenue growth behind us and EBIT margins trending down from inflation, mean … [Read more...] about JP Morgan downgrades Indian IT services sector to underweight

Representative image The Federal Reserve's determination to raise interest rates until it squashes the highest inflation in decades is darkening the outlook across Wall Street, as U.S. stocks stand on the cusp of a bear market and warnings of a recession grow louder. At issue is the so-called Fed put, or investors’ belief that the Fed will take action if stocks fall too deeply, even though it has no mandate to maintain asset prices. One oft-cited example of the phenomenon, which is named after a hedging derivative used to protect against market falls, occurred when the Fed halted a rate hiking cycle in early 2019 after a stock market tantrum. Also Read: Global stocks rebound despite unease over economy; dollar gains This time around, the Fed’s insistence that it will raise rates as high as needed to tame surging inflation has bolstered the argument that policymakers will be less sensitive to market volatility - threatening more pain for investors. read more A recent … [Read more...] about As bear market looms, battered Wall Street seeks elusive ‘Fed put’

Infosys, like other IT majors, is facing increased attrition at the back of increased demand. Infosys reported 27.7 percent attrition for the quarter ended March 31, 2022. Software major Infosys skipped a discussion for the second time in two months with the Labour Ministry and IT Union, Nascent Information Technology Employees Senate (NITES), on its contentious non-compete clause agreement. According to a statement by NITES, the union has submitted supporting evidence against Infosys to the authorities for further action. They added, “We have apprised Hon'ble Labour Ministry that the non-compete agreement is illegal and the Indian Contract law and Supreme court judgements are clear regarding the same." The next date for further discussion is set for next week, on May 26, 2022. Organised at Shram Shakti Bhawan, New Delhi, this was the second round of discussion held by the Labour Ministry with Infosys on the IT firm’s non-compete agreement, which bans ex-employees from … [Read more...] about Infosys skips meeting with Labour Ministry, IT union again

Global equity markets rebounded after the S&P 500 pared losses that briefly took it into bear market territory, and the dollar gained on Friday, as investor unease about Federal Reserve policy tightening to curb inflation kindled fears of a recession. Shares rebounded earlier in Europe and Asia after China cut a key lending benchmark to bolster its weakening economy, helping initially to drive gains on Wall Street. China cut its prime rate for five-year loans, which influences mortgage prices, by 15 basis points in a reduction that was sharper than expected as authorities seek to cushion the impact of an economic slowdown. Also Read: Indian markets should be moving upwards next week, says IIFL’s Sanjiv Bhasin While a late-day rally stopped the S&P 500 from confirming a bear market, the gloom on Wall Street led the benchmark to fall for the seventh consecutive week, an event that has occurred only five times since 1928, according to S&P Dow Jones Indices. … [Read more...] about Global stocks rebound despite unease over economy; dollar gains

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Domestic commodity producers soared on May 20 after the world’s largest commodity consumer China cut its key lending rates by a record quantum to stimulate the economy ravaged by the latest outbreak of the COVID-19 and reemergence of lockdowns. Shares of domestic producers such as JSW Steel , Hindustan Copper , Tata Steel , Vedanta , National Aluminum Company , SAIL , and Hindalco Industries soared 2-7 percent in the morning trade. The Chinese central bank cut the five-year prime rate by 15 basis points to 4.45 percent in a bid to stimulate economic activity that has been ravaged by the latest outbreak of the COVID-19 pandemic and the reemergence of lockdowns. Shanghai, one of the biggest industrial hubs and ports in the world, hasn't reported a single COVID-19 case recently, … [Read more...] about Metal stocks rally as China cuts key lending rates to stimulate economy

Madhusudhan KM Moneycontrol Contributor In the digitally-driven world of today, strategic organisational direction for most businesses is not complete without weaving in a robust digital strategy. The right approach to an effective digital strategy is to first re-imagine business processes and then think about how technologies can help realise them. Thinking of just "digitising" existing business processes, and not overhauling them, would only give incremental benefit, but that won't differentiate them from competitors. For example, for millennial leisure travellers, booking processes could be completely reimagined by allowing one to search for "I have $1000. Tell me where I can go for a nice beach vacation". This is a completely different approach from allowing travel searches based on an origin-destination pair. The latter assumes that the traveller knows exactly where he/she wants to go. The new approach could allow for way more exploration and discovery and an … [Read more...] about Digital transformation – Reimagining businesses with a difference