1. PGC NEWSLETTER 1
PGC
NEWSLETTER
9th
May, 2015
THOUGHT OF THE DAY
“The secret of success is the consistency to pursue...”
ECONOMIC UPDATES
The finance ministry on Friday said the income tax department wouldn’t
adopt coercive methods for recovery of minimum alternate tax (MAT) dues
from foreign investors. The move comes a day after the ministry
announced it would set up a panel to look into the issue.
The Empowered Committee of state finance ministers on GST have
reached a consensus on issues related to imports, registration and
authorised GST network company to go ahead with preparation of IT
platform for GST.
SEBI/CORPORATE UPDATES
The Securities Appellate Tribunal (SAT) has directed capital market
regulator SEBI to complete its investigation in the case of Factorial Master
Fund within two months from Friday. In the event of SEBI failing to
comply with the timeline prescribed by SAT, the regulator’s directive
barring Factorial from the capital markets will come to an end. Factorial,
Hong Kong-based hedge fund, was restrained from the securities market
for short selling over 2.12 crore shares of L&T Finance holdings on the
F&O segment (on March 13, 2014) at an average price of Rs.80.94. SEBI
said that Factorial had made a profit of about Rs. 20 crore by purchasing
over 2.75 crore shares of L&T Finance Holdings in its offer-for-sale (on
March 14, 2014) at Rs. 71.50 a share.
Sahara chief Subrata Roy, behind bars for the last 14 months, may get out
of jail next week as he told the Supreme Court on Friday that he had
managed to raise sufficient cash and bank guarantee of Rs 5,000 crore to
fulfill the bail condition.
RBI/TAX LAW UPDATES
Traders with a turnover below Rs.10 lakh a year won’t have to register for
or pay the goods and services tax (GST), and those with annual sales of
R10 lakh to R50 lakh will need to pay the tax at a rate lower rate than the
standard GST rate. For northeastern states, the threshold could be R5
lakh. The concessional tax rate would, however, not be available for traders
making interstate transactions irrespective of their turnover. The Centre
had pitched for a threshold of R25 lakh, and even registration by traders
below the threshold so that they could be captured in the tax net as soon as
their sales breach the limit.
MARKET UPDATES
SENSEX
27,105.39 506.28
CNX NIFTY
8,191.50 134.20
DOLLAR/ RUPEE
63.92 -0.34.
MCX SILVER
37,935.00 70.00
MCX GOLD
26,890.00 -44.00
MCX CRUDE OIL
3,115.00 -34.00
Dow Jones Industrial
average
18,191.11 267.05
Nasdaq Composite
5,003.55 58.00
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