Top headlines: RBI to frame norms for GIFT, India loses 2.02 mn taxpayers

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GST Council likely to decide on common audit manual for Centre, states

The Goods and Services Tax (GST) Council is likely to consider in its meeting on Saturday uniform practices for GST audit for adoption by the Centre and the states. At present, businesses are subject to a multiplicity of audits by the Central and state authorities with varying information requirements, different time limits, and several reconciliations.

While the tax authorities have their internal guidance in the form of the GST Audit Manual (GSTAM), the move seeks to have a comprehensive but common audit manual that would be more focused, efficient, and taxpayer-friendly. Read more

India lost 2 Bhutans worth of individual taxpayers to Covid-19 pandemic

India had fewer individuals paying income taxes after the economic devastation of the Covid-19 pandemic.

The total number of people who dropped out of the taxpayer list was 2.02 million, or 2.6 times the population of Bhutan. There were 63.3 million taxpayers in assessment year 2021-22 (AY22), compared to 65.4 million in AY20. Bhutan has a population of around 0.77 million, according to 2021 figures from the World Bank. Read more

Reserve Bank of India, IFSCA likely to frame fresh norms for GIFT City

The Reserve Bank of India (RBI) and the International Financial Services Centres Authority (IFSCA) are soon expected to come up with guidelines aimed at making IFSC GIFT City more competitive vis-à-vis other financial centres, such as London and Singapore, and relatively attractive as a platform for investment in India.

These guidelines, expected to be out in a month, will be for permitting acquisition financing by IFSC banking units of foreign banks and recognising offshore derivative instruments as valid contracts. These were some of the IFSC-related announcements made in the recent Union Budget by Finance Minister Nirmala Sitharaman. Read more

Adani-Hindenburg row: SC no to govt's sealed cover names for panel

The Supreme Court on Friday rejected the Centre’s suggestion of giving it in a sealed cover the names of people who would form an expert committee to examine the adverse report by American short-seller Hindenburg Research on the Adani group of companies and its impact on the markets.

A Bench headed by Chief Justice of India (CJI) D Y Chandrachud said: “We will select the experts and maintain full transparency. If we take names from the government, it would amount to a government-constituted committee. There has to be full (public) confidence in the committee.” Read more

CCI order unfair imposition, rival apps not restricted: Google tells NCLAT

Tech giant Google on Friday submitted before the NCLAT that there was "unfair imposition" by the competition watchdog CCI over its mobile app distribution agreement with device makers as it does not restrict from installing other apps, including that of rivals.

A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan on Friday said it will start day-to-day hearing of the matter from February 23, the next date of hearing.

Google while arguing its matter before the National Company Law Appellate Tribunal (NCLAT) said that the placement of its apps on devices through pre-installation under MADA (Mobile Application Distribution Agreement) is not "unfair" as there is no restriction from installing other apps and enough space is available for them. Read more