The goods and services tax will be announced on July 1 as the GST Council has stuck to the scheduled rollout. The norms for filing GST returns have been relaxed until September to ensure that the transition doesn’t hurt small traders and others who may not be ready for the new regime. The council also approved the creation of an anti-profiteering authority that will exist for two years. They also cleared some other crucial elements of the proposed tax framework at its meeting in Delhi.
The BMW Group India posted a strong double-digit growth in 2016 after two years of decline. It has carried the momentum into this year too by logging 8% growth till May and thus holding on to the tag of being the fastest growing luxury car brand. The company has lined up fresh investments of Rs 125 crore in India to expand its geographical footprint. It also plans to offer new generation products such as the new 5 Series in 2017.
The Union cabinet may clear the decks for the government’s stake sale in loss-making national carrier Air India this week. They WILL choose between the option of an outright sale and partial divestment. This includes the Niti Aayog’s recommendation of complete privatisation and the civil aviation ministry’s proposal of a substantial reduction in the airline’s debt by sale of subsidiaries and assets before privatisation.
Jaguar Land Rover is planning to hire 5,000 staff as it boosts its skills in autonomous and electric technology. The company employs more than 40,000 people globally and it has said that it would hire 1,000 electronic and software engineers. Apart from this, they will hire additional 4,000 personnel including in manufacturing. The recruitment process will take place over the next 12 months, just as Britain begins talks to leave the European Union. The carmaker will also build its first electric vehicle, the I-PACE, in Austria.
Consumers are going to be flooded with discounts on smartphones, tablets and mobile accessories like smartwatches on online marketplaces like Amazon and Flipkart till month end. The e-retailers are planning to clear inventories sourced from states with lower tax than the proposed 12% GST that comes into effect from July. Once GST will be launched, tax differential between states will no longer work. Amazon has lined up smartphone sales from June 19-21 and would continue deals till stocks last and Flipkart will follow suit.