To allay the fears of the exporting community, the Commerce Ministry on June 21 said that enforcement would not be harsh during the initial period of GST implementation from July 1. “Any transition will require some adjustment. Exporters will get an extended two months time for filing retur…
Govt to make companies pay if they fail to pass on GST benefits to consumers
The central government on June 20 notified anti-profiteering rules to ensure that businesses pass on the benefit of reduced indirect tax to customers once the proposed goods and services tax (GST) comes into force on 1 July. Failing to pass on the GST benefits could cost businesses their registra…
DIPP constitutes 6 groups for preparing new industrial policy
The commerce and industry Ministry has constituted six groups for preparing a framework for the country’s new industrial policy that includes taxation, MSME and innovation, among others. The Department of industrial Policy and Promotion (DIPP), under the commerce ministry, is working on thi…
GST risky for SME lenders due to near-term uncertainty: Ambit Capital
The implementation of goods and services tax (GST) and continued impact of demonetisation in some segments are likely to be high asset quality risks for small and medium enterprise (SME) lenders, said Ambit Capital Pvt. Ltd. According to the brokerage firm, many micro, small and medium enterprise…
O2O fashion e-Commerce platform Fynd raises $2.4 m from IIFL, others
Mumbai-based O2O fashion e-Commerce platform Fynd has raised $2.4 Mn in a funding round led by IIFL Seed Ventures. The round was an extension of the Series A round and also saw participation from Kae Capital, FJ Labs, Singularity Ventures, GrowX, Tracxn Labs, and Hong Kong-based Axis Capital…
Healthtech start-up grow fit raises $4.5 m funding from manipal group, others
Bengaluru-based healthtech startup Grow Fit has raised $4.5 Mn in Series A funding. The investment was led by Manipal Education and Medical Group (MEMG), the PE arm of Manipal Group. Existing investors, SAR Group and The Grover Trust also participated in this round. With this investment, Dr. Ranj…
Make in India programme for SMEs in pharma sector a mirage: Anjan K Roy
Union government’s Make in India programme is just a mirage for the small and medium pharma companies because drug manufacturing is capital intensive activity. Instead the sector is grappling with rigid price controls and ban on fixed dose combination (FDC) issues, said Anjan K Roy, founder, RL F…
Start-up Banyan Nation to help Telangana clean up waste
The Telangana government, which has been talking about partnering startups to roll out solutions for citizens, on June 20 announced that it will be joining hands with Hyderabad-based startup Banyan Nation to usher in efficiency in the area of waste management in the state. “Telangana has be…
18% GST on MMF to hit the powerloom sector
Powerloom units will take a hit if the GST on man-made fabric (MMF) is kept at the proposed 18%, industry officials said. Powerloom accounts for more than 86% of the total MMF production in India while the rest comes from other segments like handlooms, hosiery and mills. Incidentally, the GST on …
Smriti Irani unveils world’s largest cushion
Union textiles Minister Smriti Irani unveiled on June 20 the world’s largest cushion at an exhibition in Delhi. At the inauguration of the Heimtextil India fair, Irani said India’s home textile business this year has contributed 12 per cent to the country’s overall shipments globally. She said th…