Goods and Services Tax ( GST)

GST overhaul likely soon; 3 tax slabs, exemption cuts, rate hikes on the cards (Feb 16, 2022)

The GST regime could get the most comprehensive makeover since it was introduced in 2017. The revision may simplify the rate structure and seek to lift revenue for states. The GST restructuring, which will be rolled out in a phased manner, may cut down tax slabs to three from the current four slabs of 5%, 12%, 18%, and 28%. The textile sector may see a rate hike, which was due in January 2022. 


Reserve Bank of India

Shri Sanjay Malhotra, Secretary, Department of Financial Services, nominated on RBI Central Board (Feb 16, 2022)

The Central Government has nominated Shri Sanjay Malhotra, Secretary, Department of Financial Services, Ministry of Finance, Government of India as a Director on the Central Board of Reserve Bank of India vice Shri Debasish Panda. The nomination of Shri Sanjay Malhotra is effective from February 16, 2022, and until further orders.



Business News

Mr. Hemant Kanoria moves NCLT for setting aside KPMG audit at SREI (Feb 16, 2022)

Mr. Hemant Kanoria, the founder of SREI, has moved to the Kolkata Bench of the National Company Law Tribunal (NCLT) for setting aside a forensic audit by KPMG into the company.  Lenders had, in March-April 2021, appointed KPMG Assurance and Consulting Services LLP as an auditor for the corporate debtor (SREI Infrastructure Finance and its wholly-owned subsidiary, SREI Equipment Finance). The application cited an issue of parallel auditing in the wake of the corporate insolvency resolution process (CIRP) in SREI. It mentioned that according to the Insolvency and Bankruptcy Code (IBC) process, the resolution professional (RP) of SREI had appointed BDO India LLP as the transaction auditor of SREI Infrastructure Finance.

Market Today  ( as on 17.02.2022 )

BSE Sensex                 57892.01 (-104.67)
Nifty 50                        17304.60 (-17.60)


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