GST revamp: A major revamp of the goods and services tax (GST) is on the agenda of the GST Council today as part of efforts to address the grievances of small-scale industries, traders and exporters. The package of measures expected to be taken up by the council may include an increase in the threshold limit for the composition scheme to Rs 1-1.5 crore from Rs 75 lakh to aid micro, small and medium enterprises, a more liberal exemption limit, and a lower compliance burden with quarterly rather than monthly filing apart from steps to boost exports.
Shell companies update: As many as 4.5 lakh directors may face disqualification for their association with shell companies as the government steps up its fight against the black money menace. Asserting that genuine corporates will not face action, the minister of state for corporate affairs said non-compliant companies are tarnishing the image of good ones.
Telecom jobs threatened: Nearly 150,000 direct and indirect jobs in India's debt-ridden and loss-making telecom sector face "clear and present danger" of corporate downsizing, as per estimates by industry experts. At present, the sector is burdened with astronomical debt of nearly Rs 8 lakh crore by some estimates due to a slew of freebies which are being doled out by incumbent telecom players to retain their customer base.
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