News digest: GST Council meet, governance code impact, and more

Business Standard By BS Web Team October 7, 2017 04:24 IST

From GST Council cuts rates on 27 items to Noose tightens around 5,800 shell firms, BS brings you up to date with latest news

GST Council meet: Diwali comes early for SMEs, exporters

The Goods and Services Tax (GST) Council on Friday took major decisions to prevent working capital of exporters from getting locked up and reduce the compliance burden on small and medium enterprises, while reducing rates on 27 items of daily use, including khakhra, which may help the ruling party, the BJP, in poll-bound Gujarat.

Governance code impact: 40% of NSE-listed firms will have to split CMD post

The proposed corporate governance code framework is expected to have a significant impact, forcing companies, including several blue-chip names, to reconstitute their boards, rope in more directors, and seek shareholders’ blessings on big pay packets for top executives and royalty payouts.

Noose tightens around 5,800 shell firms

The government has collected startling data on multiple accounts of 5,800 shell companies out of the over 200,000 that were struck off by the registrar of companies (RoC). Some of these companies operated accounts even after their names were taken off the rolls. The companies deposited and withdrew huge amounts from banks post-demonetisation, while they had meagre deposits before November 8, 2016.

Coal stocks at power plants down to six days

Coal stocks at power plants across the country have declined to a point where they can meet the requirement for an average of only six days.

KYC not needed for buying jewellery above Rs 50,000

In a major relief for bullion dealers and jewellery retailers, the government has rescinded applicability of the Prevention of Money Laundering Act (PMLA) on purchases of precious ornaments above of Rs 50,000.

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