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Confused about GST rates, many refrain from doing business

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GST

New Delhi/Noida, July 1 : After the countrywide launch of the Goods and Services Tax (GST) on Friday midnight, many businessmen in Delhi-NCR on Saturday seemed confused about the new indirect tax regime, with some even refraining from buying and selling any products.

However, there were some who found different ways of generating bills, while a number of businesses with updated software generated bills with GST levied on their products.

Some eateries were seen handing out bills displaying state GST as well as central GST applied on the sale.

Noida’s Kay Dee Electronics Manager Naresh did not sell any product on the first day of the new tax regime, saying there was no clarity on its imposition.

“We are waiting for the complete information from the GST Council about levying of the taxes. Only after receiving it, we will resume our business. There’s a lot of confusion about the rates,” Naresh told IANS.

Similar was the condition of several other shopkeepers. They also waited to have some clarity to be able to go ahead with the transactions.

“Very few customers have been visiting us, but they are also being sent back as we haven’t been able to understand the new law as of now,” said Anand Kumar from a handloom emporium.

“We will resume as soon as we get a clearer picture about it,” he said.

Kumar expressed disappointment and questioned the government’s “hasty move” of implementing the policy.

“Why so much hurry to implement this policy, which is not clear to the majority in the country?” he said.

On the other hand, there were proprietors using the cash memo and providing hand written bills after levying GST.

When asked if they had complete knowledge of the GST regime, a shopkeeper of CS Electric Company here said that the information available online was helping him make bills.

“We are reading about the GST rates online to be able to make invoices,” 45-year-old Ram Gyan Mahto said.

Raymond Manager Pawan Aggrawal told IANS: “We are not generating bills right now. Customers have been taken into trust that they would receive bills on mail once our system is updated.”

“Those not comfortable with mails have given us their phone numbers, so they can come and collect it later,” the 51-year-old said.

Aggrawal appreciated the new tax system, saying: “It will remove the variation of prices that existed. Now onwards, there will be just one tax on everything all over the country,” he said.

A Firefox bicycles outlet has promised its customers to send bills later through WhatsApp, mail and other options, as they are also waiting for the software on their systems to be updated.

Many eateries and restaurants said that they had updated the system soon after the launch of GST and were comfortably generating invoices for the customers.

“We had updated the software before 8 a.m. today (Saturday) as people usually start rushing in early in the morning,” Kamlesh Jha from Bikanerwala told IANS.

Aggarwal Bikaneri’s Palwal Kumar said: “We were aware that there is going to be a tax of 12 per cent on snacks and 5 per cent on sweets. We were prepared to follow the new system.”

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2018 Ducati Multistrada 1260 launched in India at Rs 15.99 Lakh

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2018 Ducati Multistrada 1260

New Delhi, June 18: Ducati India has just launched the 2018 Multistrada 1260 in the country at Rs 15.99 lakh (ex-showroom), while the Multistrada 1260 S has been priced at Rs 18.06 lakh (ex-showroom). Ducati India announced the launch through its social media on Tuesday.

The 1260 is the company’s flagship adventure-tourer and comes with a number of changes over the model it replaces. These updates include additional power, a revised chassis and new equipment.

The Multistrada gets a new 1,262cc, liquid-cooled, L-Twin motor. It produces 158hp at 9,500rpm, a 6hp increment over the 2017 Multistrada. Torque, too, has gone up by 1.5Nm, bringing the total up to 129.5Nm, which is delivered at 7,500rpm. The new engine features what Ducati calls Desmodromic Variable Timing (DVT), which, combined with Desmo valve actuation, results in good low-end torque. This tech also helps make the engine Euro-IV emission norms compliant.

The DVT on the Ducati Multistrada 1260 combines variable timing with desmo valve actuation which delivers an ideal combination of horsepower, low-rpm torque as well as meets Euro-4 emission norms. The Multistrada 1260 DVT engine is now capable of 160 PS at 9,500 rpm and 129.4 Nm at 7,500 rpm. However, it now gets a very flat torque curve, delivering 85 percent of peak torque from as low as 3,500 rpm, something ADV riders will greatly appreciate.

Internationally, the Multistrada 1260 is available in four variants, the 1260, 1260 S, the S D|air and the Pikes Peak – the last two will only come to India later, if at all.

To make the most of the new engine, the chassis has been retuned as well. The steering rake has been increased from 24 to 25 degrees, adding 5 mm of trail, and the swingarm is 48 mm longer.

This takes the wheelbase to 1,585 mm from 1,530 mm on the earlier model. The longer wheelbase should be able to facilitate more comfortable riding and better stability. The Multistrada 1260 has 48 mm inverted forks up front and a rear shock by Sachs, both fully adjustable.

The 1260 S also receives a new high-definition colour TFT display, navigation, semi-active Ducati Skyhook Suspension (DSS), as well as barrage of rider assist options including a vehicle hold control, as well as four riding modes – sport, touring, urban, and enduro.

WeForNews

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Weak global cues subdue equity indices; Sensex down over 200 points

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Sensex Nifty Equity

Mumbai, June 19: Weak global markets suppressed the key Indian equity indices on Tuesday afternoon with the benchmark 30-scrip Sensex of the BSE losing over 200 points so far.

Benchmark global markets were weighed down by signs of a resurgent trade war after US President Donald Trump on Monday reportedly threatened to impose tariffs on additional $200 billion worth of Chinese goods.

According market analysts, heavy selling pressure was witnessed in auto, metal and consumer durable stocks.

At 1.16 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,719.10 points, down 80.75 points or 0.75 per cent from the previous close of 10,799.85 points.

Similarly, the BSE Sensex, which had opened at 35,552.47 points, traded at 35,312.50 points (1.17 p.m.) — down 235.76 points or 0.66 per cent — from its previous session’s close of 35,548.26 points.

The Sensex has so far touched a high of 35,552.47 points and a low of 35,290.96. The BSE market breadth was bearish with 1,859 declines and 598 advances so far.

The top gainers on the Sensex were ONGC, HDFC Bank, Bharti Airtel, Asian Paints and ITC whereas Vedanta, Tata Motors (DVR) and Bajaj Auto, Adani Ports and State Bank of India were the major losers.

On the NSE, Gail, Bajaj Finance and HDFC Bank were the highest gainers while Vedanta, Hindalco Industries and Indian Oil Corp lost the most.

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Chanda Kochhar goes on leave, ICICI names Sandeep Bakhshi as COO

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New Delhi, June 19:ICICI Bank appointed Sandeep Bakhshi, who heads the bank’s life insurance arm, as chief operating officer.

The board of directors of ICICI Bank allowed its CEO Chanda Kochhar to go on leave until a probe into her role in an alleged conflict of interest in sanctioning loans to the Videocon Group was completed.

Bakhshi, who was the deputy MD of ICICI Bank before he was made the group’s insurance head, would run the bank during the absence of Kochhar.

All executive directors on the board of ICICI Bank and the executive management will report to him, the bank said.

Monday’s statement said Kocchar will remain in her role as MD and CEO of ICICI Bank and Bakhshi will report to her.

Earlier in the day, shares of ICICI Bank rose as much as 4 per cent, amid reports of reshuffle of top management. The stock gained 3.61 per cent to settle at Rs 292.50 on BSE. In intra-day trade, it surged 4.10 per cent to Rs 293.90.

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