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Deadline to file GSTR-2, GSTR-3 for July extended

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GST Bhavan. (File Photo: IANS)
GST Bhavan. (File Photo: IANS)

New Delhi, Oct 30: In a move to give relief to GST taxpayers, the government on Monday extended the deadline to file returns GSTR-2 and GSTR-3 for July to November 30 and December 11 respectively.

Form GSTR-2 reflects purchases made by a business whereas GSTR-3 is a combination of sales and purchases.

The deadline to file GSTR-2 was Tuesday whereas the last date for filing GSTR-3 was November 10.

“To facilitate trade, the last date for filing GSTR-2 and GSTR-3 for July 2017 has been extended to November 30 and December 11 respectively,” a government tweet said.

“A notification in this regard will be issued to facilitate about 30.81 lakh taxpayers for filing GSTR-2 for July,” the Finance Ministry tweeted.

The decision comes after the Group of Ministers headed by Bihar Deputy Chief Minister Sushil Kumar Modi met on October 28 in Bengaluru to review the issues faced under the Goods and Services Tax filings.

GST expert Pritam Mahure told IANS: “This extension was necessitated as many technical glitches were cropping up during GSTR-2 filing. In days to come, the government should have well thought out strategy to address GST compliance issues.”

WeForNews Bureau

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Key Indian equity indices open in green

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SENSEX-

Mumbai, June 21: Taking a cue from global markets, the key Indian equity market indices on Thursday opened higher.

The Sensitive Index (Sensex) of the BSE, which had closed at 35,547.33 points on Wednesday, opened higher at 35,644.05 points.

Minutes into trading, it was quoting at 35,631.42 points, up by 84.09 points, or 0.24 per cent.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,772.05 points on Wednesday, was quoting at 10,798.80 points, up by 26.75 points or 0.25 per cent.

Broadly positive global cues had lifted the key Indian equity indices on Wednesday and according to analysts, banking, metal and auto stocks witnessed healthy buying activity.

The Sensex was up by 260.59 points or 0.74 per cent at the Wednesday’s closing. In the day’s trade, the barometer 30-scrip sensitive index had touched a high of 35,571.37 points and a low of 35,329.51 points. The Nifty, too, was up by 61.60 points or 0.58 per cent.

On Thursday, Asian indices were showing mixed trend. Japan’s Nikkei 225 was quoting in green, up by 0.79 per cent, while Hang Seng was down by 0.07 per cent, and South Korea’s Kospi was down by 0.29 per cent. China’s Shanghai Composite index was trading in green, up by 0.40 per cent.

Overnight, Nasdaq closed in green, up by 0.72 per cent while FTSE 100 was also up by 0.31 per cent at the closing on Wednesday.

IANS

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AI’s 76% stake sale plan crashes, other alternatives to be evaluated

We ran a disinvestment process, where we made it very clear what type of bids we were interested in receiving… We asked certain type of bidders with certain bidding criteria to participate.

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Civil Aviation Ministry

New Delhi, June 20 (IANS) The Central government has said that a 76 per cent stake sale process of the national carrier Air India has ended, as “no interest” was shown by bidders, however, it remains committed to the strategic divestment for which other alternatives will be evaluated.

“We ran a disinvestment process, where we made it very clear what type of bids we were interested in receiving… We asked certain type of bidders with certain bidding criteria to participate,” said Minister of State for Civil Aviation Jayant Sinha.

“No body expressed any interest during that process. So just by that set of those circumstances it is clear that that process right now is over… We have to move forward and we have to consider other alternatives, now as market conditions as industry circumstances change, we will evaluate all those alternatives but that particular specific process for the moment has come to an end, if need be, we can restart that or any other process depending upon the appropriate market circumstances.”

However, the government clearly stated that it is still committed to the idea of Air India’s strategic divestment.

Sinha added: “The government is committed to strategic disinvestment, what the modalities are and the circumstances are, we will have to monitor and evaluate as we go along.”

According to the Civil Aviation Minister Suresh Prabhu a few days back the Empowered Group of Ministers set up to look at the — Air India Specific Alternate Mechanism — reviewed the situation.

The minister, who holds the charge of the Ministry of Commerce and Industry said: “… Because there was no interest we have decided to review the situation soon. In the meantime to ensure that Air India runs properly a plan is being prepared by the Air India management to ensure that AI continues continues operate efficiently.

On May 31, the Ministry of Civil Aviation said that “no response” was received even during the extended submission deadline for the ‘Expression of Interest’ (EOI) bids under Air India’s divestment process.

“As informed by the Transaction Adviser, no response has been received for the Expression of Interest floated for the strategic disinvestment of Air India,” the ministry had said in a tweet.

“Further course of action will be decided appropriately.”

The government on May 1 had released a detailed document on clarifications sought by interested bidders regarding the divestment process.

The clarification document outlined that net current liabilities as Rs 88.16 billion (Rs 8,816 crore) and “these will remain with AI and AIXL (Air India Express) as these have been incurred in the course of business.”

“After deducting Rs 88,160 mn from Rs 333,920 mn, the remaining figure of INR 245,760 mn is the debt and liability quantum that will remain with AI and AIXL.”

As per the old timelines, the submission deadline for the EOI bids was earlier extended to May 31 and consequently, the date for the “intimation to the Qualified Interested Bidders” — QIB — which was supposed to have been the next stage was slated for June 15.

It was expected that by August-end, the government will be able to determine the highest bidder.

On March 28, the government had issued a Preliminary Information Memorandum (PIM) inviting ‘EOI’ for the strategic divestment of AI, along with the airline’s shares in AIXL and AISATS (Air India SATS Airport Services) from private entities including the airline’s employees.

The Central government owns 100 per cent equity of Air India. In turn, the airline holds full stake in Air India Express, while it holds 50 per cent stake in the joint venture AISATS.

Accordingly, it has been planned to divest 76 per cent government stake in AI, 100 per cent in AIXL and 50 per cent in AISATS.

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Global cues lift equity indices; Sensex ends over 200 points higher

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Sensex

Mumbai, June 20: Broadly positive global cues lifted the key Indian equity indices on Wednesday, with the barometer Sensex of the BSE closing with gains of more than 200 points.

According to analysts, banking, metal and auto stocks witnessed healthy buying activity.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,772.05 points, up 61.60 points or 0.58 per cent from the previous close of 10,710.45 points.

Similarly, the Bombay Stock Exchange (BSE) Sensex, which had opened at 35,329.61 points, closed at 35,547.33 points (3.30 p.m.) — up 260.59 points or 0.74 per cent — from its previous session’s close of 35,286.74 points.

The Sensex touched a high of 35,571.37 points and a low of 35,329.51 points.

The top gainers on the Sensex were Reliance Industries, IndusInd Bank, Vedanta, Tata Steel and Yes Bank whereas ONGC, Coal India, ITC, Wipro and Larsen and Toubro (L&T) were the major losers.

On the NSE, Reliance Industries, IndusInd Bank and Tata Steel were the highest gainers while UPL, Hindustan Petroleum and Indian Oil Corp lost the most.

IANS

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