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Government urges industry to pass on price cuts due to GST

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New Delhi, July 4: The government on Tuesday appealed to industry to pass on the benefit of a reduction in taxes under GST to consumers and announced the setting up of a Central Monitoring Committee (CMC) of 15 Secretaries to monitor the prices and supply situation following the roll-out of the new indirect tax regime.

“Prices have not gone up,” Revenue Secretary Hasmukh Adhia told reporters following the first meeting of the CMC here headed by the Cabinet Secretary.

“I appeal to industry to help bring down prices, wherever there is a reduction in tax under GST,” he said.

Adhia informed the media that the CMC formed by the Cabinet Secretary includes the Secretaries of 15 departments of the government which have been instructed to attend to the issues faced by their individual client groups on account of the Goods and Services Tax that came into effect pan-India from July 1.

The CMC will meet once a week on every Tuesday, he added.

In this connection, the Secretary said his department had received 2,20,000 applications for new registrations under GST of which around half were fully completed.

“Of the completed applications, 39,000 have already been approved and the rest will be deemed approved in the next three working days, unless states raise objections on specific cases,” Adhia said.

He also said that the government is launching a GST monitoring exercise from Wednesday, which would involve assigning all districts of the country to senior officials for supervision. Four to five districts would be grouped together for monitoring by a Joint Secretary or Additional Secretary from here who would be linked to the field through a link official of the Central Board of Excise and Customs (CBEC). There would be 175 top officials assigned to this job who would report on GST to the Cabinet Secretary, Adhia said.

Avinash Srivastava, Secretary in the Department of Consumer Affairs, said Consumer Affairs Minister Ram Bilas Paswan had allowed traders, manufacturers and packers three months till September 30 to dispose of old stocks by displaying the changed price according to a “methodology”.

According to this method, the particular business in question has to issue advertisements in two newspapers informing the new price for items. Besides, the item packaging has to display the new price on a sticker in a way that the old price is also visible.

Items which undergo a price reduction due to GST do not need to issue newspaper advertisements, but the sticker display of the new price on packing is the same for products whose prices have increased, Srivastava said.

As different from the GST implemented elsewhere, which generally have ‘standard’, ‘merit’ and ‘demerit’ rates, the new regime in India has a four-slab rate structure of 5, 12, 18 and 28 per cent, respectively.

IANS

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Equity indices close in red on weak global cues

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Mumbai, April 25: The key Indian equity indices on Wednesday provisionally closed in the negative territory following weak global cues, along with heavy selling pressure in the banking, consumer durables and capital goods stocks.

According to market observers, investors were cautious ahead of April derivatives expiry on Thursday.

On Wednesday, the wider Nifty50 on the National Stock Exchange provisionally closed (at 3.30 p.m) at 10,570.55 points, down 43.80 points or 0.41 per cent from the previous close.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,593.17 points, closed at 34,501.27 points, down 115.37 points or 0.33 per cent.

The Sensex touched a high of 34,631.27 points and a low of 34,400.56 points during the day.

The BSE market breadth was bearish with 1,447 declines and 989 advances.

The major gainers on the BSE were Bharti Airtel, Tata Consultancy Services (TCS), Mahindra and Mahindra (M&M), Power Grid and Hindustan Unilever, while Tata Steel, ICICI Bank, ONGC, Tata Motors (DVR) and Axis Bank were among the major losers.

On the NSE, the top gainers were Bharti Airtel, TCS and M&M. The major losers were GAIL, Cipla and Hindalco.

On Tuesday, the indices closed with humble gains riding on broadly positive global markets, coupled with expectations of healthy quarterly corporate earnings.

The Nifty50 edged higher by 29.65 points or 0.28 per cent to close at 10,614.35 points, while the Sensex closed at 34,616.64 points, up 165.87 points or 0.48 per cent.

IANS

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61% Indian IT managers clueless how bandwidth is being consumed, claims Sophos

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New Delhi, April 25: Around  57 percent Indian IT managers can’t identify network traffic while 61 percent don’t know how their bandwidth is consumed, a new report revealed on Wednesday.

The report claimed also the majority of Indian IT managers have legal liabilities when it comes to unidentified traffic at their workplaces.

As per British IT security firm, Sophos’ global survey titled “The Dirty Secrets of Network Firewalls,” 89 percent of Indian software heads opined that halting malware threats have become harder over the last year.

“While 94 percent agree that stopping ransomware should be a top priority in organisations, a lack of effective application visibility is a serious security concern for 90 percent of Indian businesses,” news agency IANS reported citing the report.

The survey was conducted on more than 2,700 IT decision makers across medium-sized businesses in 10 countries worldwide, including India, the US, Canada, Mexico, France, Germany, the UK, Australia, Japan and South Africa.

“Controlling network traffic is an essential role of every firewall yet, 61 per cent IT managers can’t tell you how their bandwidth is being consumed,” said Sunil Sharma, Managing Director Sales at Sophos India & Saarc.

“If you can’t see everything on your network, you can’t ever be confident that your organisation is protected from threats. IT professionals have been ‘flying blind’ for too long and cybercriminals take advantage of this,” Sharma pointed.

About 79 percent of IT heads witness security risks from unwanted or unnecessary applications.

“While 72 percent want to see applications by risk levels through their organisation’s firewall, 60 percent concerned on productivity loss due to unwanted apps and 52 percent had legal liability or compliance concerns due to potentially illegal content,” it added.

The survey further said that 61 percent would like to see better perimeter security in their organisation’s network firewall along with better threat visibility and better protection.

“Ineffective firewalls are costing you time and money. On an average, organisations are spending 7 working days to remediate infected machines,” assreted Sharma.

With just a single network breach multiple computers can be harmed, so keeping this in the mind faster you can stop the infection from spreading the more you limit the damage and time needed to clean it up.

“Companies are looking for the kind of next-generation, integrated network and endpoint protection that can stop advanced threats and prevent an isolated incident from turning into a widespread outbreak,” Sharma informed.

WeForNews 

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Equity indices close higher, RIL top gainer

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Mumbai, April 24: Healthy buying in oil and gas, banking and auto stocks, coupled with broadly positive global cues, lifted the key Indian equity indices on Tuesday.

Index heavyweights like Reliance Industries (RIL), Yes Bank, Adani Ports, Mahindra, Larsen and Toubro were the top gainers on the BSE.

However, heavy selling pressure in metals, IT and consumer durables stocks trimmed some gains of the benchmark indices, market observers said.

The wider Nifty50 of the National Stock Exchange (NSE) rose by 34.05 points or 0.32 per cent to provisionally close (at 3.30 p.m.) at 10,618.75 points.

The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 34,491.38 points, closed at 34,616.64 points — up 165.87 points or 0.48 per cent from its previous session’s close.

The Sensex touched a high of 34,706.71 points and a low of 34,465.49 points during the intra-day trade.

In contrast, the BSE market breadth remained bearish with 1,479 declines and 1,191 advances.

On Monday, the equity indices closed a volatile trade session on a flat-to-positive note as healthy quarterly results drove investors’ sentiments.

The Nifty50 closed higher by 20.65 points or 0.20 per cent at 10,584.70 points, while the Sensex closed at 34,450.77 points — up 35.19 points or 0.10 per cent.

IANS

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