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<ul><li>MSMEs hold immense potential in supporting India’s ambitious vision of a $40 trillion economy by 2047, says industry body Assocham.</li><li>Banks can fund <keyword id="6358354" type="General" weightage="20" keywordseo="msme" source="Orion">MSME</keyword> working capital requirements against <keyword id="4572080" type="General" weightage="20" keywordseo="GST-filings" source="Orion">GST filings</keyword>, suggests Assocham.</li><li>Another suggestion is to come up with a similar structure of REITs and InVITs, an investment trust that lends specifically to MSMEs via pooling.</li></ul>The micro, small and medium enterprises (MSME) sector has played a meaningful role in India’s growth. The sector holds immense potential in supporting India’s ambitious vision of a $40 trillion economy by 2047, says a report by industry body Assocham. However, the real struggle for small businesses lies in fundraising for future growth. The report highlighted challenges faced by MSMEs in terms of fundraising and recommended ways to solve the problem. “An April 2022 report by the Standing Committee on Finance estimated the credit gap in the MSME sector to the tune of ₹20-25 trillion. Therefore, funding via alternative sources apart from bank credit needs to be augmented for the MSME segment,” said the report. Given that nearly 60% of MSMEs raise funds through informal sources, formalization of the sector is necessary to facilitate growth, the industry body says. “To this end, banks could fund working capital requirements against GST filings, which are more reliable quantitatively, as compared to collateralized loans. This would not only enable MSMEs easy access to funds but also spur formalization through GST registrations,” Assocham said. Another suggestion is to come up with a similar structure of real estate investment trusts (REITs) and infrastructure investment trusts (InVITs). The industry body says that an investment trust that lends specifically to MSMEs via pooling – can be created. Disclosures a challenge with SME IPOs Apart from credit, small businesses also find it tough to raise equity. Raising funds by going public via <keyword id="5559702" type="General" weightage="20" keywordseo="SME-IPO" source="Orion">SME IPO</keyword> is also a challenge due to strict disclosure requirements. BSE SME Exchange was launched in 2012 while NSE launched SME Emerge platform and Nifty SME EMERGE Index in 2017 to encourage MSME companies to get public. “In November 2021, BSE also collaborated with the All-India MSME Association (AIMA) to encourage and promote the listing of MSMEs and start-ups through the SME platform. Although these steps helped overall resource mobilization in the initial years, evident from the gradual rise in number of MSMEs that have moved to the main board, we have not seen equity emerge as a source of MSME financing in a big way,” said the report. While tough disclosure remains a challenge, data shows that SME IPOs have witnessed good growth with hundreds of companies launching their issues with <a href="https://www.businessinsider.in/stock-market/news/small-is-the-new-big-sme-ipos-double-in-2022-while-mainboard-ipos-halve/articleshow/96618323.cms#:~:text=mainboard%20IPOs%20halve-,Small%20is%20the%20new%20big%3A%20SME%20IPOs%20double,2022%2C%20while%20mainboard%20IPOs%20halve&amp;text=In%202022%2C%20108%20SME%20IPOs,age%20technology%20IPOs%2C%20last%20year.">stellar performances</a>. In 2022, 108 SME IPOs were launched, as against 60 the year before. A net worth between ₹1 crore and ₹25 crore is one of the listing requirements for SME IPOs on BSE, as per BSE Stock Exchange. The minimum investment amount for an SME IPOs is quite large compared to regular IPOs – ₹1 lakh for SME IPOs versus nearly ₹15,000 for regular IPOs. The report also revealed that the Department for Promotion of Industry and Internal Trade (DPIIT) is in process of finalizing the new industrial policy, which amongst other things, encourages MSMEs to choose the corporate bond market. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mutual-funds-raise-bets-on-mid-small-cap-stocks-amid-volatile-markets/articleshow/98516460.cms">Mutual funds raise bets on mid &amp; small-cap stocks amid volatile markets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-continue-to-be-bearish-on-oil-gas-power-stocks-in-february-offload-equities-worth-7821-crore-in-the-two-sectors/articleshow/98511897.cms">FPIs continue to be bearish on oil &amp; gas, power stocks in February, offload equities worth ₹7,821 crore in the two sectors</a>

REIT-like structures, loans against GST filings can help solve MSME fundraising problems: Assocham

New Delhi, Jan 29 () Ahead of the Union Budget, the Oil Ministry has made a renewed pitch for inclusion of natural gas in the ambit of GST to promote the use of the environment-friendly fuel by reducing multiplicity of taxes and improving business climate.
 When the Goods and Services Tax (GST) was introduced on July 1, 2017, amalgamating 17 central and state levies, five commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of its purview given the revenue dependence of state governments on this sector.
 "Currently natural gas is taxed under the VAT regime with VAT ranging from 3 per cent to 20 per cent across states," the ministry said in a booklet it brought out to promote the use of the fuel in automobiles, household kitchens, and industries.
 If brought under GST, natural gas will attract a uniform rate of tax at the consumption point anywhere in the country after doing away with current rates of excise duty and VAT.
 This, it said, would "result in an increase in state domestic product and socio-economic development owing to increased economic activities" which will lead to improved employment opportunities.
 Also, it would lead to improved investor confidence and attract more investment in natural gas infrastructure in the country, the booklet said, adding that a positive impact on environment and health due to reduction in carbon emissions across major cities was another advantage.
 "As gas is not under the ambit of GST, there is no input tax credit available. Further, the downstream industries are not able to claim the benefit of the tax credit of VAT paid on purchases of natural gas which is available for alternate fuels/feedstocks," the booklet said.
 Oil Minister Dharmendra Pradhan too has been making a vehement pitch for the inclusion of gas in the GST.
 "We believe natural gas as also aviation turbine fuel (ATF) can be included in the GST regime," he had said on Monday.
 Including ATF and natural gas will not just help companies set off tax that they paid on input but will also bring about uniformity in taxation on the fuels in the country, he had said. "Including natural gas in GST is said to be one of the biggest drivers of not just consumption but will also incentivize producers to spend more on finding and producing more gas as well as incentivize importers to bring in more LNG."
 Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for 2020-21 fiscal on February 1.
 ATF makes up for almost a third of the cost of an airline and rates vary from state to state depending on local VAT.
 A uniform GST would also push the usage of environment-friendly natural gas, whose share in the energy basket the government wants to increase to 15 per cent by 2030 from current 6.2 per cent.
 Pradhan said the GST Council, the highest decision-making body of the new indirect tax regime, should take a decision in favour of these two fuels at the earliest.
 The Council is headed by Union Finance Minister and comprises representatives of all states and union territories.
 Under the existing structure, both natural gas and ATF attract the Centre's excise duty and a state's value-added tax (VAT). Both these and all other levies will get subsumed under GST if they are brought under its ambit.
 The decision on their inclusion depends on the financial position of states as revenues from these five petroleum products constitute a substantial chunk of state government finances.
 Barring a few, most of the states are incurring revenue shortfall as GST subsumed a dozen of their taxes, introducing the single levy, in a bid to simplify taxation system and remove the cascading effect of 'tax on tax' in the country.
 According to the industry, keeping ATF and natural gas out of the GST net is increasing the cost of these products as tax on inputs is not being credited against the sale of these products, which ultimately, adds to the cost of production.
 The Aviation Ministry has time and again sought inclusion of ATF under GST as any surge in international oil rates gets reflected in domestic jet fuel prices, leading to costlier air tickets.
 Natural gas is widely used as industrial input by a variety of industries - from power to steel - and it coming under GST would help eliminate the cascading impact of taxes, bringing down prices of CNG and piped natural gas. ANZ RVK

Oil Min pitches for inclusion of natural gas in GST

New Delhi, Dec 5 () Oil Minister Dharmendra Pradhan on Thursday hoped that Finance Minister Nirmala Sitharaman will signal the inclusion of jet fuel and natural gas under the ambit of GST to reduce multiplicity of taxes and improve the business climate.
 When the Goods and Services Tax (GST) was introduced on July 1, 2017 amalgamating 17 central and state levies, five commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of its purview given the revenue dependence of state governments on this sector.
 "Our expectation is that in the coming Budget, ATF and natural gas is included in GST," he said at a FICCI conference here.
Finance Minister is scheduled to present the Union Budget for 2020-21 fiscal on February 1.
 Including ATF and natural gas will not just help companies set off tax that they paid on input but will also bring about uniformity in taxation on the fuels in the country.
 Including natural gas in GST is said to be one of the biggest drivers of not just consumption but will also incentivize producers to spend more on finding and producing more gas as well as incentivize importers to bring in more LNG.
 ATF makes up for almost half of the cost of an airline and rates vary from state to state depending on local VAT.
 A uniform GST would also push the usage of environment-friendly natural gas, whose share in the energy basket the government wants to increase to 15 per cent by 2030 from current 6.2 per cent.
 Pradhan has been making a case for the GST Council - the highest decision-making body of the new indirect tax regime - to take a decision in favour of these two fuels at the earliest.
 The Council is headed by Union Finance Minister and comprises representatives of all states and union territories.
 Under the existing structure, both natural gas and ATF attract the Centre's excise duty and a state's value-added tax (VAT). Both these and all other levies will get subsumed under GST if they are brought under its ambit.
 The decision on their inclusion depends on the financial position of states as revenues from these five petroleum products constitute a substantial chunk of state government finances.
 Barring a few, most of the states are incurring revenue shortfall as GST subsumed a dozen of their taxes, introducing the single levy, in a bid to simplify taxation system and remove the cascading effect of 'tax on tax' in the country.
 According to the industry, keeping ATF and natural gas out of the GST net was increasing the cost of these products as a tax on inputs is not being credited against the sale of these products, which ultimately, adds to the cost of production.
 The aviation ministry has time and again sought inclusion of ATF under GST as any surge in international oil rates gets reflected in domestic jet fuel prices, leading to costlier air tickets.
 Natural gas is widely used as industrial input by a variety of industries - from power to steel - and it coming under GST would help eliminate the cascading impact of taxes, bringing down prices of CNG and piped natural gas. ANZ ANZ ANU
ANU

Pradhan hopes coming Budget will signal inclusion of ATF, natural gas in GST

<ul><li>One of the biggest exclusions from the Goods and Services Tax (GST) regime is petroleum.</li><li>At the moment, the Centre levies excise duty while states levy value added tax (VAT) at different rates, leading to different rates of petrol and diesel in different parts of the country.</li><li>This could change if the <keyword id="6360789" type="UNKNOWN" weightage="20" keywordseo="Modi-government">Modi government</keyword> manages to bring petroleum under GST.</li><li>It could also make the rates uniform across the country and bring down prices.</li></ul>The Modi government could be gearing up to bring petroleum under the Goods and Services Tax (GST) regime, at a time when petrol prices have broken all past records and <a href="https://www.businessinsider.in/india/news/petrol-rates-with-additives-cross-100-mark-in-maharashtras-parbhani-district/articleshow/80907658.cms">breached the ₹100 mark</a> in several parts of the country. When it was rolled out in 2017, the GST regime brought a wide range of products and almost all services under its purview, and the latest to join this list could be petroleum – this is an issue that seems simple on the outset but is a lot more complicated than that. However, the Modi government could be aiming to put this issue behind it if Finance Minister Nirmala Sitharaman’s recent comments are anything to go by. We look at some signs that suggest the Modi government is pushing for bringing petroleum under the scope of GST. <cmsannotation type="cmsannotation" annotationid="Exhibit 1 – FM Sitharaman’s recent comments on the surge on fuel prices" comment="subhead" text="Exhibit 1 – FM Sitharaman’s recent comments on the surge on fuel prices">Exhibit 1 – FM Sitharaman’s recent comments on the surge on fuel prices</cmsannotation> In an address to the media recently, Sitharaman said that this is a “vexatious issue” and one that needs to be addressed by both the Centre as well as the states. “But to get fuel prices under GST needs to be a thorough discussion in the GST Council (comprising Centre and the states),” she <a href="https://www.timesnownews.com/auto/features/article/adding-petrol-and-diesel-to-gst-regime-could-bring-down-prices-nirmala-sitharaman/723049">said</a> in the address. Further, commenting on the fact that petrol prices are different in each state, she added, “That anomaly can be addressed if it is under GST. And that can be just one tax which can be shared by both Centre and State.” Currently, taxes on petroleum products are levied by both the Centre and the states. While the Centre levies excise duty, states levy value added tax (VAT). If petroleum is brought under GST, both the taxes would be merged and fuel prices across the country would be uniform. Sitharaman found <a href="https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51161">support</a> from the Reserve Bank of India’s governor, Shaktikanta Das, who urged the Centre and states to reduce taxes on petrol and diesel. This could also be seen as a nudge towards pushing both the sides to bring petrol and diesel under the ambit of GST. <cmsannotation type="cmsannotation" annotationid="Exhibit 2 – PM Modi says his government is committed to bring natural gas under GST" comment="subhead" text="Exhibit 2 – PM Modi says his government is committed to bring natural gas under GST">Exhibit 2 – PM Modi says his government is committed to bring natural gas under GST</cmsannotation> PM Modi gave a boost to calls for including natural gas under GST. He said, “We are committed to bringing natural gas under the GST regime; I want to tell the world to invest in India's energy sector,” <a href="https://www.livemint.com/news/india/govt-committed-to-bring-natural-gas-under-gst-pm-modi-11613562192653.html">adding</a> that this would help reduce prices as well. <cmsannotation type="cmsannotation" annotationid="There’s support from the opposition as well" comment="subhead" text="There’s support from the opposition as well">There’s support from the opposition as well</cmsannotation> Another shot in the arm for the Modi government is the fact that even the opposition wants petrol and diesel to be brought under GST. The issue has seen comments from former finance minister P Chidambaram <a href="https://www.financialexpress.com/india-news/bring-petrol-diesel-under-gst-immediately-says-p-chidambaram/1301560/">questioning</a> the government as to why this has not been done. <cmsannotation type="cmsannotation" annotationid="Why is it difficult to bring petroleum under GST?" comment="subhead" text="Why is it difficult to bring petroleum under GST?">Why is it difficult to bring petroleum under GST?</cmsannotation> Petroleum products contribute a significant amount of revenue to the states. For instance, VAT on petroleum products is as high as 40% in Maharashtra, <a href="https://timesofindia.indiatimes.com/city/mumbai/petrol-diesel-price-hikes-to-pour-rs-700-crore-into-maharashtra-govt-coffers/articleshow/76437241.cms">contributing</a> over ₹25,000 crore annually. <div type="image" title="Tax contribution to Centre and State" msid="81171040" hostid="261"></div> By being able to levy VAT on these products, the state governments have control over their revenues. Bringing petroleum under GST takes away that control as the Centre is the one in charge of fixing the rate of GST. Another issue is the rate of VAT on petrol and diesel varies wildly amongst states. While Maharashtra charges up to 40% on petrol, while Andaman and Nicobar charge just 6%. Levying a standard rate of GST on petrol would mean that the prices increase dramatically in Andaman and Nicobar, but on the flip side, they would fall in Maharashtra if the cumulative rate is lower than the current rate. This throws up two issues – while the common person would end up paying more for petrol in Andaman and Nicobar, the Maharashtra government would lose out on revenue as GST would lower the effective rate of tax on petrol. SEE ALSO: <a href="https://www.businessinsider.in/india/news/checkout-viral-memes-and-jokes-on-social-media-around-petrol-price-in-india/articleshow/81085815.cms">The painful surge in fuel prices in India has led to some hilarious memes and videos on Twitter and Instagram</a> <a href="https://www.businessinsider.in/india/news/petrol-rates-with-additives-cross-100-mark-in-maharashtras-parbhani-district/articleshow/80907658.cms">Petrol rates with additives cross ₹100 mark in Maharashtra's Parbhani district</a> <a href="https://www.businessinsider.in/india/news/petrol-and-diesel-will-become-cheaper-by-5-in-assam-only-from-today-midnight/articleshow/80876847.cms">Assam is making fuel and alcohol cheaper to woo voters ahead of the Assembly Elections in April</a>

Signs that Modi government wants to bring petrol and diesel under GST – and the reasons why it is difficult

<keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>, <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Limited (RIL) and BP Exploration Alpha Limited (BPEAL) have invited <keyword id="48985" type="PERSON" weightage="20" keywordseo="Bids">bids</keyword> through an online platform companies for the <keyword id="6355653" type="UNKNOWN" weightage="20" keywordseo="gas">gas</keyword> produced from the <keyword id="187231" type="PERSON" weightage="20" keywordseo="KG-D6-Basin">KG D6 basin</keyword> in Kakinanda. In a <keyword id="1176272" type="PERSON" weightage="20" keywordseo="public-notice">public notice</keyword>, RIL and BP while inviting bids said they expect to sell the gas from February 1, 2021. "The gas produced for KG D6 will be available for sale at the delivery point at Gadimoga near Kakinada, Andhra Pradesh tentatively from 01 February 2021," RIL and BP said in the notice. Crisil Risk and Infrastructure Solutions has been appointed by the consortium to conduct the bidding process for sale of gas through an online web based electronic bidding platform. The consortium is currently producing and developing deep water gas fields under the production sharing contract with the government. Earlier this month, RIL and BP had announced the start of production from the R Cluster, ultra-deep-water gas field in block KG D6 off the Kakinada coast. RIL and BP are developing three deepwater gas projects in block KG D6  R Cluster, Satellites Cluster and MJ  which together are expected to meet 15% of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s gas demand by 2023. These projects will utilise the existing hub infrastructure in KG D6 block. RIL is the operator of KG D6 with a 66.67% participating interest and BP holds a 33.33% participating interest. R Cluster is the first of the three projects to come onstream. The field is located about 60 kilometers from the existing KG D6 Control &amp; Riser Platform (CRP) off the Kakinada coast and comprises a subsea production system tied back to CRP via a subsea pipeline. Located at a water depth of greater than 2000 meters, it is the deepest offshore gas field in Asia. The field is expected to reach plateau gas production of about 12.9 million standard cubic meters per day (mmscmd) in 2021. SEE ALSO: <a href="https://www.businessinsider.in/india/news/these-are-some-important-changes-in-india-from-january-1-2021-new-year/articleshow/80021085.cms">From mandatory FAStag to quarterly GST returns — these are some important changes in India from January 1</a> <a href="https://www.businessinsider.in/business/auto/news/heres-what-to-expect-from-maruti-mm-hero-bajaj-auto-and-other-automakers-in-december-month-2020-auto-sale/articleshow/80021695.cms">December auto sales estimates — Here’s what to expect from Maruti, M&amp;M, Hero, Bajaj Auto, and other automakers</a> <a href="https://www.businessinsider.in/tech/apps/news/google-is-testing-a-shortcut-feature-for-tiktok-and-instagram-videos/articleshow/80021865.cms">Google is testing a shortcut feature for TikTok and Instagram videos</a>

RIL and BP expect to sell gas from KG-D6 deep water blocks starting February

<ul><li>Indian stock market indices opened in green on Thursday.</li><li>The Sensex was trading 0.45% higher, while the Nifty50 was up 0.37%. </li><li>These are the top stocks that are buzzing on D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian benchmark stock index, Sensex advanced over 175 points in early trade on Thursday, led by financial stocks and fuelled by foreign funds ahead of the expiry of monthly derivative contracts. The Sensex was trading 0.45% higher, while the Nifty50 was up 0.37%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Housing Development Finance Corp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shree Cement </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr></tbody></table>*as of August 27 10:40 am These are the top stocks that are buzzing in trade today: ICICI Bank gained over a percent ICICI Bank gained over a percent after the bank said it would sell up to 6.4 million shares (about 2% of the company) of its broking subsidiary ICICI Securities. The market value of 2% stake would be about ₹300 crore. With overall credit demand languishing under the weight of the pandemic, ICICI Bank has been cashing out of its investments. In <a href="https://www.businessinsider.in/finance/banks/news/just-like-sbi-icici-bank-has-created-a-cash-cushion-in-case-bad-loans-rise/articleshow/77140214.cms">June 2020, the country's second largest private bank sold</a> stake in <keyword id="6468827" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-Life-Insurance">ICICI Prudential Life Insurance</keyword> and ICICI Lombard to raise around ₹3,090 crore. <div type="Article" hostid="261" msid="77776199" title="ICICI Bank's share price is expected to surge as much as 34% in the coming year — despite having more loans under moratorium than other lenders" mstype="2" mssubtype="0"></div> Mahindra &amp; Mahindra Limited shares up over 1% Mahindra &amp; Mahindra share price gained over a percent after the company said it has entered into a memorandum of understanding (MoU) with Israel-based e-mobility technology company REE Automotive to explore development and manufacturing of commercial electric vehicles for global markets. Reports suggest that the joint venture will produce up to 250,000 vehicles in the first few years. More importantly, the partnership will enhance Mahindra Group's capabilities in producing electric vehicles. <div type="Article" hostid="261" msid="77389244" title="M&amp;M’s farm equipment segment may have fueled investors hopes — but analysts aren’t too optimistic about it" mstype="2" mssubtype="0"></div> Sunteck, Godrej Properties and Oberoi Realty and other real estate stocks zoom Sunteck zooms 8%, Godrej Properties gains 5% and Oberoi Realty up over 6% after the Maharashtra government decided to slash stamp duty on sale deed documents by 3% from September 1 to December 31, 2020, and by 2% from January 1, 2021, to March 31 2021. <div type="Article" hostid="261" msid="77757126" title="Indians are borrowing heavily against gold⁠— but it may have been wiser to borrow money to buy the precious metal instead of homes" mstype="2" mssubtype="0"></div> Future Enterprises hit upper circuit Future Enterprises shares hit a 5% upper circuit set by the stock-exchanges after the company said it is considering raising funds through the issuance of bonds. The cash-strapped Future Group <a href="https://www.business-standard.com/article/companies/future-enterprises-board-likely-to-discuss-merger-plan-on-saturday-120082100066_1.html?1597982924">reportedly</a> may merge three of its group companies before selling 50% stake in the combined entity to <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>. This has led to a rally in other group stocks as well, like Future Retail (up 7%), Future Consumer (up 4.3%), and <keyword id="1854044" type="PERSON" weightage="20" keywordseo="Future-Lifestyle">Future Lifestyle</keyword> (up 5%). HAL tanks 11% HAL shares tanked 11% after news surfaced that the Union Government is selling 15% of its equity stake in the state-owned Hindustan Aeronautics Ltd (HAL) at ₹1,001 per share to raise about ₹5,000 crore through an offer for sale (OFS). This government owned defence equipment maker has been a bad investment for shareholders since its listing over 2 years ago. While the government raised a little over ₹4,000 crore from the IPO, the shares have remained below the issue price for nearly the entire time. It did cross the threshold earlier this month, for the first time since the listing, but the exuberance lasted barely a week. Auto stocks tanked despite the expected GST rate revision <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Top losers on Nifty50 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth % </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.26% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.13% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.13% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.56% </td></tr></tbody></table> According to a statement issued by <keyword id="6363932" type="COMPANY" weightage="20" keywordseo="confederation-of-indian-industry">Confederation of Indian Industry</keyword>, Finance Minister Nirmala Sitharaman hinted at a cut in goods and services tax (GST) rate from 28% to 18%. The proposal is expected to be discussed at the 41st GST Council meeting at 11 am today via video conferencing. Allcargo Logistics gains about a percent Allcargo Logistics shares gained nearly a percent during the early trade hours on August 27. The board of directors of Allcargo Logistics is slated to meet today to consider and approve the voluntary delisting of shares. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-in-trade-icici-bank-oberoi-realty-godrej-properties-hal-infosys-mm-itc-rossari-biotech-allcargo-and-more/articleshow/77775215.cms" data-type="tilCustomLink">Top stocks to watch in trade— ICICI Bank, Oberoi Realty, Godrej Properties, HAL, Infosys, M&amp;M, ITC, Rossari Biotech, Allcargo and more</a> <a href="https://www.businessinsider.in/defense/news/china-fires-two-missiles-into-the-south-china-sea-and-asian-markets-feel-the-blow/articleshow/77777358.cms" data-type="tilCustomLink">China fires two missiles into the South China Sea and Asian markets feel the blow</a>

Top stock movers — Future Enterprises, HAL, Suntek, Oberoi Realty, M&M, ICICI Bank, Maruti Suzuki, Bajaj Auto and more

New Delhi, Jan 12 () The International Energy Agency (IEA) has slammed India's natural gas pricing policy, saying linking domestic production to very low global reference prices has reduced incentives for producers to raise supplies.
 In its first in-depth review of India's energy policies, IEA said for the share of environment-friendly fuel to rise, the government needs to ensure gas is treated on a level playing field with other fuels for taxation and is included under the Goods and Services Tax (GST).
 However, one challenge to raising share of natural gas in the energy basket to 15 per cent by 2030 from current 6 per cent is gas pricing, it said. "Linking domestic gas prices to a basket of (very low) international reference prices has reduced incentives for domestic producers to increase supply."
 The Narendra Modi government, after storming to power in 2014, had approved a formula to price domestically produced gas at the average rate prevailing in gas exporting countries such as the US, UK, Canada, and Russia.
 Price according to this formula currently is USD 3.23 per million British thermal unit, half of what India's pays for import of liquefied natural gas (LNG).
 With stagnant domestic output, India meets half of its gas needs through imports. "India's latest 2014 gas price mechanism focuses very much on reducing the price level rather than the creation of a market-based system to reflect the domestic supply-demand structure in India," it said.
 IEA said there is no trading hub yet in India, although its creation has been suggested for 2019.
 "The creation of a gas hub would allow transparent price discovery on the basis of buyers and sellers interacting in an open market, and has the potential to remove the multiple price regimes in India," it said.
 Stating that the government should go ahead and implement the creation of a gas hub, it said international experience suggests that a virtual trading hub with an entry-exit regime based on transmission capacity is highly suited for market areas with limited transmission capacity and limited domestic production but rising LNG imports.
 The experience in the European Union can be very instructive for India. It has taken more than a decade to create a liquid natural gas market across 28 EU states, it said, adding a liquid and well-functioning domestic gas market would be a strong pillar for India's security of gas supply.
 "The reforms that allow marketing freedom to new supplies might help. However, there is still very low interest from new upstream companies to bid for acreage, given the competition from incumbent producers that sell gas at below its cost of production," IEA said.
 "The price of domestic gas is lower than that of (imported) LNG and is defined by indexation to international markets. Since India sources around 50 oer cent of its LNG imports via long-term contracts and the other half from spot markets, the price difference between oil-linked and spot gas is very important for Indian buyers."
 IEA said the government should "Foster the creation of a liquid market for natural gas in India, gradually moving from gas allocation and multiple pricing regimes to the creation of a gas hub, so that domestic gas and LNG imports can be used in the most efficient way and competition can flourish."
 Also, there is a need to strengthen and clarify the roles and responsibilities with regard to the regulatory supervision of natural gas market activities (upstream, midstream and downstream) to ensure a non-discriminatory access regime to pipeline capacity so that both LNG imports and new gas discoveries can find their way to markets and investment in gas transport and storage is encouraged, it said.
 The government, it said, must "ensure gas is treated on a level playing field with other fuels for taxation and is included under the GST, as the country strives to increase the share of gas in total energy supply."
 In 2017, the Goods and Services Tax (GST) was introduced with the aim of further rationalising taxation and reducing overlapping taxes between state and central governments. As many as 17 central and state levies such as excise duty and VAT were amalgamated in GST.
 But not all energy sectors are covered and not at the same rate. Crude oil, petrol, diesel, jet fuel (ATF) and natural gas do not fall under GST and they continue to incur central excise duty and state value-added tax (VAT).
 Other fuels such as coal, naphtha, furnace oil, and liquefied petroleum gas (LPG) have been brought under GST.
 "For natural gas to compete in India, costs have to come down, including through rationalisation of subsidies for coal and LPG and adjustment of the GST. Since natural gas does not fall under the GST, gas consumption is taxed at several state and central government levels, in addition to the gas transport tariffs.
 "Bringing natural gas under the GST and introducing a postage stamp gas transport tariff would reduce these costs and create a level playing field with other fuels," IEA said.
 IEA also said access to LNG facilities currently needs to be negotiated with the owner. But the government is considering establishing an open access regime for these facilities.
 "Whether these facilities will be fully utilised, or end up as stranded assets, very much depends on the pricing regime for gas," it said. ANZ ABM
ABM

IEA slams India's gas pricing policy, says it reduces incentives for producers to raise supply

Education, healthcare and pilgrimages will continue to be out of service tax even under the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> regime as the Centre is against giving any shock in the first year of the rollout by bringing in new services, according to a <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword> news report. 
 Besides making a strong case to the <keyword id="6355040" type="ORGANIZATION" weightage="20" keywordseo="GST-Council">GST Council</keyword> for not touching services that are out of tax net currently, the Centre will also pitch for keeping concessional rate for services like transport at the current level, Revenue Secretary <keyword id="6377137" type="PERSON" weightage="20" keywordseo="Hasmukh-Adhia">Hasmukh Adhia</keyword> told PTI in an interview. 
 The GST Council, headed by Union <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> and comprising representatives of all states, is scheduled to meet in <keyword id="41568" type="COMPANY" weightage="20" keywordseo="Srinagar">Srinagar</keyword> on May 18-19 to decide on rates various good and services will be charged in the new indirect tax regime that is being targeted for rollout from July 1. 
 <keyword id="265326" type="ORGANIZATION" weightage="20" keywordseo="Adhia">Adhia</keyword> said the endeavour would be to maintain the current tax incidence on a commodity or service at the same level in the new Goods and <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword> (GST) regime. 
 
GST will subsume central levies like excise duty on manufactured products and service tax on rendering of services as well as state VAT on sale, to make for a national sales tax that will be levied at the time of consumption of a product or service. 
 
Adhia said the approach for the GST rollout would be to avoid any shock in the first year and any review for inclusion of a service or change in rate could be done in the second or third year of the implementation based on revenue realisation. 
 
"Our entire purpose will be that we don't upset anything that is there now. We will try to do some smooth landing. So we will recommend to GST Council that whatever is the existing exemption list for service tax they should continue because we cannot do too many things at the same time," he said. 
 
Currently, there are 17 items in negative list of services on which service tax is not levied. 
 
On top of that there are over 60 services, like religious pilgrimage, healthcare, education, skill development, journalistic activities which are exempt from service tax. 
 Rajat <keyword id="1051" type="PERSON" weightage="20" keywordseo="Mohan">Mohan</keyword>, Director at tax consultant <keyword id="2632542" type="COMPANY" weightage="20" keywordseo="Nangia-Co">Nangia &amp; Co</keyword>, said: "GST is the biggest change that our country would see in last 50 years. I see that it was imperative that the government should continue exemptions on the current list of services which are tax neutral under the service tax regime." 
 
"I am ecstatic that there would be no levy of GST on services rendered by Government, Reserve Bank of India, public conveniences, educational institution, services relating to agriculture, transmission or distribution of electricity, renting of residential dwelling for use as a residence, burial, healthcare, specified schemes of general insurance etc," Mohan said. 
 
Mohan, however, felt that this might lead to cascading effect of taxes, but by maintaining the status quo government has ensured that neither the consumer nor the small and medium-sized companies are not in a state of shock. 
 
Asked if these services would be kept exempt from GST, Adhia said: "We presume so... We will recommend to the GST Council that whatever is in the exemption list they should continue in the first year." 
 
He said the main service tax rate will be standard rate of 18 per cent. 
 
"But there may be items of services where abatement (concessional rate) is given for valid reasons. So those items, because there will be no provision for abatements (in GST), we will have to fit them in the rates closed to the present incidence," he said. 
 
The GST Council has approved a four-rate tax structure of 5, 12, 18 and 28 per cent. 
 
Adhia said transport sector, for example, currently gets abatement of 60 per cent and only 40 per cent of the present service tax rate of 15 per cent is being collected. 
 
And so, the tax in the GST will be fixed in the closes bracket of 5 per cent, he said. 
 
Asked if rates for certain services will go up because current tax rate is 15 per cent and the nearest bracket that would not upset the revenue collections is 18 per cent, he said, "some services may become a little more expensive." 
 
The exact ones that become expensive or cheaper will be decided by the GST Council, he said. 
 On the issue of crude oil, petrol, diesel, aviation turbine fuel (<keyword id="44833" type="ORGANIZATION" weightage="20" keywordseo="ATF">ATF</keyword>) and natural gas being kept out of GST net for the time being by continuing with existing taxes of excise and VAT, Adhia said the GST Council decided that to give states comfort of revenue collections. 
 
"For them it is some kind of a risk insurer. That 30 per cent income is already assured. Now 70 per cent (of products and services) they are putting it into the common kitty," he said. 
 
States, he said, want to wait and see how much revenue is generated in the GST regime. 
 
"So, after a year or two if they find that the buoyancy (in tax revenues) is good, they could very well like to bring it (petroleum products) in GST," Adhia added.

No GST for education and health
care this year

New Delhi, Jan 22 () Adani Gas Ltd will invest up to Rs 9,000 crore in setting up city gas distribution network over the next 10 years to retail CNG to automobiles and piped cooking gas to households in those areas where it won licences in the recent bidding round, its CEO Suresh Manglani said.
 Adani Gas Ltd (AGL) on its own and in a joint venture with state-owned Indian Oil Corp (IOC) has won city gas licence for 38 geographical areas spread over 71 districts in 15 states in recent bid rounds.
 "AGL is moving at breakneck speed in order to achieve the commitments made in these bidding rounds and the investment in these projects is pegged at around Rs 8,000 to Rs 9,000 crore in the coming decade," he said.
 As part of the government vision to raise the share of natural gas in the energy mix to 15 per cent by 2030 from current 6.2 per cent, the oil regulator PNGRB has in last couple of years conducted two licensing rounds that have expanded the coverage of city gas network to over 400 districts covering 70 per cent of the population of the country.
 Entities winning city gas licences have committed to supply piped natural gas to about 5 crore homes and set up 10,000 CNG dispensing stations.
 "Just to set the context, since Independence only 57 lakh homes have been provided with piped natural gas and only 1,900 CNG stations have so far been set up across India," he said.
 He, however, rued the "cumbersome and time consuming" process of obtaining permission for laying pipelines or setting up CNG stations.
 "While the authorisations for development of city gas distribution (CGD) networks are granted by centre or regulator, the actual work of project execution has to be carried out in the states and union territories," he said. "The process of grant of permissions/right of the user (RoUs) by the various centre and state authorities has remained extremely cumbersome and time-consuming. This would be one of the key bottlenecks in ensuring that the mammoth target sets are achieved."
 He said while a push is being made towards a gas-based economy with open access and gas exchange being planned, key issues such as the inclusion of natural gas in the GST regime and ban on polluting fuels remain critical.
 "Going forward with more clarity emerging on these fronts, the CGD sector is expected to grow exponentially with the simultaneous development of last-mile connectivity of gas as well as infrastructure creation," he said.
 At the end of September 2019, Adani Gas had six city gas projects operational with 86 CNG stations and 0.41 million residential customers. It supplied 1.55 million standard cubic meters per day of gas through these.
 The company plans to scale up the CNG outlets to 1,550 by 2027 and connect 6 million households with piped natural gas, he added. ANZ MKJ

Adani Gas to invest Rs 9,000 cr on distribution networks over next 10 yrs

Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> introduced the <keyword id="6359833" type="ORGANIZATION" weightage="20" keywordseo="Goods-and-Services-Tax">Goods and Services Tax</keyword> (GST) Bill in the Rajya Sabha, paving way for a historic reform. 
 
While presenting the amendments in the upper house of the parliament, Jaitley said the GST will convert India into one economic market with one uniform tax rate and will enable seamless transfer of goods across the country. 
 
“The GST will empower states, will increase revenue of the states and the Centre and will ensure there is no tax on tax,” said Jaitley in the Rajya Sabha. 
 
Jaitley thanked the opposition, which has been protesting against the bill for a long time now. 
 
“There has been a major consensus building that has taken place. I am extremely thankful to all opposition parties. 2/3rd of the voting power in the GST council belongs to states. 1/3rd belongs to the Centre,” said Jaitley. 
 Meanwhile, former finance minister <keyword id="43940" type="PERSON" weightage="20" keywordseo="P-Chidambaram">P Chidambaram</keyword> said Congress was never against the idea of GST but it was against few clauses in 2014. 
 
Chidambaram said the Centre’s tone has changed and he was glad that UPA’s concerns were addressed. 
 
Now that the GST has received the political consensus and the amendments are passed in the Rajya Sabha, here’s what will happen next: 
 
1. GST Council: After the Rajya Sabha passes it, the GST Bill will go to the GST Council, comprising Finance Minister Arun Jaitley, MoS in charge of Revenue, Minister in-charge of Finance or Taxation, or any other Minister, nominated by each state. The decisions will be made by three-fourths majority of votes cast. Any disputes arising out of recommendations will be rested by the council itself. 
 
2. Details to be worked out by the council: The council, which is formed by the President, will make recommendations on taxes to be subsumed, exemptions, the rate of GST, special rate/rates for specified period, date from which GST to be levied on crude, high speed diesel, natural gas, aviation turbine fuel and petrol. 
 
3. Winter Session: The council may take time till November to form all recommendations in the GST, which will come up in Winter Session again to finally become a law. The GST is expected to get rolled out from April 1, 2017.

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