Bogus invoices row: GST authorities summon insurance intermediaries
Widening its probe in the bogus invoicing case against insurance intermediaries and aggregators, the Goods and Services Tax (GST) authorities issued summons to several of them in the past two weeks seeking extensive information.
The information sought includes their agreement and contract with insurance companies, total input tax credit passed to them since 2018-19, along with supporting documents proving rendering of services. The summons were issued in connection with the Directorate General of GST intelligence (DGGI) probe launched in 2022 against at least 16 insurance companies for allegedly availing input tax credit in a fraudulent manner. Read more
Practice of permanent board seats at listed companies likely to end
The Securities and Exchange Board of India (Sebi) has proposed to put a stop to the practice of certain directors occupying permanent board seats at listed companies. The regulator has suggested that the directorship of any individual serving on the board should be subject to periodic approval from shareholders, at least once in five years. Read more
Trade in local currency: India may ink pacts with UAE, Nigeria, Malaysia
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India may ink pacts with the United Arab Emirates (UAE), Malaysia, and Nigeria to facilitate settlement of international trade in local currencies as early as next month. The move is aimed at reducing transaction costs for exporters and importers, a source said. Read more
Two-wheeler electric vehicle sales may fall short of 1-million target
With just a month left in this financial year, electric two-wheeler sales, so far, are at just 62 per cent of the ambitious target of 1 million units set for 2022-23 by the NITI Aayog. According to VAHAN data, compiled by the Society of Manufacturers of Electric Vehicles (SMEV), 620,006 units of electric two-wheelers were sold across the country until February 21. Read more
Mega push for 'Jal Jeevan Mission' to reach the target within year
One of Prime Minister Narendra Modi’s flagship programmes, the Jal Jeevan Mission, might not be able to achieve the target set for it of 100 per cent tap water coverage for households by 2024, but the government is confident that it will come close.
This would mean nearly doubling the current coverage of 57 per cent under the scheme, launched in 2019, to about 90 per cent by 2024. Read more
