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Government of Tanzania invites India firms to buy cashews

Government of Tanzania invites India firms to buy cashews
The government yesterday asked Indian companies to purchase Tanzanian cashew nuts and help set up factories for processing the crop locally.
IN SUMMARY

The government appealed to Indian companies to purchase Tanzania’s cashew nuts and help in setting up factories to process the crop locally.

The plea was issued in Dar es Salaam yesterday by the Deputy Permanent Secretary for Ministry of Industry and Trade Dr Edwin Muhede yesterday when he addressed participants during the India-East Africa Business Forum and Exhibition.
Dar es Salaam. The government yesterday asked Indian companies to purchase Tanzanian cashew nuts and help set up factories for processing the crop locally.

Industry and Trade deputy permanent secretary Edwin Muhede made the request when he addressed participants at the India-East Africa Business Forum and Exhibition in Dar es Salaam.

Dr Muhede, who opened the forum on behalf of Industry and Trade minister Joseph Kakunda, said the government has not been able to process all the cashew nuts bought from farmers due to lack of adequate capacity.

“Let me take this opportunity to invite you to actively interact with the government to assist you in the smooth purchase of the cashew nuts,” he said.

Representatives from over 45 Indian companies took part in the event coordinated by the Federation of Indian Chambers of Commerce and Industry in collaboration with the Indian high commission in Tanzania

The government last year opted to buy all cashew nut harvests amounting to over 220,000 tonnes from farmers in the country’s southern regions after private buyers failed to increase prices offered to growers as directed by President John Magufuli.

Dr Magufuli said farmers should be offered a maximum of Sh3,300 for every kilogramme of cashew nuts.

On January 31,the government signed an agreement worth Sh418 billion with Kenya-based Indo Power Solutions Limited for the purchase of 100,000 tonnes. It is still not clear how many tonnes have been bought so far.

Dr Muhede further encouraged potential Indian investors who wish to establish and develop businesses in Tanzania to do so, and assured them of the government’s commitment to maintaining a balanced business environment with predictable economic policies.

“India is one of our main trading partners, and the government of India has greatly contributed to the development programmes in various sectors of our economy,” he said.

The Tanzania Investment Centre said in 2017 that India was the fourth largest source of investment in Tanzania by cumulative value.

Between 1990 and 2017, Indian investors set up 531 projects worth $3.850 billion and created 59,000 jobs.

However, Tanzania has yet to fully benefit from its longstanding economic relationship with India following the revelation that, despite the growth of exports, bilateral trade between the two countries has been in favour of India with a trade imbalance of $100 million in 2018.

India was among Tanzania’s top bilateral trading partners in 2017, both in terms of exports to the Asian country ($983 million) and imports ($1.17 billion), according to the World Bank.

Major areas of investment by Indian business concerns include manufacturing, telecoms, transport, agriculture, tourism, services, construction, energy, finance and natural resources.

Tanzania Private Sector Foundation executive director Godfrey Simbeye attributed the trade imbalance to lack of adequate processing capacity in Tanzania, saying most of the country’s exports were unprocessed.

“I urge Indian investors to come and invest in Tanzania and where possible to enter into joint ventures where Tanzanians can own shares in long-term investments,” he said.

Other high-profile participants present on the opening day of the two-day forum included Indian High Commissioner to Tanzania Sandeep Arya and Confederation of Tanzania Industries chairman Subhash Patel.

Normal, Sahaj and Sugam – The all new GST return forms

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Normal, Sahaj and Sugam – The all new GST return forms

The proposed GST returns Normal, Sugam and Sahaj have been released by the CBIC. Assessees with a turnover of up to Rs. 5 crores will have an option to choose from any of the three returns to file the quarterly returns.

The returns will be available from 1st April 2019 and will become mandatory from July 2019 onwards.

Normal GST Return or GST Ret- 1

The normal return can be monthly or quarterly. Assessees opting for Normal Return or Form GST Ret-1 can declare all types of outward supplies, inward supplies and take credit on missing invoices.

Sahaj Return or the GST Ret-2

Assessees opting for Sahaj Return or Form GST Ret-2 will be able to declare outward supply under B2C category and inward supplies attracting reverse charge only. However, they will not be able to take credit on missing invoices and will not be able to make any other type of inward or outward supplies.

Sugam Return or the GST Ret-3

Sugam Return is a Quarterly Return. Assessees opting for Sugam Return or Form GST Ret-3 will be able to declare outward supply under both B2B and B2C category and inward supplies attracting reverse charge only. However, they will not be able to take credit on missing invoices or make any other type of inward or outward supplies.

EX PARTE INTERIM ORDERS SHOULD BE PASSED ONLY IN ‘EXTREME CASES’: TRIBUNAL TO SEBI – MARKETS – BUSINESS LINE

EX PARTE INTERIM ORDERS SHOULD BE PASSED ONLY IN ‘EXTREME CASES’: TRIBUNAL TO SEBI – MARKETS – BUSINESS LINE

Losses arising out of such orders mayhave substantial, serious consequences

Mumbai, March 12The Securities and Appellate Tribunal (SAT) has directed SEBI to use its powers to pass an “ ex parte interim order” sparingly and only in “extreme urgent cases.” On Tuesday, SAT set aside SEBI’s March 1 ex parte order against large commodity traders including North End Foods Marketing (NEFM), RK Commodities and 24 others and reprimanded the regulator “for not following the principals of natural justice by giving the parties a chance of hearing.”

An ex parte injunction is mainly a direction, command to restrain, granted after hearing only one party in matters of ‘urgency’, without a notice to the other parties involved. Full hearing is held at a later date.

SAT observed that although SEBI was empowered to take measures “as it deemed fit” for investor protection under Section 11A/11B, “it does not mean that in every case, an ex parte interim order should be passed on the pretext that it was imminent to pass such interim order to protect the interest of the investor or securities market.”

An interim order, however, temporary it may be, restraining an entity/person from pursuing his profession/trade may have substantial and serious consequences which cannot be compensated in terms of money, SAT observed. Legal experts involved with the case told BusinessLine that Section 11A/11B has been the most abused in SEBI as it is open-ended.


CASINO available on a long lease in a 5 Star Hotel in Panaji,Goa.

CASINO available on a long lease in a 5 Star Hotel in Panaji,Goa.

The Casino is situated in a 5 star business and leisure resort perched atop the hillock in the heart of Panaji city the capital of GOA with every room offering breathtaking view of the pristine River Mandovi and Panaji City.  Besides the homely, comfortable spacious rooms, and restaurants offering continental, Indian and Goan cuisine.
 
The CASINO GOA is ideally located at the very hub of casino activities and with all valid licenses in Goa.  
 
Other additional facility at the hotel includes banquets, swimming pool with an attached jacuzzi, Spa and salon.
 
As discussed please find some details of our proposal for the Casino operations  as follows:

1. The monthly operating (rental) fee payable to us would be Rs. 15,00,000/- plus taxes (negotiable) with no share in the profits of the casino operations to us.

2. Annual Casino Recurring fees charges as applicable to be paid to the Govt. by the operator. (Please check necessary government notifications. It will be around Rs.10 Crores if area of Casino is 100 Q.Mtrs and Rs.20 Crores if area used 240 Sq.Mtrs.)

3. In order to have an immediate startup of  the casino operation we can help you in arranging the buying out of the casino machines from local Machine owners and dealers for a best price and also in sourcing the experienced manpower.

4.The total available Area  is 240 sqmts. excluding the guest washroom, staff recreation, toilet and locker areas.  The Casino Gaming Machines Setup can even be done within 100 sqmts.

5. We will provide you Rooms and Food at a special discounted rate. Beverages and Alcohol can be provided at Cost.  We can also work out a special rate for rooms on lease basis or room nights basis.

6. All Casino operational cost to be borne by the casino operator.

7. Refundable Security deposits of Rs. 2.00 Crores to be paid to us.

8. Term of agreement is for 5 years and further renewable.

9.All required licenses are active and valid

Please contact Intellex Consulting for any further information and discussion.

Intellex is a ONE-STOP Consulting firm with offices/associates all over India, for consulting in Banking & Finance (both Debt and Equity,), Accounting & Taxation (Both Income Tax and GST) , Risk Management and Overseas Company Incorporation, Strategic & Management Consulting etc.

The promoters of our organizations come from diverse background such as from IIT & IIM as well as Chartered Accountants, Lawyers. We are based in Mumbai (India) and having offices across most of the cities in India.

For more information, you may either send us E-Mail to sudheendra@sudheendra.co.in or or talk to us at Mobile No. 98200 88394 (Mumbai, India)

Team – Intellex.

Our websites:

www.intellexconsulting.com , www.startupstreets.com , www.intellexfinance.com , www.economiclawpractice.com , www.corporatelawpractice.com

GST on Co-Operative Housing Societies

GST on Co-Operative Housing Societies

As per section 2 (17)(e) of CGST Act 2017, provision by a club, association, society or any such body of the facilities or benefits to its members is deemed to be a business. The activity of housing society would attract the levy of GST and housing society would be required to register(Turnover>20 lakh).

Exemption for housing societies Notification no. 12/2017-Central Tax (Rate) dated 28.06.2017
Services by unincorporated body or non-profit entity to its own members :
1) as a trade union
2) carrying out any activity which is exempt from GST
3) up to Rs. 5,000 per month per member for sourcing of goods or services from a 3rd person for common use

GST applicability on charges collected
1) GST will be applicable on the amount in excess of Rs. 5,000.
2) Property Tax, water tax, non-agricultural tax, electricty charges – GST will not be levied as per exemption notification point no. 2 .
3) Repairs & maintenance fund, car parking charges, non occupancy charges, simple interest for late payment or any other type of charges – GST will be levied as these are collected for supply of services.

Conclusion
If turnover of the society is less than Rs. 20 Lakh or even if the turnover is beyond Rs. 20 Lakh but the monthly contribution of individual members towards maintenance is less than Rs. 5,000 and society is not providing any other taxable services to members or outsiders, then the society need not take registration under GST.


Benefits of Udyog Aadhaar are as follows

Benefits of Udyog Aadhaar are as follows:-

  1. Helps to get Current Account in Banks
  2. Protection against delay in payment.
  3. Fast resolution of disputes
  4. Collateral Free loans from bank
  5. Exclusive consideration for participating in international trade fair
  6. Waiver of Stamp duty and Registration fees
  7. Several Exemption under Direct Tax Laws
  8. Barcode registration subsidy
  9. Subsidy on NSIC Performance and Credit ratings
  10. Counter Guarantee from GoI through CGSTI
  11. Reduced rate of interest from banks
  12. 15% subsidy under CLCSS scheme for technology upgradation
  13. Exemptions while applying for Government tenders
  14. Concession in Electricity Bills
  15. Reimbursement of payment made for obtaining ISO certification
  16. 1% exemption in interest on OD
  17. Increasing eligible loan limit for optimal reasons, from the amount of Rs. 25 lakh to Rs. 50 lakh
  18. Raising the extent of guarantee cover from 75 % to 80 %
  19. Reservation of products for exclusive manufacturing by MSME/SSI
  20. Easier registration and approvals to obtain Licenses
  21. Eligible for IPS subsidy
  22. Preference in allocation of Government tenders
  23. Excise Exemption Scheme
  24. Reduced rate of interest from banks
  25. 50% subsidy for patent registration

Punjab allows industrial units to choose between Net GST, incentivised SGST

Punjab allows industrial units to choose between Net GST, incentivised SGST

Punjab cabinet Wednesday approved an amendment to the Punjab Goods & Services Tax Act 2017 to enable industrial units choose between Net GST incentives and incentivised SGST on intra-state sale.

With the new move, units which have filed their common application form on the ‘Invest Punjab’ business portal between October 17, 2017 and October 17, 2018 will be allowed to have one-time option to opt either for Net GST incentives or incentivised SGST on intra-state sale.

Such units shall be allowed to exercise this option within 90 days from the date of the notification.

What is it
The incentivised State Goods and Services Tax (SGST) to be considered for reimbursement would mean that the eligible unit will be entitled to get reimbursement of SGST amount paid through cash ledger against the output liability of SGST on sale of eligible products.

The eligible unit shall first have to utilise all the eligible Input Tax Credit available in its credit ledger maintained on the common portal, including eligible ITC of Integrated GST as provided under section 49 of the Act as may be amended from time to time, before adjusting the SGST amount through cash ledger.


BANKS WANT RBI TO DEFER INDAS ROLL-OUT OVER HIGHER LOAN-LOSS PROVISIONING – BUSINESS STANDARD

BANKS WANT RBI TO DEFER INDAS ROLL-OUT OVER HIGHER LOAN-LOSS PROVISIONING – BUSINESS STANDARD

Banks would be required to prepare financial statements for the financial year beginning April 2019 as well as for the previous year for comparative purpose under IndAS.
Banks are seeking an extension for the roll-out of the Indian Accounting Standards (IndAS), set to come into effect from April 1.

They have cited higher capital for bad-loan provisioning, pending legislative amendments, and delay in finalising rules by the Reserve Bank of India (RBI) as some of the reasons. “The government has given capital to banks with great difficulty and banks are under pressure to improve their financials. IndAS will further add to banks’ compliance burden, especially for loan-loss provisions,” said the managing director of a public sector.


NATIONAL HOUSING BANK PLANS STRONGER CAPITAL NORM FOR HOUSING FINANCE COMPANIES – THE ECONOMIC TIMES

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NATIONAL HOUSING BANK PLANS STRONGER CAPITAL NORM FOR HOUSING FINANCE COMPANIES – THE ECONOMIC TIMES

National Housing Bank (NHB) is planning to raise long term capital requirement for housing finance companies(HFCs) to guard against their liquidity and solvency risks.

The housing regulator has proposed to raise their capital adequacy ratio to 13% by March 2020 from 12% now as a fallout of the IL&FS-led crisis which forced several specialised home loan lenders, especially the smaller one, to slow down business to preserve liquidity.

The draft amendments has proposed raising the CAR to 15% in a staggered manner by March 2022, while suggested a higher cap on borrowing.

“HFCs are exposed to risks arising out of counterparty failures, funding risks and risks pertaining to liquidity and solvency as any other financial sector player. There is thus a need for a review of the regulatory framework of HFCs,’ NHB said in a note to stakeholders.

Most of the bigger HFCs carry sufficient capital to meet the proposed norm, experts tracking the sector said.

NHB has sought comments on the proposals by March 31.

The regulator also wanted to reduce borrowing limits for HFCs in graded way. It proposed the cap on borrowing at 14 time of net-owned fund by March 2020, 13 time of NOF by March 2021 and 12 times by March 2022.

“This was not unexpected following the IL&FS crisis. The regulatory restriction will now shape how much leverage housing finance company or NBFCs can take. This may impact smaller HFCs or those with high leverage ratio,” HDFC chief executive officer Keki Mistry told ET.

He however said that HDFC would not be impacted for the next seven/eight years the the nation’s largest housing finance company has about 19% CAR and as far as leveraging is concerned, its debt-equity ratio was 4.7 times as on December.

“Most of the HFCs would be able to meet the revised norms on CRAR, as most of the HFCs which are nearing 15-16% CRAR and would have adequate cushion to raise Tier II capital and shore up the CRAR, if required.” said Supreeta Nijjar, ICRA’s head for financial sector ratings.

56 Rooms running Resort for Lease near Sinhagadd Fort near Pune.

56 Rooms running Resort for Lease near Sinhagadd Fort near Pune.

The brief details of tge Resort property is given below below.

Area:- 4 Acres.
Facilities:- 2 Resturants,
2 Banquet Halls,
56 Rooms,
Board Room,
Wedding Lawn
(25,000 sq.ft),
Party Lawn
(4000 sq.ft),
Coffee & snacks
lawn(3000 sq.ft).

Upcoming:- Swimming Pool, Gym/Spa etc

Rent:- Rs. 10 Lakhs per month.
Deposit:- Rs.1.50 Crores.

Location details: Located near Sinhagad Fort near Pune within 15 km of Raja Dinkar Kelkar Museum and 15 km of Fergusson College, The Resort provides rooms with free WiFi. The resort has an outdoor swimming pool, evening entertainment and luggage storage space. It has a separate Children’s Playground too.

Guest rooms in the resort are fitted with a TV with satellite channels. Each room includes a private bathroom and free toiletries, and certain rooms include a terrace. 

Pataleshwar Cave Temple is 16 km from the Resort, while the University of Pune is 17 km away. Pune International Airport is 25 km from the property.

Please contact Intellex Consulting for any further information and discussion

Intellex is a ONE-STOP Consulting firm with offices/associates all over India, for consulting in Banking & Finance (both Debt and Equity,), Accounting & Taxation (Both Income Tax and GST) , Risk Management and Overseas Company Incorporation, Strategic & Management Consulting etc.

The promoters of our organizations come from diverse background such as from IIT & IIM as well as Chartered Accountants, Lawyers. We are based in Mumbai (India) and having offices across most of the cities in India.

For more information, you may either send us E-Mail to sudheendra@sudheendra.co.in or or talk to us at Mobile No. 98200 88394 (Mumbai, India)

Team – Intellex.

Our websites:

www.intellexconsulting.com , www.startupstreets.com , www.intellexfinance.com , www.economiclawpractice.com , www.corporatelawpractice.com