• Agenda for the 34th meeting of the Goods and Services Tax (GST) Council, scheduled on Tuesday is as under:
  • To discuss and finalise the rules, under which the new rate structure on under-construction houses will be imp¬lemented to bring transparency between home buyers and builders;
    Approval to setting up of regional benches of the GST Appellate Tribunal to help faster resolution of “place of supply”-related disputes.
  • Council will clarify the extent to which a developer can avail the input-tax credit (ITC) available in the system against inputs purchased, in addition to the mandatory requirement of 80 per cent purchases from registered dealers.
  • Builders would be able to determine the price of unsold inventory of houses under construction, since they would be able to allocate the ITC across them unit-wise.
    Various doubts raised by real estate developers about the reduced tax rates without ITC eligibility would be resolved to a good extent.
  • On March 18, 2019 (Monday), the Indian rupee closed at 68.53 (seven-month high ) against US dollar on account of the following factors:
    – increased foreign inflows into equities and debt;
    – investment by Foreign portfolio investors (FPIs) ;
    – dollar’s weakness against its key rivals overseas; and
    – some comfort on the political results of the upcoming elections
  • Coal India profit has been adversely affected by high labour cost, delay in supply chain process and increasing cost of opening and evacuating coal from new mines.
  • Two of the Subsidiaries of Coal India Ltd, Mahanadi Coalfields Limited (MCL) and South Eastern Coalfields (SECL) are facing work stoppages due to labour related issues.
  • Constant pressure for salary increase, slow adaption of technology, the delay in supply and higher internal cost has made expenses grow faster than revenues.
  • To bridge the gap between the revenue and expenditure, Coal India has passed the cost to power generators, pushing them to pay more.
  • However, the Centre will keep Coal India’s business ticking. India would see strong growth in coal demand, while it slows down globally.

The Indian Steel Association (ISA) of top local makers of the alloy has urged New Delhi to take immediate steps to ban imports from Iran.

 

Increasing imports after the imposition of US sanctions on Tehran and/ via the UAE at acquisitive prices have added to the worries of Indian steel companies, should be banned since this trade can attract retaliatory measures by the US against India

 

There is a sudden increase in the exports from the UAE including flat steel products. This established the linkage of transhipment of Iran origin steel via the UAE.

Mitsubishi Corporation, Sumitomo Corporation, and Mitsui Group, Japanese firms are looking to both build and buy commercial properties in the Indian cities.

 

Mitsubishi is in talks with Bengaluru-based Embassy group to build commercial properties in southern India and is in negotiations with other developers for similar tie-ups

Sumitomo had tied up with Krishna group , an auto components maker,  for a mixed-use project in the National Capital Region (NCR) and for other mixed-use projects in the country.

Last year, Mitsubishi had also invested some money in Shriram Properties’ project in Chennai.

 

On March 15, 2019 (Friday), the Indian rupee gained 24 paisa (fifth consecutive week of gain) against US dollar to close at 69.10 on account of the following factors:

  • Strong foreign fund inflow;
  • heavy buying in domestic equities;
  • dollar’s weakness against its key rivals overseas;
  • FIIs inflow in the debt and equity market;
  • Due to Stable Crude oil prices, inflation is expected to remain benign in coming months.