News digest: GST composition scheme, NHAI to get a makeover, and more

From Tatas, Ruias submitting bids for debt-laden Essar Steel to composition scheme for small taxpayers, Business Standard brings you the latest news

Insolvency: Tatas, Ruias submit bids for debt-laden Essar Steel

Tata Steel and the Ruias themselves have put in bids for debt-laden Essar Steel after the company was put up for sale under the Insolvency and Bankruptcy Code (IBC). Sajjan Jindal-led JSW Steel, aggressive in bidding for Monnet Ispat’s and Bhushan Steel’s businesses, is said to have skipped submitting a resolution plan for Essar Steel. (More details)

Inter-state supply may come under GST composition

The composition scheme for small taxpayers that offers easier compliance and a flat rate of tax looks set to be made more attractive as its ambit may be expanded to include inter-state supplies of goods. Besides, the facility of input tax credit may be made available under this scheme. A ministerial panel, led by Assam Finance Minister Himanta Biswa Sarma, is expected to finalise the contours of the revised structure in its next meeting on Sunday. (Read more)

From road building to logistics, NHAI to get a makeover

The Union government is planning to enlarge the role of the National Highways Authority of India (NHAI) beyond just highway construction. It not just wants NHAI to go in for international business but also plan for logistics parks. The NHAI’s enhanced role would come along with greater financial autonomy, including raising funds from overseas and renewed focus on building expressways. (Full report)

Infosys likely to name next CEO today

Infosys is likely to name its next chief executive officer on Tuesday. Finding a CEO was among the key tasks taken up by co-founder and Chairman Nandan Nilekani when he took charge in August. 

Among the probable candidates for the post are B G Srinivas and Ashok Vemuri, two former executives who had quit before co-founder N R Narayana Murthy hired Vishal Sikka in 2014. (Click here to read more)

Direct selling goes for a toss as products move to e-commerce sites

US giant Amway, like many other direct selling companies, is confronted with a serious problem that could hit at the core of their time-tested business model.  Direct sellers recruited by Amway, the country’s largest direct selling company, are allegedly hawking their products openly on leading e-commerce websites, even though the company admits it is in direct violation of their contractual obligations.  E-commerce sites including Amazon, Flipkart, Nykaa, and eBayIndia, among others, offer products from direct selling companies. (Additional details)