Top Headlines: Tax levy on SUVs, tighter service norms for telcos, and more

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Competition (Amendment) Bill: Panel wants annual review of deal valuations

The Parliamentary Standing Committee on Finance has called for a series of clarifications and changes in the proposed Competition (Amendment) Bill 2022. From specifying the method of calculating deal value of transactions and allowing cartels to access settlement mechanisms as a “pragmatic recourse” to introducing effects-based analysis for the Competition Commission of India (CCI) and director general before ascertaining anti-competitive behaviour, the panel has sought more predictability and certainty in the proposed legislation. Read More
 

GST Council's fitment panel clarifies tax levy on SUVs, UPI transactions

The Goods and Services Tax (GST) Council’s fitment panel has said sports utility vehicles (SUVs) are subject to a 22 per cent compensation cess if they fulfil certain conditions. Also, the panel, which comprises revenue officials of the Centre and the states, has said incentives to banks for promoting RuPay/BHIM-UPI transactions are “not taxable”. Read More
 

India, UK look to fast-track free trade agreement negotiations

India and the United Kingdom (UK) have decided to iron out the differences while keeping both nations’ sensitivities in mind, and agreed to conclude the negotiations towards a free trade agreement (FTA) at the earliest. UK Secretary of State for International Trade Kemi Badenoch met her Indian counterpart, Commerce and Industry Minister Piyush Goyal, on Tuesday as both nations started their sixth round of FTA negotiations in the national capital after a hiatus of more than four months. Read More

Tighter quality of service norms for telecom service providers on the cards

The government is preparing the ground for much tighter quality of service (QoS) norms for telecom service providers (TSPs). The department of telecommunications (DoT) will soon send a consultation paper to the Telecom Regulatory Authority of India (TRAI) on the matter with a higher number of QoS parameters, officials said. Read More 
 

Paytm board okays share buyback worth Rs 850 crore at Rs 810 per share

The board of One97 Communications, the parent company of Paytm, on Tuesday, allowed buyback of shares worth Rs 850 crore. The company would undertake the buyback exercise at a maximum price of Rs 810 per share, nearly a 50 per cent premium to Tuesday’s closing price. Assuming a full buyback of Rs 850 crore and applicable buyback taxes, the total outlay would be in excess of approximately Rs 1,048 crore. Read More