Textile traders in Telangana today called for a three-day bandh beginning tomorrow protesting against the 5 per cent tax on them under GST.
Ammanabolu Prakash, president of the Telangana State Federation of Textiles Association (TSFTA) said the new proposal to tax 5 per cent GST is against the initial decision of the GST Council.
Attributing the levy to lobbying by 10 large textile manufacturers, he said the Council imposed tax on textiles at the last moment which is unfortunate.
"We are opposing the government decision," Prakash told PTI.
This is part of the nationwide strike call given by the All-India Textile Traders Associations and the bandh will be observed by majority of the around 40,000 textile trades in the state, he added.
Noting that to comply with GST, a trader has to have a computer, he said in the textile business only 11 per cent of shops have computers.
------------------------------------------------------------ NeSL first to get ok to form information utility under IBC
Mumbai: National e-Governance Services (NeSL), an arm of NSDL, has got the approval to form an information utility under the Insolvency & Bankruptcy Code.
This is the first information utility-owned and promoted by LIC, Canara Bank, SBI, ICICI Bank, CDSL, HDFC, Axis Bank, Union Bank and Nabard -- to be formed by a government entity under the bankruptcy law, NeSL said in a statement.
The information utilities would perform the function of databases of financial information, duly authenticated by borrowers/creditors, which is accessible in a universal format. Information utilities will be regulated by the Insolvency and Bankruptcy Board of India.
Once operational, the IUs will expedite decision- taking processes for IBC and assist the National Company Law Tribunal.
------------------------------------------------------------- ICICI Pru launches new fund
Mumbai: ICICI Prudential Mutual Fund today launched a value fund, which is a 3.5 year close-ended equity fund.
The series 15 NFO, which will open from June 27 to July 11 will invest in infrastructure, banks focused on corporates, technology, and pharma among others.
The fund aims at providing long-term capital appreciation by taking exposure to turnaround stocks/sectors which are likely to benefit from the larger improvement in the economy.
--------------------------------------------------- SME ACE fintech accelerator launched
Mumbai: ISME ACE, the country's largest fintech accelerator, was launched by the Maharashtra Chief Minister Devendra Fadnavis here today.
"Fintech is one industry that will change the face of the country. There was a time we used to think that fintech was for the affluent, and not inclusive. That's not right. Fintech ensures there is inclusion, and disruption," he said.
ISME ACE provides a host of benefits to fintech startups including a gross seed funding of USD 100k, access to financial services partner firms, mentorship, marketing and technology support.
The accelerator has been set up in partnership with KPMG, Indian Angel Network, AWS, IBM, Awfis and TiE among others.
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