Fin min issues more clarification on service tax amnesty scheme
New Delhi: The finance ministry clarified that tax authorities shall return no applications received under its Service Tax Voluntary Compliance Encouragement Scheme.
“In all cases, declaration should be promptly received and duly acknowledged…Defects in the application, if any, should be explained to the declarant and possible assistance be provided in rectifying these defects,” the ministry said in a release. The clarifications on the amnesty scheme comes after series of meetings held by Finance Minister P. Chidambaram recently with trade associations in Chennai, Delhi and Mumbai to address issues related to the compliance of the scheme. As per the Service Tax Voluntary Compliance Encouragement Scheme, 2013, companies and individuals are allowed to pay their tax dues from Oct 1, 2007 to Dec 31, 2013 by 31 Dec without having to pay any interest, penalty or legal proceedings. On the waiver of penalty in case the service tax dues were paid before the scheme came into affect, the finance ministry clarified that no declaration can be made in such cases. – Cogencis

Neeraj Sahai appointed prez of S&P Ratings
MUMBAI: India-born Neeraj Sahai has been appointed president of Standard and Poor’s Ratings Services with effect from Jan 6, McGraw Hill Financial said in a release. Sahai, who is currently head of Citi’s securities and fund services, also acts as chief fiduciary officer of Citigroup, the release said. Sahai did his bachelor’s degree with honours and holds a master’s degree in economics from the University of Delhi. He also holds a Master of Business Administration from Clarkson University and completed the Wharton Advanced Management Program at the University of Pennsylvania. Sahai will be taking over from Douglas Peterson who was appointed president and chief executive officer of McGraw Hill Financial on Nov 1. – Cogencis

Soon, dial ‘1037’ to lodge telcom grievances
New Delhi: Telecom subscribers across the country can soon register their complaints by dialling a special toll free number ‘1037’. A subscriber, at present, needs to call customer care centre of the service provider to register a complaint. Customers can go to nodal officers and finally to the appellate authority in case of unsatisfactory reply. More often than not subscribers fail to get satisfactory resolution of the their grievances. A note circulated by DoT service providers said short code ‘1037’ has been allocated to the Public Grievances Cell in the Department of Telecom (DoT) headquarters in New Delhi as a telecom consumer grievances helpline.

Jet, SpiceJet to clear AAI dues partly
New Delhi: Prodded by the Airports Authority of India (AAI) to pay off their dues, Jet Airways and SpiceJet promised the state-run airports body to make part payments by this weekend, official sources said. While SpiceJet would pay up Rs 25 crore by November 29 to clear its outstanding dues, Jet Airways has agreed to pay Rs 80 crore by November 29 and another Rs 12 crore of its dues by December 10, official sources said here. Jet owes AAI a total of Rs 165 crore and SpiceJet Rs 119 crore, they said.

CPI-indexed bonds by December end: RBI
New Delhi: The Reserve Bank said it will launch CPI-indexed bonds aimed at protecting the savings of retail investors from the impact of price rise by the end of next month. “Guidelines will be out soon…We are likely to launch the first tranche before end of December. We will come out with details (quantum),” RBI Deputy Governor H R Khan said on the sidelines of a event. “This year it should be between Rs 10,000-15,000 crore (wholesale price and consumer price indexed bonds) but exact amount will come out. This is part of overall borrowing programme,” he said. Meanwhile Khan also said that about $ 25 billion has been received from special concessional swap windows for deposits by non-resident Indians and overseas foreign currency borrowings by banks. The Reserve Bank announced the swap windows after the rupee declined about 30% against the dollar.

100% light with Everest Rooflight
Mumbai: Everest Industries Limited, one of India’s fastest growing building solutions companies, launched Everest Rooflight. It is a high quality polycarbonate roofing sheet manufactured using virgin polycarbonate resins through the co-extrusion process. Everest Rooflight’s high impact strength and impressive physical properties, makes it an ideal choice to provide natural light for industrial, commercial and agricultural purposes.

Intellect Bizware signs up 100th Customer
Mumbai: Intellect Bizware, a leading end-to-end SAP Service Provider in India, announced signing up with the Anthea Group of companies to implement and support their SAP ERP deployment. Anthea becomes the 100th customer of Intellect Bizware. As per the project plan, they intend to go live with all processes in Sales, Production, Quality, Purchase, Maintenance, Projects, Finance and Costing on the SAP system from 1stApril, 2014.

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