Arun Jaitley, Minister of Finance
The HUDCO Initial Public Offering (IPO) saw an exceptional level of interest and the Issue as a whole was oversubscribed by more than 79 times. Bids worth Rs. 97,000 crores were received for an issue size of Rs. 1,200 crores. This is the highest level of oversubscription witnessed in a divestment by Government of India through IPO route. The HUDCO IPO is the first IPO by a Central Public Sector Enterprise (CPSE) under disinvestment since April 2012. The Qualified Institutional Buyers (QIB) category was subscribed more than 55 times with about 38% demand from Foreign Institutional Investors (FIIs). Non-institutional category was subscribed more than 330 times. The retail category also saw a strong demand of more than 10 times. The IPO received more than 20 lakh applications, which is the highest number of applications received in an IPO post Security and Exchange Board of India (SEBI) making mandatory use of Applications Supported by Blocked Amount (ASBA) mode for all categories of investors. The HUDCO IPO was open for subscription from 8th May to 11th May. The price band was fixed at Rs. 56 – Rs. 60 per equity share of the face value of Rs.10, with a discount of Rs. 2 for retail investors and the employees of the Company. A total of 20.4 crore shares were offered by Government of India including employee reservation of 38.7 lakh shares and 50% of the net offer being reserved for QIBs. The Committee constituted by the Finance Minister to suggest the areas in respect of which further Income Computation and Disclosure Standards (ICDS) may be notified under the Income Tax Act, 1961 (‘the Act’) has suggested the notification of ICDS in respect of Real Estate Transactions and submitted the draft of the same. The draft ICDS submitted by the committee is based on the Guidance
Note issued on Real Estate Transactions issued by Institute of Chartered Accountants of India (ICAI). For the purposes of providing uniformity and certainty and harmonising the same with provisions of the Act, the committee suggested certain changes in draft ICDS. The draft ICDS on Real Estate Transactions along with the significant changes suggested in ICDS vis-à-vis the Guidance Note issued by ICAI are uploaded on the Income-tax website at http://www.incometaxindia.gov. in. The Central Board of Direct Taxes (CBDT) invites comments from stakeholders on the draft ICDS on Real Estate Transactions, which may be submitted to Director TPL-III by e-mail at email@example.com by 26th May, 2017. Section 145(2) of the Income-tax Act, 1961 (‘the Act’) provides that the Central Government may notify Income Computation and Disclosure Standards (ICDS) for any class of assessees or for any class of income. Accordingly, Central Government notified 10 ICDS vide Notification No. S.O. 3079 (E) dated 29th September, 2016. These ICDS inter-alia contain provisions relating to valuation of inventory; construction contracts; effects in changes of foreign exchange rates, borrowing costs etc. These ICDS are applicable from assessment year 2017-18 (previous year 201617) in respect of specified assessees for computation of income under the head “Profits and gains of business or profession” or “Income from other sources”. The Finance Minister had constituted a Committee comprising of experts from accounting field, departmental officers and representatives from the Institute of Chartered Accountants of India (ICAI) to suggest the areas in respect of which further ICDS may be notified under the Act. The Income Tax (IT) Department has made it easy for taxpayers to link their PAN with Aadhaar. Responding to grievances of taxpayers regarding difficulties in linking PAN with Aadhaar as their names did not match in both systems (e.g., names with initials in one and expanded initials in another), the IT Department has come out with a simple solution now.
Taxpayers can go to http://www. incometaxindiaefiling.gov.in and click on the link on the Left Pane à Link Aadhaar, provide PAN, Aadhaar number and ENTER NAME EXACTLY AS GIVEN IN AADHAAR CARD (avoid spelling mistakes) and Submit. After verification from UIDAI, the linking will be confirmed. In case of any minor mismatch in Aadhaar name provided by taxpayer when compared to the actual data in Aadhaar, a One Time Password (Aadhaar OTP) will be sent to the mobile registered with Aadhaar. Taxpayers should ensure that the date of birth and gender in PAN and Aadhaar are exactly same. In a rare case where Aadhaar name is completely different from name in PAN, then the linking will fail and taxpayer will be prompted to change the name in either Aadhaar or in PAN database. There is no need to login or be registered on E-filing website. This facility can be used by anyone to link their Aadhaar with PAN. This facility is also available after login on the e-filing website under Profile settings and choose Aadhaar linking. The details as per PAN will be pre-populated. Enter Aadhaar number
and ENTER NAME EXACTLY AS GIVEN IN AADHAAR CARD (avoid spelling mistakes) and Submit. Taxpayers are requested to use the simplified process to complete the linking of Aadhaar with PAN immediately. This will be useful for E-Verification of Income Tax returns using OTP sent to their mobile registered with Aadhaar. Dr. Hasmukh Adhia, Revenue Secretary, Government of India, expressed his satisfaction with the preparation for the roll-out of Goods and Services Tax (GST) from 1st July, 2017. He was holding a detailed review of IT Preparedness for GST System at the Goods and Services Tax Network (GSTN) office in national capital yesterday. The meeting was attended by Smt. Vanaja N. Sarna, Chairperson Central Board of Excise and Customs (CBEC), Shri Navin Kumar, Chairman GSTN, Shri B. N. Sharma, Additional Secretary Revenue, Shri S. Ramesh, Member CBEC, Shri Prakash Kumar, CEO GSTN, Shri Binod H. R., Executive Vice President, Infosys and Shri C. N. Raghupathi, Infosys India Business Unit Head. Dr. Adhia reviewed GST System preparedness of GSTN and CBEC. He was briefed about the software system being developed for GST, training of tax officials and outreach program being undertaken by Tax Departments across the nation. Out of 62,937 tax officials, 24,668 tax officials have been given hands-on training on the application software on live system while the remaining officials will be trained by 15th June, 2017. The training is being conducted on Registration, Returns and Payment Modules developed by GSTN. GSTN is also conducting a pilot on GST System Software from 2nd May to 16th May, 2017, where 3200 taxpayers drawn from each State/UT and Centre will be participating. The pilot covers all the three modules and is being run to give the taxpayers first hand opportunity to work on the live system as the creation of return has become an interactive process. This pilot will also give an opportunity to test all the modules by a large set of users in real life environment so that all possible scenarios get tested. All stakeholders involved in the GST System from taxpayer to bank to RBI to accounting authorities are participating in this exercise which is like a rehearsal for the real rollout. The feedback from the pilot will be used to further improve the GST Software. The modules covered under the pilot are: • Upload of invoice data using Offline Tool, developed by GSTN Creation of Supply Return (GSTR-1) Viewing auto-generated inward supply (Purchase) Return (GSTR2A) Editing of GSTR-2A by purchaser to create final inward supply return (GSTR-2) Viewing and acceptance/ rejection of added invoice data by purchaser (GSTR-1A) Viewing System generated GSTR-3, payment of taxes using net banking and submission of GSTR-3. Creation of bank scroll by Banks and RBI, Reconciliation of payment by Accounting Authorities with data received from Banks and RBI The Revenue Secretary Dr Adhia also reviewed the progress on enrollment of existing taxpayers. As on 30th April 2017, when Phase-1 of enrollment was closed, 60.5 lakh taxpayers out of 84 lakh had enrolled. The enrollment window will be re-opened for 15 days from 1st June,2017 to give another opportunity to taxpayers to enroll.
Arun Jaitley, Minister of Finance
Dr. Hasmukh Adhia, Revenue Secretary, Government of India
Smt. Vanaja N. Sarna, Chairperson, CBEC