CBIC directs officials to co-operate with government counsels in petitions against GST

50 write petitions files in past few months

by Nidhi Bhati

The central board of indirect taxes & customs (CBIC) has directed the tax officials to assist the government counsels in cases relating to writ petitions or public interest litigations filed against GST. In a letter to the indirect tax department, the CBIC pointed out instances where the government counsel were not assisted by the department properly or the representative of the department suffered from lack of relevant knowledge and information. About 50 writ petitions have been filed by companies and associations in past few months, reported Economic Times.

References
1. https://economictimes.indiatimes.com/news/economy/policy/cbic-asks-taxmen-to-deal-with-companies-writ-petitions-promptly/articleshow/64925275.cms
2. http://www.cbic.gov.in/resources//htdocs-cbec/legalaffairs/instruction-defence-pil-gst.pdf;jsessionid=7F1D42A00C21F1AD12CB8CC51CAB236B
CMIE STATISTICS
Unemployment Rate
Per cent
5.5 +0.1
Consumer Sentiments Index
Base September-December 2015
96.1 +0.6
Consumer Expectations Index
Base September-December 2015
96.5 +0.6
Current Economic Conditions Index
Base September-December 2015
95.5 +0.5
Quarterly CapeEx Aggregates
(Rs.trillion) Sep 17 Dec 17 Mar 18 Jun 18
New projects 1.26 1.49 3.43 2.27
Completed projects 1.25 1.16 1.43 0.82
Stalled projects 0.69 0.88 3.41 0.30
Revived projects 0.34 0.24 0.26 0.22
Implementation stalled projects 0.78 0.71 1.92 0.03
Updated on: 22 Jul 2018 8:20PM
Quarterly Financials of Listed Companies
(% change) Sep 17 Dec 17 Mar 18 Jun 18
All listed Companies
 Income 7.9 12.0 10.0 18.9
 Expenses 9.0 13.0 16.8 20.7
 Net profit -18.0 -14.3 -82.1 11.9
 PAT margin (%) 5.5 4.8 1.2 14.9
 Count of Cos. 4,502 4,493 4,288 134
Non-financial Companies
 Income 8.2 13.3 11.5 18.6
 Expenses 8.1 12.3 12.4 21.4
 Net profit -6.1 13.2 -2.6 7.5
 PAT margin (%) 6.2 6.4 6.5 14.4
 Net fixed assets 9.2 11.9
 Current assets 2.9 8.0
 Current liabilities 11.0 10.3
 Borrowings 3.4 1.8
 Reserves & surplus 7.9 7.8
 Count of Cos. 3,461 3,464 3,319 99
Numbers are net of P&E
Updated on: 22 Jul 2018 8:20PM
Annual Financials of All Companies
(% change) FY15 FY16 FY17 FY18
All Companies
 Income 5.6 1.8 5.9 11.6
 Expenses 5.7 1.9 5.9 16.1
 Net profit 0.1 -9.7 25.3 -43.1
 PAT margin (%) 3.0 2.8 3.4 4.3
 Assets 9.5 10.2 7.4 14.3
 Net worth 8.5 11.3 7.6 13.7
 RONW (%) 5.8 4.9 5.8 5.3
 Count of Cos. 26,129 24,412 21,971 368
Non-financial Companies
 Income 4.9 1.0 5.7 9.9
 Expenses 5.0 0.3 6.1 9.2
 Net profit -8.6 19.9 20.2 8.9
 PAT margin (%) 2.0 2.4 3.0 12.1
 Net fixed assets 13.3 17.8 6.6 55.5
 Net worth 7.0 12.1 6.5 10.3
 RONW (%) 4.6 5.1 5.9 15.0
 Debt / Equity (times) 1.1 1.1 1.0 0.3
 Interest cover (times) 1.9 1.9 2.1 8.8
 Net working capital cycle (days) 66 65 62 7
 Count of Cos. 21,306 20,431 18,292 255
Numbers are net of P&E
Updated on: 20 Jul 2018 4:05PM