GST Collections Touched Rs 1.16 Lakh latest news headlines

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GST Collections Touched Rs 1.16 Lakh Crore In July 2021

GST collections for July 2021 were Rs 1.16 lakh crore

Goods and Services Tax (GST) collections for July 2021 were Rs 1.16 lakh crore, 33 per cent more than the corresponding period of last year.

According to figures released by Finance Ministry on Sunday, gross GST revenue collected in July 2021 are Rs 1,16,393 crore, out of which Central GST is Rs 22,197 crore, State GST is Rs 28,541 crore and Integrated GST is Rs 57,864 crore (including Rs 27,900 crore collected on import of goods) and cess of Rs 7,790 crore (including Rs 815 crore collected on import of goods).

GST collections in July 2020 had stood at Rs 87,422 crore, while sequentially they had stood at Rs 92,849 crore in June this year.

“GST collection, after posting above Rs 1 lakh crore mark for eight months in a row, dropped below Rs 1 lakh crore in June 2021 as the collections during the month of June 2021 predominantly related to the month of May 2021,” the finance ministry said in a statement.

During May 2021, when the country had been severely hit by the second wave of the Coronavirus pandemic, many states were under partial or complete lockdown.

“With the easing out of Covid restrictions, GST collection for July 2021 has again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace. The robust GST revenues are likely to continue in the coming months too,” the ministry said.

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Latest News Today – Government Extends Date For Filing Tax Forms On Foreign

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Government Extends Date For Filing Tax Forms On Foreign Payments Till August 15, 2021

Government has extended deadline for submission of Form CA and Form CB till August 15

Giving further relaxation for manual filing of forms 15 CA and 15 CB related to foreign remittances, the Central Board of Direct Taxes (CBDT) on Tuesday extended the deadline for the purpose till August 15, 2021. It has been done keeping in mind the problems being faced by taxpayers in using the new e-filing portal while uploading the forms.

Earlier the department had extended the deadline till July 15, however as taxpayers continue to face problems with the portal, the extension till August 15, 2021 has been granted, a statement by CBDT said.

“Authorised dealers are advised to accept such forms till  August 15, 2021 for the purpose of foreign remittances. A facility will be provided on the new e-filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number (DIN),” said the statement.

According to provisions of the Income Tax Act, 1961, Form 15CA and 15CB are to be filed electronically. Taxpayers upload the Form 15CA along with the chartered accountant certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorised dealer for any foreign remittances.

However ever since the new e-filing portal was launched on June 7, 2021, taxpayers across the country have been facing problems while submitting their returns as well as uploading relevant documents. 

The Finance Ministry has taken up the matter with Infosys, the company which is managing the portal, and asked it to rectify the problems at the earliest.

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Latest News Today – Government Of India Vs Cairn Energy Standoff. 10 Points

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Government Of India Vs Cairn Energy Standoff. 10 Points About It

Government of India and Cairn Energy have been involved in a tax dispute case

The Government of India and British oil major Cairn Energy have had a long face-off. It has its origin in a retrospective tax amendment law, under which the company was asked to pay a tax liability by India. Cairn contested against the demand and this led to an arbitration case.

Here are the 10 main points related to the controversy:

  1. Cairn received a notice from India’s Income Tax department in January 2014, raising a preliminary assessment of Rs 10,247 crore tax liability relating to the group reorganisation done in 2006, when Cairn UK transferred had about 10 per cent shares of Cairn India Holdings to Cairn India.

  2. In March 2015, the Income Tax department had contended that Cairn UK made a capital gain of Rs 24,503 crore in the internal reorganisation. The company launched international arbitration to challenge the retrospective taxation.

  3. On December 22, 2020 the Arbitration tribunal announces award in Cairn’s favour and in the verdict Government of India is asked to pay Rs 8,000 crore in damages to the company.

  4. On March 22, 2021 Government of India files appeal against the arbitration verdict at The Hague.

  5. On July 8, 2021, Cairn Energy said that it has orders from a French court to seize around 20 properties belonging to Indian Government in France to recover a part of its arbitration award.

  6. The Government of India has responded by saying that it has not received any order from a French court.

  7. India says that if any such order is received, it will take legal remedies.

  8. The Government in a statement reminded that it has appealed against the arbitration award at The Hague Court of Appeal, where it will vigorously defend its case in “Set Aside” proceedings.

  9. India has said that Cairn Energy representatives have approached it for amicable settlement and constructive discussions have been held as the Government is also keen to resolve the matter amicably.

  10. A Cairn Energy spokesperson said that a series of proposals have been sent to the Indian Government since February 2021 for an amicable settlement, however in the absence of it, the company must take all legal actions to protect its shareholders’ interests.

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Latest News Today – Public Sector Banks Have Edge Over Private Lenders In

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Public Sector Banks Have Edge Over Private Lenders In Street Vendors Scheme. Find Out Why

Private banks’ participation has been nominal in terms of lending under Street Vendors scheme

The Prime Minister Street Vendors AtmaNirbhar Nidhi Scheme or PM SVANidhi was launched in June 2020 to provide collateral free working capital loans of up to Rs 10,000, to help street vendors left without income post the imposition of lockdown.

The loans are given to street vendors to restart their business and after the scheme was launched on June 1, 2020, the disbursal of loans had started on July 1, 2020.

However, compared to public sector banks, participation of private banks is quite nominal in terms of disbursing loans to street vendors.

Poor private sector institutions participation

The Ministry of Housing and Urban Affairs in collaboration with Finance Ministry had envisaged the scheme to enhance the role of micro finance institutions (MFIs), non banking finance companies (NBFCs) and private banks in ensuring financial inclusion at the grass root level.

This was mainly because street vendors, though spread across cities in urban India, are also present in large numbers in rural areas.

Till December 2021, six months after loan disbursal had started under SVANidhi scheme, out of 32 lakh applications received by banks seeking loans from applicants, private sector banks had received only 1.5 lakh applications, according to official sources.

Prior to this, during the first three months of the scheme, i.e. between July and September 2020, only around four to five per cent applications had been received by private banks from applicants seeking loans.

Why street vendors prefer public sector banks?

Stakeholders involved in implementation of the scheme have said that majority of street vendors have accounts in public sector banks, whose interest rates are lower than those of private sector banks, that is why they prefer state-owned banks over private financial institutions.

Also public sector banks have branches spread out in various parts of the country, especially in rural areas, therefore vendors prefer dealing with them, sources added further.

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Latest News Today – Infosys To Expedite Income Tax Portal Issues, Claims 1

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Infosys To Expedite Income Tax Portal Issues, Claims 1 Lakh Users Filed Returns

Infosys has said that it will address technical issues of new e-filing portal in the next few weeks

Flooded with complaints from several income tax payers who are also shareholders in the company regarding the new e-filing portal, Information Technology giant Infosys has assured that it is committed to resolve all glitches being faced by users within the next few weeks, even as it claimed that close to one lakh users have filed their income tax returns so far through the platform.

The company manages the new platform which had been introduced by the Finance Ministry on June 7, 2021.

Replying to questions raised by shareholders during the company’s 40th annual general meeting held on Saturday, related to the problems being faced while using the new income tax portal, Infosys’ chief operating officer (COO) UB Pravin Rao said that the company is concerned at the inconvenience being faced by users, and will try to address the problems of crores of taxpayers. 

“We are deeply concerned at the initial inconvenience being faced by users because of the e-filing portal and are committed to resolve the issues at the earliest within the next few weeks on the basis of all the feedback received from people,” Mr Rao said.

He said that the company has received several complaints about the new platform and is working to resolve the concerns of the users.

At the same time Mr Rao told shareholders during the virtual meeting that with several new features added to the e-filing portal and with many initial problems addressed, close to one lakh users have managed to file their returns so far through it.

He informed shareholders that Infosys has been working with the Government of India for a long period of time and is trying to ensure a seamless experience to crores of taxpayers.

The company’s assurance has come at a time when – flooded with complaints about the portal – the Finance Ministry has summoned Infosys officials on June 22 for a meeting to discuss the matter and resolve the problems being faced in the portal, at the earliest.

The new portal had been thrown open for public use on June 7, however on June 8 itself, Finance Minister Nirmala Sitharaman had highlighted the issue of technical problems being faced by users on social media, and had asked Infosys chairman Nandan Nilekani to look into the matter.

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Latest News Today – Centre Enhances Scope of Emergency Credit Scheme

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Covid Pandemic: Centre Enhances Scope of Emergency Credit Scheme

Covid pandemic: Government has extended scope of emergency credit scheme

The Centre has enhanced the scope of the emergency credit line guarantee scheme (now termed ECLGS 4.0) owing to disruptions caused by the second wave of the Corona virus pandemic, where 100 per cent guarantee cover will be given for loans up to Rs two crores to hospitals and nursing homes for setting up oxygen plants. The interest rate has been capped at 7.5 per cent.

According to the decision announced by the Finance Ministry, borrowers who are eligible for restructuring as per RBI’s May 5, 2021 guidelines, and who had availed loans under the initial ECLGS, for a period of four years, will now be able to avail loans for a tenure of five years.

While earlier as per conditions of the four year loan period, repayment of interest could be done only during the first 12 months with repayment of principal and interest amount in 36 months thereafter, now under the conditions of the five year loan period, repayment of interest can be done for the first 24 months, while repayment of principal and interest can be done in 36 months period thereafter.

The Government has also decided to remove the current ceiling of Rs 500 crore of loan outstanding for eligibility under ECLGS 3.0. This would be subject to maximum additional ECLGS assistance to each borrower being limited to 40 per cent or Rs 200 crore, whichever is lower;

The validity of ECGLS has been extended up to September 30, 2021 or till guarantees for an amount of Rs three lakh are issued. Also disbursement under the scheme has been permitted up to December 31, 2021.

The ECLGS was announced as part of the Atma Nirbhar Bharat Package (ANBP) by the Centre a year back, to provide fully guaranteed and collateral free additional credit to micro small and medium enterprises (MSMEs) and individual loans for business purposes to the extent of 20 per cent of their credit outstanding as on February 29,2020.

The modifications in ECLGS would enhance the utility and impact of the scheme by providing additional support to MSMEs, safeguarding livelihoods and helping in seamless resumption of business activity. These changes will further facilitate flow of institutional credit at reasonable terms, a statement issued by the Finance Ministry said.

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Latest News Today – Centre Says Open To Amicable Solution

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Cairn Energy Tax Dispute: Centre Says Open To Amicable Solution

Centre has said that Cairn Energy has approached it for amicable settlement

The Government on Sunday said that it can consider an amicable solution to the Cairn dispute. It also said that the CEO and the representatives of Cairn Energy have approached the Centre for discussions to resolve the matter.

In a statement issued by the Finance Ministry, it also vehemently denied reports claiming that it asked state-owned banks to “withdraw funds from foreign currency accounts abroad in anticipation of the potential seizure of such accounts with regard to the Cairn legal dispute”.

“Government of India is vigorously defending its case in this legal dispute. It is a fact that the Government has filed an application on March 22, 2021, to set aside the highly flawed December 2020 international arbitral award in The Hague Court of Appeal,” the ministry said.

After winning the appeal in an arbitration tribunal in The Hague, the Scottish firm has threatened to seize Indian sovereign assets overseas which it can do so in the event of New Delhi failing to return over $1.7 billion that the arbitration tribunal has ordered after rescinding a retrospective tax demand.

The Government has filed an appeal against the order but the UK based Energy firm has started identifying Indian assets overseas, including bank accounts, that could be seized in the absence of a settlement, which Cairn says it is still pursuing.

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Government Allows Additional Borrowing Of Rs 28,183 | Sidnaz Blog

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Government Allows Additional Borrowing Of Rs 28,183 Crore For Twelve States

Ease of Doing Business: Twelve states have been granted additional borrowing permission

Ease of Doing Business: Four more states have undertaken the stipulated reforms under ease of doing business, allowing them to avail additional financial borrowings worth Rs 5,034 crore, said the Ministry of Finance in a statement on Saturday, February 6. This has taken the total number of states that have completed the ease of doing business reforms to 12, with the government allowing for additional borrowing permission of Rs 28,183 crore, so far. The four states which have recently completed the reforms are Assam, Haryana, Himachal Pradesh, and Punjab. (Also ReadMadhya Pradesh Becomes First State To Get Additional Funds For Capital Projects )

According to an official statement by the Finance Ministry, Assam, Haryana, Punjab, and Himachal Pradesh completed reforms stipulated by the Department of Expenditure, and have become eligible to mobilise additional financial resources and have been granted permission to raise additional Rs 5,034 crore through open market borrowings. As part of the additional borrowing among these states, Haryana received maximum borrowing permission of Rs 2,146 crore, followed by Punjab Rs 1,516 crore, followed by Assam Rs 934 crore, and Himachal Pradesh with Rs 438 crore.

Earlier, Andhra Pradesh, Karnataka, Kerala, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu, and Telangana also reported the completion of the reform, which was confirmed by the Department for Promotion of Industry and Internal Trade (DPIIT).

The ease of doing business indicator reflects the investment-friendly business climate, according to the Finance Ministry. The improvement in the area enables faster growth of the state economy. In May 2020, the government had decided to link the grant of additional borrowing permissions to states that will undertake the reforms to facilitate ease of doing business. The reforms under Ease of Doing Business are as follows:

  • The completion of the first assessment of the district-level business reform action plan
  • The elimination of the requirements of renewal of registration certificates
  • The implementation of a computerized central random inspection system under the Acts wherein the allocation of inspectors is done centrally. The same inspector is not assigned to the same unit in the subsequent years, a prior inspection notice is provided to the business owner, and the inspection report is uploaded within a duration of 48 hours of the inspection.            

In May 2020, in order to handle the resource demand challenge amid the COVID-19 crisis, the government had increased the borrowing limit of the states by two percent of their gross state domestic product (GSDP). 50 per cent or half of this dispensation was linked to undertaking the citizen-centric reforms by the states

The four citizen-centric areas for reforms identified were as follows:

  • The implementation of the One Nation One Ration Card System
  • Ease of doing business reform
  • Urban local body or utility reforms
  • Power sector reforms

Meanwhile, Madhya Pradesh became the first state to complete three out of four citizen-centric reforms and received additional funds for capital projects. The Department of Expenditure allocated an additional Rs.660 crore to Madhya Pradesh for capital expenditure. 

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So far, a total of 17 States have carried out at least one of the four stipulated reforms and have been granted permission for reform linked borrowing. Out of these, a total of 12 States have implemented the one nation one ration card system, 12 states have carried out ease of doing business reforms, five states have undertaken local body reforms. and two states have carried out power sector reforms. The total reform linked additional borrowing permission issued so far to the states stands at Rs.­­­74,773 crore, said the Finance Ministry.

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Finance Ministry Allocates Rs 660 Crore To Madhya | Sidnaz Blog

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Madhya Pradesh Becomes First State To Get Additional Funds For Capital Projects

Madhya Pradesh has also completed a part of the fourth – the power sector reform.

Citizen-Centric Reforms: Madhya Pradesh has become the first state in the country to receive additional funds for capital projects for successfully carrying out reforms in various citizen-centric areas. The Department of Expenditure of the Ministry of Finance has allocated an additional Rs.660 crore to Madhya Pradesh for capital expenditure. According to a statement released by the Finance Ministry, the centre’s allocation for the state is for undertaking the one nation, one ration card reforms, the ease of doing business reforms, and the urban local bodies reforms. Madhya Pradesh has also completed a part of the fourth reform, namely the power sector reform. (Also Read: Government To Allow Additional Borrowing For States Which Complete Specific Reforms )

The expenditure department of the Finance Ministry approved a list of capital projects with an estimated cost of Rs.660 crore. 50 per cent of the approved amount, specifically Rs.330 crore has also been released to Madhya Pradesh as the first installment for the approved projects. 

The ‘special assistance to states for capital expenditure’ scheme was announced by Finance Minister Nirmala Sitharaman on October 12, 2020, as part of the Aatma Nirbhar Bharat package. The scheme is aimed at boosting the capital expenditure by the state governments that are facing a difficult financial environment this year due to a shortfall in tax revenue arising amid the COVID 19 pandemic. 

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So far, the capital expenditure proposals worth Rs.10,657 crore of 27 States have been approved by the Ministry of Finance.  An amount of Rs.5,328 crore has already been released to the states as the first instalment under the scheme. The capital expenditure projects have been approved in diverse sectors of economy like, Health, Rural Development, Water Supply, Irrigation, Power, Transport, Education, Urban Development. 

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What Is Economic Survey, Who Presents It, When Is It | Sidnaz Blog

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Budget 2021: What Is Economic Survey? Here's All You Need To Know

Budget 2019: Economic Survey usually provides policy perspective for the Union Budget

The Economic Survey presented ahead of the budget, is basically a summary of the annual economic development in the country throughout the year. It is the flagship annual document of the Ministry of Finance and reflects an allocation of resources in the Budget. The government will present Budget 2021 on February 1 this year. Last year, the Economic Survey 2019–20 was presented during the Budget session in the parliament on January 31 by Finance Minister Nirmala Sitharaman and prepared under Krishnamurthy Subramanian, the Chief Economic Advisor to the Government of India. Economic surveys are prepared under the guidance of the Chief Economic Advisor to the government. Economists and the common public are eyeing budget announcements this year for any signs of relief in policy changes amid the ongoing COVID-19 crisis.
 

Here are the top five significant things to know about the Economic Survey:

1. The Economic Survey analyses trends in money supply, infrastructure, agricultural and industrial production, employment, prices, exports, imports, foreign exchange reserves as well as other relevant economic factors that have a major focus on the Budget.

2. The flagship document of the Finance Ministry provides detailed statistical data covering all aspects of the economy. 

3. The Economic Survey is presented in the Parliament ahead of the Budget for the developing year.

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4. A proper analysis is presented in the Economic and Functional Classification of the central government Budget, which is brought out separately. Economic magnitudes are grouped in the economic survey, such as how much is set aside for capital formation, how much is spent directly by the government, how much is transferred by the government to other economic sectors by way of grants, loans, etc. This results in a better appreciation of the impact of government receipts and expenditure on the other sectors of the economy.

5. The data and analysis of the Economic Survey usually provides a policy perspective for the Union Budget. 

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