Plan and Policy

Plan & Policy

Extend pre-GST duty drawback rates till June: Par panel

A parliamentary panel has suggested the government to extend the pre-GST duty drawback rates until June next year or till the revenue department comes out with the revised rates for exporters.

In its report on the 'Impact of Goods and Services Tax (GST) on Exports' placed in Parliament today, the Standing Committee on Commerce chaired by Naresh Gujral recommended that a formal mechanism for grievance redressal of exporters must be put in place.

Extend pre-GST duty drawback rates till June: Par panel

A parliamentary panel has suggested the government to extend the pre-GST duty drawback rates until June next year or till the revenue department comes out with the revised rates for exporters.

In its report on the 'Impact of Goods and Services Tax (GST) on Exports' placed in Parliament today, the Standing Committee on Commerce chaired by Naresh Gujral recommended that a formal mechanism for grievance redressal of exporters must be put in place.

Govt recovered less than 9% service tax arrears in FY17: CAG

The revenue department recovered only around 9 per cent of service tax arrears in 2016-17 even as the number of cases detected increased from the previous fiscal, government auditor CAG said today.

The department had an opening balance of Rs 2,658.31 crore in arrears to be realised in 2016-17, but with an addition of Rs 6,176.31 crore during the fiscal the total went up to Rs 8,834.62 crore.

Parliament passes Companies Amendment Bill

A bill to amend the companies law to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve ease of doing business in the country, was passed by Parliament today.

The Rajya Sabha passed the Companies (Amendment) Bill, 2017 by a voice vote. It was adopted by the Lok Sabha in July this year during the Monsoon Session.

Himachal follows tradition: ousts cong for BJP

The BJP wrested power from the ruling Congress  in Himachal Pradesh reducing it to just 21 seats in the 68-member Assembly. With a 10 per cent jump in vote share that touched 48.7 per cent, it garnered 44 seats. It had won 26 seats in 2012. It had 36 seats earlier, and its vote share declined by 1 percentage point to 41.8 per cent. The CPI(M) won the Theog seat, while the Dehra seat went to an independent.

Crop insurance growth to taper down in FY18

After a three-fold growth in premiums in 2016-17, crop insurance might see the growth tapering down to 10 to 15 per cent this year and government may miss the target of covering 40 per cent of crop area, find industry insiders. Apa­rt from delay in the payme­nt premium subsidy from the government and consequent delay in claim settlement, GST on reinsurance premium too will act agai­nst the growth in crop insurance segment.

GST, rating upgrade mark 2017: FinMin

The GST rollout, improvement in World Bank’s ease of doing business ranking and sovereign rating upgrade by Moody’s marked 2017, the finance ministry on Monday said highlighting ma­jor accomplishments during the year.

“Enhancing the quality of life remained primary go­al for government when it put into implementation the recommendations of the 7th Central Pay Commi­ssion to benefit more th­an 48 lakh central government employees,” the ministry, headed by Arun Jaitley, said in a statement.

India eyes African market

Sensing the  pro­spects of exporting non-basm­ati rice after the country’s production is on a continuous rise, the commerce ministry has asked the All India Rice Exporters Association to expl­ore the possibility of finding new markets as well as to scale up in existing market.

North Korea’s Bitcoin play

As the digital currency bitcoin traced one of its meteoric ascents, a plum job posting began circulating online: chief financial officer for a rapidly expanding bitcoin financial-services company based in London. Although the company was real, the job had been dreamed up by North Korean hackers, according to Secureworks Inc., a cybersecurity company that discovered a document with the fake job description in November. It was meant to circulate by email among people in the bitcoin world.

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