Plan and Policy

Plan & Policy

Yogi govt under attack for negligible hike in cane price

A minimal increase of Rs 10 per quintal in sugarcane price announced by the Uttar Pradesh government has generated resentment among farmers, which may become a rallying point to unite opposition parties against the ruling BJP.

The Uttar Pradesh government has raised the state advised price (SAP) of sugarcane by 3.17 per cent (Rs 10) to Rs 325 a quintal for 2017-18 season (October-September). The SAP is the mandatory rate at which sugar mills have to buy the cane in the state. States declare their own SAP after the Centre announces its fair and remunerative price (FRP).

Last date for GSTR filing extended by one month

The government on Monday extended the due date by a month for filing of July GSTR-2 to November 30 and GSTR-3 to December 11. GSTR-2 or purchase returns have to be matched with GSTR-1, which is the sales return. The original due date for filing GSTR-2 was October 31, while the last date for filing of GSTR-3, which is a matching form of GSTR-1 and 2, was November 11. The last date for filing of GSTR-1 for July was October 1. Over 46.54 lakh businesses had filed July GSTR-1 returns.

GoM suggests making GST inclusion in MRP mandatory

Maximum retail price of goods must include the GST component to effectively address consumer complaints that some retailers charge the new indirect tax on MRP of products, a high-level panel of state finance ministers has recommended.

Note ban: RBI continue to verify returned notes

Nearly a year after prime minister Narendra Modi announced demonetisation, the Rs 500 and Rs 1,000 bills returned to banks are still being `processed in all earnest’ through a sophisticated currency verification system, the RBI has said.

In reply to an RTI query, the central bank said it has processed about 1,134 crore pieces of Rs 500 notes and 524.90 crore pieces of Rs 1,000 junked notes, with face value of Rs 5.67 lakh crore and Rs 5.24 lakh crore respectively, as on September 30.

No respite likely for banks on provisioning norms

The finance ministry is unlikely to take up the case of the banks with RBI to lower the provisioning norms for 12 NPA accounts referred to the National Company Law Tribunal (NCLT) under the IBC code. The ministry feels that any step to drop their guard against such loans would only accentuate the problem of sticky assets accumulation in case the recovery is very slow or falls below the expected target.

Trai may ban unreported personalised tariff plans

Telecom regulator Trai may make it mandatory for service providers to report and publish personalised tariffs offered by them to select customers. In case of non-compliance, telcos would face action which could be a ban on that particular offer.

GoM for 1% GST under composition scheme

The group of ministers (GoM) on GST has suggested slashing the tax rate to 1 per cent for manufacturers and restaurants under composition scheme.

The composition scheme has been introduced by the government to ease the cumbersome formalities of filing returns by small taxpayers.

Sebi imposes Rs 4 lakh fine on Sinclairs Hotels

Markets regulator Sebi has imposed a penalty of Rs 4 lakh on Sinclairs Hotels for failing to redress an investor complaint within the prescribed time frame.

The grievance pertained to non-receipt by the complainant of new share certificates, incorporating fresh name of the company, in place of old scrips.

The complaint was filed by one Sabyasachi Dasgupta in Sebi Complaints Redressal System (SCORES) on November 13, 2014 and it was forwarded to Sinclairs Hotels on the same date for redressal.