GST Council meet today; scheme to speed up Rs 65,000 crore tax refunds on cards

Agencies
October 6, 2017

New Delhi, Oct 6: The all powerful GST Council will meet on Friday and is likely to decide on providing some relief to exporters in terms of faster refunds as well as compliance.

The full fledged meeting of the Goods and Services Tax (GST) Council is also likely to assess the improvements in the GST Network's functioning, officials said.

This will be the 22nd meeting of the Council.

Officials in the ministry said that the Group of Ministers, under Sushil Modi, set up to look into GSTN glitches will also brief the Council on the portal's functioning.

With over 33 lakh businesses filing the final GSTR-1 return, the GoM has tasked GSTN to send reminder text messages to the remaining 20 lakh businesses which are yet to submit the tax forms.

The last date for filing of final sales returns for July in GSTR-1 form is October 10, while the date for uploading of purchase returns in GSTR-2 is October 31.

The final GSTR-3, matching GSTR-1 and 2, is to be filed by November 10.

The GoM in its meeting yesterday has asked GSTN and Infosys to brace up for handling the rush of last-minute filers.

Besides, the committee set up under Revenue Secretary Hasmukh Adhia on issues faced by exporters, is likely to submit its preliminary report to the Council tomorrow.

Based on that the Council is likely to recommend some relaxation for exporters so that their working capital which is locked up in refunds is released, officials said.

Also, the apex indirect tax body CBEC will inform the Council that it is ready to release Integrated GST (IGST) refunds to exporters from October 10.

In a meeting with the Revenue Secretary last month, exporters had said that an estimated Rs 65,000 crore is locked up in GST refunds.

Also officials said that easy compliance for exporters, like quarterly filing of returns instead of monthly filing, is likely to be discussed by the Council.

The government has already allowed exporters to furnish Letter of Undertaking (LUT) instead of bonds at the time of exports, which will ease the compliance burden and stop locking up of capital.

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News Network
June 20,2020

New Delhi, Jun 20: The government-imposed upper and lower limits on airfares may be extended beyond August 24 depending upon how the situation turns out, Aviation Secretary P S Kharola said on Saturday.

The government resumed domestic passenger flights from May 25 after nearly two months of suspension to combat the coronavirus outbreak, but placed lower and upper limits on airfares depending upon the flight duration.

It had said on May 21 that these limits would be in place for a period of three months.

"Depending on how the situation turns out, the fare band may have to adjusted beyond that (August 24) also. But right now, it is only for three months," Kharola said at a press conference here.

International passenger flights continue to remain suspended in the country.

However, the government started Vande Bharat Mission on May 6 to help stranded people reach their destinations through special flights.

Aviation Minister Hardeep Singh Puri said at the conference that during phase 3 and phase 4 of the mission, private domestic airlines have been approved to operate 750 international flights to repatriate people stranded amid the coronavirus pandemic.

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News Network
June 4,2020

New Delhi, Jun 4: India's Defence Secretary Ajay Kumar tested positive for COVID-19 on Wednesday, following which the defence ministry carried out a massive contact-tracing exercise, official sources said.

Kumar's condition is stable and he is currently under home-quarantine, they said.

At least 35 officials working at the ministry's headquarters in South Block in the Raisina Hills have been sent on home quarantine after reports of Kumar testing positive for the infection emerged on Wednesday morning.

There was no official comment on Kumar's health condition. The defence ministry spokesperson refused to comment on the issue.

It is learnt that Defence Minister Rajnath Singh did not attend office as part of a precautionary measure.

The offices of the defence minister, the defence secretary, the Army Chief and the Navy Chief are on the first floor of the South Block.

The sources said all laid down protocols on contact-tracing and quarantining of people are being scrupulously followed.

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News Network
March 26,2020

New Delhi, Mar 26: Finance Minister Nirmala Sitharaman on Thursday announced a Rs 50 lakh insurance cover for healthcare workers who are at the forefront of dealing with coronavirus pandemic.

Sitharaman said the government has finalised an economic stimulus package to deal with the impact of 21-day countrywide lockdown to prevent spread of the virus.

“It’s only 36 hours since the lockdown has been imposed. Now we have come with a package which immediately take care of the welfare concerns of the poor and suffering workers and those who need immediate help,” Sitharaman said.

She also said that 80 crore poor people, nearly two thirds of the population  will get five kg of rice or wheat per month for three months, in addition to the 5 kg they already receive, for free."

The rationcard holders can take the foodgrains and pulses from the Public Distribution System (PDS) in two installments, she added.

"This measure will ensure no gareeb (poor) remains hungry," Sitharaman said.

The package will include cash transfer and food subsidy, she said.

"Farmers who currently receive Rs 6,000 annually, will be given the first installment of the next financial year immediately. 8.7 crore farmers will benefit from it," said Sitharaman.

As many of 20.5 crore women Jan Dhan Account holders will get Rs 500 per month for next three months to run their households.

For poor senior citizens, widow and disabled will get an ex-gratia of Rs 1,000.

Also, the daily wage under MNREGA has been increased to Rs 202 a day from Rs 182 to benefit 5 crore workers.

The minister said the government will front-load Rs 2,000 payment to farmers in the first week of April under the existing PM Kishan Yojana to benefit 8.69 crore farmers.

Also, the beneficiaries of Ujjwala LPG scheme will get free cooking gas for the next three months, she said.

This forms part of the Rs 1.70 lakh crore Gramin Kalyan Package.

Prime Minister Narendra Modi last week had constituted a task force headed by the Finance Minister to work out package for economy hit by coronavirus.

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