News Update

COVID-19: Global death tally inches close to 7.5 lakh including 48K in IndiaCBDT reconstitutes NeAC under Faceless SchemeTax Charter Launch - Taxpayer now assured of courteous behavior: PMCBDT directs Investigation & Central Charges not to send any Communication to assessees till further orderCBDT diverts 26 posts of CCIT + 129 posts of PCIT & 3 posts of CIT to National e-Assessment Centre AND re-designates posts diverted earlierCBIC reduces tariff value of gold and gold barsCBDT issues orders u/s 119 - International Tax & Central Charges assessment orders brought under Faceless Scheme + DG(Inv) to authorise all Surveys u/s 133APM says Govt trying for seamless, painless & faceless tax systemPM launches Income Tax ‘Transparent Taxation - Honouring the Honest’ Platform containing Taxpayers’ Charter & Faceless Assessment detailsChina retaliates; imposes anti-dumping duty on Indian fibre optic goodsIndia-China Faceoff - Do not keep quiet & take it on Chin! New Delhi needs to counter Beijing's Chequebook Diplomacy!CX - It cannot be said that notification 65/95-CE is unconditional and absolute - sub-section (1A) of Section 5A is not attracted - no irregularity in availment of CENVAT credit and payment of duty: CESTATCOVID-19 - Expert Group on Vaccine deliberates on delivery mechanismST - Intelsat, being a relay station itself, cannot be said to be a 'broadcaster'- charges paid by appellant to Intelsat not taxable under reverse charge: CESTATGovt allows registration of Electric Vehicles without batteriesCus - If issue is to be adjudicated by just reiterating the findings and decisions recorded in previous o-in-o which has been set aside by tribunal, then the AA has failed in task assigned to him for reconsideration of matter: CESTATCOVID-19 - Global tally surpasses 20.5 million, says Johns Hopkins UnivFormer President Pranab Mukherjee continues to be ventilator supportJammu to Delhi travel time will come to just about six hours: MoSMoney Laundering - Huge transactions in HK and US Dollars unearthedGST Data safe with GSTN - don't worry, there's a solution
FM asks 23 CPSEs to further raise CAPEX to aid economy

By TIOL News Service

NEW DELHI, JULY 08, 2020: UNION Minister for Finance & Corporate Affairs Nirmala Sitharaman, yesterday held meeting, through Video Conference, with Secretaries of Ministries of Petroleum& Natural Gas, Power, Coal , Mines  and D/o Atomic Energy and the CMDs of 23 CPSEs belonging to these Ministries. This meeting was held as part of the series of meetings that the Finance Minister is having with various stakeholders to accelerate the economic growth.

In FY 2019-20, against the CAPEX target of Rs.1,64,822 crore for the 23 CPSEs, the achievement was Rs.1,66,029 crore i.e. 101%. Q1 (FY 2019-20) achievement was Rs.26,320 crore (16%) and achievement of Q1 (FY 2020-21) is Rs.20,202 crore (12%). CAPEX target for 2020-21 is Rs.1,65,510 crore.

While reviewing the performance of CPSEs, the Finance Minister said that CPSEs have a very important role in giving a push to the growth of the Indian economy. She encouragedthe CPSEs to perform better to achieve targets and to ensure that the capital outlay provided to them for the year 2020-21 is spent properly and within time. The Finance Minister said that better performance of CPSEs can help the economy in a big way to recover from the impact of Covid 19.

The Finance Minister asked the Secretaries to closely monitor the performance of CPSEs in order to ensure capital expenditure to the tune of 50% of capital outlay by Q2 2020-21 and make plan for it. She stated that unresolved issues should be flagged immediately to the DEA/DPE for immediate solution.

The Ministries/CPSEs discussed constraints being faced by them due to COVID 19 like problems of availability of manpower, delay in imports, delay in payments by DISCOMs on the dues of CPSEs like NPCIL and NLC. SmtSitharaman stated that extraordinary situation requires extraordinary efforts and with collective efforts,we will not only perform better but also help the Indian economy to achieve better results.