SIGN IN SUBSCRIBE

News Update

ST - Amendment made to FA, 1994 on 14.05.2015 making service tax applicable retrospectively on chit-fund business is only prospective - Refund payable of tax paid between 01.07.2012 to 13.05.2015: HCST - SVLDRS, 2019 - Amnesty Scheme, being of the nature of an exemption from the requirement to pay the actual tax due to the government, have to be considered strictly in favour of the revenue: HCCX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HCCus - Smuggling - A person carrying any article on his belonging would be presumed to be aware of the contents of the articles being carried by him: HCCus - Penalty that could be imposed for smuggling 3.2 kg of gold was Rs.88.40 lakhs, being the value of gold, but what is imposed is Rs.10 lakhs - Penalty not at all disproportionate: HCCus - Keeping in mind the balance of convenience and irreparable injury which may be caused to Revenue, importer to continue indemnity bond of 115 crore and possession of confiscated diamonds to remain with department: HCCus - OIA was passed in October 2022 remanding the matter to adjudicating authority but matter not yet disposed of - Six weeks' time granted to dispose proceedings: HCI-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HCChina asks Blinken to select between cooperation or confrontationI-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITATHonda to set up USD 11 bn EV plant in CanadaI-T - Re-assessment is invalid where based only on a suspicion that income escaped assessment & where not based on concrete reasons to believe for commencing such proceedings : ITATImran Khan banned from flaying State InstitutionsI-T - Income from sale of flats cannot be computed in assessee's hands, where legal possession of flats had not been handed over to buyers in that particular AY: ITATPro-Palestine demonstration spreads across US universities; 100 arrestedI-T - Investment activities in venture capital which are not covered in negative list under Schedule III to SEBI Regulations, qualifies for deduction u/s 10(23FB): ITATNATO asks China to stop backing Russia if keen to forge close ties with WestCus - When Department has not complied with time limit, the order issued for revocation of licence or order issued for continuation of suspension licence cannot sustain: CESTATNY top court quashes conviction of Harvey Weinstein in rape caseWeather prediction normal for phase 2 poll dayIndiGo orders 30 Airbus A350s for long haulsST - Appellant is an 'authorised medical practitioner' providing 'healthcare services' - services exempted in terms of clause 2(i) of notification 25/2012-ST: Commr(A)RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimesREC avails SACE-Covered Green Loan for 60.5 Billion Japanese YenStudy finds Coca-Cola accounts for 11% of branded plastic pollution worldwideCus - 'Small Form-factor Pluggable Optical Transceivers' are classifiable under CTH 8517 7090 and not under CTH 8517 62 90 - entitled for benefit of duty concession under 57/2017-Cus: CESTATDoNER discusses Development of Tourism in North EastCX - Appellant is eligible for exemption under Notfn 12/2012-CE upon fulfilling all conditions stipulated therein, thus sufficiently establishing that goods dealt with by Appellants qualify for exemption: CESTAT
 
Centre allows 3 States to borrow additional Rs 9,905Cr post ease of doing business reforms

By TIOL News Service

NEW DELHI, FEB 17, 2021: THE Finance Ministry on Wednesday said it has granted additional borrowing of Rs. 9,905 crore to the three States of Gujarat, Uttar Pradesh and Uttarakhand on successfully completing the ease of doing business reforms stipulated by the Department of Expenditure.

In a statement, the ministry said that 15 States have now completed the ease of doing business reforms including Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Madhya Pradesh, Odisha, Punjab, Rajasthan, Tamil Nadu and Telangana.

"On completion of reforms facilitating ease of doing business, these 15 States have been granted additional borrowing permission of Rs. 38,088 crore," it added.

The ease of doing business is an important indicator of the investment friendly business climate in the country. Improvements will enable faster future growth of the State economy.

In May, 2020, the Central government had enhanced the borrowing limit of the States by 2 per cent of the Gross States Domestic Product (GSDP) and linked grant of additional borrowing permissions to States who undertake reforms in four citizen-centric areas of One Nation One Ration Card system, ease of doing business reform, urban local body and utility reforms, and power sector reforms.

Till now, 18 States have carried out at least one of the four stipulated reforms and have been issued reform-linked borrowing permissions worth Rs. 86,417 crore.

For completing ease of doing business reforms, States received Andhra Pradesh (Rs. 2,525 crore), Assam (Rs. 934 crore), Gujarat (Rs. 4,352 crore), Haryana (Rs. 2,146 crore), Himachal Pradesh (Rs. 438 crore), Karnataka (Rs. 4,509 crore), Kerala (Rs. 2,261 crore), Madhya Pradesh (Rs. 2,373 crore), Odisha (Rs. 1,429 crore), Punjab (Rs. 1,516 crore), Rajasthan (Rs. 2,731 crore), Tamil Nadu (Rs. 4,813 crore), Telangana (Rs. 2,508 crore), Uttar Pradesh (Rs. 4,851 crore) and Uttarakhand (Rs. 702 crore).


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST