GST Council decides to cut tax on molasses to 5%: TS Singh Deo

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The GST Council on Saturday decided to cut the Goods and Services Tax (GST) on molasses to 5%, from 18%, and exempt alcohol for human consumption from the levy. Chhattisgarh Deputy Chief Minister TS Singh Deo, who is a member of the GST Council, said extra-neutral alcohol (ENA) for industrial use will continue to attract GST.

“ENA (potable alcohol) for human consumption will be exempt from GST and the same will be communicated to the Supreme Court,” Deo told reporters after the 52nd GST Council meeting. The tax rate on molasses, a by-product of sugarcane and used as raw material for alcohol production, has been slashed to 5% from 18% currently, Deo added.

#WATCH | On the GST council meeting, Chhattisgarh Deputy Chief Minister TS Singh Deo says, “The decision (online gaming) taken last time was ratified. Some states have raised the issues… Goa stated that retrospective taxes have been levied…” pic.twitter.com/1SbTP1UGez

— ANI (@ANI) October 7, 2023

Deo added that some states like Delhi and Goa raised the issue of online gaming companies facing GST demand notices for alleged evasion.

“There were discussions on charges (tax demand notice) on these companies retrospectively. Because DGGI is an independent body, there cannot be any interference. The (GST Council) chairperson said she would make clarifications available to DGGI if required,” Deo added.

—With inputs from agencies

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India grabs Asian Games gold in men’s cricket after the final against Afghanistan is suspended due to incessant rain

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India won the gold medal in men’s cricket at the Asian Games in Hangzhou, China. The final between India and Afghanistan was washed out, and India was adjudged the winner on account of the higher seeding. 

Indian captain Ruturaj Gaikwad elected to field as Afghanistan scored 112 for five wickets in 18.2 overs before the match was suspended due to incessant rains. 

Afghanistan lost three wickets within the powerplay at a score of 12, including the wicket of the experienced batter Mohammad Shahzad, who argued with the umpires that the ball did not make contact with the bat or the glove before reaching the wicketkeeper. 

ALSO READ: South Africa vs Sri Lanka Live Score, World Cup 2023: Rassie van der Dussen and Quinton de Kock hold the fort for SA

Shahidullah and Afsar Zazai formed a small partnership of 37 runs for the fourth wicket, overcoming a mini-collapse. The Indian team then scalped two wickets in two overs to unsettle the Afghans, who were 5 down with a score of 52 runs. 

However, Shahidullah and the skipper, Gulbadin Naib, then made a comeback for Afghanistan with an unbeaten partnership of 60 runs in 45 balls to take the team to 118 runs before rain spoiled the match. At this point, Shahidullah scored an unbeaten 49 runs off 43 balls with the help of three fours and two sixes. For India, Arshdeep Singh, Shivam Dube, Ravi Bishnoi and Shahba Ahmed scalped one wicket each. 

In the previous matches, India won the semi-final and quarter-final against Bangladesh and Nepal, respectively. While Afghanistan defeated Pakistan and Sri Lanka in the semi-final and quarter-final of the continental games, respectively.

With the win it was a clean sweep for India in the cricket at the Asian Games as earlier its women’s team led by Harmanpreet Kuar also clinched the gold medal by beating Sri Lanka in the final.

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India issues advisory for its citizens in Israel amidst escalating terror attacks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PM Modi reviews preparations to execute schemes announced on Independence Day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prime Minister on Saturday, October 7, held meeting to review preparations to execute announcements made on Independence Day, August 15.

The meeting was to review the implementation of scheme for affordable credit for poor and middle class housing. It also reviewed the implementation of scheme for ensuring solar power for households.

PM Narendra Modi holds an important meeting to review announcements made in his Red Fort speech. PM reviewed the preparations to implement affordable credit for poor and middle-class housing.

In his Independence Day speech, PM had mentioned about ensuring solar power for… pic.twitter.com/5jAVDW1qwQ

— ANI (@ANI) October 7, 2023

In his Independence Day speech from the ramparts of Red Fort in the national capital, Modi had said, “In five years, over 13.5 crore poor people came out of poverty to become part of neo-middle, middle classes. Government’s every moment, every rupee going towards welfare of citizens. The government and citizens are united with spirit of the ‘nation first’.”

His Principal Secretary P K Mishra and Cabinet Secretary Rajiv Gauba were among the senior officials who attended the meeting where a presentation was made to highlight the steps being taken.

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Asian Games 2023: Satwiksairaj-Chirag duo win India’s first-ever gold medal in badminton

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Dengue cases in Uttarakhand crosses 3,000 mark, death toll rises to 16: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The total number of dengue cases in Uttarakhand has surpassed the 3,000 mark with the state capital Dehradun being the worst affected. The total number of dengue cases stood at 3,046 till Friday, October 6, according to a Times of India report.

The highest number of cases were reported from Dehradun at 1,023, while Pauri and Haridwar were the other two worst affected districts. A total of 736 cases were reported from Pauri Garhwal district and more than 500 from Haridwar. Another 489 cases were reported from Nainital and 98 from Udham Singh Nagar, the report added.

Meanwhile, there have been 16 deaths due to dengue in the state out of which 13 deaths have been recorded in Dehradun and three in Nainital.

“The virus has an incubation period of 4-14 days and most cases that have been currently testing positive would have been exposed to it a few days earlier. The season of dengue is expected to decline between October 15-20, and the number of cases is already decreasing,” Uttarakhand’s nodal malaria officer, Dr Pankaj Singh told the Times of India.

Dengue fever is transmitted by the Aedes mosquito and the major symptoms of the infection include sudden high fever, severe joint and muscle pain, skin rashes, and bleeding tendencies. It typically occurs during the monsoon and post-monsoon season when there is an abundance of stagnant water in surrounding areas of residential places.

Additionally, officials have also stated that the severity of the virus is showing a fall at present. Dr Singh added, “The peak occurred when the temperatures were high and the humidity was prevalent. Now, as the temperatures have been decreasing, the strains are being reported as less fatal.”

However, the authorities have urged the public to be more cautious and follow all the necessary precautions till the season of dengue ends. The dengue cases reported this year have been the highest since 2019 when over 10,000 cases were reported. Even then measures such as creating micro containment zones and implementing source segregation did result in positive and were effective in managing the situation.

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GST Council meeting: Here’s what to expect from FM Sitharaman’s address at 3 pm today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Union Finance Minister Nirmala Sithraman is set to address the media at 3 pm on Saturday after the conclusion of the 52nd GST Council meeting in New Delhi. The FM is chairing the meeting, which is also attended by Union Minister of State for Finance Pankaj Chaudhary, Finance Ministers of States and Union Territories and Senior officials from Centre and States.

According to CNBC-TV18 sources, here are the key decisions the GST Council meeting has discussed and approved today:

• The GST Council may have agreed on the proposal to levy 18% GST on corporate guarantees extended by holding companies or subsidiaries, say CNBC-TV18 sources. It likely agreed to levy 18% GST on personal guarantees given by promoters or directors against loans given by banks.
• The Council likely has approved the proposal of the fitment committee to reduce rates where millet flour is more than 70%. It will be now taxed at 5%.
• The Council is likely to have approved the reduction in GST rate on Molasses to 5%.
• The Council likely will issue a clarification circular suggesting data center services to be treated as export and not subject to GST in case of overseas customers. The circular is likely to say data centers with contracts only for providing physical space on rent then GST to be applicable at 18%.
• The Council is likely to have approved the terms and qualifying age limits of GST appellate tribunals. It is likely to have agreed to aligned terms and age limits with the Tribunal Reforms Act 2021. Advocates with 10 years of experience in indirect tax law practice are now eligible to apply for the Tribunal member post (judicial). The age limit for the President is now 70 years from the earlier recommended at 67 years. While the age limit for members has been increased to 67 years.
• The GST Council nods to exempt the extra neutral alcohol (ENA) (both grain-based and molasses-based ENA) from GST when supplied for the manufacture of alcoholic liquors. The council also agrees that states will also exempt ENA (both grain-based and molasses-based) from VAT when supplied for industrial purposes.
• GST Council clears a proposal of having an Amnesty for appeal filing till January 2024, sources tell CNBC-TV18.
• In what could give some hope to the metal industry that has been seeking a change in the treatment of GST on steel scrap, the GST Council is likely to deliberate on the matter in greater detail at the upcoming meeting on October 7. Sources have told CNBC-TV18 that the GST Council is likely to discuss the metal industry’s request to levy GST on steel scrap on a reverse charge mechanism (RCM) basis. Currently, 18% GST is levied on steel scrap.
• There will be no reduction in the goods and services tax (GST) rate on electric vehicles (EV) batteries as the GST Council’s fitment committee has rejected the industry’s proposal, sources told CNBC-TV18. The EV industry had sought a reduction of GST on batteries from 18% to 5%, however, the fitment committee has recommended maintaining a status quo on the rate.

Follow CNBC-TV18.com’s live blog on the 52nd GST Council meeting today

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ISRO on course to commence unmanned flight tests of Gaganyaan mission

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian Space Research Organisation (ISRO) on Saturday, October 7, said it is on course to commence unmanned flight tests for the country’s ambitious Gaganyaan mission. Preparations are underway for the Flight Test Vehicle Abort Mission-1 (TV-D1), it added.

In a post on social media platform ‘X, the space agency said, “ISRO to commence unmanned flight tests for the Gaganyaan mission. Preparations for the Flight Test Vehicle Abort Mission-1 (TV-D1), which demonstrates the performance of the Crew Escape System, are underway.” According to ISRO, the first development flight Test Vehicle (TV-D1) is in the final stages of preparation.

Mission Gaganyaan:
ISRO to commence unmanned flight tests for the Gaganyaan mission.

Preparations for the Flight Test Vehicle Abort Mission-1 (TV-D1), which demonstrates the performance of the Crew Escape System, are underway.https://t.co/HSY0qfVDEH @indiannavy #Gaganyaan pic.twitter.com/XszSDEqs7w

— ISRO (@isro) October 7, 2023

Officials had earlier indicated that TV-D1 launch is likely by October-end. The Test Vehicle is a single-stage liquid rocket developed for this abort mission. The payloads consist of the Crew Module (CM) and Crew Escape Systems (CES) with their fast-acting solid motors, along with CM fairing (CMF) and Interface Adapters.

This flight will simulate the abort condition during the ascent trajectory corresponding to a Mach number of 1.2 encountered in the Gaganyaan mission, it said. “CES with CM will be separated from the Test Vehicle at an altitude of about 17 km. Subsequently, the abort sequence will be executed autonomously commencing with the separation of CES and deployment of the series of parachutes, finally culminating in the safe touchdown of CM in the sea, about 10 km from the coast of Sriharikota,” ISRO said.

The CM, after integration underwent various electrical testing at ISRO’s facility in Bengaluru, including an acoustic test, and was dispatched to Satish Dhawan Space Centre in Sriharikota (SDSC SHAR) on August 13. At Satish Dhawan Space Centre, it will undergo vibration tests and pre-integration with the Crew Escape System, before final integration to the Test Vehicle at the launch pad.

This Test Vehicle mission with this crew module is a significant milestone for the overall Gaganyaan programme as a near-complete system is integrated for a flight test, ISRO said, adding that the success of this test flight will set the stage for the remaining qualification tests and unmanned missions, leading to the first Gaganyaan human spaceflight mission with Indian astronauts. CM is where the astronauts are contained in a pressurised earthlike atmospheric condition during the Gaganyaan space mission. The CM for the Gaganyaan mission is in different stages of development.

For the TV-D1, the CM is an unpressurised version that has completed its integration and testing and is ready to be shipped to the launch complex. This unpressurised CM version has to have an overall size and mass of actual Gaganyaan CM, the space agency said, adding it houses all the systems for the deceleration and recovery.

“With its complete set of parachutes, recovery aids actuation systems and pyros. The avionics systems in CM are in a dual redundant mode configuration for navigation, sequencing, telemetry, instrumentation and power. The CM in this mission is extensively instrumented to capture the flight data for evaluation of the performance of various systems,” it said. The CM will be recovered after touchdown in the Bay of Bengal, using a dedicated vessel and diving team from the Indian Navy.

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Asian Games 2023: PM Modi congratulates athletes as Indian medal tally reaches 100

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a momentous achievement, India crossed a historic milestone at the Asian Games 2023 on October 7 by securing its 100th medal. The Indian contingent has so far won a total of 25 gold, 35 silver and 40 bronze medals, showcasing the country’s sporting prowess on the international stage.

The day started with a remarkable display of talent as Indian athletes secured three consecutive gold medals in archery and women’s kabaddi, propelling India’s medal tally to 100. Archer Jyothi Vennam and Praveen Ojas emerged victorious in their respective individual compound events, while the women’s kabaddi team displayed exceptional teamwork to defeat Chinese Taipei in a thrilling final match, adding another gold to India’s tally.

Social media platforms were abuzz with congratulatory messages for the Indian athletes. Prime Minister Narendra Modi expressed his heartfelt congratulations, describing the achievement as a “momentous milestone for India at the Asian Games.”

A momentous achievement for India at the Asian Games!

The people of India are thrilled that we have reached a remarkable milestone of 100 medals.

I extend my heartfelt congratulations to our phenomenal athletes whose efforts have led to this historic milestone for India.… pic.twitter.com/CucQ41gYnA

— Narendra Modi (@narendramodi) October 7, 2023

The Sports Authority of India celebrated the historic win, emphasising the significance of this achievement in India’s sporting history.

AND THAT IS MEDAL #100 FOR 🇮🇳!!!

HISTORY IS MADE AS INDIA GETS ITS 100 MEDAL AT THE ASIAN GAMES 2022!

This is a testament to the power of dreams, dedication, and teamwork of our athletes involved in the achievement of #TEAMINDIA!

Let this achievement inspire generations to… pic.twitter.com/EuBQpvvVQ3

— SAI Media (@Media_SAI) October 7, 2023

Renowned personalities from the sports fraternity also shared their joy and pride. Cricket legend Sachin Tendulkar commended the athletes for their remarkable achievements, highlighting India’s growing sporting prowess.

And it’s a hundred! 💯🥇🥈🥉
Achieving 100+ medals at the #AsianGames is a remarkable milestone that displays India’s sporting prowess. Let’s applaud the hard work of our athletes, coaches and support staff for their commitment to excellence that has brought our nation this…

— Sachin Tendulkar (@sachin_rt) October 7, 2023

The Central government also lauded India’s remarkable journey at the Asian Games as a “century of glory that keeps getting bigger, bolder and brighter.”

100 medals and counting!

India’s incredible journey at the Asian Games is a century of glory that keeps getting bigger, bolder, and brighter.#AsianGames2023 #IssBaar100Paar pic.twitter.com/VKBYRs72qL

— MyGovIndia (@mygovindia) October 7, 2023

Union Minister Kiren Rijiju, expressed immense joy, declaring, “Our dream of winning 100 Medals is finally fulfilled.”

History has been made as India Won 100 medals in #AsianGames !
Our dream of winning “100 Medals” is finally fulfilled. Hearty congratulations to all our outstanding athletes!#Chee4India #JeetegaBharat 🇮🇳 pic.twitter.com/K3MREfg9fN

— Kiren Rijiju (@KirenRijiju) October 7, 2023

Union Health Minister Mansukh Mandaviya extended his heartfelt congratulations to the Indian athletes, acknowledging their historic feat at the Asian Games and emphasising their role in scripting history.

Century of Medals 💯 🥇🥈🥉

India wins 100 medals at #AsianGames for the first time ever. A moment to remember forever!

Congratulations to our athletes who represented India in the Asian Games & scripted history.

I appreciate their perseverance, hard work & dedication. pic.twitter.com/BCVGEWYBG6

— Dr Mansukh Mandaviya (@mansukhmandviya) October 7, 2023

Speaking to ANI, Pramod Chandurkar, the Secretary General of the Archery Association of India, expressed his happiness stating, “This is a golden day for Indian archery. The collaborative efforts of the Archery Association of India, the Sports Authority of India, the Ministry of Youth Affairs and Sports, and the IOA have borne fruit. Our next target is the upcoming Olympics of 2024.”

#WATCH | Hangzhou Asian Games: On India archers winning 9 medals and 5 gold medals and India’s 100 medal mark, Secreatary General of Archery Association of India Pramod Chandurkar says, “…This is golden day for Indian archery…We got to see such a day because Archery… pic.twitter.com/ZMxaQzi2Bj

— ANI (@ANI) October 7, 2023

On Day 14 at the Asian Games, all eyes will be on Chirag Shetty and Satwiksairaj Rankireddy, as they will compete for men’s doubles in badminton. Moreover, there are other events lined up for the day where Indian athletes are expected to secure a medal.

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Institutional investments in real estate down 21% in Jul-Sep to $793.4 mn: Colliers India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Institutional investments in real estate declined 21% in July-September period to USD 793.4 million due to lesser inflows in office assets, according to Colliers India. Institutional inflows stood at USD 1,002.1 million in the year-ago period.

Real estate consultant Colliers India on Saturday released the data that showed a sharp fall of 89% in investment in office assets to USD 79.1 million during July-September from USD 694.3 million in the corresponding period of last year. Funds inflows in mixed-use assets too dipped 73% to USD 27.2 million during July-September period from USD 100.8 million in the year-ago period.

However, the institutional investments in residential properties rose 47% to USD 274.6 million in the third quarter of this calendar year from USD 187 million in the year-ago period. Industrial & warehousing assets attracted USD 340.3 million during July-September as against mere USD 20 million in the year-ago period.

Investments in alternate assets, which include data centres, student housing, senior housing, holiday homes and life sciences, stood at USD 72.2 million during July-September period as against zero inflows in the year-ago period.

Despite fall in institutional investments in real estate during July-September period, Colliers India data showed that the inflows during January-September were up 27% to USD 4,558.1 million as against USD 3,578.5 million in the year-ago period.

Foreign investments contributed 77% in the total institutional inflows. Across asset classes, institutional investments in office assets have risen 60% to USD 2,886.9 million during January-September period from USD 1,802.8 million in the year-ago period.

Inflows in housing assets jumped more than two-fold to USD 707.9 million from USD 276.5 million. Similarly, investments in industrial and warehousing assets jumped more than three-fold to USD 690.6 million in January-September from USD 199.8 million in the year-ago period.

However, inflows in alternate investments fell 42% to USD 230.4 million from USD 398.8 million. Investments in mixed-use properties plunged 90% to USD 42.3 million from USD 408.8 million.

Retail real estate has not been able to attract any investment during January-September period this year as against USD 491.8 million in the year-ago period.

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