Tag: government

Grievance redressal mechanism set up for GST portal glitches

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

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The government said it had set up a grievance redressal mechanism to address difficulties faced by taxpayers due to technical glitches on the Goods and Services Tax portal.

Under the new mechanism, if any taxpayer was unable to file any form or return due to a technical glitch by the due date, he or she would be allowed to do so within a stipulated time period.

In case any taxpayers could not complete the process of filing TRAN-1 (transitional credit form) in time due to the IT glitch, he or she would be allowed to complete the process by April 30.

The filing of GSTR 3B return for such TRAN-1 will have to be completed by May 31, the Finance Ministry said.

It added that the Goods and Services Tax (GST) Council has delegated powers to an IT-Grievance Redressal Committee to approve and recommend steps to be taken to redress the grievances and provide relief to the taxpayers.

The taxpayers would have to approach field officers/nodal officers where there was a demonstrable glitch on the common portal due to which the due process could not be completed.

“The IT Grievance Redressal Committee shall examine and approve the solutions as may be necessary for an identified issue,” an official statement said.

The relief could be in the nature of allowing filing of any form or return, or amending any form or return already filed, it said.

“The decision relating to filing of TRAN-1 will benefit 17,573 taxpayers who will consequently be able to avail of Rs 2,582.98 crore as Central GST credit and Rs 1,112.77 crore as State GST credit,” the statement said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Trade war, MSP and Fed Reserve rates to be key factors in upcoming monetary policy meet

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

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A raft of changes in the past three months globally could weigh heavily on the decisions of the Reserve Bank of India as it prepares to meet for the fast aproaching monetary policy committee meet for the next financial year.

Global markets have experienced a lot of uncertainty because of tensions in US-China trade. Likewise, the US-India trade agreement also faces stress, with the US mounting a challenge against Indian export subsidies at the World Trade Organisation (WTO). The US argues that Indian subsidies are harming US companies by allowing New Delhi to sell its company goods cheaply.

These apart, a spike in oil prices and the cloud of angst that looms over the Indian banking sector are also major concerns for the next monetary policy.

Pronab Sen, former principal advisor at the erstwhile Planning Commission, shined a spotlight on the US economy. “The first question we need to ask is what is going to happen in the US. We know duties have been raised and have a cost push effect, inflation is going to inch up,” he said.

Earlier this month, The US Federal Reserve raised its key interest rate by 0.25% foreseeing two more hikes this year. This is most likely to influence the Indian policy decision.

Soumya Kanti Ghosh, group chief economic advisor, SBI, said the US Fed is looking at rate hike gradually and not at an exponential state. The rupee has been remarkably stable in the last few days which is a positive sign, he said.

Meanwhile, government think tank Niti Aayog (which replaced Planning Commision) is in talks with various state governments to ensure the implementation of minimum support price which is 50% higher than the cost of production.

There could be a possible risk on the government’s policy decision with respect to the minimum support prices, said Sonal Varma, Chief India Economist, Nomura. She further added that there still seemed to be ambiguity with respect to the cost measure that will be used and impact it could have on future inflation. “So, we will need to wait and watch on how this play out.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Commodity Corner: Agri ministry in discussion for doubling farmers income

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

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Commodity Corner by Manisha Gupta guides you through the most important trades in commodities. She takes a first-hand look at agri ministry in discussion with other ministries for increasing or doubling farmers income.

Niti Aayog, in a statement said that the centre was willing to spend on the implementation of MSP which may raise the income of farmers by 24% implement.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Govt to borrow Rs 2.88 lakh crore in April-September, issue inflation indexed bonds

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

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The government will borrow Rs 2.88 lakh crore in the April-September period of 2018-19, lower than Rs 3.72 lakh crore it had borrowed in the first half of the current fiscal, and introduce bonds linked to CPI or retail inflation.

Economic Affairs Secretary Subhash Chandra Garg said that, in consultation with the Reserve Bank, it has also decided to issue Government Securities (G-Sec) with 1-4 year maturity as demanded by primary dealers.

At a meeting with finance ministry officials last week, the dealers had suggested that the government out with shorter duration bonds as the likely change in interest rate by the RBI could have a bearing on long duration bonds.

The borrowing calendar for the first half of the 2018-19 fiscal was finalised at a meeting between finance ministry and RBI officials on Saturday.

Briefing reporters about the programme, Garg said Rs 2.88 lakh crore gross borrowing in the April-September period of next fiscal, is 47.56% of the budgeted amount.

The government in the Budget has raised the gross borrowing to Rs 6.06 lakh crore, from Rs 5.99 lakh crore in current fiscal ending March 31.

“We are absolutely confident that we will be able to meet all expenditure without going into overdraft,” he said.

The 47.56% of budgeted gross market borrowing in the first half of next fiscal is lower than the average of 60-65% in last five years.

The government borrows funds from money market to bridge the fiscal deficit. The deficit has been pegged at 3.3% of GDP in 2018-19, lower than 3.5% in current fiscal.

In the next fiscal, the G-Sec buyback would be reduced by Rs 25,000 crore. In addition to this, the government will withdraw up to Rs 1 lakh crore from the National Small Savings Fund (NSSF) — Rs 25,000 crore more than in the current financial year — to fund the fiscal deficit.

This could reduce the overall market borrowing programme of the government for the entire fiscal, Garg said.

To a question on whether the gross borrowing in next fiscal would be lower by Rs 50,000 crore, he said: “You can conclude that.”

Garg said the government plans to issue more Floating Rate Bonds (FRBs).

This, along with Consumer Price Index (CPI)-linked Inflation Indexed Bonds, would account for 10% of the total issuances during the year.

He also said that the government and the RBI are in the final stage of discussions for increasing FPI limits from April 1, 2018.

He said more issuance will be planned in short and long-term maturity bucket, reducing the issuance in medium term segments of 10-14 years to around 29%, as against more than 50% issuances in previous years.

Besides, the gross borrowing per week under T-Bills will be Rs 15,000 crore.

Asked as to when will RBI transfer additional dividend to the government, Garg said “Now there is 2-3 days left. So this would be coming.”

In August, RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017. It was less than half the Rs 65,876 crore it had paid in 2015-16.

Since November last year the finance ministry has been in discussions with the central bank to transfer the surplus to the exchequer.

To a query on why RBI and the government are on a different page with regard to dividend payment, Garg said: “We are on one page”. However, he did not give an indication on the quantum of additional dividend the government is expecting from the Reserve Bank.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow