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GST collections slow down in August About 45% of assessees yet to file returns The government collected RS 90,669 crore goods and services tax (GST) for August, a little lower than the Rs 94,063 crore collected in July. This is also lower than the ~91,000 crore which should have come to the Centre and states in a month, given the Budget Estimates and assumed growth rates in receipts for 2017-18. Only 55 per cent of assessees paid taxes for August, compared to 64 per cent for July. But, the figures should be compared cautiously. About Rs 92,283 crore GST was collected for July till August 29, while Rs 90,669 crore was garnered till September 25. Hence, growth in collections was flat in August, compared to July. As much as Rs 6594,063 crore was paid till August 31. About Rs 14,402 crore came from the Central GST (CGST) in August, against Rs 6514,894 crore in July (paid till August 29);Rs 6521,067 from State GST (SGST), against Rs 6522,722 crore in the previous month; and Rs 47,377 cr...

Govt plans 5G network rollout by 2020 The government on Tuesday set up a panel to lay down a roadmap for the rollout of 5G mobile networks in India by 2020 in a move that not only promises to make wireless connections blazingly fast but will also make room for the proliferation of Internetconnected smart devices. 5G wireless networks promise more speed and less latency, can serve a higher density of broadband users and are optimized for the Internet of Things (IoT), which refers to everyday objects becoming intelligent with the ability to send and receive data. “We have created a highlevel 5G committee that will work on the vision, mission and goals of 5G,” telecom minister Manoj Sinha told news agency Press Trust of India. The government’s push to move to 5G is driven by the logic that India, one of the world’s largest markets for telecom services, should not be left behind when the world shifts to 5G. India’s adoption of 4G was delayed earlier this decade. “When the world will ro...

Maintain supply of knee implants, govt tells firms The government on tuesday made it manadatory for knee implant manufactures and importers to maintain production and supply of knee implants by invoking an emergency clause under the derug price control law. The department of pharmeuticals (DoP) under the ministry of chemicals and fertilizers invoked powers under the Drugs (Prices Control) Order, 2013, to mandate firms to continue the saler iof knee implants without interruption, following the recent price capping on knee impants. DoP, in its order posted on its websitre on Tuesday, directed firms to submit a weekly report on "distributuion and "production"of knee implant systems. The National Pharmaceutical Pricing Authority (NPPA) had in August reduced the average price for knee impant by as mych as 69%.According to notification issued by the price regulator, the most widely used complete knee implant (Cobalt Chromium) now costs Rs 54,720 plus GST, gainst Rs 1.58 ...

Sebi to allow mutual funds, PMS to participate in commodity futures Sebi allows FPIs in non-agri commodity derivatives in Gift IFSC Three months after markets regulator the Securities and Exchange Board of India (Sebi) allowed Category III alternative investment funds (AIFs) in commodity derivatives, it has granted permission to foreign portfolio investors (FPIs) to trade in non-agricultural commodities in GIFT City International Financial Services Centre. No decision has been taken yet on allowing FPIs to trade on commodity exchanges in the domestic market. Sebi said in a circular on Tuesday that based on representations received from the exchanges operating in the International Financial Services Centre (IFSC) and after consultations with the government of India and the Reserve Bank of India (RBI), it had been decided that FPIs shall be permitted to participate in commodity derivatives contracts traded on stock exchanges in the IFSC. FPIs, however, are allowed to trade in non-agr...

Govt to set up panel to ease regulatory hurdles In a bid to revitalise falling private investment in the country, Commerce and Industry Minister Suresh Prabhu said the government has decided to form a review committee to examine and bring down the regulatory issues faced by industry. While such a mechanism had been present earlier in a different form, Prabhu on Tuesday stressed that the new committee, set up under the Department of Industrial Policy & Promotion (DIPP) secretary, will lead to better ways for implementing the ease of doing business norms. Spurred by slowing economic growth, fluctuating exports and low job creation in the country, the government on Tuesday got into a huddle with corporate leaders and industry bodies to find solutions. The meeting was chaired by Commerce and Industry Minister Suresh Prabhu, and included Commerce Secretary Rita Teaotia, DIPP Secretary Ramesh Abhishek, Textile Secretary Ajay Narayan Singh and Chief Economic Advisor Arvind Subramanian...