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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

PM Switches on Rs 16kcr Scheme to Light Up Bharat Aim is to offer power to all households by Dec 2018, and free connections to poor Prime Minister Narendra Modi has launched a Rs 16,320-crore scheme to supply ` electricity to all households by December 2018, providing free connections to the poor and at very low cost to others. The Pradhan Mantri Sahaj Bijli Har Ghar Yojna, named `Saubhagya', which will be executed just before the next general elections, aims to improve the environment, public health, education and connectivity with the help of last-mile power connections across India. It will help reduce the use of kerosene lamps in non-electrified households. Modi said the scheme would bring “monumental change“ in the life of the poor, and this was possible after three years of reforms in the power sector.“In the working of this government, all you can see is Garib Kalyan (welfare of the poor). The aspirations of the poor determine the working of our government,“ the PM said.

PM forms Economic Advisory Council, Debroy will be chief Prime Minister Narendra Modi on Monday constituted a fivemember Economic Advisory Council (EAC) headed by Niti Aayog member Bibek Debroy, at a time when concerns are being raised over the declining growth in India. The EAC also includes NITI Aayog’s Principal Advisor Ratan Watal as its member secretary. Economist Surjit Bhalla, National Institute of Public Finance and Policy director Rathin Roy and Indira Gandhi Institute of Development Research professor Ashima Goyal will be part time members of the Council. “Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister.” “This could be either suo-motu or on reference from the Prime Minister or anyone else. The five-member council consists of economists of high repute and eminence,” according to an official statement. In the previous UPA government when Manmohan Singh was the Prime Minister, EAC was headed by former RBI Governor C Rangaraja