GST Council to meet on May 28
May 15, 2021
The GST Council will meet after almost a gap of 8 month on May 28.
Finance Minister Nirmala Sitharaman “will chair the 43rd GST Council meeting via video conferencing at 11 am in New Delhi on May 28,” Office of the Finance Minister said in a tweet. It also mentioned that the meeting will be attended by Minister of State in Finance Ministry Anurag Singh Thakur besides Finance Ministers of States & UTs (Union Territories of Delhi, Puducherry and Jammu & Kashmir with assemblies) and senior officials from the Centre and States.
Although the agenda of the meeting is not known, it is expected that it will discuss GST rates on COVID vaccines and relief materials beside GST compensation. There have been demands for exempting COVID related goods. Sithraman has ruled out exempting vaccines from GST by saying it will hurt consumers as producers will pass on cost increase on account of no input tax credit (ITC). There is also demand for exempt
Banks write off ₹5.85-lakh crore over last 3 years
March 08, 2021
Declarations received under Vivad Se Viswas Scheme is around 28 per cent - Kritchanut×
Recovery amounts to little over ₹68,000 crore
The Finance Ministry on Monday informed the Lok Sabha that Scheduled Commercial Banks (SCBs) have written off loans worth ₹5.85-lakh crore. It also said that declarations received under Vivad Se Viswas Scheme accounted for around 28 per cent of pending tax disputes.
Minister of State in the Finance Ministry Anurag Singh Thakur in a written response said as per RBI data, SCBs have written-off loans of over ₹2.36-lakh crore in FY 2018-19, ₹2.34-lakh crore during FY 2019-20 and over ₹1.15-lakh crore during the April-December period of FY 2020-21.
This includes 490 complaints against registered NBFCs
The Government on Monday informed the Lok Sabha that Reserve Bank of India has received complaints against 1,500 digital lending applications (popularly known as loan apps). It also informed the Lower House that there will be no change in service conditions of employees of BPCL post-disinvestment.
Loan app
In a written answer to a question in the Lok Sabha, Minister of State in Finance Ministry Anurag Singh Thakur said no data is captured by the Corporate Affairs Ministry regarding the number of registered companies providing online apps-based loan in the country at present. Meanwhile, the “RBI has intimated that it has received complaint against 1,509 digital lending applications,” he said. This includes 490 complaints against registered NBFCs which are operating digital loan apps, while 1,019 complaints are against unregistered/unregulated digital loan applications.