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The chances of the <a href="http://www.businessinsider.in/GST-vs-IT-Act/articleshow/52969390.cms">GST bill</a> finally getting passed seem to have increased with the leading and opposition parties getting ready to engage in further consultations over the <a href="http://www.businessinsider.in/All-online-purchases-to-attract-GST-soon-Amit-Mitra-panel/articleshow/52750627.cms">long pending bill</a>. 
 
As per reports, the parliamentary affairs ministry has planned a five-hour debate in Rajya Sabha, the date of which is not confirmed yet, which could lead to both parties agreeing to a common ground for the passage of the <a href="http://www.businessinsider.in/Indian-online-marketplaces-are-closely-monitoring-the-GST-bill-as-costs-may-rise-up/articleshow/52775995.cms">tax reform</a>. 
 
Also read: <a href="http://www.businessinsider.in/GST-bill-Monsoon-Session-2016/articleshow/52971760.cms">Govt hopes on passage of GST bill as Monsoon Session will begin from July 18</a> 
 
It was only after BJP expressed its hope for an agreement after lessening the differences it has with Congress that the BJP parliamentary party executive was asked to make efforts to reach out to other parties as well. 
 
A few days back, Samajwadi Party leader Naresh Agarwal had complained that the <a href="http://www.businessinsider.in/Nothing-is-going-to-come-for-free-after-GST-is-implemented-Heres-why/articleshow/52775662.cms">GST bill</a> seemed to be like a bilateral affair between the two parties, and warned that even his party could have some issues with the legislation, stalling it. CPM leader Sitaram Yechury had also asked for more consultations over the bill. 
 
<a href="http://www.newsx.com/sites/default/files/field/image/sonia-modi_0.jpg">Image source</a>

A five-hour debate in Rajya Sabha could pave the road for GST clearance

New Delhi, Dec 31 () The government is considering setting up an investment clearance cell and provide defined timelines for all kinds of state and central approvals to attract investments, an official said.
 In order to further ease the business climate of the country, it is also looking at developing a single application form for all kinds of clearances and provide deemed approvals, the official said.
 For onboarding central departments and states, the government is looking at two single point of contacts, one each from central department and state; list of licences and documents; detailed processes; timelines for each approval /deemed approvals; and support for IT systems integration from all departments, the official added.
 The Department for Promotion of Industry and Internal Trade (DPIIT) is working on the proposal, which could be implemented in four phases.
 According to the proposal, an investor would also be able to track the status of his/her application.
 Currently, an investor has to seek several approvals such as company incorporation, GST registration, import export code, environment clearance, and NOC for ground water extraction, at central and state government levels.
 Investors require single application, self certification, document submission at single place, time bound/deemed approvals, real time status update.
 The department is also considering framing a law for the proposed investment clearance cell and defined timelines for approvals for central departments. RR ANU
ANU

Govt mulls single application form, investment clearance cell to woo investors

Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Sunday said <keyword id="6354679" type="COMPANY" weightage="20" keywordseo="gst">GST</keyword> exemption to domestic supplies and commercial import of <keyword id="8764262" type="COMPANY" weightage="20" keywordseo="covid">COVID</keyword> drugs, vaccines and oxygen concentrators would make these items costlier for consumers as manufacturers would not be able to offset the taxes paid on inputs. Currently, domestic supplies and commercial imports of vaccines attract a 5 per cent Goods and Services Tax (GST), while it is 12 per cent in case of COVID drugs and oxygen concentrators. "If full exemption from GST is given, vaccine manufacturers would not be able to offset their input taxes and would pass them on to the end consumer/citizen by increasing the price. A 5 per cent GST rate ensures that the manufacturer is able to utilise <keyword id="6357073" type="COMPANY" weightage="20" keywordseo="ITC">ITC</keyword> and in case of overflow of ITC, claim refund. Hence exemption to vaccine from GST would be counterproductive without benefiting the consumer," Sitharaman tweeted. She further said that if Integrated GST (<keyword id="6360947" type="COMPANY" weightage="20" keywordseo="IGST">IGST</keyword>) ₹100 is collected on an item, ₹50 accrues to the <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword> and the States each as Central GST and State GST respectively. Further 41 per cent of the CGST revenue is devolved to States. So out of a collection of ₹100, as much as ₹70.50 is the share of the states. From the GST collected on vaccine, half is earned by the Centre and the other half by the States. Further, 41 per cent of Centre's collections also get devolved to the States. So states end up receiving almost 70 per cent of the total revenue collected from vaccines. "In fact, a nominal 5 per cent GST is in the interest of the domestic manufacturer of vaccine and in the interest of the citizens," Sitharaman said. West Bengal Chief Minister Mamata Banerjee earlier in the day wrote to Prime Minister Narendra Modi seeking exemption from GST and customs duty any donations of oxygen concentrators, cylinders, cryogenic storage tanks and COVID related drugs from organisations or agencies. The Finance Minister tweeted her response to the Chief Minister's letter, saying these items are already exempted from customs duty and health cess. Besides, Integrated GST (IGST) is also exempted on all COVID relief material imported by the Indian Red Cross for free distribution in the country. Also IGST exemption has been given in case of goods when imported free of cost for free distribution in the country by any entity, <keyword id="51011" type="ORGANIZATION" weightage="20" keywordseo="state-government">state government</keyword>, relief agency or autonomous body on the basis of a certificate issued by a state government. "In order to augment the availability of these items, government has also provided full exemption from basic customs duty and health cess to their commercial imports," Sitharaman said. The government has already exempted from customs duty import of a host of COVID-related relief materials, including Remdesivir injection and its APIs, Inflammatory diagnostic (markers) kits, medical grade oxygen, oxygen therapy related equipment such as oxygen concentrators, cryogenic transport tanks, etc, and Covid vaccines. Besides, effective May 3, the government exempted IGST on import of COVID-relief material received as donation for free distribution in the country, a move which helped speed up customs clearances of such imports. This exemption would be subject to nodal authorities, appointed by the state governments, authorising any entity, relief agency or statutory body, for free distribution of such relief material. The said goods can be imported free of cost by a state government or, any entity/ relief agency/ statutory body, authorized in this regard for free distribution anywhere in India. SEE ALSO: <a href="https://www.businessinsider.in/science/health/article/if-you-are-feeling-anxious-and-overwhelmed-by-the-pandemic-and-the-news-around-it-here-are-a-few-ways-to-calm-yourself-down/articleshow/82494658.cms">If you are feeling anxious and overwhelmed by the pandemic and the news around it, here are a few ways to calm yourself down</a> <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-net-worth-has-crossed-60-billion-as-per-forbes/articleshow/82454659.cms">Gautam Adani’s net worth has crossed $60 billion – thanks to Adani Ports’ profits</a> <a href="https://www.businessinsider.in/tech/news/google-is-now-automatically-turning-on-two-factor-authentication-for-some-accounts/articleshow/82452629.cms">Google is now automatically turning on two-factor authentication for some accounts</a> <a href="https://www.businessinsider.in/business/corporates/news/good-news-for-tata-steel-jsw-steel-sail-hindalco-and-other-indian-steel-companies/articleshow/82451127.cms">China has broken another emissions record ⁠— and it is good news for some Indian companies</a>

GST exemption on domestic supplies, commercial imports of COVID drugs to make them costlier, says Finance Minister Nirmala Sitharaman

If the Prime Minister Narendra Modi has his way, the government may roll out the Goods and Service Tax (GST) next year. Renewing government's commitment to creating favourable conditions for business and industry, Modi said, "Never before is India so well prepared to absorb talent, technology and investment from outside." 
 
"We have introduced the GST Bill in the Parliament; we are hopeful to roll it out in 2016," Modi said at the Indo-German Summit at Bengaluru, while sharing the dais with German Chancellor Angela Merkel who is on a three-day visit to the country. 
 
The GST bill is facing hurdles in the opposition dominated Rajya Sabha despite an aggressive push by the government for its passage. 
 
At the summit attended by the who’s who of India Inc, particularly the IT sector, Modi also said India is committed to protecting Intellectual Property Rights of all innovators and entrepreneurs. 
 
A comprehensive National IPR Policy is being finalised, he said, adding that it will be "progressive and forward looking". 
 
"Such a huge potential for creation and production will not be available in any one country," the Prime Minister said as he spoke of the slew of steps taken by the government to ensure ease of doing business. 
 
Modi said across the board the validity period of Industrial Licences had been increased and regulatory clearances including security and environmental expedited. 
 
"We have taken very decisive steps to remove a number of long pending concerns of investors," he said. 
 
Government, Modi said, has fast-tracked approvals and clearances for industry as well as the infrastructure sector and is committed to creating favourable conditions for business. 
 
On Indo-German business ties, Modi said they remain below full the economic potential and India wants to develop relationship with Germany in various sectors. 
 
"It is the software of India that will move the hardware of the world," Modi sought to emphasise at the "Indo-German Summit 2015: Digitizing Tomorrow Together." 
 
Five B2B (business-to-business) agreements were exchanged in the presence of Modi and Merkel at the event. 
 
Merkel said she and Modi are working together for reform of the UN Security Council through the G4 - Brazil, Germany, India, and Japan which support each other's bids for permanent seats on the UN body. 
 
Merkel said she and Modi would meagain in November at the G-20 summit. She said while India needs high skilled jobs, Germany requires high skilled labour. 
 
German engineering and India's IT expertise are fused here in Bengaluru, said Merkel. 
 
The Prime Minister hosted a special lunch for Merkel with leading Indian CEOs at the summit, organised by National Association of Software and Services Companies (Nasscom) - in collaboration with the German Fraunhofer Institute. 
 
Earlier, Modi and Merkel visited the facilities of German automotive major Bosch here, as part of the chancellor's three-day state visit to India, with focus on innovation and skills development. 
 
To further strengthen its presence in India, Bosch said it plans to invest Rs 650 crore (over 100 million euros) in 2015. 
 
During the nearly two-hour long visit, the two leaders, accompanied by a high-level German delegation, walked through the Bosch Innovation Center and the vocational training centre, enquiring about the company's research, engineering, and vocational education activities in India. 
 
"Readying the ground force for 'Make in India'," Ministry of External Affairs Spokesman Vikas Swarup tweeted as the two leaders went through the facility, where they were gifted the "lion", the logo of the 'Make in India' campaign. 
 
"Preparing the next generation of technicians. Making the vision of Skill India a reality," Swarup said in his tweets during the visit of the two leaders, as they were briefed on on "Industrie 4.0 to Big Data" on solutions developed at Bosch India.

Modi plans to roll out GST next year

The realty sector is just emerging from a painful slowdown, and is looking for any signs of light at the end of the tunnel. This fact makes <keyword id="6360189" type="COMPANY" weightage="100" keywordseo="Union-Budget">Union Budget</keyword> 2016 all the more crucial for the sector. Financial protection from project delays to introduction of <keyword id="44528" type="ORGANIZATION" weightage="100" keywordseo="FDI">FDI</keyword> to the <keyword id="6354679" type="ORGANIZATION" weightage="100" keywordseo="GST">GST</keyword> Bill, this budget expects these and many more. 

	One of the major hurdles that are holding back the growth of the sector is delay in construction which increases the costs too. On purchase into an under-construction property, buyers can only claim tax benefits of Rs. 2 lakh after possession if construction is completed within three years. The benefits reduce to Rs. 30,000 if the builder delays construction beyond this. In this mess they end up paying higher interest. First-time home buyers purchasing properties for self-use additionally pay rent.
 “Instead of allowing home buyers tax benefits post-possession, the Union Budget should make a provision that allows these from the time they start paying interest on housing loans. This will ease their monetary burden considerably and increase the velocity of <keyword id="6354730" type="UNKNOWN" weightage="100" keywordseo="Home-loan">home loan</keyword> disbursements. Similarly, if an under-construction property is purchased from capital gains, its construction must be completed within three years of its sale to avail exemption. There can be delays by developer in such cases too. These deductions should be brought at par and the construction timeline should be extended from the current three years to five years,” said Anuj Puri, Chairman &amp; Country Head, JLL India in his blog. 

	Tax deduction limits is another major issue which needs to be addressed before it’s too late. The government should increase the tax deduction limit for housing loans, especially for buyers in metropolitan cities. The current limit of Rs 2 lakh is insignificant given the ticket sizes in cities like Mumbai, where most houses are priced at Rs 1 crore and above. 
 “Also, tax concessions on house <keyword id="35450" type="COMPANY" weightage="100" keywordseo="insurance">insurance</keyword> premiums could be introduced to encourage end users to insure their homes. Similarly, the tax exemption limit should be increased by about Rs 1 lakh and be auto-set to match inflationary trends in a financial year,” added Puri. Green is the solution for a sustainable future. But unfortunately most home buyers in India are averse to paying an extra premium for such projects. The Budget should increase the demand too by providing clear and convincing benefits to buyers of green <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> in the country. 

	“Although the previous Budget prioritised affordable housing, the upcoming Budget should allocate an amount specifically for building infrastructure and improving connectivity in the peripheral areas of cities, especially the metros. Without this, it will be difficult to provide affordable housing in the cities. Developers entering this segment should be allowed cheaper financing options, thereby also providing a shot in the arm for government’s ‘Housing for All by 2022’ target,” he stated. 
 The next big thing in this year’s budget would be the GST Bill. The <keyword id="6355261" type="POSITION" weightage="100" keywordseo="Finance-minister">Finance Minister</keyword> should announce a specific date for the implementation of GST. “This major reform will give the industry a very clear <keyword id="6383566" type="PERSON" weightage="100" keywordseo="Taxation">taxation</keyword> structure and induce a major change for the logistics architecture, since logistics will be driven by cost and not by a regulatory regime,” Puri said. 
	 
	Transparency and single window clearance is the call of the moment.
 

	“We are pinning a lot of hopes on the upcoming budget. Getting infrastructure has been long pending demand of real estate sector and this time too we expect the sector to be given infrastructure status so that developers can avail finances at cheaper rates from financial institutions. Also, we are eagerly waiting for single window clearance system so that approvals are given in a pre-defined timelines, furthermore bringing transparency in the overall working system,” said Manoj Gaur, President, CREDAI NCR and MD, Gaursons India told to The Property Times.
 

	Also, one should not forget the much awaited Real Estate Regulatory Bill. Maybe this budget season will see the light of it.

	 
	(Image credits: indiatimes)

Here’s why Budget 2016 is crucial for the real estate sector

New Delhi, Jan 19 () With no sight of including jet fuel in Goods and Services Tax (GST) in near future, the government is considering levying specific rate of excise duty on aviation turbine fuel (ATF) in place of current ad valorem rates to insulate its prices from cascading effect in times of volatile prices.
ATF presently is chargeable at 11 per cent ad valorem rate of excise duty. Concessional rate of 2 per cent is applicable for ATF sold under Regional Connectivity Scheme. Ad valorem rate means that the impact of an increase in price of the fuel because of global rate hike translates into an even higher price for airlines as the tax incidence also rises.
To insulate airlines from such volatility, the government may in the forthcoming Budget for 2020-21 fiscal year may bring specific excise duty expressed in Rs per kilolitre, sources aware of the development said.
Petrol and diesel already attract a specific rate of excise duty and so ATF naturally qualifies for such a shift, they said.
Finance Minister Nirmala Sitharaman will present her second budget on February 1.
Explaining the duty structure, sources said if cost of production of ATF is Rs 100 per kilolitre, the fuel at exit from the refinery will be priced at Rs 111 per kilolitre after levying 11 per cent excise duty. If the cost rises to Rs 110, the ex-refinery rate would attract an excise duty of Rs 12. A specific duty of say Rs 11 per kilolitre would mean that even if the cost goes up the tax incidence would remain the same.
Petrol and diesel already attract specific excise duty for the same purpose. Excise duty on petrol currently is Rs 21.16 per litre and that on diesel is Rs 15.83 a litre.
This, they said, would ensure correct payment of duty at the initial clearance stage itself and will eliminate complexities and difficulties in redetermination of duty on further stock transfers which sometime result in avoidable litigation.
Specific excise duty would address part of the concerns of oil companies and airlines of not being able to set of tax paid on inputs against the tax on final product as ATF has been kept out of GST regime.
When the Goods and Services Tax (GST) was introduced on July 1, 2017 amalgamating 17 central and state levies, five commodities namely crude oil, natural gas, petrol, diesel, and ATF were kept out of its purview given the revenue dependence of state governments on this sector.
Under the existing structure, both natural gas and ATF attract the Centre's excise duty and a state's value-added tax (VAT). Both these and all other levies will get subsumed under GST if they are brought under its ambit.
The decision on their inclusion depends on the financial position of states as revenues from these five petroleum products constitute a substantial chunk of state government finances.
The aviation ministry has time and again sought inclusion of ATF under GST as any surge in international oil rates gets reflected in domestic jet fuel prices, leading to costlier air tickets. Oil Ministry too has favoured including ATF along with natural gas under the GST regime to help companies set off tax that they paid on input.
ATF makes up for almost half of the cost of an airline and rates vary from state to state depending on local VAT. ANZ MKJ

Govt considering specific excise duty on ATF

New Delhi, Mar 24 () Following are the highlights of a host of relief measures related to statutory and regulatory compliance matters across sectors in view of the coronavirus outbreak announced by Finance Minister Nirmala Sitharaman on Tuesday:* Last date for income tax returns for 2018-19 extended from March 31 to June 30* Last date for Aadhaar-PAN linking advanced to June 30 instead of March 31* No additional 10 pc payment for Vivad se Vishwas scheme if payment by June * Payments for delayed advanced tax, TDS, etc, at reduced interest rate of 9 pc * No interest, late fee and penalty to be charged * Companies with turnover more than Rs 5 crore can file returns by last week of June * On delay of 15 days, the same would attract reduced rate of interest 9 pc as against 18 pc now* Date for filing GST annual returns of 2018-19 extended till the last week of June* Necessary legislative amendments to give effect to these will be with approval of GST Council* Payment date under Sabka Vishwas Scheme extended from March to June * 24x7 custom clearance till the end of June 30 * Debit card holders can withdraw from any other banks' ATM free till June* Waiver of minimum balance fee by banks* Reduced bank charges for digital trade transactions for trade finance customers* Threshold limit for referring a default case for insolvency enhanced to Rs 1 cr* No fine for late filing on MCA-21 registry irrespective of due date * Mandatory requirement of holding board meeting within prescribed interval to be extended by a period of 60 days till next two quarters * Newly incorporated companies required to file a declaration for commencement of business within 6 months of incorporation get additional 6 months * Non-compliance of minimum residency not to be treated as a violation for 2019-20* Commerce ministry to extend timelines for various compliance. DP HRS

HIGHLIGHTS-FM

New Delhi, Apr 28 () Industry body CII has suggested measures, including expediting auction process of already explored mineral blocks and starting the exploration activity, to revive the mining sector. Coal and Mines Minister Pralhad Joshi during his virtual interaction with the National Mining Committee of CII on Monday deliberated on boosting the mining sector to make it a driver of growth, revenue and employment as part of post COVID-19 economic revival, sources said. Deliberations were held on 'how mining sector can trigger the economy post lockdown', they said. Stating that the mining sector was both capital and labour-intensive sector, the CII has suggested different ways in which the mining sector can lead the economic growth. Among the various measures, it suggested expediting the auction process of the already explored mineral blocks and easing environment and forest clearance of mines, according to sources. As getting various environmental clearances takes three to four years for a block, the capital gets locked, the government was told by the CII. The industry body said "India is a mineral rich country and has a huge potential and the mining sector can play a pivotal role to trigger the growth of economy" which is not in a good shape, according to sources. Earlier, another industry body Ficci had sought subsuming all levies like royalty and contributions to the District Mineral Foundation (DMF) into one tax like GST to reduce the tax burden on the mining industry. The industry body argued that the mining sector is going through a tough time due to falling commodity prices and demand contraction. Underlining multiple challenges coupled with disruptions due to coronavirus lockdown, Ficci also sought deferment of royalty and contributions to DMF and the National Mineral Exploration Trust (NMET) by six months. Prime Minister Narendra Modi on Monday conveyed to chief ministers that the country will have to give importance to the economy as well as to continue the fight against coronavirus. SID MKJ

Post COVID-19 revival: CII suggests expediting auction of explored blocks to boost mining

If you are planning to buy a TV before Indo-Pak match tomorrow, make sure you buy it from <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> because the ecommerce company has come up with an offer that ensures delivery and installation of the TV before the match starts. With the pre-GST sale on, most ecommerce companies are offering freebies and discounts on purchase of electronic appliances. According to The <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword> news report, the sale on Flipkart, which will go on till June 22 - is offering great deals on a range of appliances across brands like Sony, Samsumg, LG, Panasonic and Micromax. While some customers stand a chance to buy a 40-inch Sony Bravia full HD LED TV for less than Rs 40,000, others can hope to get better deals on 55-inch LG TVs under Rs 78,000. Not just Flipkart, even <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword>'s online marketplace vertical had launched its clearance sale last week where it was offering Rs 20,000 cashback on ACs and TVs. Additionally, <keyword id="6354743" type="COMPANY" weightage="20" keywordseo="Amazon-India">Amazon India</keyword> has also been offering good deals on kitchen appliances including over 30% off on microwaves and discounts on dishwashers and water purifiers.

It’s raining sale on Flipkart, Amazon and Paytm

New Delhi, Apr 14 () The telecom sector does not foresee any major changes required for on-ground approvals to carry out services during the extended phase of lockdown, industry body COAI said on Tuesday."Any issues that may crop up will be discussed with the Dapartment of Telecom (DoT) for expeditious resolution," Cellular Operators' Association of India (COAI) Director General Rajan Mathews said.Asked if he anticipated job losses in the sector in coming weeks, Mathews said, "at present, our members have not indicated to us any plans to reduce headcount."On whether the industry would extend benefits that had been announced recently for low-income prepaid users, such as validity extension and talktime credit, Mathews said, "no decision has been made on what the industry expects to do on that front during the next quarantine period. As soon as any decision is made, members will let us know".Asked if the sector perceived any fresh requirements to continue offering uninterrupted connectivity, Mathews said industry will continue with the arrangements that were in place for the first lockdown period, into the next phase."We do not see any major changes required," he said.The financial health of the industry remains a key priority issue to be addressed by the government, he added."Telecom has been classified as 'critical infrastructure'. As such, the industry expects to continue to focus on its key responsibility to maintain the operational health of the networks in all areas," he added. COAI on Monday had said that DoT also assured the industry that additional issues like the request for dynamic IP addresses, additional backhaul spectrum, additional relaxation in filing compliance requirements due to the extension of the quarantine period, clearance of pending network Equipment Type Approvals (ETA), SIM activations, movement of essential goods -- would all be reviewed and decisions will be taken expeditiously to address the concerns of the industry.During the meeting with DoT officials on Monday, COAI had also highlighted the need for the government to address the financial plight of the industry, on an expedited basis. The stressed industry has been seeking reduction in the License Fees (LF) and Spectrum Usage Charge (SUC) as well as modifications in the GST where spectrum debt payments, LF and SUC payments would not be classified as "services" and hence not attract GST. Prime Minister Narendra Modi on Tuesday announced that the current lockdown will be extended till May 3, saying it is very necessary to contain the spread of the COVID-19 pandemic in the country.In a televised address to the nation, Modi said implementation of the lockdown will be strictly ensured in coming days to ensure that the virus does not spread to new areas. The prime minister said detailed guidelines on implementation of the new lockdown will be announced on Wednesday. Some relaxations may be allowed after April 20 in places where there is no hotspot, he said. MBI RUJRUJ

Telcos won't need major changes in approvals for on-ground services during extended lockdown: COAI

New Delhi, May 3 () Industry body Ficci has suggested various measures like infrastructure status to the steel industry, zero duty on critical raw materials, and another three-month moratorium to revive the sector, which has been impacted by the lockdown. COVID-19 pandemic and subsequent nationwide lockdown have affected the demand and production of steel, as well as resulted in the rise of inventory levels, it said, adding the policy interventions would help the industry to revive and help generate employment opportunities.In its suggestions to the government, Ficci said: "It...recommends for an extension of additional three months moratorium granted on payment of interest and repayment of loans without any penal interest and interest free financing/at nominal rates for MSMEs in the sector to revive".Granting infrastructure status to the steel industry, it said, will give access to finance at competitive rates from various markets and sources. Besides, the entire supply chain of the sector should be incorporated into essential services, and be allowed to operate with precautionary measures as per the guidelines of the government.The industry body also suggested zero import duty on critical raw materials for steel making. The move will help players to reduce input cost and sustain in the market.Fast tracking operationalisation of all steel consuming industries should be accorded the highest priority, the body said, adding new areas of applications for steel products like in furniture, setting railway infrastructure etc must be explored to further enhance the demand."To further reduce financial burden on the sector, Ficci recommends for deferment of royalty, DMF (District Mineral Fund) and NMET (National Mineral Exploration Trust) by 6 months till the economic situation stabilises and subsuming of all levies like royalty, DMF, NMET etc. into one tax like GST," the industry body said.Other suggestions included to subsidise railway freight by additional 15 per cent for next six months, waiving off charges like container detention and demurrage charges, ground rent by custodians till end of May 2020 to reduce the financial burden on the industry, priority in rake allocation for transportation of raw material and steel products for next 6 months.It also said that all statutory clearances like mineral license, environment clearance, and consent to operate etc, that are pending for renewals, should be deemed granted for at least one year, in view of the nationwide lockdown.It has requested the government to facilitate the movement of migrant workers from their native places to plants by providing special sanitised wagons and financial support to the workers for commuting.The body also raised concerns that India could see a surge in imports post lockdown as many countries would try to dump in their products into local market. ABI BALBAL

Ficci seeks infrastructure status for lockdown-hit steel sector

Mohali, Dec 5 () Punjab Chief Minister Amarinder Singh on Thursday said his government is committed to providing a safe and stable environment to industry, and eliminating gangsters was on the top of his agenda.
 Amarinder was speaking at an interactive session during the first day of Progressive Punjab Investors Summit (PPIS) 2019.
 Citing the steps taken by his government to facilitate industrial development, Amarinder said the focus is on providing the right environment to investors and industry to promote Punjab as a preferred destination. 
 He talked about several decisions taken by his government to improve ease of doing business in the state, including single-window clearances, online applications and approvals, subsidy on industrial power, amendments to key legislations related to business and industry, as well as water regulation.
 He said Punjab does not have labour problems and the state's educated and committed workforce was a major asset for the industry.
 When asked about gangsterism in the state, Amarinder said eliminating it is a priority for his government. 
 "Either they (gangsters) lay down arms, or they will have to face the consequences," he warned. 
 Notably, the opposition party SAD has been targeting the government, alleging that the law and order situation in the state has "collapsed" and gangsters are "ruling the roost."
 Amarinder said he abolished truck unions to provide a safe environment for industry to operate.
 Steps are also being taken to ensure women safety so that they can take up industrial jobs and do night shifts, he said, adding that any woman could call the police for safe transportation back home not only at night but at any time of the day if she felt threatened or unsafe in any way. 
 The chief minister also underlined the need to shift people from agriculture to industry in view of the surplus production that is making agriculture non-viable. 
 On its part, the Punjab government is promoting skill development to boost employability, he added.
 He also stressed on the need to provide continuity to industry to encourage them to invest and expand in Punjab. 
 It is essential not to indulge in political vendetta with the opposition and ensure that any party coming to power maintains the same policy approach to industry, he added. 
 "Stability is a key component for providing an enabling environment for industrial growth," he said, hoping that the next government that takes over the state will also adopt this philosophy.
 To a question on drugs, he said his government has set up a special task force to contain the menace.
 While the drug problem will not disappear in view of the money involved in the business, it would be well under control and manageable by the time the next Assembly elections are due in the state, Amarinder said.
 On the issue of stubble burning, he reiterated his stand that the Centre would have to pitch in to find a permanent solution to the problem. 
 He stressed on the need for the central government to add compensation of Rs 100 per quintal to minimum support price to check stubble burning, and also underscored the importance of crop diversification in the long term to eliminate the problem. 
 He said he would again raise the issue with Prime Minister Narendra Modi during their next meeting. 
 Farmers would definitely shift from wheat and paddy to other crops, just like they had moved to paddy cultivation in the 1960s, if it is made worth while for them, he said.
 Punjab, like other states, is already reeling under financial problems due to non-payment of GST share in time by the Centre, the chief minister said, pointing out that Punjab had not received its GST share since August 2019, translating into dues of Rs 6,000 crore.
 Given that the states have handed over all other revenue generation sources to the central government under the GST regime, it has left them in a critical situation, he added.
 The interactive session was steered by NDTV Co-Chairman Prannoy Roy. CHS SUN RVK

Punjab govt committed to provide safe, stable environment to industry: Amarinder

Mumbai, May 4 () With the number of 'stressed' real estate projects likely to increase due to the ongoing lockdown, global consultancy firm EY has recommended doubling of special stress fund to Rs 50,000 crore to provide liquidity to developers to complete stalled affordable housing projects. Real estate activities have almost come to a standstill since March 25 when India imposed a nationwide lockdown to prevent spread of coronavirus pandemic. According to EY, doubling the funding for stalled affordable and middle-income housing projects to Rs 50,000 crore can help developers to seize the upside of the current disruption and enable speedy completion of projects. Last year, the government approved a Rs 25,000-crore special window to provide funding to nearly 1,500 stalled housing projects with the aim to revive the key sector, provide boost to economy and give relief to home buyers. The government has so far cleared Rs 540 crore worth projects and preliminary clearance has been given for due diligence in nearly 14 projects. "Cashflow planning and structuring of debt obligations are critical to tide over the current situation. This will require drawing out a crisis management plan and stress testing on cash position. It will also require close monitoring of projects, immediate discussions with lenders on post moratorium options and exploration of rescue/revival capital for stressed projects," EY India Partner and National Leader – Real Estate Gaurav Karnik said. "The new capital would be available to only those projects which are efficiently managed, and which can demonstrate complete visibility of cash flows," he added. Besides, EY also recommended a Rs 11,000-crore package for waiving interest on home loans taken for projects under Pradhan Mantri Awas Yojana (PMAY) for three months. "Solvency and liquidity support to the sector would ensure that the impact is not permanent. In this regard, government could immediately announce a three-month interest waiver for low-cost housing loans, such as under PMAY. As buyers of these houses are from the economically weaker section and low income households, a risk of mortgage default may emerge from their incomes being affected by the lockdown. "Interest waiver for a few months would help in both protecting the vulnerable households, maintain demand for low-cost housing developers and also ensure that bank and NBFC confidence in the low-cost housing segment remains intact," Karnik added. Apart from this, the government can also permit GST paid on inputs in construction of commercial property to be paid as credit for GST charged on rentals, it said. "Government can also encourage states to waive off stamp duty in major metropolitan areas for the next nine months to boost demand as well as defer municipality taxes and other fees for the next 6 months," EY said. PSK RVKRVK

COVID-19: Double stress fund for stalled affordable housing projects to Rs 50,000 cr, says EY

Mumbai, May 4 () With the number of 'stressed' real estate projects likely to increase due to the ongoing lockdown, global consultancy firm EY has recommended doubling of special stress fund to Rs 50,000 crore to provide liquidity to developers to complete stalled affordable housing projects. Real estate activities have almost come to a standstill since March 25 when India imposed a nationwide lockdown to prevent spread of coronavirus pandemic. According to EY, doubling the funding for stalled affordable and middle-income housing projects to Rs 50,000 crore can help developers to seize the upside of the current disruption and enable speedy completion of projects. Last year, the government approved a Rs 25,000-crore special window to provide funding to nearly 1,500 stalled housing projects with the aim to revive the key sector, provide boost to economy and give relief to home buyers. The government has so far cleared Rs 540 crore worth projects and preliminary clearance has been given for due diligence in nearly 14 projects. "Cashflow planning and structuring of debt obligations are critical to tide over the current situation. This will require drawing out a crisis management plan and stress testing on cash position. It will also require close monitoring of projects, immediate discussions with lenders on post moratorium options and exploration of rescue/revival capital for stressed projects," EY India Partner and National Leader – Real Estate Gaurav Karnik said. "The new capital would be available to only those projects which are efficiently managed, and which can demonstrate complete visibility of cash flows," he added. Besides, EY also recommended a Rs 11,000-crore package for waiving interest on home loans taken for projects under Pradhan Mantri Awas Yojana (PMAY) for three months. "Solvency and liquidity support to the sector would ensure that the impact is not permanent. In this regard, government could immediately announce a three-month interest waiver for low-cost housing loans, such as under PMAY. As buyers of these houses are from the economically weaker section and low income households, a risk of mortgage default may emerge from their incomes being affected by the lockdown. "Interest waiver for a few months would help in both protecting the vulnerable households, maintain demand for low-cost housing developers and also ensure that bank and NBFC confidence in the low-cost housing segment remains intact," Karnik added. Apart from this, the government can also permit GST paid on inputs in construction of commercial property to be paid as credit for GST charged on rentals, it said. "Government can also encourage states to waive off stamp duty in major metropolitan areas for the next nine months to boost demand as well as defer municipality taxes and other fees for the next 6 months," EY said. PSK RVK

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