Most states demand GST cess extension for 3 years : Times of India Epaper Mumbai Edition

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Saturday, September 14, 2019

Dear all,

Your association is forwarding herewith news articles published in the Newspaper Times of India, Mumbai Edition on dated 14/09/2019.

1. Most states demand GST cess extension for 3 years (Fin Panel To Hold Talks On Road Map For Rates In Future) :- ToI

In what will come as a blow to consumers, most states have pitched for extending the GST cess on automobiles, soft drinks, coal, tobacco and pan masala by another three years to compensate them for “revenue loss”, N K Singh, chairman of the 15th Finance Commission (FFC), said on Friday.

While launching GST in 2017, the Centre had assured states on compensating them for “revenue loss” if collections grew less than 14% in a year. “Almost every state we have visited wants it (compensation cess) to be co-terminus with the award of the Finance Commission,” Singh told reporters, after a meeting with economists. FFC’s five year award will kick in from the 2020-financial year.

The statement comes at a time when several industries are seeking a reduction in GST levy, arguing that this was required to boost demand…. TO READ THE FULL ARTICLE PLEASE CLICK HERE.

2. RBI moots new rules for small bank licence (Wants More Payment Cos, NBFCs As SFBs) : ToI

In a bid to get more participants in the small finance banking space, the Reserve Bank of India (RBI) on Friday said it is thinking of permitting small private entities, payment banks, NBFCs, MFIs and cooperative banks to apply and convert into a small finance bank (SFB).

The RBI clarified only small private entities will be allowed to set up SFBs, and the government would not entertain proposals from public sector entities and large industrial house or business groups, and autonomous bodies. Joint ventures between two or more promoter groups will also not be allowed to apply. In case of a holding company, the holding company could have another financing firm, but it must not do the same businesses as the SFB. …. TO READ THE FULL ARTICLE PLEASE CLICK HERE.

3. Stop Social Media Misuse : SC tells Government

The Supreme Court on Friday sought to goad the Centre to check misuse of social media platforms for circulating fake news and rumours, saying it could step in to do what is required if there was no action by the executive.

Asking whether the Centre plans to put in place a mechanism to trace the origin of objectionable messages on social media platforms like Facebook, WhatsApp, Twitter, YouTube and others which have led to mob violence and law and order problems, a bench of Justices Deepal Gupta and Aniruddha Bose said the issue needs to be examined and if the Centre does not take any measures, the judiciary has to step in to pass appropriate order. …. TO READ THE FULL ARTICLE PLEASE CLICK HERE.

This is for your kind information.

Thanking you,
With regards,

For Silvassa Industries & Manufacturers Association

Narendra Trivedi,
Secretary