New Delhi: The goods and services tax (GST) refund of Rs 82,775 crore to exporters has been cleared as on October 31, which is 93.8 per cent of the total such claims with tax authorities, the finance ministry said.
In a statement, the ministry said Rs 5,400 crore worth GST refund is still pending with the government and that is being “expeditiously processed”.
“As on October 31, 2018, total GST refunds to the tune of Rs 82,775 crore have been disposed by the central board of indirect taxes and customs (CBIC) and state authorities out of the total refund claims of Rs 88,175 crore received so far,” the ministry said.
The disposal rate of GST refunds is 93.8 per cent as on October 31, it added.
Giving the refunds’ break-up, the ministry further said that Rs 42,935 crore of IGST refunds have been disposed of as on October 31, which is 93.27 per cent of the total such claims. As much as Rs 3,096 crore worth of IGST refund claims are held up on account of “various deficiencies”, which have been communicated to exporters for remedial action.
With regard to refund of input tax credit claims, the ministry said of the total claims of Rs 42,145 crore, the pendency as on October 31 stood at Rs 2,305 crore.
“Provisional/ final order has been issued in case of refunds worth Rs 34,602 crore. In claims amounting to Rs 5,239 crore, deficiency memos have been issued by respective GST authorities,” the statement said.
The ministry said there are concerns that there is a growing pendency of GST refunds and sought to assure the exporters that there is no let up in the sanction of GST refunds.
“The pending GST refund claims amounting to Rs 5,400 crore are being processed so as to provide relief to eligible exporters. Refund claims without any deficiency are being cleared expeditiously,” it said.
Shaktikanta Das assumes charge as RBI Governor
New Delhi : Former Economic Affairs Secretary Shaktikanta Das Wednesday assumed charge as the RBI Governor.
He replaces Urjit Patel who abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank.
“Assumed charge as Governor, Reserve Bank of India. Thank you each and everyone for your good wishes,” Das said in a tweet.
Finance Minister Arun Jaitley termed Das as a person with “right credentials” for the RBI top job.
“Das has been a very senior and an experienced civil servant. He has almost his entire career in the management of finances and economic management of the country both, when he was in the state government of Tamil Nadu and also when he was in the Government of India in the Ministry of Finance,” Jaitley said.
Das, who becomes 25th governor of the RBI, is a former IAS officer of Tamil Nadu cadre.
Jaitley said his appointment was necessitated by the resignation of Urjit Patel as Governor of the RBI on Monday.
“I think, he (Das) has the right credentials. He has been extremely professional, has worked under various governments and has excelled himself. I am sure, in meeting the challenges before India’s economy as Governor of Reserve Bank, he will certainly act,” the finance minister said.
ADB retains Indian growth forecast at 7.3% for FY19
New Delhi: Asian Development Bank said it has retained its India growth forecast at 7.3 percent for current fiscal and 7.6 percent in the following financial year.
India is maintaining growth momentum on rebounding exports and higher industrial and agricultural output, ADB said in its Asian Development Bank Outlook Supplement.
“India saw GDP growth moderate to 7.1 percent in Q2 of FY2018 (ending 31 March 2019) from 8.2 percent in Q1, for 7.6 percent growth in the first half,” ADB said.
The slowdown came mainly from weak food prices, dampening rural consumption, higher oil prices delivering a negative shock in the terms of trade, and rising costs for raw materials.
“Nonetheless, growth forecasts of 7.3 percent for 2018-19 and 7.6 percent for 2019-20 are retained from the update despite some downside risks,” ADB said in the supplement.
Onida starts manufacturing televisions for Reliance Retail
Mumbai: Onida (Mirc Electronics Ltd.), the leading consumer durables company in India has started to manufacture televisions for Reliance Retail. With the demand for third-party TV manufacturing driven by the government’s ‘Make in India’ initiative and with the available manufacturing capacity at the factories, the company is bullish on its growth trajectory.
The company has taken strategic decision to start non-captive manufacturing during the current year and had started manufacturing televisions for Reliance Retail from July 2018.
Onida has recently started its LED panel manufacturing plant and the company is currently manufacturing 80 per cent of television LED panels required for the captive purpose to reduce cost and have an edge over other brands.
Upbeat on the developments taking place in the company, Mr. Vijay Mansukhani, MD, said, “We are delighted to work with Reliance Retail. We need not incur any further capex as the current manufacturing facilities can take care of sizable non-captive business. Neither have we needed working capital.”
“Considering the low penetration levels across all consumer durables, there is enough market for existing and new players. The demographics of India supports a good amount of demand and many international players would like to tap the Indian market. Many players are approaching us because of our strengths in R&D, quality, distribution, and strong logistics and after-sales services”
He further added that “Unlike other players, we can support new players across the value chain”.