Cabinet approves amendments, extension in Acts dealing with GST, VAT

Our Bureau New Delhi | Updated on January 22, 2020 Published on January 22, 2020

Union Information and Broadcasting Minister Prakash Javadekar briefs the media on cabinet decisions at Shastri Bhawan, New Delhi, Jan 22, 2020.   -  PTI

Nod to shut down operations of Hindustan Fluorocarbons

The Union Cabinet on Wednesday approved amendments/extension/repeal in the Acts and regulations dealing with Goods and Services Tax (GST) and Value Added Tax (VAT).

The Central Goods and Service Tax Act, 2017 is to be amended as Central Goods and Service Tax (Amendments) Regulation, 2020, while the Union Territory Goods and Service Tax Act, 2017 will be amended as Union Territory Goods and Service Tax (Amendments) Regulation, 2020.

The Cabinet also approved the designation of Daman as the headquarters of the merged Union Territories of Daman & Diu, and Dadra & Nagar Haveli. The Dadra and Nagar Haveli Value Added Tax Regulation, 2005 is to be amended as Dadra and Nagar Haveli and Daman and Diu Value Added Tax (Amendments) Regulation, 2020.

“These amendments will lead to ‘Minimum Government, Maximum Governance’ by way of having common taxation authorities: better delivery of services to the citizens by reducing duplication of work and improving administrative efficiency, will help in bringing more uniformity in Laws relating to GST, VAT and State Excise,” an official statement said.

Also read: Budget will have plan of action on economy: Prakash Javadekar

The Cabinet also gave the approval to shut down the operations of Hindustan Fluorocarbons Ltd (HFL) and closure of the company. HFL is a Central Public Sector Enterprise (CPSE) under the Department of Chemicals and Petrochemicals.

“The company has been making losses since 2013-14 and has negative net worth. As on March 31, 2019, it had accumulated losses of ₹62.81 crore and negative net worth of (-) ₹43.20 crore. It was also registered with the erstwhile Board for Industrial and Financial Construction (BIFR) as a sick company," said the statement.

The Cabinet also gave its nod to the Revised Cost Estimates (RCE) for establishment of permanent campuses of new National Institutes of Technology (NITs) at a total cost of ₹4,371.90 crore for the period 2021-22. These NITs were established in the year 2009 and started functioning from academic year 2010-2011.

“With the approved Revised Cost Estimates, these NITs will be fully functional from their respective permanent campuses by March 31, 2022. The overall student capacity in these campuses will be 6, 320,” the statement added.

The Cabinet also gave its nod for the extension of the term of the Commission to examine the issue of sub-categorisation of other backward classes (OBCs), by six months — up to July 31, 2020.

“The Communities in the existing list of OBCs which have not been able to get any major benefit of the scheme of reservation for OBCs for appointment in Central Government posts and for admission in Central Government Educational Institutions are expected to be benefited upon implementation of the recommendations of the Commission,” the statement said.

Meanwhile, approval was also given for the signing of a Memorandum of Understanding (MoU) between India and Brazil for cooperation in the field of oil and natural gas. The MoU is expected to be signed during the visit of President of Brazil to India later this month.

Approval was also given for an MoU between India and Brazil for cooperation in field of geology and mineral resources.

Published on January 22, 2020

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.