Page 19 - Banking Finance August 2021

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electro chemical technologies that can a big-ticket privatisation agenda, in- Lenders back inclusion of
be used for such large-scale grid bat- cluding privatisation of two public sec-
teries to store the energy that we will tor banks and one general insurance education loans in ECLGS
create," he said. RIL will collaborate company. Adding collateral-free education loans
with global leaders in battery technol- As part of the divestment strategy for to the programme of state-backed
ogy to achieve the highest reliability the financial sector, the government loans for several sectors being rolled
for round-the-clock power availability has decided to go for a mega initial out would help lenders recoup losses,
through a combination of generation, public offering (IPO) of Life Insurance according to bankers.
storage, and grid connectivity, he said. Corporation of India (LIC) and residual There could be some cushion in the
Ambani also announced that Google stake sale in IDBI Bank during the fi- education loans segment, which has
and Jio teams have jointly developed a nancial year beginning April. one of the highest levels of delinquen-
smartphone - Jiophone Next - which The government has budgeted Rs 1.75 cies, if the government includes it in
will be launched on September 10. the Emergency Credit Line Guarantee
lakh crore from stake sale in public
sector companies and financial institu- Scheme (ECLGS), the bankers said.
Department of public en- tions during 2021-22. "The total education loan portfolio has
terprises to come under a 9.55% bad loan ratio, it is greater for
loans of up to Rs. 4 lakh, where collat-
finance ministry GST collections below Rs. eral is not needed," said a private sec-
The government has brought Depart- 1 Lakh cr tor banker on condition of anonymity.

ment of Public Enterprises (DPE) under Goods and Services Tax (GST) collec- So far, banks and non-bank financiers
the Finance Ministry in a bid facilitate tions fell below Rs 1 lakh crore for the have given out loans of Rs. 2.69 trillion
its ambitious disinvestment first time in eight months in June, as to 11 million small enterprises under
programme. Earlier, DPE was part of per government data released. The ECLGS. The outlay, Union finance min-
Ministry of Heavy Industries and Pub- gross GST revenue collected in the ister Nirmala Sitharaman said on 28
lic Enterprises. month of June is Rs 92,849 crore. June, has been increased to Rs. 4.5
"Ministry of Finance (Vitta Of this, CGST stands at Rs 16,424 trillion from Rs. 3 trillion.
Mantralaya), after the sub-heading (v) crore, SGST at Rs 20,397 crore, IGST
Department of Financial Services at Rs 49,079 crore including Rs 25,762 Cabinet approves Rs.
(Vittiya Sewayen Vibhag), following crore collected on goods imports. The
sub-heading shall be inserted, namely:- total cess collected was Rs 6,949 crore 23,123-cr Covid fund
(vi) Department of Public Enterprises including Rs 809 crore collected on The Union cabinet approved a Rs
(Lok Udyam Vibhag)" as per the Cabi- goods imports. 23,123-crore financial package for im-
net Secretariat notification dated July "The above figure includes GST collec- proving health infrastructure in the
6, 2021. country to fight the Covid pandemic.
tion from domestic transactions be-
The gazette notification issued said tween June 5 to July 5, 2021, since tax- Addressing a press conference here
these rules may be called the Govern- payers were given various relief mea- after the first meeting of the Union
ment of India (Allocation of Business) sures in the form of waiver/reduction in cabinet following its reshuffle, Health
Three Hundred and Sixty First Amend- interest on delayed return filing for 15 Minister Mansukh Mandaviya said the
ment Rules, 2021. days for the return filing month June 21 package will be implemented over the
"They shall come into force at once," for the taxpayers with the aggregate next nine months till March 2022.
the notification said. With the addi- turnover up to Rs. 5 crore in the wake The meeting was chaired by Prime
tion, this will be the sixth department of covid pandemic second wave," said Minister Narendra Modi.
under the Finance Ministry. The rejig the government in a press release. Mandaviya said this is the second
comes ahead of Cabinet expansion The government also indicated that it phase of the Emergency Response and
slated later in the day. settled Rs 19,286 crore to CGST and Rs Health System Preparedness Package
Finance Minister Nirmala Sitharaman 16,939 crore to SGST from IGST as as the Central government had given
in her Budget 2021-22 had announced regular settlement. Rs 15,000 crore earlier for setting up

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