Page 12 - BANKING FINANCE APRIL 2017
P. 12
ROUNDUP
INDUSTRY
GST tax can be paid via More e-vehicles to roll out in India
The Centre will promote large-scale use of electric vehicles in the country by
monthly instalments focussing on public transport system that includes taxis,
The tax demand raised by the au- buses and three-wheelers, since the move is likely to
thorities help in lowering the pollution level, a top official said.
u n d e r "We will be focusing mostly on public transport, shared
the pro- taxis and three-wheelers where the impact (in terms
p o s e d of lowering pollution) will be much more," Girish
G o o d s Shankar, Secretary in the Department of Heavy Indus-
and Services Tax (GST) regime can try, told.He said there are proposals from the state
be paid in monthly instalments for up transport undertakings to run the city buses on clean technologies such as elec-
to two years in case of monetary tric and hybrid, which are under consideration.
adversity. The revised draft GST
model Bill, approved by the GST IIP rises to 2.7% in 2017
Council, gives powers to tax officers The Index of Industrial Production (IIP) rose to 2.7 per cent in January this year,
to allow a taxpayer to pay dues in a with all three tracked sectors of mining, electricity
staggered manner if he is facing a and manufacturing registering positivity in industries.
financial problem.
In contrast, the IIP had contracted by 1.6 per cent in
The move is aimed at improving the January 2016. It stood at 0.1 per cent in December
scope of revenue recovery without last year. While mining sector grew by 5.3 per cent
in January, electricity production increased by 3.9 per
causing hardship to the assessees.
"A provision for instalment for the cent and manufacturing output rose by 2.3 per cent.
payment of tax has been allowed in "The cumulative growth for the period April and January 2016-17 over the cor-
the law, in case of assessment. Com- responding period of the previous year stands at 0.6 per cent," said an official
missioners have been empowered to release on Friday. It grew at a more robust 2.7 per cent in the same period a
examine and approve the mode of year ago.
payment of dues," said a senior gov-
ernment official in the ministry of Centre cuts labour law registers to 5.85 cr
finance. Payments made via Enhancing ease of doing business, the government has reduced the number of
instalments will escape penalty but registers to be maintained under labour laws to five from 56 earlier for about
not interest. 5.85 crore establishments. These registers are related to details of employees,
their salaries, loans/recoveries, attendance etc.
12 | 2017 | APRIL | BANKING FINANCE
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