Page 15 - Banking Finance November 2024

ROUNDUP

The company operates in three verti-
cals- Defence & Aerospace, Mining & GST relief to foreign airlines, education institutes
Construction and Rail & Metro, and The Goods and Services Tax (GST) Council exempted the import of services
has state-of-the-art manufacturing fa- by foreign airline companies from related persons or any of their establish-
cilities located in Bengaluru, Kolar Gold ments outside India as well as approved flight training courses. It reduced
Fields, Mysore, Palakkad, with R & D GST rates on certain cancer drugs and helicopter rides barring charters as
infrastructure and nationwide network well as namkeens or savoury snacks.
of sales and services.
It is setting up two groups of ministers - one to look into GST on life and
health insurance premiums and a second to examine the compensation cess.
States for compensation Members also discussed the status report on rate rationalisation by a min-
cess merger with 28% GST isterial panel as well as tax of online gaming.
slab The exemption provided to foreign airlines will provide significant relief for
the sector that was facing a tax demand of about Rs. 39,000 crore.
State governments have conveyed to
the Centre their support for the merger
of the compensation cess with the high- sure supply of crop nutrients to farm- Goyal said that the company can be
est goods and services tax (GST) slab of ers at affordable prices. industry-led, similar to Invest India,
28 per cent after March 2026, when Government said rationalisation of sub- which can manage its own affairs.
the existing regime expires. sidy on P&K fertilisers is in view of re- At present, Startup India is housed in
In the first meeting of the Group of cent trends in the international prices Invest India, the country's national
Ministers (GoM) on GST compensa- of chemical nutrients and inputs. body to promote investments.
tion, led by Union Minister of State for Under the PM-Aasha move, Govt has
Finance Pankaj Chaudhary, states ad- now integrated Price Support Scheme "We will support it as a catalyst so that
vocated that during the transition pe- (PSS), Price Stabilisation Fund (PSF), policy-wise, it is on the right track. It
riod towards the cess merger, no ad- Price Deficit Payment Scheme (PDPS) will have an independent board and
ditional goods should be added to the and Market Intervention Scheme (MIS) organisation structure and we would
existing lists of luxury, sin, and demerit into one programme, and introduced do a little oversight" Goyal said, add-
goods. some flexibility to procure higher quan- ing that the National Startup Advisory
tity of oilseeds and pulses. Council can also be a part of it.
Govt extends Rs. 35000 "The integrated scheme of PM-Aasha The Startup India initiative was

crore plan to boost farmer will bring-in more effectiveness in the launched by the Department for Pro-
implementation which would not only motion of Industry and Internal Trade
income, clears Rs. 24.5k help in providing remunerative prices (DPIIT) in 2016 to support entrepre-
crore fertiliser subsidy to the farmers for their produce but neurs and build a robust startup eco-

Government approved the continua- also control the price volatility of es- system.
tion of PM-Aasha, an umbrella scheme sential commodities by ensuring their
to ensure minimum support price availability at affordable prices to con-
(MSP) to farmers, and subsidy on phos- sumers," an official statement said. Join
phatic and potassic (P&K) fertilisers for
the upcoming rabi season of 2024-25 Govt launches startup reg- Online Certificate
with a cumulative outlay of nearly Rs istry
60,000 crore. Course on
Commerce and industry minister Piyush
While the Rs 35,000 crore for PM- Goyal said that a decision has been Motor Insurance
Aasha aims to provide better prices to taken to set up a not-for-profit com-
farmers and also control price volatil- pany under Section 8 of the Companies For details please visit
ity of essential commodities for con- Act to include all initiatives and bodies www.smartonlinecourse.co.in
sumers, the fertiliser subsidy will en- of Startup India under one roof.

14 | 2024 | NOVEMBER | BANKING FINANCE