Page 11 - Banking Finance September 2020

ROUNDUP

erational stability (from 91 to 83), gov- employees at any time even after they The import restrictions placed on the
ernment effectiveness (from 65 to 55), have attained the age of 50/55 years refined palm oil (RBD Palmolein) has
and ease of resolving insolvency (from or completed 30 years of qualifying encouraged domestic processing as
95 to 47), improved remarkably. service, and not limit their 'perfor- there has been a 23 per cent rise in
Under business sophistication, indica- mance review' to these two set mile- crude palm oil (CPO) imports to
tors such as expenditure financed by stones laid down in the pension rules. 7,24,351 tonnes in August this year as
business was not available last year; Moreover, even government employ- against 5,87,329 tonnes recorded in
this time India came in at 48. ees cleared to be retained in service as the corresponding month last year.
per FR 56(j) and Rules 48 of CCS (Pen-
India also bettered its rank in both in- sion) Rules, 1972, may face further Last year Malaysia had shipped exces-
tellectual property payments (27, from review at any time during their re- sive RBD Palmolien to India taking the
29 in 2019) and research talent (38, maining service. advantage of lower duty concession,
from 46 in 2019). the SEA noted.
Government sources say the new rules
seek to remove any ambiguity in inter- GST taxpayers to get more
Domestic airlines can fly
pretation of orders issued earlier. The help in filing returns
with 60% capacity: Govt earlier orders were regarding Funda-
The government has allowed airlines mental Rule 56(j)/l and Rule 48 of the Starting this month, GST taxpayers will
have the assistance of auto-generated
to increase flights up to 60 per cent of CCS (Pension) Rules, 1972, which pro- documents detailing tax liability and
their total capacity, against the previ- vide for review of performance of a availability of input tax credit (ITC) to
ous cap of one-third capacity, aviation government servant after attaining 50/ make it easier for them to file their
regulator Directorate General of Civil 55 years of age or on completion of 30 monthly summary returns (GSTR-3B),
Aviation said. On June 26, the Centre years of qualifying service, with a view the Goods and Services Tax Network
had allowed the airlines to operate a to ascertain if he should be retained in (GSTN) said.
maximum of 45 per cent of their pre- service or retired in public interest.
covid domestic flights. A senior govern- If a review cannot be undertaken due Usually, the taxpayers face two main
ment official said data has proved that to non-adherence of set timelines due issues while filing their GSTR-3B which
air travel is the safest mode of trans- are related to their liability and ITC. Till
to administrative exigencies, the up-
port due to its controlled access and now, taxpayers were required to com-
complete traceability. dated norms state in 'black and white' pute these values but now the system
that such review can be undertaken at has been upgraded to enable linking of
any time during his remaining service. summary returns and the outward
India in top 50 innovators That the August 28 O.M. eliminated supply return or GSTR-1.
club the scope of ambiguity on whether the
government servant is immune to a GST collections in August
For the first time, India has broken
into the Top-50 club on the Global In- review of his performance and prema- drop 12% to Rs. 86,449
novation Index, riding on improve- ture retirement. crore
ments in many parameters.
India's import of refined Central and state governments col-
Ranked 48th, India not only improved lected Rs. 86,449 crore as Goods and
by four positions since last year but also palm oil drops to nil for Services Tax (GST) in August, a 12%
found a place among top three most the 2nd month decline from the tax receipts in the
innovative countries in the lower same month a year ago.
middle-income economy band. India's refined palm oil imports dipped
to zero for the second consecutive August GST receipts is just a tad below
Govt: Can retire central month in August this year as against the Rs. 87,442 crore collected in July,
2.57 lakh tonnes imported during the signalling that the tax on consumption
staffers prematurely same month last year, according to is stabilizing as the country comes out
The Centre has made it clear it can, in trade body Solvent Extractors' Associa- of the lockdown restrictions and at-
public interest, prematurely retire its tion of India (SEA). tempts an economic recovery. Official

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