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I-T department simplifies Steel imports from China, Indonesia effecting domes-
online rectification of tic industry
TDS in ITR The finance ministry may introduce ad- Ltd, which together account for more
ditional measures to protect the do- than 50% of the domestic production,
The I-T department has said that it mestic steel industry includ-
has simplified the ing safeguard duty, as do- have sought imposition of
process of online mestic steel makers safeguard duty on imports of
rectification of in- struggle against cheap im- hot rolled flat sheets of alloy
correct details of ports from countries such as or non-alloy steel.
tax deducted at China and Indonesia.
The notice said that "prima
source (TDS) filed in the income tax The Directorate General of Safeguards facie" increased imports of these items
return (ITR). The finance ministry in a notice had said that Steel Author- had caused or were threatening to un-
said a new facility has been provided ity of India Ltd, Essar Steel India Ltd, dermine domestic producers and, ac-
for pre-filling of TDS schedule while JSW Steel Ltd and Jindal Steel and Power cordingly, it had been decided to initiate
submitting online rectification re- an investigation through this notice.
quest on the e-filing portal to facili-
tate easy correction or updating of 'Plan and non-plan' replaced with 'Capital and rev-
TDS details.
enue' for expense management
Fiscal consolidation de-
With a view to improve expenditure erate on the same. He said a commit-
signed with mix of management, finance tee headed by a special secretary-level
ministry is contemplat- officer has been set up in the finance
rationalisation: Sinha ing doing away with ministry to look into the transition.
the distinction be-
The government is committed to tween "plan and non- "In the backdrop of the abolition of
carry the process of fiscal consolida- plan" expenditure by Planning Commission and setting up of
tion to its logical end, minister of state NITI Aayog, the classification of expen-
for finance Jayant Sinha informed 2017-18 and replacing it with "capital diture as plan and non-plan is in the
Rajya Sabha. "Fiscal consolidation has and revenue" spending. way of losing its relevance. If the ac-
been designed with judicious mix of counting of expenditure is classified
rationalisation in total expenditure as Union finance secretary Ratan Watal broadly under revenue and capital, I
a percentage of GDP and improve- said the classification is losing its signifi- think this is where the focus is," Watal
ment in gross tax revenues as a per- cance after abolishing the Planning said.
centage of GDP", he said in a written Commission and states could also delib-
reply to the Upper House.
India to launch $1-b equity fund for renewable energy
To mobilize higher amount of re-
sources, he said the government has India proposes to launch a $1-billion power,coal and New & Renewable
been taking legal, administrative and equity fund, with seed capital Energy Piyush Goyal said.
technological measures. On the ex- from public sector units, to sup-
penditure side, the government has port renewable energy compa- Asked about the Interna-
initiated measures for expenditure nies. "We hope to launch a $1- tional Solar Alliance, Goyal
management, fiscal prudence, sub- billion private equity fund where said it will be launched on
sidy reforms, and direct transfer of the government companies will November 30, 2016 by the
benefits (DBT), Sinha added. The seed the initial capital and then Prime Minister Narendra
government has pegged the fiscal at a later date we will look at foreign Modi and French President
deficit at 3.9% of GDP in 2015-16. capital to pool with it to provide equity Francois Hollande. The Minister said
The deficit was 4% of GDP in the support to companies which want to that the purpose of the International
year-ago period. come and invest in India's renewable Solar Alliance is to forge a partnership
energy sector," Minister of state in countries blessed with abundant
sunshine.
12 | 2016 | FEBRUARY | BANKING FINANCE
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