NEW DELHI: The Goods and Services Tax Council will reject requests by telcos for a refund of input tax credit of Rs 36,000 crore, Bihar deputy chief minister Sushil Kumar Modi told ET, dashing hopes of any financial relief for the beleaguered telecom sector. “The GST Council has not considered this issue and even if it does come up for consideration, it will not be accepted,” said Modi, the convener of the Group of Ministers on Integrated GST. “And such a huge amount, there is no question of refund.” Telecom service providers have been urging the government to refund the input tax credit or adjust the amount against their statutory dues. They have sent several requests to the finance ministry. Input tax credit worth some Rs 18,000 crore for Reliance Jio Infocomm, about Rs 10,000 crore for Bharti Airtel and roughly Rs 8,000 crore for Vodafone Idea is currently with the finance ministry. The telcos are seeking a refund of taxes paid on inputs such as equipment … [Read more...] about Telecom companies won’t get input tax credit refund: Sushil Modi
Modi chairs ganga council
Two years into power, there is very little to show for the Modi government by way of ‘achievements’ on the foreign policy front. Modi’s much-acclaimed ‘Make in India’ project -- galvanising India’s manufacturing industry through foreign investment -- is yet to take off. … [Read more...] about Modi has now realised the limits to India’s power
The difference between the Russian and Chinese positions is evident from the fact that the Russian ambassador emphasised the ‘bilateral’ nature of the dispute but the Chinese highlighted the role of past UNSC resolutions while including bilateral Indo-Pak treaties in the formula. … [Read more...] about Russia, China diverge on Kashmir issue
The Manmohan Singh ministry began its second stint as a limousine running on four wheels, the four Ms -- namely Mamata (Banerjee), Muthuvel (Karunanidhi), Mayawati, and Mulayam (Singh Yadav). The Trinamool Congress (19 Lok Sabha MPs) and the DMK (18 Lok Sabha MPs) were the inner wheels of the UPA, and in their absence Dr Manmohan Singh is running a minority government. … [Read more...] about Elections soon after Diwali!
I am happy that my Government's continued emphasis on Agriculture has yielded fruit. The agricultural sector has grown at 6.6 per cent during 2010-11, the highest growth rate recorded in recent times. The country witnessed a record production of 241.56 million tonnes of food grains during 2010-11. We have achieved record production of fruits and vegetables at 231 million tonnes, pulses at 18 million tonnes, oilseeds at 31.1 million tonnes, and cotton at 33.42 million bales. My Government incentivized public investment in agriculture through its flagship programmes like the Rashtriya Krishi Vikas Yojana, the National Food Security Mission and the National Horticulture Mission. The pro-farmer price support policy of my Government of the last 7 years is being continued. During the year 2011-12 the minimum support prices of selected agricultural commodities were raised by 10 to 40 per cent over the previous year. … [Read more...] about TEXT: President Patil’s last address to Parliament