GST processes further simplified; businesses with less than Rs. 5 crore annual turnover to file quarterly GST returns; threshold for goods supplier to be enhanced from Rs. 20 lakhs to Rs. 40 lakhs Sabka Vishwas Legacy Dispute Resolution Scheme to resolve litigations involving more than Rs. 3.75 Lakh Crore of pre-GST regime Customs duty exemption for defence equipment not being manufactured in India; hike in Customs duty on certain items to promote Make in India Increase of one Rupee per litre each in Excise duty & cess on Petrol & Diesel; custom duty on Gold and other precious metals hiked…
Author: Amit Bhanot
New education policy for reforms in school and higher education National research foundation (NRF) announced to step up research in thrust areas National sports education board for development of sportspersons to be set up under Khelo India. An amount of Rs. 400 crore has been provided for FY 2019-20 to create “World Class Institutions” in the field of education which is more than three times the revised estimates for the previous year. This was stated by the Union Minister of Finance and Corporate Affairs, Smt Nirmala Sitharaman while presenting the Union Budget 2019-20 in the Parliament today. The Finance Minister assured that the…
In a significant development in the indigenous shipbuilding, Ministry of Defence has issued four shipbuilding Requests for Proposal (RFP) amounting to Rs 15,000 crore for the acquisition of various ships and craft for the Navy and the Coast Guard. While the RFP for 06 nos Next Generation Missile Vessels (NGMVs) has been issued to seven shipyards, RFPs for 08 nos Fast Patrol Vessels (FPVs) and 12 nos Air Cushion Vehicles (ACVs) and 08 nos Missile-cum-Ammunition Barges have been issued to shortlisted Indian shipyards. The RFP for ACVs also includes the initial requirement for 06 nosACVs of the Indian Army. In…
(PTI) The government is considering strengthening the Reserve Bank’s regulatory and supervisory powers over the non-banking finance companies (NBFCs), Finance Minister Nirmala Sitharaman said in the Lok Sabha. Replying to a question, the minister said RBI was closely monitoring the liquidity position of NBFCs and will continue to monitor the activity and performance of the sector with a focus on major entities and their interlinkages with other sectors. The central bank, she added, has also informed that with a view to strengthen the NBFCs and maintain stability of the financial system, it has been taking necessary regulatory and supervisory steps.…
(PTI) State-owned Oil and Natural Gas Corp (ONGC) has discovered over 230 million tonnes of in-place oil reserves in the last three years, Petroleum Minister Dharmendra Pradhan said. In a written reply to a question in the Lok Sabha, he said India’s top oil and gas producer ONGC as on April 1, 2019, has in place oil reserves of 459.84 million tonnes. These reserves are spread over 16 assets it currently extracts oil from, he said. “ONGC has established 230.29 million tones of oil initial-in-place during the last three years,” he added. The company produced 21.11 million tonnes of oil in the fiscal…
State/UT-wise details of LPG connections released including LPG connections released under Pradhan Mantri Ujjwala Yojana (PMUY) are at Annexure. OMCs have reported that nearly 86% of PMUY beneficiaries who are atleast one year old have returned for the second refill. OMCs have reported that average per capita consumption of PMUY beneficiaries is around 4.87 cylinders. The use of LPG by PMUY beneficiary household depends on several factors which include food habits, cooking habits, availability and accessibility to LPG, price of LPG, free availability of firewood, cow dung etc. In order to encourage the PMUY beneficiaries to adopt and use LPG…
ONGC signed an MoU with IOCL for CO2 based Enhanced Oil Recovery (EOR) by injecting CO2 captured from IOCL’s Koyali refinery. The MOU is aimed to establish a framework for mutually beneficial cooperation in the area of CO2-EOR as a mode of CCUS. The common objective is to address some of the biggest challenges of our country in particular & world at large, namely energy security and climate change. It is a landmark event in the history of Indian Hydrocarbon Industry, with two its largest conglomerates agreeing to jointly work on Carbon Capture Utilization and Storage (CCUS). CCUS is known to be…
(PTI) Energy solar solutions provider Cleanmax Solar is setting up 150 MW of solar farm under the group captive model in Haryana with an investment of Rs 600 crore, a senior company official said. The solar farm will be developed in Sirsa district, on a stretch of 600 acres of land which is well situated for grid stability and to achieve high solar power generation. “In line with our target to set up nearly 400 MW of solar capacity this fiscal, nearly 80 per cent would be met by private solar farms. We are developing this 150 MW project on group captive…
(PTI) The Bimal Jalan committee report, which is delayed, will lead to transfer of under Rs 3 lakh crore of excess capital from the Reserve Bank to the government, which will most likely use the money for meeting regular expenses, says a report. The money will come in over three years and is most likely used for regular government spending, Japanese brokerage Nomura said. The Bimal Jalan committee on the appropriate economic capital framework for RBI was formed last December, and has sought a third extension to present its report which will now be next month. “Market expectations suggest Rs 3…
As a part of the Visakh Refinery Modernization Project (VRMP), India’s largest Full Conversion Hydro Cracker Unit (FCHCU) with a capacity of 3.053 MMTPA is being set up. The licensor for this unit is M/s. Universal Oil Products (UOP) and the Project Management Consultant is M/s. Engineers India Limited (EIL). The First & Second Stage Reactors are the heart of this unit. The First Stage Reactor which is heaviest in India, with an erection weight of 1,646 MT (1,858 MT including internals), has a wall thickness of 254.5 mm and stands 55.6 meters tall. The Second Stage Reactor weighs in at…