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Nirmala Sitharaman says honest taxpayers should be recognised

NEW DELHI, July 24: Finance minister Nirmala Sitharaman has said that honest taxpayers deserve to be recognised for dutifully paying their taxes and helping the nation progress. She praised taxpayers for discharging their tax duties even in the face of financial constraints brought by the pandemic. The minister was interacting with the I-T department on the 161st anniversary of Income Tax Day.

"The minister observed that the honest taxpayers deserve to be recognised for the contribution they are making to the progress of the nation by dutifully paying their due share of taxes... She also lauded taxpayers for discharging their compliance obligations despite the difficulties caused by the pandemic," an official statement said.

Sitharaman also lauded the department for ensuring the process remained hassle-free and transparent.

“Chairman, CBDT Shri JB Mohapatra & Members, CBDT called on the Hon'ble Union Finance Minister Smt @nsitharaman on the occasion of IncomeTaxDay, 2021. Hon'ble FM extended her felicitations to the Income Tax Department,” I-T department tweeted from their official Twitter handle.

Revenue secretary Tarun Bajaj and Central Board of Direct Taxes (CBDT) Chairman J B Mohapatra also took to praising the department for their efforts. Mohapatra lauded tax officials for carrying out their twin roles of acting as the nation’s revenue generator and offering seamless service to the masses.

RIL posts profit after tax of Rs 13,806 crore for Q1

MUMBAI, July 23: Reliance Industries Ltd' June quarter results were largely in-line with estimates along with earnings before interest, taxes, depreciation, and amortisation (EBITDA), as well as margins.

The stock has been an underperformer when compared to Nifty50 on YTD basis as well as one-year basis. RIL rose just over 6 percent compared to over 13 percent gain seen in the Nifty50 YTD.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “I am happy that our Company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the COVID pandemic.”

“The results of the First Quarter of FY2022 clearly demonstrate the resilience of Reliance’s diversified portfolio of businesses that cater to large parts of the consumption basket,” he said.

The stock closed 0.7 percent lower on Friday at Rs 2,105 on the BSE.

RBI restricts Mastercard from issuing new debit, credit cards in India from July 22

NEW DELHI, July 14: The Reserve Bank of India (RBI) on Wednesday imposed restrictions on Mastercard Asia / Pacific Pte Ltd (Mastercard) from onboarding new domestic debit, credit or prepaid customers on its card network. The ban on Mastercard issuing new cards takes effect on 22 July.

The action has been against the payment system operator for violating RBI's norms on the storage of payment systems data.

"Notwithstanding the lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data," the central bank said in a statement.

This order will not impact existing customers of Mastercard. Mastercard shall advise all card-issuing banks and non-banks to conform to these directions, the statement added.

The supervisory action has been taken in the exercise of powers vested in RBI under Section 17 of the Payment and Settlement Systems Act, 2007 (PSS Act), the RBI said.

Mastercard is a Payment System Operator authorised to operate a Card Network in the country under the PSS Act.

The move comes less than three months after the RBI barred American Express and Diners Club International, owned by Discover Financial Services, from issuing new cards due to similar violations.

The central bank directive in 2018 sparked an aggressive lobbying effort from US firms who said the rules would increase their infrastructure costs and hit their global fraud detection platforms, but the RBI did not relent.

The order comes as firms such as Mastercard and Visa also face growing competition from domestic payments network Rupay, which has been promoted by PM Narendra Modi.

Documents for Covaxin emergency use listing submitted to WHO; expect approval at earliest: Bharat Biotech

NEW DELHI, July 12: Bharat Biotech on July 12 said it has submitted all documents required for the emergency use listing (EUL) of its COVID-19 vaccine Covaxin to the World Health Organization and expects a nod at the earliest.

Last week, World Health Organization (WHO) chief scientist Soumya Swaminathan had said that the global health body is likely to take a decision on Bharat Biotech's COVID-19 vaccine Covaxin in the emergency use listing within four to six weeks.

"All documents required for Emergency Use Listing (EUL) of Covaxin have been submitted to WHO as of 9th July. The review process has now commenced with the expectation that we will receive EUL from WHO at the earliest," Bharat Biotech International Ltd Chairman and MD Krishna Ella said in a tweet posted by the company.

According to WHO guidelines, EUL is a procedure to streamline the process by which new or unlicensed products can be used during public health emergencies.

"We currently have six vaccines approved with EUL and have recommendations from our Strategic Advisory Group of Experts (SAGE). We continue to look at Covaxin. Bharat Biotech has now started uploading their data on our portal and that is the next vaccine that will be reviewed by our experts committee," Swaminathan had said.

GST collection for June falls to Rs 92,849 crore, lowest in 10 months

NEW DELHI, July 6: The economic impact the 'second wave' of Covid-19 showed on Goods and Service Tax (GST) as collections for June 2021 fell to Rs 92,849 crore, the Finance Ministry said. This is the first time in nine months that monthly GST collections have slipped below the Rs 1 lakh crore mark.

The last time this happened was in September 2020, when GST collections were Rs 95,480 crore. The June 2021 collection is the lowest in ten months, since August 2020.

"The GST collection for June 2021 is related to the business transactions made during May 2021. During May, most of the States/UTs were under either complete or partial lockdown due to COVID," the Finance Ministry said in a statement.

"The e-way bill data for the month of May 2021 shows that during the month, 3.99 crore e-way bills were generated as compared to 5.88 crore in the month of April 2021, down by more than 30 percent," it said.

The June figure compares to the GST collection of Rs 1.02 lakh crore in May. In April, GST collections came in at Rs 1.41 lakh crore, the highest ever since the introduction of the nationwide tax.

In June, Central GST collection was Rs 16,424 crore, State GST was Rs 20,397, Integrated GST was Rs 49,079 crore, while cess was Rs 6,949 crore.

 

 

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