The Centre and states are looking to further tighten the GST registration process and legal measures to deal with the rising cases of fake invoicing. A meeting of the law committee of the GST Council has been convened on Wednesday to discuss these issues, finance ministry sources said. The committee, comprising senior central and state tax officers, would also discuss the GST fake invoice frauds, further tightening of the GST registration process and work out other legal measures including necessary law amendment required in the GST Act to curb the menace of fake invoicing, they added. Also the provisions related to deemed registration under Goods and Services Tax (GST) law may be tightened to prevent the misuse of such provisions by fake dealers and the provisions related to suspension of registration may also be streamlined to make the procedure of suspension and cancellation of registration more efficient and faster, so that such fraud operators can be prevented in time from continuing to pass on fake credit down the chain.
The eight sectors, which also include fertilisers, steel, natural gas, electricity and crude oil, had expanded by 1 per cent in June last year.
To ensure smooth allocation of 204 cancelled coal blocks, the government has set up a high-level inter-ministerial panel that would provide advise on policy issues and interact with the industry.
The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
FinMin has already sought inputs from different central ministries for the Budget speech, which would be the last Budget of the current BJP-led NDA government before the 2019 general polls.
"I have not received any proposal from the ministry of steel," finance minister told reporters here, when asked whether government was considering roll back of export duty on steel. Earlier this week, Steel Secretary Raghav Sharan Pandey had said the producers' demand for a withdrawal of export duty was under consideration for the government and a decision was expected soon.
Slow growth in the key sectors would have implications on the IIP number as these segments account for about 41 per cent of the total factory output.
The Central Bureau of Investigation will be filing a fresh case in connection with alleged irregularities in connection with allocation of coal blocks by the end of this month in which it may name a corporate and certain former officials of the Union coal ministry.
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Prime Minister Narendra Modi will retain DoPT, Atomic Energy as well as all important policy issues and portfolios not allocated.
The record contraction in the growth rate of eight core sectors will have its impact on IIP.
Fertiliser production dropped sharply by 11.5 per cent, crude oil by 5 per cent and natural gas by 0.9 per cent in October over the year-ago month
Besides the jail term, the special court also imposed a fine of Rs 25 lakh on Koda and Rs one lakh on Gupta.
Koda, Basu and two accused public servants conspired to favour VISUL in the coal block allocation, the agency alleged.
Ex-coal secy HC Gupta and other officials were later granted statutory bail as the jail term was below four years.
The Korean major, which is not able to set up the unit for the past seven years because of land acquisition issues and agitation by the locals, has revised its land requirement to 2,700 acres from the earlier 4,000 acres.
The companies are crying foul over the cancellation of 25 blocks held by 68 firms over the past two days.
Cement production contracted by 2.7 per cent as against an expansion of 6.2 per cent in October 2016.
The state government had recommended prospecting licence in favour of Posco-India thrice, but was unable to get them through.
The growth rate of eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity was 5.7 per cent in January 2016.
SAIL chairman Sushil Kumar Roongta had recently said the company was looking to issue additional equity in the market.
The broader NSE Nifty too advanced 50.70 points, or 0.43 per cent, to close at 11,941.30.
After rallying 543 points in the morning session and touching the 40,000-mark, the BSE Sensex surrendered all gains to close at 38,628.29, showing a loss of 839.02 points or 2.13 per cent. Similarly, the NSE Nifty tanked 260.10 points or 2.23 per cent to end at 11,387.50.
The development comes in the wake of a high-level panel formed to address issues impeding mega projects in the steel sector, reviewing the stalled projects this month.
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The highest water-use efficiency of more than $ 50 per cubic metre is in Oceania, Australia, New Zealand, Singapore, Israel, Denmark, Finland, and Great Britain while the lowest is in Central and South Asia, including India, at less than $ 10 per cubic metre.
The NINL management can see this as their moment of giving back to the nation and humanity. Its plant has an oxygen unit that can produce 418 tonnes of oxygen every day. 418 tonnes is about 58% of Delhi's daily demand for oxygen, notes Sudhir Bisht.
It was 55.3 per cent for the same period last year, and data shows the fiscal deficit for April-May was kept in reasonable check in spite of heavy frontloading of expenditure.
One of the beneficiaries is Jindal Steel and Power, which had earlier been kept out of procurement for rails
Axis Bank was the top laggard in the Sensex pack, plunging more than 5 per cent, followed by HDFC, Bajaj Finance, ICICI Bank, Tata Steel, Bajaj Auto, HDFC Bank and IndusInd Bank. On the other hand, M&M, Infosys, Asian Paints, UltraTech Cement and Tech Mahindra were among the gainers.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
The Jharkhand government has ruled out the transfer of any portion of surplus land from Bokaro Steel Plant of state-run Steel Authority of India (SAIL) to private investors to set up industries.
Top gainers in the Sensex pack included Maruti, Bajaj Finance, Vedanta, HDFC twins, HUL, Kotak Bank and ICICI bank, which surged up to 3.36 per cent.
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The technical report of the NSSO has generated controversy following its observation that as much as 36 per cent units forming part of MCA-21 database, used in computing GDP, could not be either identifiable or traceable in the field.
Bids for eight coal blocks were sent for re-examination.
Cumulatively, the eight core sectors grew by 4.2 per cent in 2017-18, lowest in the last three financial years.
Four Chinese soldiers were killed in the fierce clash with the Indian Army in the Galwan Valley in eastern Ladakh in June last year, the People's Liberation Army (PLA) acknowledged for the first time on Friday.
The growth rate in September too was 3.2%.
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