goods-trucksWith just a few days left for GST rollout, the Centre is in favor of postponing by a few months the implementation of the e-way bill, which requires movement of goods above Rs. 50,000 to be to pre-registered online.

However, with states unwilling to defer the provision, the GST Council agreed to rope in National Informatics Centre (NIC) to work along with GST-Network to assess if an all India e-way bill system can be created in a short time-frame, an official told PTI.

The GST Council, headed by Finance Minister Arun Jaitley and comprising representatives of all states, had in April come out with the draft e-way bill rules that made it necessary for any movement of goods, within or outside the state, having a value of more than Rs. 50,000 to be registered with the GST-Network (GSTN) website.

According to the draft, GSTN would generate e-way bills that would be valid for 1-15 days, depending on the distance to be traveled - one day for 100 km and 15 days for more than 1,000 km transit. The tax officials can inspect the 'e-way bill' anytime during the transit to check tax evasion.

The industry has, however, expressed concerns over this, saying that the Rs. 50,000 limit was too low and that the timeline for completion of transport operations was "impractical and removed from reality".

They also felt that the e-way bill would be applicable to the movement of all kinds of goods without making any distinction between goods that were evasion prone or not.

The official said that at the June 3 meeting of the GST Council, the Centre contended that GSTN will be busy in the first three months of GST rollout as it has to ensure that technology backbone for the new indirect tax regime is working fine and hence would take about 6 months to build the platform for 'e-way bill'.

The Centre also said that feedback from the industry was yet to be examined by the law committee and hence finalization of rules would take sometime.

Stating that the GSTN can start developing the software only after finalization of rules and forms, the Centre suggested that the "implementation of the 'e-way bill' system could be postponed by a few months," the official said.

However, states such as West Bengal, Kerala, Bihar, Odisha and Andhra Pradesh stated that they already had a robust e-way bill system, which should be continued as reverting to handbills would lead to "considerable loss of revenue".

New source: businesstoday

Published in Economics

rita-teaotia-iansCommerce Secretary Rita Teaotia on Monday asked exporters of agricultural products to improve value addition and traceability to remain competitive.

"We have so far focussed on low or no value addition. Now we need to do more value addition," Teaotia said at an event organised by the Agricultural and Processed Food Products Export Development Authority (APEDA) here.

India is the seventh largest exporter of farm products. It exported $33.8 billion worth agri products in 2016-17, which is 12 per cent of the country's total merchandise exports of $276.28 billion. 

Vietnam, UAE, Saudi Arabia, the US, Iran, Iraq and Nepal are the major destinations for export of food products from India.  

Noting that smaller and nimbler countries have taken away some share from India, Teaotia also asked exporters to look at organic certification.  

Moreover, she emphasised on promoting traceability keeping in mind market expectations.  

"Every market expects us to maintain complete traceability. We will need to work on traceability. Our value chains are fragmented...it's a complex process," she said.  

APEDA has Tracenet system  that helps in maintaining authentic information and related data of all the organic stakeholders.  

The Tracenet system covers certification of all horticulture and agriculture crops including peanut, grapes, anar, mango and okra.  

The system also helps trace meat by keeping a tab on overall exports on the basis of approved capacities of the meat plants.  

The system ensure that meat is sourced from APEDA registered meat plant. 

New source: economic times news

Published in Economics

businessSignaling the intent of the government, Power Minister Piyush Goyal on Monday said the ministry is doing its job to revive stalled and stressed thermal and hydro power projects.

"We are close to the resolution of stressed thermal power projects soon where developers are not wilful defaulters," Goyal told reporters here while speaking about three years of the government's performance.

The power ministry, which is also working on reviving stalled hydro projects, already had extensive discussions with bankers and stakeholders.

According to sources, the ministry has firmed up a policy for stalled hydro projects to revive 11,639 megawatts by dispensing Rs 16,709 crore till 2024-25. Additionally, the government has decided to provide interest subvention of about 4 per cent to developers to turn around hydro projects.

The power ministry and the Niti Aayog, Goyal said, are jointly working on a policy for next 25 years to ensure energy security. He expects renewable energy capacity to surpass thermal power by 2022. India intends to create 175 gigawatts of renewable energy capacity by 2022.

New source: The Time Of India news

Published in Business

arun-jaitleyReserve Bank of India (RBI) is at an advanced stage of preparing a list of bad loans where resolution is required under the country's insolvency and bankruptcy rules, Finance Minister Arun Jaitley said on Monday.

Last month, India tweaked its laws to help tackle a record $150 billion in troubled bank debt. The government has authorised the RBI to direct banks to initiate an insolvency resolution process in the case of a default under provisions of the bankruptcy code. "The RBI is at a fairly advanced stage of preparing a list of those debtors where a resolution is required through the IBC (Insolvency and Bankruptcy Code) process and you'll shortly be hearing about it," Jaitley told reporters after meeting bank chief executives.

New source: TOI news

Published in Business

rajdhani trainThe Indian Railways is planning to induct about 40,000 coaches with improved interiors and upgraded facilities at an estimated cost of Rs 8,000 crore to provide world - class comfort to passengers.

Besides, the state - run transporter will strengthen safety features in all existing conventional coaches equipping them with strong couplers to prevent capsizing during accidents.

According to the plan, coaches will be retrofitted with refurbished interiors, improved seating arrangement and newly designed bio - toilets among other facilities.

The retrofitting would cost about Rs 30 lakh per coach.

The target is to complete the process of refurbishing of coaches with improved interiors and modern facilities in the next five years.

The aim is to make available 40,000 new look coaches in the railway fleet by 2023, said a senior Railway Ministry official involved with the project.

The work plan envisages retrofitting of 1000 coaches in the current fiscal, the number will increase to 3000 in the next fiscal and 5,500 coaches in subsequent years.

Railways also expect to manufacture 15,000 new coaches with modern features during 2018-19 and 2022-23 periods.

Railways are also focusing on the safety front by equipping all conventional coaches with center buffler couplers (CBC), a strong coupler system.

The CBC system prevents coaches from capsizing.

While LHB coaches manufactured at Kapurthala and Raebareli factories are equipped with center buffler couplers, the conventional coaches manufactured by the Integral Coach Factory in Chennai do not have CBC.

Now it has been decided to equip all conventional coaches with CBC which enhances safety by providing anti-climbing features. It would cost about Rs 28 lakh to equip CBC in a coach.

New source: business today news

Published in Economics

emmanuel-macronFrench President Emmanuel Macron's party is on course for an overwhelming parliamentary majority, after Sunday's first round of voting for the National Assembly left traditional parties in disarray.

Projections showed Macron widening his centrist revolution, with his Republique en Marche (Republic on the Move, REM) party and its ally MoDem tipped to win between 400 and 445 seats in the 577 member National Assembly in next Sunday's second round.

Such a share would give Macron one of the biggest parliamentary majorities for 60 years.

"France is back," Prime Minister Edouard Philippe declared triumphantly.

"For the past month, the president has shown confidence, willingness and daring in France and on the international stage," Philippe said, calling the result a vindication of Macron's "winning strategy".

But the vote was marked by record low turnout of 49 percent, possibly reflecting fatalism among Macron's opponents in the face of his seemingly unstoppable advance, experts said.

The right wing Republicans who had hoped to rebound from their humiliation in the presidential vote were shown trailing in second with a predicted 70 - 130 seats while Marine Le Pen's far - right National Front (FN) was forecast to garner between one and 10 seats.

The FN's result showed the party is struggling to rebound from Le Pen's bruising defeat by Macron in the presidential runoff.

The FN's deputy leader Florian Philippot admitted to "disappointment" and called on voters to "mobilize massively" for the second round.

The worst losses, however, were for the Socialists of Macron's predecessor Francois Hollande, who are predicted to lose a staggering 200 seats.

The party's chief Jean - Christophe Cambadelis and its failed presidential candidate Benoit Hamon both lost their seats.

Conceding that the party was facing "unprecedented" losses, Cambadelis appealed to voters to rally behind Macron's rivals to avoid the president monopolizing power.

Parliament risked having "no real oversight powers and no democratic debate worth speaking of," he warned.

Former Republicans party leader Jean - Francois Cope said the results were "a disaster". "It's the continuation of the real disaster that the presidential election was. we need to rebuild everything," he told BFMTV.

New source: ndtv news

Published in Politics

sandeep-dikshitLashing out at Congress leader Sandeep Dikshit’s ‘sadak ka Gunda’ remark for Army Chief General Bipin Rawat, the Bharatiya Janata Party (BJP) on Monday while condemning the same, asserted that such hurtful statements will be ‘democratically rejected’.

Commenting on the Congress Party’s ‘trend’ of periodically attacking the Indian Army, BJP leader Sambit Patra, while demanding an apology from Party President Sonia Gandhi said such leaders should be expelled immediately. “First it was Rahul Gandhi who spoke of ‘khoon Ki dalali’. Following him was Sanjay Nirupam, who demanded proof post the surgical strike carried out by the Army. In the latest to join this bandwagon is Sandeep Dikshit, with his hurtful and appalling statement. Sonia Gandhi should expel such leaders and apologize for the act,” Patra told ANI.

Echoing a similar stance, BJP spokesperson GVL Narasimha Rao came down heavily on the Congress’ ‘track two politics’, claiming that this ‘indecent’ comment was a pre-planned move by the ‘Rahul Gandhi brigade’. “There are some politicians and pseudo - intellectuals who only want to boost the morale of the Pakistani armed forces and demean our Army by making such condemnable statements. This is not the language a parliamentarian must use. This clearly shows that it was no random comment; it was a pre-planned political move by the Congress Party. This comment highlights their anti - national spirit,” alleged Rao.

Earlier, General Rawat while expressing the Indian Army’s preparedness to counter both external and internal threats of the country had said that the latter was fully ready for a ‘two and a half front war’. In lieu of this, Sandeep Dikshit on Sunday had said that the Army Chief shouldn’t make statements like a ‘sadak ka Gunda’ (a roadside thug).

While this comment garnered negativity from politicos across the country, Dikshit subsequently withdrew his statement and apologized for the same. “I genuinely believe what I said was wrong. So I apologize for it and withdraw my statement,” said Dikshit.

New source: indianexpress news

Published in Politics

reutersmediaPrime Minister Theresa May's office said on Sunday there had been no change to plans for U.S. President Donald Trump's to come to Britain on a state visit after the Guardian newspaper reported the trip had been postponed.

The paper, citing an unidentified adviser at May's Downing Street office who was in the room at the time, reported Trump had told May by telephone in recent weeks that he did not want to come if there were likely to be large-scale protests.

"We aren’t going to comment on speculation about the contents of private phone conversations," a spokeswoman for May's office said. "The queen extended an invitation to President Trump to visit the UK and there is no change to those plans."

The White House also denied the Guardian report, with an administration official telling Reuters, "The subject never came up on the call."

No date has been set for the visit, which was agreed during May's visit to Washington in January, but British media had reported it was planned for October.

May's hold on power has been significantly weakened since the results of a snap election last week cost her Conservative Party a parliamentary majority. In a bid to save her position, May has been trying to form a government with Northern Ireland's Democratic Unionist Party, a small faction of social conservatives. British politics is going through an upheaval just a week before talks begin on Britain's exit from the European Union, set for 2019.

Trump's public criticism this month of London Mayor Sadiq Khan's response to an attack by Islamist militants in London was condemned in Britain. May found herself forced to defend Khan, who is from the opposition Labour party.

At that time, Foreign Secretary Boris Johnson said there was no reason to cancel the visit, while White House spokesman Sean Spicer said that Trump intended to go and that "he appreciates Her Majesty's gracious invitation".
New source: reuters news

Published in Politics

Rafael-nadalGrowing up as a prodigy on the Spanish island of Majorca, Rafael Nadal dreamed of winning just one French Open title.

Now he has 10.

Nadal has always been a modest superstar, avoiding public displays of entitlement with the same assiduity that he employs arranging the beverage bottles on the court in front of his chair. But there could be no avoiding the encomiums or the obvious on Sunday as Nadal, after a nervous start, crushed the suspense out of another French Open final against a strong opponent, routing Stan Wawrinka, 6 - 2, 6 - 3, 6 - 1, in 2 hours 5 minutes.

“Rafa, this is one of the most beautiful exploits in the history of a sport,” Fabrice Santoro, the former French star turned French Open interviewer, said as he approached Nadal on the court just after his quest for a 10th title — La Décima, in his native Spanish — became a reality.

It is no doubt a sporting achievement for the ages: No other men’s tennis player has won more than seven singles titles at the same Grand Slam event. And it is also surely time for a new favorite number for Nadal.

Once a very promising soccer player, Nadal has long favored the No. 9, traditionally worn by strikers. But the No. 10 is what has kept bringing him joy and fulfillment this spring. He won a record 10th singles title on the clay in Monte Carlo and again in Barcelona.

That he managed it in Paris, too, came as a surprise to no one, certainly not the tournament organizers. After Nadal’s victory, they unfurled a No. 10 banner in the stands high above Court Philippe Chatrier and had a No. 10 painted on the podium. Also at the ready was a highlight video that showed all 10 of his championship points dating to 2005.

“In 2005, I thought in 2017 I’d be fishing on my boat in Majorca,” Nadal said. “Back then, of course, I couldn’t think even for a second that this would ever happen to me.”

“I try my best in all events — that’s the real thing. But the feeling I have here is impossible to describe and difficult to compare to another place. For me, the nerves, the adrenaline that I feel when I play in this court is impossible to compare to another feeling. Just for me, it’s the most important event in my career, without a doubt.”

This was arguably Nadal’s most dominant performance at Roland Garros. It was the third time he won the event without dropping a set, but he lost only 35 games this time — the second fewest by an Open - era men’s champion at a Grand Slam event in which all the matches were best - of - five sets. Bjorn Borg, the poker - faced Swede who was the best men’s player on clay until Nadal’s ascent, dropped only 32 games en route to the 1978 French Open title.

Sunday’s victory also ended a three-year drought of major titles for Nadal, who won his ninth French Open in 2014 but was then superseded by Novak Djokovic while being slowed both by injuries and by dents to his confidence. Last year, he withdrew from Roland Garros after two rounds because of an inflamed tendon sheath in his left wrist.

That explains, in part, the tears that he shed in his chair after match point on Sunday.

“This tournament is the most important of the year for me, and as you can imagine, when I get here, there are nerves and emotions and the tension is big,” Nadal said. “Also, I know that I have fewer years left to succeed here.”

This season he has undeniably returned to the fore, dropping weight and recovering all the sting in his fearsome forehand, although there is much more to this resurgence than that signature shot. Nadal’s serve was a strength on Sunday, when he faced — and saved — just one break point. His two - handed backhand was decisive, too. He finished with 27 winners and just 12 unforced errors.

Wawrinka, a powerful 32 - year - old from Switzerland, simply could not keep up, cracking first in rally after rally.

He had won all three of his previous Grand Slam singles finals. He beat Nadal in the 2014 Australian Open and Djokovic in the 2015 French Open and the 2016 United States Open. But defeating a healthy, confident Nadal on the Terre battue of Paris is still one of the sport’s greatest challenges.

Nadal is 31. A lesser competitor might have lost his edge long ago, but Nadal is still sliding after drop shots and throwing his body into topspin forehands with the gusto of a younger player.

New source: nytimes.com

Published in Sports

kohli-lossThe old adage goes that confidence is good, but overconfidence always sinks the ship. And that was very much how India’s defeat at the hands of Sri Lanka at The Oval on Thursday can be summed up. Going into the game, it was touted as a clash between David and Goliath and David did end up beating Goliath and that too comprehensively.

While it was there for all to see that it was India’s bowling which let the team down in the second half after the team posted 321 on the back of a brilliant century by Shikhar Dhawan, some even questioned India’s inability to push the scoring rate in the middle-overs while batting.

But a close analysis shows a clear case of overconfidence from the moment skipper Virat Kohli stepped onto the field for the toss. Asked about the playing XI, Kohli rather than talking about the game at hand, clearly went on to talk about how the team might look to make some changes in the game against South Africa. It almost looked like he had taken already foreseen an Indian win.
“We are unchanged. Maybe for the next one we will look to do something different. Yuvi (Singh) has been playing well since his return, had a decent IPL as well and he comes to England and gets runs. Rohit (Sharma) playing well too, him in form is a great sign and gives the others a bit of cushion. We got to play consistent cricket. We got to respect the opposition, the conditions and embrace the challenge which is in front of us now", Kohli said.

It is always said that one should look at the condition in hand rather than think of the future and Kohli was clearly already thinking about the game against South Africa at the Oval on Sunday, rather than thinking of the job in hand.

In the end, Sri Lanka pulled off the biggest upset of the 2017 ICC Champions Trophy on Thursday as they beat India by 7 wickets at the Oval, chasing down an imposing target of 322 runs with relative ease in the 49th over itself.

The result threw Group B wide open as now all four teams are on 2 points and the last two matches, (India vs South Africa and Pakistan vs Sri Lanka), will decide who goes through to the semi-finals.

Sri Lankan captain Angelo Mathews had warned on Wednesday that the gap between the teams is not a lot as the youngsters in his team had shown the firepower to beat more illustrious opponents away from home and that is exactly what the men from the 'Emerald Isles' did on Thursday at the Oval.

News Source: News18

Published in Sports
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