Delhi HC to Centre: Verify and pay Bharti Airtel's Rs 923 cr GST refund claim | WeForNews | Latest News, Blogs Delhi HC to Centre: Verify and pay Bharti Airtel’s Rs 923 cr GST refund claim – WeForNews | Latest News, Blogs
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Delhi HC to Centre: Verify and pay Bharti Airtel’s Rs 923 cr GST refund claim

On the back of the judgement, the company’s shares surged on Tuesday. Around 3 p.m., Bharti Airtel shares on the BSE were trading at Rs 545.60, higher by Rs 17.75 or 3.36 per cent from the previous close.

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New Delhi, May 6 : In a relief to telecom major Bharti Airtel, the Delhi High Court has directed the Centre to verify the company’s claim of excess GST of Rs 923 crore within two weeks and refund the amount once verified.

Bharti Airtel alleged that there was excess payment of taxes, by way of cash, to the tune of around Rs 923 crores.

“This was occasioned to a great degree due to non-operationalization of Forms GSTR-2A, GSTR-2 and GSTR-3 and the system related checks which could have forewarned the petitioner about the mistake. Petitioner now desires to correct its returns, but is being prevented from doing so, as there is no enabling statutory procedure implemented by the Government,” said the judgement copy.

“We also direct the Respondents that on filing of the rectified Form GSTR-3B, they shall, within a period of two weeks, verifythe claim made therein and give effect to the same once verified,” the High Court said.

Rajat Mohan, Senior Partner at AMRG & ASSOCIATES said that the Delhi High Court has permitted the petitioner to avail additional tax credit by allowing rectification of Form GSTR-3B for the period to whichthe error relates, July to September, 2017.

“The petitioner alleged that there is an additional payment of taxes to the tune of Rs 923 crores and such additional credit is expected to adversely impact the tax collections for the current month. Thisruling would help give respite to many taxpayers who are unable to file for rectification of previously filed tax returns,” he said.

The court order said that the refund of excess cash balance in terms of Section 49 (6) read with Section 54 of the CGST Act doesnot effectively redress the petitioners grievance. Therefore, the only remedy that can enable the petitioner to enjoy the benefit of the seamless utilization of the input tax credit is by way of rectification of its annual return, GSTR-3B, it added.

On the back of the judgement, the company’s shares surged on Tuesday. Around 3 p.m., Bharti Airtel shares on the BSE were trading at Rs 545.60, higher by Rs 17.75 or 3.36 per cent from the previous close.

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Don’t allow Chinese firms in Train 18 project: CAIT

“The total worth of the project is more than Rs 1,500 crore for 44 Vande Bharat Express Trains,” CAIT said in a statement.

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New Delhi, July 11 : The Confederation of All India Traders on Saturday urged the Centre not to allow Chinese firm’s participation in the global tender for semi-high speed indigenous train project of Indian Railway.

The development comes as a part of its “boycott Chinese” products and services campaign in the light of growing border tensions between the two Asian giants.

Consequently, CAIT in a communication sent to Union Railways Minister Piyush Goyal urged him not to allow Chinese state owned firm CRRC Corporation to participate in global tender for semi-high speed indigenous — Train 18 — project.

“The total worth of the project is more than Rs 1,500 crore for 44 Vande Bharat Express Trains,” CAIT said in a statement.

“Since this project of Indian Railways is a part of ”Make in India” call of Prime Minister Narendra Modi, therefore considering this fact and the current critical period, it will be most appropriate not to consider the said Chinese company for the rail project and rather emphasis should be laid more on Indian companies who have been shortlisted for this project-said both trade leaders.”

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Rs 1.20 lakh cr sanctioned for MSMEs under ECLGS

The scheme would help more than 30 lakh units of MSMEs and other businesses restart their businesses post the lockdown.

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MSMEs Sector

New Delhi, July 11 : The government is going all out to ensure that liquidity concerns of the MSME sector are addressed on priority under its Emergency Credit Line Guarantee Scheme (ECLGS).

As of July 9, 2020 public sector and private banks have sanctioned loans worth over Rs 1.20 lakh crore under the 100 per cent Emergency Credit Line Guarantee Scheme, of which close to Rs 62,000 crore has already been disbursed.

There has been a big jump in sanctions in the last couple of weeks and just in last five days up to July 9 sanctions have increased by close to Rs 5,500 crore while disbursement has increased by about Rs 6,000 crore.

In a tweet, office of finance minister Nirmala Sitharaman said: “As of 9 July 2020, the total amount sanctioned under the 100 per cent Emergency Credit Line Guarantee Scheme by #PSBs and private banks stands at Rs 1,20,099.37 crore, of which Rs 61,987.90 crore has already been disbursed.”

The ECLGS scheme is the biggest fiscal component of the Rs 20-lakh crore Self-Reliant India Mission package announced by Finance Minister Nirmala Sitharaman in May.

To ensure that the scheme achieve its objective of providing adequate liquidity to the MSME segment during the current difficult period, the finance ministry has regularly held meetings with the banks.

A finance ministry statement said that banks from both public and private sectors have contributed to the success of the ECLGS. Loan amounts sanctioned by Public Sector Banks increased to Rs 68,145.40 crore, of which Rs 38,372.88 crore has been disbursed as of July 9.

Similarly, private banks sanctioned loans to the tune of Rs 51,953.97 crore while disbursed Rs 23,615.02 crore.

The scheme would help more than 30 lakh units of MSMEs and other businesses restart their businesses post the lockdown.

As part of the Aatmanirbhar package, the government had announced its plans for Rs 3 lakh Crore as additional credit to MSMEs and small businesses. Such enterprises were to be eligible to receive up to 20 per cent of their existing borrowing as additional loans at interest rates which were capped.

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Jio Platforms receive over Rs 30K cr from 4 investors

Investments of Rs 1.17 lakh crore into Jio Platforms have been announced in the past two months.

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Reliance Jio Platform

Mumbai, July 11 : Reliance Industries on Saturday said that Jio Platforms received subscription amounts of Rs 30,062.43 crore from four investors for 6.13 per cent stake in total.

Among the four investors, Interstellar Platform Holdings (L Catterton) has invested Rs 1,894.50 crore for 0.39 per cent, ThePublic Investment Fund has put in Rs 11,367.00 crore for 2.32 per cent.

SLP Redwood Holdings and SLP Redwood Co-Invest (DE), L.P. (Silver Lake) have invested Rs 10,202.55 for 2.08 per cent and General Atlantic Singapore JP Pte Ltd has put in Rs 6,598.38 crore picking up 1.34 per cent in Jio Platforms.

“We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the Company, received the subscription amounts from the following investors and allotted equity shares to them,” RIL said in a regulatory filing.

The development comes just days after RIL announced that Jio Platforms has received the subscription amount of Rs 43,574 crore from Jaadhu Holdings, LLC, a wholly owned subsidiary of Facebook Inc, which now owns 9.99 per cent stake in Jio Platforms.

Investments of Rs 1.17 lakh crore into Jio Platforms have been announced in the past two months.

On July 3, RIL and Jio Platforms announced that Intel Capital will invest Rs 1,894.50 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, which will translate into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis.

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