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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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China’s 5G development to empower more industries in 2021

China will build more than 600,000 5G base stations in 2021, while promoting the 5G network coverage in a wider range and at more levels, Zhao said.

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Beijing, Jan 27 : China will boost the 5G industry in 2021 by improving the capability of network coverage, application innovation and industrial base.

With the continuously increasing investment, China’s 5G commercial development took solid steps last year, said Zhao Zhiguo, director of the cybersecurity management bureau of the Ministry of Industry and Information Technology, at a press conference.

By 2020, all cities above the prefecture-level had full coverage of 5G networks, with more than 200 million 5G terminal connections and over 1,100 5G plus industrial internet projects, he added.

China will build more than 600,000 5G base stations in 2021, while promoting the 5G network coverage in a wider range and at more levels, Zhao said.

The country will foster emerging consumption models such as 5G plus VR/AR and immersive gaming and promote the integration of 5G technology into life services including health, elderly care and housekeeping, Xinhua news agency reported.

Continuous efforts will also be made to organise 5G millimeter wave tests, speed up the research and development of key technologies, shore up the weak links and ensure the safety of the industrial and supply chains, said Zhao.

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Sensex plunges 1,000 points, Nifty below 14,000

Heavy selling pressure was witnessed across sectors, led by banking, finance and oil and gas stocks.

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Mumbai, Jan 27 : The Indian stock market witnessed a freefall on Wednesday afternoon, with the BSE Sensex losing over 1,000 points.

Around 2.45 p.m., Sensex was at 47,310.81, lower by 1,036.78 or 2.14 per cent from its previous close.

The Nifty50 also fell below the psychological 14,000-mark.

It was trading at 13,944.25, lower by 294.65 points or 2.07 per cent from its previous close.

Heavy selling pressure was witnessed across sectors, led by banking, finance and oil and gas stocks.

Weak global cues, selling by FIIs and mixed Q3 earnings lead to the bear run in the market.

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Kia Motors India sells 1 lakh units since July

Additionally, Kia aims to fully utilise the capacity of 300,000 units per annum at its manufacturing unit by 2022.

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New Delhi: Automobile manufacturer Kia Motors India has sold 1 lakh units since July 2020 in the domestic wholesale market.

Accordingly, the maker of Seltos, Sonet and Carnival, has successfully dispatched 200,000 Kia vehicles to its dealerships across India within seventeen months of sales operations in the country.

The company said the top-end — above GTX variants — for the Seltos, Sonet and the Limousine variant for the Carnival, have accounted for nearly 60 per cent of total cars sold.

As per a statement, Kia sold over 106,000 UVO connected vehicles on the road summing up to a humongous 53 per cent of the brand’s total sales.

Besides, Seltos leads the sales charts for Kia Motors India with 149,428 units, followed by the Sonet with 45,195 units, which was launched in September, 2020 and the Carnival with a total sales of 5,409 units.

“In just over a year of sales operations, Kia has emerged as India’s youngest automobile disruptor and one of the best-selling automobile brands in the country,” said Kookhyun Shim, Managing Director and Chief Executive Officer, Kia Motors India.

The rapid adoption of Kia cars reiterates the evolving customer preference towards a technology-led exceptional driving experience, coupled with great connectivity. Kia’s focus has also been on offering products that are designed to fulfill consumer demands across both urban and rural areas.

Currently, Kia’s manufacturing plant in Anantapur is running on two-shift operations and given the increasing demand for Kia cars, the brand is evaluating operating in three shifts to meet them.

Additionally, Kia aims to fully utilise the capacity of 300,000 units per annum at its manufacturing unit by 2022.

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