India, the largest importer of Chinese solar equipment, proposed a 70% safeguard duty on cells and modules shipped from China and Malaysia, citing “threat of serious injury” to the domestic industry.
The governments of India and Tamil Nadu on Tuesday signed an agreement with the World Bank for the multilateral lender to provide a $318 million loan for modernisation of irrigation projects in Tamil Nadu, improve market opportunities for small and marginal farmers and their adoption of climate resilient techniques.
Exporters have informed the finance ministry that goods and services tax refunds are getting delayed due to airline and shipping companies not submitting proof of export to customs and mismatches of invoice numbers in shipping bills and GST return forms.
The Finance Ministry refused to list out 34 power projects that defaulted on bank loans worth crores of rupees to a Parliamentary panel on Energy on Thursday.
In a relief to Indian Railway Catering and Tourism Corporation (IRCTC), the finance ministry has offered to reimburse the railways arm around Rs 80 crore to offset the losses due to waiver of service charges on tickets booked online through its portal.
States have refused the central government’s appeal to bring petroleum products under the ambit of Goods and Services Tax (GST) even as prices of petrol and diesel continue to skyrocket in contrast to global standards.
Consumers will continue to pay higher taxes on petrol and diesel as the government has no plans to lower the excise duty on fuel.
Giving a big boost to energy conservation, the Finance Ministry has issued guidelines for mandatory installation of energy efficient appliances in all central government buildings in the country.
Despite the rising imports of solar equipment from China, the Finance Ministry has turned down a Rs 20,000-crore plan to support the local solar equipment manufacturers with incentives and subsidies.
British oil firm Cairn Energy plc has accused a senior finance ministry official of “privately” advising billionaire Anil Agarwal-led Vedanta Group to withhold its dividend income for a potential squaring off of a retrospective tax liability.