Centre relaxes wheat ban order, allows earlier registered consignments with Customs
It has now decided that wherever wheat consignments have been handed over to Customs for examination and have been registered into their systems on or prior to May 13, such consignments would be allowed to be exported. The government also allowed a wheat shipment headed for Egypt, which was already under loading at the Kandla port.
Centre asks states, UTs and FCI to continue wheat procurement
The government's decision comes in the wake of requests by state governments/UTs to continue the procurement process. The extended period is expected to benefit farmers.
Centre bans wheat export
Earlier, the Centre had said it was happy that the farmers were getting good returns for their produce as India had exported almost 11 lakh metric tonnes (LMT) of wheat till April. The government also claimed that it was committed to provide food security to its own population, its neighbours and also some vulnerable countries and hence brought in the amendment in relevant sections of the Export Policy.
Cabinet approves Rs 60,939 cr subsidy for phosphatic, potassic fertilisers
Briefing the media, Information and Broadcasting Minister Anurag Thakur said that the subsidy approved by Cabinet for the NBS Kharif-2022 (from April 1 to September 30) will be Rs 60,939.23 crore, including support for indigenous fertiliser (SSP) through freight subsidy and additional support for indigenous manufacturing and imports of DAP.
Net direct tax collection reaches highest-ever figure in FY 22
The net direct tax collection has increased by 49.02 per cent during financial year 2021-22, while it has registered a growth of 34.16 per cent in FY 2021-22 over the collections of 2019-20 when the net collection was Rs 10,50,680.56 crore, and a growth of 23.90 per cent over 2018-19 when the net collection was Rs 11,37,718.48 crore, J.B. Mohapatra said.
Action against hoarders of edible oils, oilseeds to keep tab on price rise
Prices of cooking oil are on an upwards swing globally due to the Ukraine-Russia war. "The domestic prices of edible oils have been following the international suit and the prices have increased considerably over the past one month which may be attributed to the current geopolitical condition," officials said. Inspections have revealed very large hoardings of soybean and mustard seeds in Dewas, Shajapur and Guna districts of Madhya Pradesh.
New Income Tax rules will come into effect from 1 April 2022: Here're details
The new provisions related to Income Tax (IT) in the Union Budget 2022 will be in effect from the new financial year 2022-23 which begins on 1st April. These include several changes in the IT rules vis-à-vis crypto assets, EPF interests, tax relief for cooperatives and startups as well as for COVID19 treatment which will be effective from Friday. Here are the key changes in the Income Tax effective from the FY 2022-23.
Centre has room to isolate consumers from 15% hike in crude prices: MOFSl
According to the brokerage house's estimates, the Centre has the financial capacity to take the hit on its own income statement without breaching the fiscal deficit targets. "Considering our revised crude oil prices forecasts of $80 per bbl in FY23 (from $70 per bbl earlier), if the GoI decides to take the entire burden, it would cost $12-13 billion (or 0.4 per cent of GDP) next year," the brokerage house said in a report.
Centre gears up to act on unfair trade practices, issues 15 notices
The Central Consumer Protection Authority (CCPA) has decided to take up cases involving sale or offer for sale, which violate compulsory standards as a matter of preventing unfair trade practice, and to protect, promote and enforce the rights of consumers as a class. The CCPA has already issued 15 notices in this regard. Chief Commissioner, CCPA, Nidhi Khare has also taken suo-motu action against e-commerce entities and sellers who were found to be selling pressure cookers online in violation of compulsory standards.
SpiceJet, Indigo shares fly as Centre allows scheduled int'l flights
Shares of Spicejet and Interglobe Aviation – which operates airline Indigo – rose sharply on Wednesday after the Centre's announcement to lift the ban on scheduled international flights. India will allow resumption of scheduled commercial international passenger services from March 27. Last month, India's civil aviation regulator had extended the ban on scheduled international commercial flights till "further orders".