On 14 March 2020, several decisions have been taken regarding the Goods and Services Tax (GST) mechanism on particular sections during the 39th GST Council meet in New Delhi led by Union Finance & Corporate Affairs Minister Nirmala Sitharaman.
GST on Maintenance, Repair and Overhaul (MRO) service in respect to aircraft was reduced to 5%from 18% with full ITC (Input Tax Credit).
Net cash tax liability is came at after deducting the input tax credits available from gross tax liability. GST on mobile phones and specified parts were increased to 18% from 12%.
On March 13, 2020 HIL (India) Limited, Department of Chemicals & Petrochemicals, in association with Union Bank of India launched Customer Payment Portal in New Delhi to collect the payment from the customers through various online modes for fast & smooth collection of dues.
It is introduced to speed up the Government’s vision of ‘Digital India’.
This portal enables HIL customers to quickly & conveniently pay their outstanding debts from their homes or offices using any debit card, credit card, net banking, UPI or online wallet.
Indian cricketer Shardul Thakur selected as the brand ambassador of Tata Power, the largest power generation company in India which targets to give uninterrupted power supply from its various plants located across India.
This is his 1st major commercial endorsement & the campaign featuring him does have a significant presence in digital, radio & outdoors.
On March 14, 2020, According to the Ministry of Corporate Affairs, Government of India (GoI), Justice (Retd.) Bansi Lal Bhat has been selected as the officiating Chairperson of the National Company Law Appellate Tribunal (NCLAT) for a period of 3 months with effect from March 15, 2020 or until a regular Chairperson is appointed, whichever is earlier.
The government has also selected Justice (Retd.) Anant Bijay Singh as a Judicial Member of NCLAT & Ms. Shreesha Merla and Mr. Alok Srivastava as Technical Members.
On March 13, 2020, Reserve Bank of India(RBI) has revised exposure limits for urban cooperative banks (UCBs) of tier-1 capital to a single borrower to 15% and a group of borrowers to 25%.
The revised exposure limits shall be applicable to all types of fresh exposures received by UCBs.
The RBI had earlier allowed UCBs to have exposures up to 15% and 40% of their capital funds to a single borrower and a group of borrowers, respectively.
On March 13, 2020, The Central Reserve Police Force (CRPF), India’s largest Central Armed Police Force, has inked a Memorandum of Understanding (MoU) with Aditya Mehta Foundation (AMF),a non-profit organization which helps people with disabilities to pursue sports, to train its 189 CRPF personnel who had lost their limbs in operations in areas of cyber security, artificial intelligence (AI) and paralympic sports.
The agreement inked in the presence of CRPF’s Director General (DG) AP Maheshwari, will help create newer opportunities for such personnel to continue as the integral part of the force.