{"id":266,"date":"2019-01-04T12:29:55","date_gmt":"2019-01-04T12:29:55","guid":{"rendered":"https:\/\/dazzling-chebyshev.103-73-189-254.plesk.page\/?p=266"},"modified":"2019-01-04T12:29:55","modified_gmt":"2019-01-04T12:29:55","slug":"gstn-ownership-change","status":"publish","type":"post","link":"https:\/\/dazzling-chebyshev.103-73-189-254.plesk.page\/?p=266","title":{"rendered":"GSTN ownership change"},"content":{"rendered":"\n

The stake on no-profit company with Rs 10 crore equity called Goods and Services Tax Network would be held by Central and State government at the ratio of 50 per cent each. Originally, the Central government held 24.5 %, States 24.5 %, NSE Strategic Investment Co, HDFC, HDFC Bank and ICICI Bank 10 each and LIC Housing Finance 11 % in the equity of GSTN.<\/p><\/blockquote>\n\n\n\n

The Union Cabinet has approved increasing of government ownership in Goods and Services Tax Network (GSTN) and a change in the existing structure with a transitional plan. Accordingly, the government has acquired the entire 51% equity held by the Non-Government Institutions in GSTN for equally dividing among the Centre and the State Governments, and allowing the GSTN board to initiate the process for acquisition of equity held by private companies. As a result, the restructured GSTN, with 100% government ownership, shall have an equity structure between the Centre and the States with a stake of 50% each. As a result, the government will allow a change in the existing composition of the Board of GSTN inducting three directors from the Centre and the States and three other independent directors to be nominated by the Board of Directors and one Chairman and the CEO.\u00a0 Thus the total number of Directors on the board of GSTN would be 11.<\/p>\n\n\n\n

Earlier, the Central\ngovernment held 24.5 %, States 24.5 %, NSE Strategic Investment Co., HDFC, HDFC\nBank and ICICI Bank 10 each and LIC Housing Finance 11 % in the equity of GSTN,\nwhich is a Section 8 (under new companies Act, not for profit companies are\ngoverned under section 8), non-Government, private limited company. It was\nincorporated on March 2013.<\/p>\n\n\n\n

The common GST Portal developed by GSTN will function as the\nfront-end of the overall GST IT eco-system. The IT systems of CBEC and State\nTax Departments will function as back-ends that would handle tax administration\nfunctions such as registration approval, assessment, audit, adjudication etc.\nNine States and CBEC are developing their backend systems themselves. GSTN is doing\nthe backend for 20 States and 5 UTs. GSTN has been interacting with CBEC and\nStates for ensuring mutual interaction between the front-end that would be\noperated by GSTN and the back-ends of the tax administrations. Till September\n2016, ten workshops have been conducted with the States\/CBEC. GSTN will\nundertake training of tax officials in GST IT system from December 2016\nonwards. During the operation phase as well GSTN will continue the interaction\nwith CBEC and states and extend help wherever necessary. The Authorised\nCapital of the company is Rs 10 crore. <\/p>\n\n\n\n

The GST System Project is a unique and complex IT initiative. It\nis unique as it seeks, for the first time to establish a uniform interface for\nthe tax payer and a common and shared IT infrastructure between the Centre and\nStates. Currently, the Centre and State indirect tax administrations work under\ndifferent laws, regulations, procedures and formats and consequently the IT\nsystems work as independent sites. Integrating them for GST implementation\nwould be complex since it would involve integrating the entire indirect tax\necosystem to bring all the tax administrations to the same level of IT maturity\nwith uniform formats and interfaces for taxpayers and other external\nstakeholders. Besides, GST being a destination based tax, the inter- state\ntrade of goods and services (IGST) would need a robust settlement mechanism\namongst the States and the Centre. This is possible only when there is a strong\nIT Infrastructure and Service back bone which enables capture, processing and\nexchange of information amongst the stakeholders including tax payers, States\nand Central Governments, Accounting Offices, Banks and RBI.<\/p>\n\n\n\n

The\nLOTUS<\/strong> project<\/p>\n\n\n\n

A Clean water project<\/strong><\/p>\n\n\n\n

This project to produce clean water which is reused for various\npurposes, simultaneously recovering nutrients and energy from the urban waste\nwater is a joint initiative of Indian and Dutch scientists.<\/strong><\/p>\n\n\n\n

Dr.\nHarsh Vardhan, Minister of Union Science and Technology recently inaugurated a\nnovel holistic Local Treatment of Urban Sewage Streams for Healthy\nReuse (LOTUS)<\/strong> project at Sun Dial Park in New Delhi to produce\nclean water which is reused for various purposes, simultaneously recovering\nnutrients and energy from the urban waste water, thus converting the Barapullah\ndrain into profitable mines. LOTUS<\/strong> project is a joint\ninitiative of Indian and Dutch scientists. <\/p>\n\n\n\n

He\nalso inaugurated two bio-toilets\nsupported by DBT-BIRAC and the Bill and Melinda Gates Foundation installed at\nthe Sun Dial Park. This is said to be an attempt to meet the goals set by the Swachh Bharat Abhiyaan<\/em> and contribution\nof the Department of Biotechnology, the Ministry of Science and Technology to Swachhta Hi Seva<\/em> movement launched by\nPrime Minister Narendra Modi recently.<\/p>\n\n\n\n

The plant, which can convert one\nmillion litre of sewage into clean water and generate three tonnes of biofuel\n,will be scaled up and will become a model for example for the whole world.<\/p>\n\n\n\n

The government also has undertaken\nafforestation of marshy flood plains, degraded and unusable land and planted\n2281 plant and tree species. These are from 44 indigenous species, which not\nonly clean the area, mitigates mosquito breeding but also purifies the air and\nsoil. The species and the spacing of the planted material is carefully planned\nusing a technology which allows these trees to grow rapidly and within a short\nspan of two-three years recover a unique ecosystem of birds, insects and\nanimals. <\/strong><\/p>\n\n\n\n

Quote:\nPlant has capacity to convert 10 lakh litres of sewage to 3 tonne of bio-fuel\nper day: Dr. Vardhan<\/strong><\/p>\n\n\n\n

How many people know street vending is not illegal <\/strong><\/p>\n\n\n\n

Protection law<\/strong><\/p>\n\n\n\n

Vendors are the most harassed lots by police and Municipal authorities.  Involved in informal sector activities earlier, they used to face constant threat of eviction, removal, confiscation of goods and almost non-existent social security cover. They are now protected by an Act. <\/strong><\/p>\n\n\n\n

Shri Hardeep Singh Puri, Minister of\nState for Housing and Urban Affairs (I\/C), has stated that his Ministry is committed\nto provide enabling environment to the street vendors by taking up with the\nstates to notify Rules and Schemes under the Act thus paving way for its\nimplementation.<\/p>\n\n\n\n

The government is implementing the Deendayal Antyodaya Yojana<\/em>– National\nUrban Livelihood Mission (DAY-NULM) with seven components which is being\nimplemented in the statutory towns of the country. The DAY-NULM aims to reduce\npoverty and vulnerability of the urban poor households and enables them to\naccess gainful self- employment and skilled wage employment opportunities. <\/p>\n\n\n\n

Vendors involved in informal sector\nactivities earlier used to face constant threat of eviction, removal,\nconfiscation of goods and almost non-existent social security cover. For ending\nthis concern permanently and promoting pro-vending town planning<\/strong>,\nthe parliament passed the landmark Street Vendors (Protection of Livelihood and\nRegulation of Street vending) Act 2014. The Act provided for regulating street\nvending, certification of vending, harassment against unlawful eviction, rights\nand obligations of street vendors. It also provided protection to the natural\nmarkets. The Act lays down an important role to Town Vending committees in the\ngovernance of provisions relating to protection of rights of street vendors. In\nthe composition of Town Vending committees, street vendors\u2019 representatives\nwill be not less than 40% of the total strength of the Committee. Under the\nAct, respective states and Union Territories have to notify Rules and Schemes\nfor ensuring its implementation. So far 21 States have notified their\nrespective Schemes.<\/p>\n\n\n\n

The DAY-NULM addresses livelihood\nconcerns of the urban street vendors by facilitating access to suitable spaces,\ninstitutional credit, social security and skills to the urban street vendors\nfor accessing emerging market opportunities. Taking in account the importance\nof street vendors in the urban space, DAY-NULM has included Support to Urban\nStreet Vendors as one of its components.<\/p>\n\n\n\n

Considering the importance of Street\nvending which has a prominent place in the urban supply chain by providing\ninexpensive and convenient access to goods and services to all segments of the\npopulation, up to five per cent of the allocations under the Mission can be\nspent by State and Urban Local Body for creation of infrastructure for street\nvendors. Apart from the benefits under the street vendors\u2019 component, street\nvendors can also take advantage of other components under the Mission. One such\nadvantage is that street vendors can access skill training under skill training\nprogramme of DAY-NULM. They can also take concessional loans at seven per cent interest\nfor setting up and expanding self-employment enterprises under Self-Employment\nProgramme of DAY-NULM. Homeless street vendors can stay in the nearby shelter\nhomes being run with the assistance of DAY-NULM. The female and handicapped\nstreet vendors can also form Self-Help Groups and take advantages under the\nMission by accessing revolving fund and bank linkage loans and forming part of\nSHG federations.<\/p>\n\n\n\n

Rashtriya Chemicals and Fertilisers<\/strong> <\/p>\n\n\n\n

On the move<\/strong> <\/p>\n\n\n\n

The public sector fertilizer \ncompany got TDR for transfer of its land. Menwhile the Talcher project\nof which RCF is one of the main promoters got equity investment of Rs 1033.54\ncrore from the Department of Fertilizers. <\/strong><\/p>\n\n\n\n

The Central\ngovernment has given approval to the public sector fertiliser giant Rashtriya\nChemicals and Fertilisers (RCF) approval for\ntransfer of its land to Mumbai Metropolitan Regional Development Authority\n(MMRDA) and approved transfer of its land to Municipal Corporation of Greater\nMumbai (MCGM). The government also has given permission for selling of\nTransferable Development Right (TDR) Certificate receivable against the\ntransfer of land to MMRDA and MCGM.<\/p>\n\n\n\n

MMRDA acquired\n48,849.74 sq.mtrs. (8265 sq. mtrs. free land and 40584.74 sq. mtrs. encumbered)\nof land of RCF and completed the construction of Eastern Free Way \u2013 Anik Panjrapol\nLink Road (APLR) and open for public use in the year 2014. RCF received TDR certificate\nof 16530 sq. mtrs. on 1st<\/sup> November 2017 issued by MMRDA against 8265\nsq. mtrs. of unencumbered land as an interim relief. RCF was demanding\nfrom MCGM to delete the internal roads of RCF colony from their Development\nPlan of Mumbai for a long time. Subsequently, RCF agreed to hand over about\n16000 sq. meters of land for construction of 18.3 meter DP road in lieu of TDR\nas compensation  subject to mutually agreed terms and conditions.<\/p>\n\n\n\n

MCGM in the\ndevelopment plan has shown reservation of 331.96 sq. meters of RCF land in\nfront of the proposed township of RCF for public road widening. As per\ndevelopment control rules 1991 of MCGM, in case of reservation on the land it\nis mandatory to surrender the land, as road set back area to MCGM.<\/p>\n\n\n\n

Meanwhile, the\nCabinet Committee on Economic\nAffairs has approved the proposal of the Department of Fertilizers for\nequity investment of Rs1033.54 crore, 29.67% of the total project cost for\nsetting up a coal gasification based fertilizer project <\/strong>in Talcher Fertilizer. (TFL) <\/strong>by RCF. The revival of the Talcher project\nwill ensure huge investment in the fertilizer sector from the Government\nthrough PSUs.  This will create job opportunities and also boost the\neconomy of the State and the eastern region.  The revival of the fertilizer\nunit will also ensure increase in indigenous production of urea leading to\ngreater self-reliance in urea.<\/p>\n\n\n\n

Possible investments from abroad <\/strong><\/p>\n\n\n\n

Australia\u2019s superannuation fund<\/strong><\/p>\n\n\n\n

Australians have commissioned and launched recently an India\nEconomic Strategy which recommends that Australian companies should strive by\n2035 to lift India into their top three export markets. This opens\npossibilities of t<\/strong>he giant size Australian\nSuperfunds to flow into India <\/strong> <\/strong><\/strong><\/p>\n\n\n\n

This is one of the Prime Minister\u2019s\ninitiatives to attract Australian Superfunds to invest in India after his\nmeeting with its officials at the sidelines of Commonwealth Head of Government\nlst April. Last month, a five-member delegation of Australian Superfunds called\non Mr Suresh Prabhu, Union  Commerce and Industry\nand Civil Aviation Minister. The team was briefed about the potential of Indian\ngrowth story. The minister assured them of stability and certainty of business\nin the long term and pointed out that India provides abundant opportunities for\nAustralian Superfunds. \u201cOur priority is to engage them to explore investing in\nIndia,\u201d said Mr Prabhu.<\/p>\n\n\n\n

Australia\u2019s superannuation funds\nvalued at 2.6 trillion Australian dollar is one of the world\u2019s largest in terms\nof volume. The funds have exposure including in various international markets.\nHowever, their exposure to Indian markets is still very insignificant, despite\ncontinued greater than average market returns in India. India has emerged as\nthe fastest growing major economy in the world, with growth rates averaging\nover seven per cent a year.<\/p>\n\n\n\n

After PM meeting with them, Australians have commissioned and launched recently an India Economic Strategy which recommends that Australian companies should strive by 2035 to lift India into their top three export markets and to bring India into the inner circle of Australia\u2019s strategic partnerships, among others.Going by estimates a year ago, Australians have $2.53 trillion in superannuation assets, making Australia the fourth largest pension fund assets holder in the world. There are about 500 superannuation funds operating in Australia. Of those, 362 have assets totaling greater than $50 million.  In the recent time, the Australian superannuation industry has been under fire for re-investing funds into questionable investments, to benefit related parties ahead of the investor. That led to a conflict of interest with the parent entity re-investing funds into funds related to the parent entity. <\/p>\n","protected":false},"excerpt":{"rendered":"

The Union Cabinet has approved increasing of government ownership in Goods and Services Tax Network (GSTN) and change in the existing structure with transitional plan. Accordingly, the government has acquired entire 51% equity held by the Non-Government Institutions in GSTN for equally dividing among the Centre and the State Governments, and allowing GSTN board to initiate the process for acquisition of equity held by private companies. <\/p>\n","protected":false},"author":2,"featured_media":2143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[29],"tags":[],"class_list":["post-266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-govt-and-policy"],"_links":{"self":[{"href":"https:\/\/dazzling-chebyshev.103-73-189-254.plesk.page\/index.php?rest_route=\/wp\/v2\/posts\/266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dazzling-chebyshev.103-73-189-254.plesk.page\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dazzling-chebyshev.103-73-189-254.plesk.page\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dazzling-chebyshev.103-73-189-254.plesk.page\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dazzling-chebyshev.103-73-189-254.plesk.page\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=266"}],"version-history":[{"count":0,"href":"https:\/\/dazzling-chebyshev.103-73-189-254.plesk.page\/index.php?rest_route=\/wp\/v2\/posts\/266\/revisions"}],"wp:attachment":[{"href":"https:\/\/dazzling-chebyshev.103-73-189-254.plesk.page\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dazzling-chebyshev.103-73-189-254.plesk.page\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dazzling-chebyshev.103-73-189-254.plesk.page\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}