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Cabinet Approves Amendments, Extension in Acts Dealing with GST, VAT

Cabinet Approves Amendments, Extension in Acts Dealing with GST, VAT

Cabinet Approves Amendments - The Union Cabinet on Wednesday approved amendments/extension/repeal in the Acts and regulations dealing with Goods and Services Tax (GST) and Value Added Tax (VAT). The Central Goods and Service Tax Act, 2017 is to be amended as Central Goods and Service Tax (Amendments) Regulation, 2020, while the Union Territory Goods and Service Tax Act, 2017 will be amended as Union Territory Goods and Service Tax (Amendments) Regulation, 2020. The Cabinet also approved the designation of Daman as the headquarters of the merged Union Territories of Daman & Diu, and Dadra & Nagar Haveli. The Dadra and Nagar Haveli Value Added Tax Regulation, 2005 is to be amended as Dadra and Nagar Haveli and Daman and Diu Value Added Tax (Amendments) Regulation, 2020. “These amendments will lead to ‘Minimum Government, Maximum Governance’ by way of having common taxation authorities: better delivery of services to the citizens by reducing duplication of work and improving administrative efficiency, will help in bringing more uniformity in Laws relating to GST, VAT and State Excise,” an official statement said.

The Cabinet also gave the approval to shut down the operations of Hindustan Fluorocarbons Ltd (HFL) and closure of the company. HFL is a Central Public Sector Enterprise (CPSE) under the Department of Chemicals and Petrochemicals. “The company has been making losses since 2013-14 and has negative net worth. As on March 31, 2019, it had accumulated losses of ?62.81 crore and negative net worth of (-) ? 43.20 crores.

It was also registered with the erstwhile Board for Industrial and Financial Construction (BIFR) as a sick company," said the statement. The Cabinet also gave its nod to the Revised Cost Estimates (RCE) for the establishment of permanent campuses of new National Institutes of Technology (NITs) at a total cost of ? 4,371.90 crore for the period 2021-22. These NITs were established in the year 2009 and started functioning from the academic year 2010-2011.

“With the approved Revised Cost Estimates, these NITs will be fully functional from their respective permanent campuses by March 31, 2022. The overall student capacity in these campuses will be 6, 320,” the statement added. The Cabinet also gave its nod for the extension of the term of the Commission to examine the issue of sub-categorization of other backward classes (OBCs), by six months — up to July 31, 2020.

“The Communities in the existing list of OBCs which have not been able to get any major benefit of the scheme of reservation for OBCs for appointment in Central Government posts and for admission in Central Government Educational Institutions are expected to be benefited upon implementation of the recommendations of the Commission,” the statement said. Meanwhile, approval was also given for the signing of a Memorandum of Understanding (MoU) between India and Brazil for cooperation in the field of oil and natural gas. The MoU is expected to be signed during the visit of the President of Brazil to India later this month.



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