Modi govt adopts flexible approach towards coronavirus epidemic

Current Affairs
After different rounds of gatherings with exporters, merchants, businesses, and different partners, the Narendra Modi government has solidified its reaction to the coronavirus pandemic.
The Center has ruled against a wide based drew nearer and will handle the issue on a case-to-case premise. Authorities have likewise precluded any rollback of import obligation climbs reported in the Union Budget. In the quick term, the Central Board of Indirect Tax and Customs (CBIC) is chipping away at facilitating clearances of products which show up without legitimate documentation.
Banks have been advised by the Center to give connect advances to organizations which have just paid to their providers in China yet lack conveyances yet. Henceforth, they are experiencing a working capital crunch, authorities said. As long as possible, the CBIC and the transportation service have been advised to anticipate times when the stockpile resumes. There is a gigantic inundation of deferred shipments coming into Indian ports.
"Our technique will be to watch and react rapidly, as we don't have the foggiest idea to what extent this emergency will last. An adaptable reaction is increasingly significant. We are persistently observing this intently," head monetary consultant Sanjeev Sanyal revealed to Business Standard.
Modi govt embraces adaptable methodology towards coronavirus plague

On Wednesday, money serve Nirmala Sitharaman said the administration was intently checking effect of the coronavirus on the economy. Sanyal said the Center was ensuring that its reaction to explicit cases was not held up by bureaucratic hurdles.These might be identifying with confirmation or leeway at ports...READ MORE

Pay up interest for delay in paying GST refunds: Gujarat High Court

International News

The Gujarat High Court has directed the authorities to pay interest for delay in paying GST refunds.
The authorities were asked to pay the interest at the rate of nine per cent per annum.
Saraf Natural Stone, a partnership firm, had filed a claim of GST refund. However, there was substantial delay by the authorities in granting of refund.
Following this, the firm approached the high court by way of writ and demanded interest from the authorities for the delay. It submitted that the authorities are required to grant a provisional refund of 90 per cent of the amount claimed within seven days of filing of the claim.
The firm said the authorities have not provided any reason for the delay and it was never in receipt of any deficiency notice, which could have transpired such a delay.
It further submitted that the delay has impacted its working capital and hence it is entitled to receive interest on such delayed payment.
However, the authorities — the revenue department, the Central Board of Indirect Taxes and Customs (CBIC) and the GST Network — submitted that there was no express provision made for entitlement of interest to the firm and hence there was no merit in this petition.

 The high court held that the position of law is quite well settled wherein the provisions relating to interest on delayed payment of refund have been consistently held as beneficial and non-discriminatory.Hence, it said the authorities are liable to pay simple interest on the delayed payment at the rate of nine per cent per annum...Read More