Arun Jaitley - Electronic Gurudev

Aug292017 by Team - The Digital IndianNo Comments

Centre collects Rs 92,000 crore through GST in July, Exceeded Target

Economy, National

Finance Minister Arun Jaitley on Tuesday said that the government has collected Rs 92,283 crore in Goods and Service Tax (GST) for the month of July so far. The total amount collected includes the Central GST of Rs 14,894 crore, State GST of Rs 22,722 crore and integrated GST of Rs 47,469 crore. He further said that the Integrated GST will be allotted between the states and the Centre. Within the IGST, the tax collected from imports stands at Rs 20,964 crore. The Rs 92,283 crore includes a compensation cess of Rs 7,198 crore. The Finance Minister said that around 38 lakh entities had filed their returns. Jaitley said that it was "best to put the GST numbers authentically in the public domain." The Finance Minister said that little more than 64 percent eligible tax payers had complie...

Jun52017 by Team - The Digital IndianNo Comments

CAG will audit GSTN: Arun Jaitley

Economy

Clearing the air on audit of the firm providing IT backbone for GST, Finance Minister Arun Jaitley on Monday said the Comptroller and Auditor General of India will audit the Goods and Services Tax Network (GSTN). In a rebuff of party colleague Subramanian Swamy, he defended the equity structure of GSTN saying that he did not find anything wrong in government holding 49 per cent stake in the company. Swamy has repeatedly questioned the shareholding pattern in the GSTN, terming it "a shady organisation" that was a "grave security" issue. "The present structure of GSTN was decided by the United Progressive Alliance (UPA) when Mr P Chidambaram was the finance minister. I have personally reviewed the entire structure and I saw no reason to disagree with him," Jaitley told CNBC TV18...

Feb112017 by Team - The Digital IndianNo Comments

Long-gestation projects responsible for high NPAs: Urjit Patel

Economy

RBI governor Urjit Patel says problem of NPAs was earlier also but it is only recently issue was being recognized. New Delhi: RBI Governor Urjit Patel today attributed the banks grappling with high bad loans to legacy issues saying they are mostly on account of credit facility provided for long-gestation projects before 2011-12. He further said the problem of non-performing assets (NPAs) was earlier also but it is only recently that the issue is being recognized. Patel said that sectors in which bad loans have emerged over the years pertain to long-gestation projects, which were mostly funded before 2011-12. “Therefore, …by definition, this proportionate amount is a legacy issue, although the recognition and reporting of these have taken place only recently,” the RBI Govern...

Feb22017 by Team - The Digital IndianNo Comments

Aadhaar-enabled payment system will be cheaper than cards

Economy

An Aadhaar-enabled payment system will be launched soon, finance minister Arun Jaitley announced in his Budget speech for the financial year (FY) 2017-18. Aadhar Pay is the merchant version of Aadhaar-enabled payment system. The Aadhaar Pay app lets consumers pay without any physical payment instrument. It runs on the Android platform and has to be installed by merchants. To use it, merchants need to first download the Aadhaar Pay app and then register to start using it. After registration, the merchant’s mobile phone needs to be linked to an Aadhaar biometric reader. Once the merchant has this infrastructure in place, the consumers can start transacting. To make a payment, the consumer has to just enter her Aadhaar number. The fingerprint is the password for the transaction. To use...

Feb12017 by Team - The Digital IndianNo Comments

Announcements for Aadhaar-Pay, BharatNet and other Digital India Initiatives in Union Budget 2017

Economy

The Union budget 2017-2018 put the focus firmly on the idea of Digital India with the government announcing more steps for increasing digital payments in the country, along with a boost to the optical fibre network in rural areas to improve internet connectivity and access. Here’s a look at the top Digital India-related announcements from the Budget 2017-2018. Aadhaar Pay Aadhaar Pay, which is a merchant version of Aadhaar Enabled Payment System (AEPS), will be launched shortly. According to the Finance Minister, “This will be specifically beneficial for those who do not have debit cards, mobile wallets and mobile phones.” The government has set a target of 2,500 crore digital transactions for 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards. Additionally the govern...