News digest: GST return edit deadline, saving railway legacy, and more

Traders can edit Aug, Sept GSTR-3B returns from Nov 20

The GST Network will launch a facility for businesses to make changes to their August and September GSTR-3B return forms from November 20, Bihar Deputy Chief Minister Sushil Modi said on Saturday.

The group of ministers (GoM) formed to look at the information technology (IT) problems of the Goods and Services Tax Network (GSTN) said on Saturday the system was becoming stable, and this was reflected in the gradual reduction in revenue shortfall from states.

“Average revenue shortfall of all the states for August was 28.4 per cent; it has come down to 17.6 per cent in October,” said Modi, who also heads the GoM. The shortfall in August was Rs 12,208 crore; in October, it came to Rs 7,560 crore. Read more...

Centre doubles import duty on crude edible oil

The Centre late on Friday doubled the import duties on most varieties of crude edible oil and raised them by over 15 percentage points for refined oil.

This was done in order to prop up local oilseed prices, particularly those of groundnut, soybean and sunflower, which have been ruling below their minimum support prices (MSPs) this kharif season. 

The government also increased the import duty on soybean seeds by 15 percentage points to 45 per cent. Read more...

India Inc may add steam to save railway heritage assets

The 160-year-old Indian Railways legacy will get on to a new track, as plans for a special purpose vehicle (SPV) gain traction. The proposed SPV between ministries of railway, culture and tourism would have the mandate to preserve the national transporter’s heritage assets and also raise funds from the private sector to manage these. Read more...

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel