10 mp Business millenniumpost

WEDNESDAY, 2 OCTOBER, 2024 | NEW DELHI

Govt launches PM E-DRIVE Govt notifies April 1, 2025 as sunset Govt proposes
to amend GI
date for GST anti-profiteering
scheme with `10,900 cr outlay OUR CORRESPONDENT
Highlights
goods law
NEW DELHI: The govern-
NEW DELHI: The govern- ment is planning to amend the
The scheme shall be implemented from October 1, 2024 to March 31, 2026 ment has notified April 1, »»Notifications Geographical Indications (GI)
2025, as the sunset date for the follow GST Council of goods law and has sought
OUR CORRESPONDENT e-voucher for the buyer. anti-profiteering clause in the recommendations in its comments from public and
A link to download the GST law. 53rd meet on June 22 concerned stakeholders for the
NEW DELHI: The government e-voucher shall be sent to the Also, from October 1 all to amend Section 171 & same. Stakeholders can submit
on Tuesday launched the PM registered mobile number of pending complaints under the 109 of CGST Act, 2017 their comments and sugges-
E-DRIVE Scheme, with an out- the buyer. This e-voucher will be anti-profiteering provisions tions by October 10.
lay of Rs 10,900 crore for faster signed by the buyer and submit- will be handled by the Princi- »»Council has also “The Department for Pro-
adoption of electric vehicles, ted to the dealer to avail demand pal bench of the GST Appellate Also, from October recommended sunset motion of Industry and Inter-
setting up of charging infra- incentives under the scheme. Tribunal (GSTAT), instead of date of April 1, 2025, nal Trade (DPIIT) is in the
structure and development of Thereafter, the e-voucher the Competition Commission 1 all pending process of amending the Geo-
for receipt of any new
EV manufacturing ecosystem will also be signed by the of India (CCI), the GST policy complaints under application regarding
graphical Indications of Goods
in India. dealer and uploaded on the PM wing of the government said in (Registration and Protection)
The scheme shall be imple- E-DRIVE portal. The signed another notification. the anti-profiteering anti-profiteering Act, 1999,” according to a pub-
mented from October 1, 2024 e-voucher shall be sent to the These notifications follow provisions will be »»However, complaints lic notice of the commerce and
to March 31, 2026. buyer and dealer through an the recommendations of the industry ministry.
The EMPS-2024 (Electric SMS. The signed e-voucher GST Council, which in its 53rd
handled by the filed before April 1,
A GI is primarily an agri-
Principal bench of 2025, would be dealt
Mobility Promotion Scheme) The subsidy under the PM E-DRIVE scheme will be essential for OEM meeting on June 22, had rec-
by Principal bench of
cultural, natural or manufac-
being implemented for the (original equipment manufac- ommended to amend Section the GST Appellate tured product (handicrafts and
period April 1, 2024 to Sep- for electric two-wheelers has been fixed turer) to claim reimbursement 171 and Section 109 of CGST GSTAT until a final industrial goods) originating
tember 30, 2024 is being sub- based on battery power at Rs 5,000 per of demand incentives under Act, 2017 to provide a sunset Tribunal (GSTAT) conclusion is reached from a definite geographical
sumed under the PM E-DRIVE the scheme. The scheme will clause for anti-profiteering territory.
scheme. The subsidy under the kilowatt hour but the overall incentive will promote the deployment of under GST and to provide for on the recommendations of the introduction of GST—mar- Typically, such a name con-
PM E-DRIVE scheme for elec- not exceed Rs 10,000 in the first year e-trucks in the country. the handling of anti-profiteer- Goods and Services Tax Coun- ket forces will largely deter- veys an assurance of quality
tric two-wheelers has been fixed An amount of Rs 500 crore ing cases by Principal bench cil, hereby appoints the 1st day mine prices, free from the and distinctiveness, which is
based on battery power at Rs sidy under the scheme to make emerging EVs. The scheme will has been allocated for incentiv- of GSTAT. of April 2025 as the date from oversight of anti-profiteering essentially attributable to the
5,000 per kilowatt hour but the the entire process seamless. support 24.79 lakh e-2Ws, 3.16 ising e-trucks. Incentives will Council has also recom- which the Authority referred regulations. place of its origin.
overall incentive will not exceed “One vehicle per Aadhaar lakh e-3Ws, and 14,028 e-buses. be given to those who have mended the sunset date of to in the said section shall not “The intent behind this There is a proper process
Rs 10,000 in the first year. will be allowed. As soon as the Three-wheelers, including a scrapping certificate from April 1, 2025, for receipt of accept any request for exami- shift seems to be the simpli- of registration of GI products
In the second year, it will be vehicle is sold, e-voucher will be e-rickshaws, will get a demand MoRTH approved vehicles any new application regarding nation as to whether input tax fication of GST compliance which includes filing of appli-
halved by Rs 2,500 per kilowatt generated,” the additional secre- incentive of Rs 25,000 in the scrapping centres. The scheme anti-profiteering. credits availed by any registered by narrowing the window for cation, preliminary scrutiny
hour, and the overall benefit tary said. He further informed first year, which will be halved addresses range anxiety of EV The notification by the GST person or the reduction in the anti-profiteering scrutiny. This and examination, show cause
will not exceed Rs 5,000. Cur- that Rs 780 crore being ear- to Rs 12,500 in the second year. buyers by promoting in a big policy wing would mean that tax rate have actually resulted deregulation will usher in a notice, publication in the geo-
rently, popular electric scooter marked towards upgradation For the L5 category (cargo way the installation of electric from April 1, 2025, consumers in a commensurate reduction more dynamic pricing envi- graphical indications journal,
makers like Ola, TVS, Ather of testing facilities under PM three-wheelers), they will get a vehicle public charging stations would not be able to file com- in the price of the goods or ser- ronment, allowing businesses opposition to registration, and
Energy, Hero Vida (Hero Moto- E-DRIVE scheme is proposed benefit of Rs 50,000 in the first (EVPCS). These EVPCS shall plaints regarding profiteering vices or both supplied by that greater flexibility to adjust their registration.
corp) and Chetak Bajaj have to be utilised for new equip- year, and for the second year, it be installed in select cities with by companies not passing com- registered person,” an official pricing strategies in response to Any association of per-
battery capacities of 2.88-4 kWh ment and technology to be put is Rs 25,000. high EV penetration and also on mensurate GST rate cut bene- notification said. market demands,” Mohan said. sons, producers, organisation
in price range of Rs 90,000 to Rs in place for testing of EVs. Ministry of Heavy Indus- selected highways. fits to end customers. Accounting firm Moore AKM Global, Partner-Tax, or authority established by or
1.5 lakh. Addressing the launch Under the PM E-DRIVE tries is introducing e-vouchers The scheme proposes instal- However, complaints filed Singhi’s Executive Director Sandeep Sehgal said the move under the law can apply. The
event, Additional Secretary in scheme, subsidies/demand for EV buyers to avail demand lation of 22,100 fast chargers for before April 1, 2025, would be Rajat Mohan said this dead- aims to enhance efficiency by applicant must represent the
Ministry of Heavy Industries incentives worth Rs 3,679 crore incentives under the scheme. e-4Ws, 1,800 fast chargers for dealt by the Principal bench of line marks a significant transi- reducing the burden on CCI interest of the producers. It is a
Hanif Qureshi said a mobile app have been provided to incen- At the time of purchase of the e-buses and 48,400 fast chargers GSTAT until a final conclusion tion phase for businesses, the and ensuring cases are resolved legal right under which the GI
will be introduced for e-vouch- tivise e-2Ws, e-3Ws, e-ambu- EV, the scheme portal will gen- for e-2W/3Ws. The outlay for is reached. government, and consumers, under the tax-specific mecha- holder can prohibit others from
ers generated for availing sub- lances, e-trucks and other erate an Aadhaar authenticated EVPCS will be Rs 2,000 crore. “...the Central government, as—for the first time since the nisms of GSTAT. using the same name. PTI

Markets fall for 3rd day on FII outlfows Sebi tightens F&O framework with NMDC bags two national
Rupee depreciates by 3 paise to 83.82 against US dollar an aim to curb speculative trading awards for sustainable
MUMBAI: Benchmark indices NEW DELHI: To curb specu- days after Sebi came out with value not less than Rs 15 lakh mining practices & CSR
Sensex and Nifty edged lower lative trading, markets regula- its study on Futures & Option at the time of its introduction
on Tuesday, extending the los- tor Sebi on Tuesday put in place (F&O) segment. in the market. HYDERABAD: NMDC Ltd with two prestigious awards: the
ing run to the third day amid a stricter framework for equity A recent Sebi study found Further, the lot size shall be is proud to announce its dual Mining Excellence Award for its
profit-taking in oil & gas and index derivatives by increasing that 93 per cent of over 1 crore fixed in such a manner that the recognition at two prestigious commitment to Environmental,
select FMCG shares. the minimum contract size and individual traders in the F&O contract value of the derivative national awards, underscoring Social and Governance princi-
The BSE Sensex dipped mandating upfront collection segment lost an average of on the day of review is within its leadership in both corpo- ples & Sustainability of the Year,
33.49 points or 0.04 per cent of option premiums. around Rs 2 lakh each (includ- Rs 15 lakh to Rs 20 lakh,” Sebi rate social responsibility and and the Award for Excellence in
to settle at 84,266.29. The NSE Other measures announced ing transaction costs) between said. sustainable mining practices. Mining Innovation and Mineral
Nifty closed marginally lower by Sebi included intra-day FY22 and FY24. The total losses On rationalisation of At a ceremony held in Mum- Development of the Year.
by 13.95 points or 0.05 per cent monitoring of position lim- of these traders exceeded Rs 1.8 weekly index derivatives, Sebi bai, NMDC was awarded the Amitava Mukherjee, CMD
to 25,796.90. its, removal of calendar spread lakh crore during this period. said exchanges can offer weekly first Prize at The CSR Journal (Addl. Charge) NMDC, stated,
Among 30 Sensex compa- benefit on expiry day, rational- The report also highlighted expiry derivatives only for one Excellence Awards 2024 in the “These awards reflect our
nies, IndusInd Bank fell the isation of weekly index deriv- that the percentage of loss- benchmark index to curb spec- category of Women Empower- enduring commitment to sus-
most by 2.68 per cent. Asian atives and increased tail risk making traders increased from ulative trading. ment and Child Welfare for its tainable growth and community
Paints dropped 1.54 per cent coverage. 89 per cent in FY22. Further, an additional 2 per flagship program, the Balika welfare. NMDC’s mission is not
and Hindustan Unilever by These measures, aimed In in its circular issued on cent margin (ELM) will be lev- Shiksha Yojana. This recog- only to be India’s leading iron
1.27 per cent. at protecting investors and Tuesday, Sebi has increased ied on short options contracts nition highlights NMDC’s ore producer, but to ensure that
Tata Motors fell nearly 1 per State Bank of India were among IT jumped 1.05 per cent, maintaining market stability, the minimum contract size for on the day of expiry to address commitment to empowering our success positively impacts
cent on disappointing Septem- the major gainers. services (0.98 per cent), teck particularly in the high-risk index derivatives to Rs 15-20 speculative risks. women and children in the society and the environment.
ber sales numbers. Tata Steel, Among the indices, tele- (0.72 per cent), commodi- environment of index options lakh, up from Rs 5-10 lakh, This adjustment, effective Bastar region. Achieving recognition in both
Titan, Reliance Industries and communication declined 0.86 ties (0.71 per cent), consumer trading on expiry days, will which was last set in 2015. This from November 20 ensures that In another proud moment, CSR and mining innovation
NTPC were also among the per cent, oil & gas (0.71 per durables (0.41 per cent). become effective in a phased was aimed at better aligning the higher leverage and risks in at the ASSOCHAM Awards proves that we are moving in the
major laggards. cent), utilities (0.35 per cent), Rupee settled 3 paise lower manner starting November 20, with market growth. derivatives align with market 2024 held in Kolkata, NMDC’s right direction - one that aligns
Kotak Mahindra Bank, realty (0.24 per cent) and at 83.82 against the US dollar Sebi said in its circular. “It has been decided that a growth and maintain suitabil- focus on sustainability and min- with national goals of develop-
Infosys, HCL Technologies and power (0.17 per cent). on Tuesday.  PTI The framework comes derivative contract shall have a ity for participants.  PTI ing innovation was recognised ment and sustainability.”  MPOST

M3M Group, CORPORATE KALEIDOSCOPE

Smartworld NTPC Mining coal output rises
launch
real estate
20% to over 19 MMT in H1 FY25
campaign 2024 NEW DELHI: NTPC Mining
delivers stellar performance
power stations of NTPC.
This outstanding per-
in H1 of FY2024-25 by pro- formance reflects NTPC’s
NEW DELHI: M3M Group ducing over 19 Million Met- relentless commitment to
and Smartworld launched the ric Tonnes (MMT) of coal enhancing coal production
2nd edition of their revolution- registering YoY growth of 20 from its captive mines and
ary promotional offer, which per cent and has dispatched ensuring efficient supply to
was first introduced in Janu- 19.7 MMT of coal to NTPC’s meet the country’s energy
ary 2023 to resounding success. power stations with a growth requirements.
This highly anticipated of around 16 per cent com- MMT and has despatched To achieve sustained
campaign, which debuted last The Cyber Security Awareness Month (CSAM) 2024 in GAIL (India) pared to last financial year. more than 121 MMT of coal growth in coal production,
evening, is back with even Bank of Maharashtra won Rajbhasha ‘Kirti Puraskar’ given by Ltd was inaugurated on Tuesday by Director (Finance), GAIL R K Jain. NTPC Coal Mining has from its five operational cap- NTPC has implemented
more value for buyers and Ministry of Home Affairs, Govt of India in ‘Best House Magazine’ CSAM is a dedicated month-long initiative aimed at raising awareness consistently exceeded its pro- tive coal mines namely Pakri a range of strategies and
investors. category on September 14, 2024 at Bharat Mandapam, New about the importance of cybersecurity in today’s digital age. duction targets, reinforcing its Barwadih, Kerandari & Chatti technologies.
Back in 2023, the campaign Delhi. Minister of Home Affairs Amit Shah was the chief guest Throughout the entire month of October, GAIL will organise various position as a key player in cap- Bariatu located in Jharkhand, NTPC remains commit-
became a massive value creator, of this programme. Asheesh Pandey, Executive Director, Bank of sessions, competitions and activities for employees and their family tive coal mining sector. Dulanga in Odisha and Talai- ted to deliver reliable, afford-
not only for the market but also Maharashtra received the award from Nityanand Rai, Minister of members to address the key objectives of raising their Cyber Security Till date, NTPC Mining palli in Chhattisgarh ensur- able and sustainable power to
for consumers who seized the State for Home Affairs, Govt of India. awareness. has produced more than 123 ing fuel security for thermal the nation.  MPOST
opportunity and also generated
significant wealth. The event

IREDA loan sanctions BPCL’s MAK Lubricants supports India’s NTPC records 219.94 BU
attracted over 10,000 attendees.
This time around, the pro-

Green Steel Vision at MMMM 2024 generation in H1 FY25

motional campaign ‘BIG BIL-

increase over 300% to

LION PROPERTY SALE’
extends its reach beyond Gurg-
aon to encompass Delhi, Noida,
and Panipat.
With both M3M Group `17,860 crore in H1 FY25 Bharat
NEW DELHI/MUMBAI:
Petroleum Corporation Coal stations recorded a plant load
and Smartworld as participat-
ing developers, the campaign NEW DELHI: Indian Renew-
Ltd (BPCL) participated in the
MMMM 2024, a prestigious
factor of 76.3% in April-Sept 2024
showcases some of the finest able Energy Development Loan disbursements event focusing on innovations
developments in both residen- Agency (IREDA) has said that also grew by 56% in metal production and sus- NEW DELHI: NTPC Ltd, NTPC Ltd. is India’s largest
tial and commercial portfolios. its loan sanctions jumped 303 tainable practices in the steel India’s largest integrated power integrated power utility, con-
Adding further value to the per cent y-o-y to Rs 17,860 to Rs 9,787 crore industry. utility, recorded a generation tributing 1/4th of the power
proposition, customers can now crore in April-Sept FY25. from Rs 6,273 The event, organised by of 219.94 billion units (BU) in requirement of the country.
own properties by paying just 24 Loan disbursements Hyve India Ltd., IIM Delhi H1 of FY25, at a growth of 3.91 With a diverse portfolio of ther-
per cent, with the balance pay- also saw significant growth, crore in Sept 2023 Chapter, Metalogic PMS, and Heavy Industries, Bhupathiraju sustainable practices through per cent against corresponding mal, hydro, solar (both ground
able upon possession, making increasing by 56 per cent to the World Metal Forum was Srinivasa Varma. its MAK Hydrovis series, MAK period of previous year. mounted and floating solar),
this one of the most enticing Rs 9,787 crore from Rs 6,273 year. “IREDA’s strong financial hosted at Yashobhoomi from Emphasizing the impor- Amocam Plus series, MAK Syn- NTPC coal stations recorded and wind power plants, NTPC
propositions of 2024. crore recorded in September results highlight the increas- September 27 to September 29, tance of MAK Lubricants in the gear series, MAK Steel grades, a plant load factor (PLF) of 76.3 is dedicated to delivering reli-
Premium properties with 2023, the company said in a ing demand for clean energy 2024, included an international ongoing transformation of the MAK Multiplex CS2 grease, per cent during Apr-Sept 2024. able, affordable, and sustain-
ticket sizes starting from Rs 1 statement on Monday. financing and our dedica- conference on ‘Process & Prod- steel industry, Subhankar Sen, MAK Hitemp Xtra grease etc NTPC has significantly able electricity to the nation.
crore, now available for first The company’s loan book tion to supporting the green uct Innovations in Metal Pro- Business Head (Lubes) at BPCL- all of which are designed to ramped up its power genera- The company is committed to
time. We are targeting to achieve outstanding stood at Rs 64,500 energy transition,” Pradip duction’ and an open seminar said: “MAK Lubricants from offer perfect lubricant solu- tion, ensuring a steady and reli- adopting best practices, foster-
a sale of Rs 24 billion in 24 days, crore, up 36 per cent from Rs Kumar Das, CMD of IREDA, on Green Steel Production. Bharat Petroleum Corporation tions for facilitating the steel able supply of electricity as the ing innovation, and embracing
which is a billion-rupee sale 47,514 crore in the previous said.  MPOST The event was inaugurated Limited is complimenting steel sector’s adoption of sustainable nation’s electricity demand con- clean energy technologies for a
every 24 hour!  MPOST by Minister of State for Steel and industry’s increasing focus on practices.  MPOST tinues to soar to newer peaks. greener future.  MPOST