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Business Economy

“Meghalaya achieves positive revenue growth despite COVID-19 pandemic”

Shillong, Apr 8 (UNI) Meghalaya has achieved a positive revenue growth despite the COVID-19 pandemic that had severely affected India’s economy, an official said on Thursday.
"Tax collections in the year 2020-21 stood at Rs. 1,526.50 crore (provisional, expected to go up) compared to Rs. 1,488.37 crore in 2019-20 when GST compensation is not taken into account,” Meghalaya Commissioner of Taxes Arunkumar Kembhavi said.
“If GST compensation is considered, the revenue collection in 2020-21 stands at Rs. 1,698.87 crore (provisional) compared to R.s 1,589.82 crore in 2019-20 showing a positive growth of 6.86 per cent," he further said.
Khembavi said the GST revenue collection in March 2021 stood at Rs 101.75 crore compared to Rs 58.55 crore in March 2020 showing a phenomenal growth of 73.78 per cent.
“We are optimistic about achieving double-digit growth in the financial year 2021-22,” he said.
He said the growth was possible because of the several reforms implemented by the taxation department and credited the extra efforts put in by the department officials to improve the percentage of return submission by the taxpayers, disposal of the assessments and the recovery of arrears "especially from bonded warehouses and petrol stations.
He further informed that the department had, for the first time, implemented the Tax Amnesty Scheme through the Meghalaya Settlement of Arrears Act, 2020, which saw a tremendous response from tax defaulters.
"The department also shifted the backend operating system for GST from NIC Meghalaya to the system developed by GSTN, New Delhi, to further streamline the GST backend procedures," Kembhavi said.
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CIMCON partners with UST to market smart lighting controls, city platforms

16 Apr 2021 | 11:12 PM

Thiruvananthapuram, Apr 16 (UNI) CIMCON Lighting Inc (CIMCON), the leading global provider of smart city technologies, has announced a strategic partnership with UST, a leading digital transformation solutions company, to build and accelerate the time to market of CIMCON’s best-in-class smart lighting controls and smart city platforms, in an effort to help cities and utilities more rapidly realize the benefits of smart city applications.

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ESAF Bank raises Rs 162 crore through preferential allotment

16 Apr 2021 | 10:04 PM

Kochi, Apr 16 (UNI) ESAF Small Finance Bank has raised Rs 162 crore as equity through preferential allotment of shares.

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Shatplus, a ray of hope for healthy body and improved immunity

16 Apr 2021 | 8:23 PM

Pune, Apr 16 (UNI) Bharat Vikas Group (BVG), Life Sciences Limited, a next generation health and wellness company, aims to develop eco-friendly Sat innovative evidence based herbals and phytopharmaceuticals for better healthcare, a release said on Friday.

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India-France tech programme to support startups launched

16 Apr 2021 | 8:01 PM

New Delhi, Apr 16 (UNI) The MeitY Startup Hub (MSH) and La French Tech Bangalore-India have launched the Indo-French Tech Programme to support startup collaboration, facilitate a rapid convergence of the French and Indian start-up ecosystems, and establish linkages between Indian and French incubators and startups.

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Employment generation on priority for CII, advocates digitization of key services

16 Apr 2021 | 7:51 PM

Chandigarh, Apr 16 (UNI) Employment generation will be on highest priority for Confederation of Indian Industry (CII) in Northern Region (NR) with a strategic move to bring more investment and human intensive industry to the region.

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