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Wednesday,01-December-2021

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Supreme Court seeks Adani Power’s response on GUVNL’s curative plea against PPA termination

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 The Supreme Court on Thursday asked Adani Power Ltd to reply, within three weeks, on the Gujarat Urja Vikas Nigam Ltd’s (GUVNL) curative plea, challenging the 2019 apex court verdict upholding the firm’s termination of a pact with the PSU.

Attorney General K.K. Venugopal appeared for the GUVL in the curative petition before the 5-judge bench headed by Chief Justice N.V. Ramana and comprising Justices U.U. Lalit, D.Y. Chandrachud, B.R. Gavai and Surya Kant.

In a rare open court hearing on a curative petition in a commercial dispute, the bench took note of the submissions of senior advocates Harish Salve and Mukul Rohatgi, representing Adani Power (Mundra), seeking some time to file response. Venugopal and senior advocate C.A. Sundaram, who was also representing the GUVNL, said they would then like to put their rejoinder.

The bench ordered: “The respondent sought time to file a reply to the petition. Three weeks’ time given for filing the reply and two weeks thereafter for filing the rejoinder (by GUVNL).”

The top court has scheduled the matter for further hearing on November 17.

Earlier this month, the top court had decided to hear the GUVNL’s curative petition.

A three-judge bench, in its July 2019 judgment, had held that Adani Power was justified in terminating the PPA, as it could not get coal supply on time from the Naini block of Gujarat Mineral Development Corporation (GMDC). Adani terminated the pact claiming that the supply of electricity was conditional to the coal supply.

The top court had ordered the Central Electricity Regulatory Commission (CERC) to determine compensatory tariff for the power supplied by Adani Power to the state PSU.

In 2007, Adani Power (Mundra) Ltd had signed a PPA with GUVNL to supply 1,000 MW power from its project located in Chhattisgarh’s Korba.

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Delhiites suffered due to Kejriwal’s delayed decision on petrol prices: Manoj Tiwari

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BJP MP Manoj Tiwari on Wednesday said had the Delhi government reduced VAT on fuel soon after the Centre’s decision to lower the prices of petrol and diesel, Delhiites’s hard-earned money would not have been wasted.

“Kejriwal looted the people of Delhi for 27 days! The late decision (on reducing VAT on petrol) has once again proved that he does not care about the people! Had the decision been taken 27 days ago, the people of Delhi would not have lost crores of rupees,” Tiwari said in a tweet in Hindi this afternoon.

Petrol prices in the national capital have fallen by Rs 8 per litre after the Delhi government cut down Value Added Tax (VAT) on the fuel to 19.40 per cent from earlier 30 per cent.

This decision was taken after the chief minister chaired a Cabinet meeting over the issue. Till now, the petrol is being sold at Rs 103.97 and new rates will come into effect from midnight.

Meanwhile, the diesel rate in Delhi stands at Rs 86.67. In Mumbai, which is having the highest fuel rates among metro cities, petrol is retailed at Rs 109.98 per litre while diesel is being sold at Rs 94.14 per litre.

On November 4, the Centre had reduced petrol and diesel rates by Rs 5 and Rs 10 per litre respectively. Post the move, the Opposition parties in Delhi have been urging the AAP-led state government to cut VAT on petrol by at least Rs 10 per litre.

Following the Central government’s announcement, as many as 25 states and Union Territories reduced Value Added Tax (VAT) on petrol and diesel to provide relief to consumers.

A majority of these states are either ruled by the Bharatiya Janata Party (BJP) or its allies.

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Nov GST collection rises to over Rs 1.31 lakh Cr

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 India’s GST collection rose on both sequential and year-on-year basis in November.

Accordingly, the gross GST collection rose to Rs 1,31,526 crore last month.

This was the second straight month when the gross GST collection crossed Rs 1.30 lakh crore.

Besides, the GST revenue for November 2021 was 25 per cent higher than the corresponding period of last year and 27 per cent over the like month of 2019-20.

As per the Ministry of Finance, out of the total gross collection, CGST’s share was Rs 23,978 crore, SGST was Rs 31,127 crore, IGST about Rs 66,815 crore and Cess was Rs 9,606 crore.

“The GST revenues for November 2021 have been the second highest ever since the introduction of GST, second only to that in April 2021, which related to year-end revenues and higher than last month’s collection, which also included the impact of returns required to be filed quarterly,” the ministry said.

“This is very much in line with the trend in economic recovery.”

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Petrol prices cut by Rs 8/litre in Delhi

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Petrol prices in national capital fell by Rs 8 per litre on Wednesday after the Delhi government cut down Value Added Tax (VAT) on the fuel to 19.40 per cent from earlier 30 per cent.

New rates will come into effect from midnight.

This decision came after Chief Minister Arvind Kejriwal chaired a Cabinet meeting this morning.

Currently, the petrol is being sold at Rs 103.97.

In early November, the Centre had reduced petrol and diesel rates by Rs 5 and Rs 10 per litre respectively. Post the move, the Opposition parties in Delhi have been urging the AAP-led state government to cut VAT on petrol by at least Rs 10 per litre.

In India, fuel prices differ from state to state depending on the local taxation (VAT) and freight charges. Besides, the central government charges an excise duty on auto fuels. After adding excise duty, dealer commission and VAT, the retail selling price of the petrol gets nearly doubled.

From June 2017 onwards, the petrol and diesel prices in India are being revised daily at 6 a.m. via the dynamic fuel price method. Earlier, this exercise used to take place every fortnight.

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