
Puducherry urges Centre to continue with additional power allocation till September
In a representation to Union Minister for Power Manohar Lal Khattar, Home Minister A. Namassivayam said the Centre has allocated 105 MW of power to the Union Territory till May 31 for meeting the electricity requirements during summer.
'As there is no significant power generation within UT of Puducherry, I kindly request you to continue the availability of the additional power as allocated till September,' the representation said.
Mr. Namassivayam has requested the Centre to consider the UT's demand of additional 80 MW through General Network Access. For Puducherry, the present total load transfer capability from the Southern Grid is 540 MW, he noted.
He wanted the Neyveli Lignite Corporation to complete the works for installing additional interconnecting transformer at NLC to ensure power reliability in UT.
As part of improving the power infrastructure in Puducherry, the Minister said the UT was taking steps to establish new sub stations, augmenting 230 KV and 110 KV sub stations. It was also taking steps to strengthen internal transmission grid, procure 50 MW of power from NTPC, Telangana, 100 MW from NLC ,Talibara and 50 MW from Kudankulam Unit-3 and 4 to meet additional power requirements, he said.

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Time of India
an hour ago
- Time of India
Former finance minster Buggana Rajendranath lashes out at state's false claims on GST revenue
VIJAYAWADA: Former finance minister Buggana Rajendranath has lashed out at the state govt for making false claims about the GST collections growth rate in the state. He said that state govt's claims demonstrate the extent to which it can stoop to misrepresent a depressing result to make it appear as a stupendous success. Speaking to media here on Monday, Buggana said that the govt stated that GST revenues projected in the budget for FY 2025-26 at Rs. 27,477.15 crores and the GST revenues for the first four months of current fiscal were Rs. 16,754 crores. 'The govt apparently celebrates this extraordinary performance that could demonstrate 61% accomplishment of target for the year insofar as GST revenues are concerned. However, the truth is far away from what govt claims," said Buggana. He said that the CAG monthly key indicators conveys that the GST revenues for the first 4 months of this financial year are Rs. 16,754.91 crores. However, the CAG report also conveys that this figure includes receipts on account of CGST as part of State's share in central taxes. This does not reflect the performance of the State. 'If Centre's share is removed, the actual SGST (State GST) revenues received by the State government during the first four months of this financial year is only Rs. 10,769.55 crores," explained Buggana. He said that the state govt had actually projected the GST revenues for the current fiscal at Rs. 40,718.12 crores, but not Rs.27477 crore. 'Therefore, the % of accomplishment during the first 4 months is only 26.45% (Rs. 10,769.55 crores of Rs. 40,718.12 crores). Going by the budgeted figure, the SGST revenues for the first 4 months in FY 2025-26 should have been Rs. 13,571 crores, against this, the achievement is only Rs. 10,769.55 crores," said Buggana. He criticised the state govt for shamelessly boasting of achievement despite poor performance. He said that the SGST revenues during the first four months of this financial year 2025-26 is Rs. 10,769.55 crores is lesser than the SGST revenues during the corresponding period of last financial year which is Rs. 10,868.09 crores. 'When we compare the year-on-year performance, the SGST revenues have reported a negative growth of -0.91%," said Buggana. The CAG figures convey another important aspect, the sales tax revenues another important indicator of consumption in the State demonstrated a year-on-year growth of only 0.78%, during the first 4 months of FY 2025-26. Another aspect is that the aggregate of the State's own tax revenues and non-tax revenues estimated for FY 2025-26 as per budget documents is Rs. 1,27,702.77 crores and as per CAG report, from which state achieved only Rs. 29,511.03 crores, translating to an achievement of only 23.11%. 'Going by the budget figure, the actual State's own revenue receipt during the first 4 months should have been Rs. 42,563 crores. However, the receipts remained just around Rs. 29,511 crores, which shows poor performance of the state,' said former finance minister. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.


New Indian Express
2 hours ago
- New Indian Express
Congress says GST reforms vindicated
Prime Minister Modi on Sunday said the Centre has circulated the draft of the next-generation GST reforms among states and sought their cooperation to implement the proposal before Diwali. He said the reform in GST would benefit poor and middle-class people, as well as small and big businesses. Modi had announced the proposal to reform the GST law in his Independence Day speech on August 15 from the ramparts of the Red Fort. The present GST tax rates of nil/zero on essential food items, 5 per cent on daily use products, 12 per cent on standard goods, 18 per cent on electronics and services and 28 per cent on luxury and sin goods will be replaced by two tax slabs of 5 per cent and 18 per cent plus a special 40 per cent top bracket for 5-7 demerit goods. The proposed two-slab regime, if approved by the GST Council, will replace the current four slabs in the Goods and Services Tax (GST) regime, doing away with the 12 per cent and 28 per cent slabs. The changes that have come about after nearly six months of deliberations and dozens of meetings have been conceived in a way to ensure that demand for tax tweaks does not arise, and also that input tax credit (ITC) does not get accumulated in the system.

Economic Times
2 hours ago
- Economic Times
Rs 2.4 lakh crore GST boost! Jefferies, Morgan Stanley decode impact on stocks, economy
Prime Minister Narendra Modi's announcement of the GST reform on Independence Day has prompted brokerages to forecast a demand boost of Rs 2.4 lakh crore, potentially adding 50–70 basis points to India's GDP growth and reshaping the nation's consumption story. With implementation expected around Diwali, Sensex and Nifty surged on Monday as investors rushed to pick auto and consumption stocks likely to be the biggest winners. ADVERTISEMENT The indirect tax reforms, coming on the heels of income tax cuts rolled out in April, promise what analysts are calling a 'meaningful push to consumption' just as India heads into the crucial festive season. Kotak Equities said the GST rate rationalization could unleash a Rs 2.4 trillion demand boost, with autos and consumer durables emerging as the biggest winners, though cement may see more limited gains. The proposal to streamline GST into two principal slabs of 5% and 18%, with a higher 40% rate for luxury and sin goods, represents a seismic shift. Nearly 99% of items in the 12% bracket are expected to move to 5%, while around 90% of goods in the 28% slab may shift to 18%.'Rationalisation of GST rates should boost discretionary consumption by meaningfully lowering prices for end consumers. Importantly, reductions in GST rates could help reduce the burden on low-income households, given that indirect tax structures are regressive in nature. Indeed, the share of indirect taxes in total gross taxes has declined from 44.8% in FY2015 to 41.5% in FY2025,' Morgan Stanley's Upasana Chachra an improving trend in aggregate demand is likely to lift business sentiment, support higher capacity utilisation rates, and ultimately augur well for the labour market outlook and private capex activity. 'These combined forces of better consumption and investment activity are likely to stimulate economic activity and provide upside to GDP growth estimates of 50–70 bps on an annualised basis,' the brokerage said. ADVERTISEMENT CPI inflation is estimated to fall by 40 basis points. While the fiscal balances of the Centre and states are likely to come under pressure due to revenue losses, this could be partly offset by higher GDP growth, improving direct and indirect tax collections. 'We expect the net effect on growth to be positive, as the multiplier for indirect tax cuts is 1.1,' Morgan Stanley said. Unlock 500+ Stock Recos on App Also Read | GST Reforms 2.0: Full list of over 40 stocks that can benefit from PM Modi's Diwali promise ADVERTISEMENT Emkay Global's analysis revealed the fiscal mathematics: "We estimate GST changes-led general government revenue loss of ~0.4% of GDP on an annualized basis, with states bearing a disproportionate hit." The brokerage projects "CPI inflation could also ease by ~50-60 bps over a year.""This move strengthens our sectoral rotation theme 'Consumption over Capex'," Emkay added, highlighting the fundamental shift in India's growth drivers. ADVERTISEMENT Besides, the GST rate cut may raise hopes of further rate cuts by the RBI. ICICI Securities believes next-generation GST reforms could be another step in a series of pro-growth measures announced by policymakers in the recent past, beginning with tax cuts for the middle-income group, cuts in interest rates, liquidity boosts, and a revival in government brokerage emphasized the strategic importance of the reforms, stating, 'In our view, such steps are necessary to cushion against uncertainties emanating from the external sector due to US tariffs and increasingly inward-looking global policies.' ADVERTISEMENT Jefferies identified the sector's biggest beneficiaries upfront: "2-wheelers, cement, AC likely big govt. targeting relief in GST rates for certain 'essential and aspirational goods', we believe likely beneficiaries may include currently 28% taxed goods such as 2-wheelers, ACs, and possibly small cars & Hybrids (eff. rate 29-31%)."In case the tax is lowered for the auto sector by 10%, it could boost demand by 15-20%, according to Nomura estimates. However, the brokerage warned of a potential casualty: "EVs (currently at 5% GST rate) may see a meaningful impact on demand as the price gap with ICE will likely increase sharply."Other sectors that stand to benefit include consumer staples (through better demand, lower raw material costs), cement, hotels, retail (footwear), consumer durables (mainly RACs), logistics, quick commerce, and EMS, Motilal stock beneficiaries, according to brokerages, are HUL, Britannia, Maruti, Ashok Leyland, Ultratech, Voltas, Amber, Delhivery, LemonTree, Swiggy, HDFC Bank, and Bajaj such as tractors, which are currently taxed at 12%, could move to the 5% bracket, while air-conditioners (ACs) may benefit from a shift to 18%. Food companies may also benefit as their tax may drop from 12% to 5%, Jefferies Stanley flagged potential near-term disruption: "In the near term, there could be some impact on volume growth as consumers potentially defer their spending until clarity emerges on the new GST regime."Nomura echoed this concern, saying that widespread newsflow of the GST cut may further slow down consumption temporarily in certain big-ticket categories such as automobiles and ACs, and dealers carrying inventory may bear inventory loss, which companies may need to compensate Rs 2.4 lakh crore in demand stimulus in the offing, India stands on the brink of its most significant consumption boost in years. As markets position for this tectonic shift from 'Capex to Consumption', the next few months could determine which stocks emerge as the ultimate winners in Modi's GST revolution 2.0. The message from brokerages is clear: buckle up for a consumption cycle that could redefine India's growth trajectory. 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