Incorporating oil products under the GST will not only assist businesses in deducting tax spent on inputs, but it will also provide uniformity to the country’s fuel taxation.

“Of course, not just for the airline,” Sitharaman said, “but the worldwide price of fuel is now a problem for all of us, particularly for airlines that have not had a complete head start following the pandemic.”

She stated that she will engage with banks to see what can be done to help the aviation industry. “You also mentioned the industry status that should be given so that better banking assistance can be obtained. “I’ll talk to the banks about it,” she replied. In his remark, Singh stated that banks, rather than supporting stressed industries, are withholding credit from them. “As a result, I request that the government send a message of support.”

“If certain sectors could be classified under priority loan or infra category for a period of two or three years, that would assist because the banks are not there when we need them; they are in sectors that are performing well, and that is causing a lot of stress,” Singh added.

“I recognise there are major challenges for you,” Sitharaman stated in her response. Just as we were beginning to believe that the airline industry would recover, Omicron entered the picture, and states, ever cautious, have imposed new restrictions on people’s movement, and…internationally, quarantine requirements are wreaking havoc on the airline industry at a time when it is expected to recover.”

Concerning issues facing the renewable energy sector, the minister stated that more coordination between the states and the Centre is required, and that the challenges that the sector suffers as a result of legacy issues would be solved first in order to attract more investment.

“There are still highly entrenched difficulties in this sector, which we are striving to address layer by layer, and the electricity minister is collaborating with us all.”

“Hopefully, the challenges that the industry faces as a result of legacy issues will be addressed and pushed out of the way so that futuristic finance and improved collaboration opportunities can be worked out.” This isn’t going to take long. “We’d prefer to get this sorted out as soon as possible,” Sitharaman stated.

She stated that the power ministry is already working with the states to resolve energy sector issues so that the Prime Minister’s assurances made in Glasgow are kept.

Prime Minister Narendra Modi issued a bold vow to attain net-zero carbon emissions by 2070 in his presentation to the COP26 in Glasgow in November, asserting that India is the only country delivering on the Paris Agreement’s climate change pledges in law and spirit.

ReNew Power Chairman and CEO Sumant Sinha, speaking at the Assocham post-budget conference, said the boldest step was providing Rs 19,500 crore in the Budget for the solar PLI plan. It will establish India as a viable alternative to China as a manufacturing site, he claims.

“I would propose the formation of a domestic carbon market,” Sinha continued, “because if we truly want to go forward on penalising corporations and people who consume carbon, I believe a price on carbon would be quite beneficial.”

Source: https://timesofindia.indiatimes.com/business/india-business/centre-to-bring-atf-inclusion-in-gst-for-discussion-in-next-council-meet-fm/articleshow/89388517.cms