MORERepresentative imageNEW DELHI: India Inc. is worried over the growth in illicit trade and views it as a threat to the economy and security of the country that needs to be tackled on a war footing. A FICCI report based on data from international agencies states that the impact of India’s illicit financial flows works out to around 5 per cent of the country’s GDP. “Trade-based money laundering in India soared to a $674.9 bn for the 10-year period from 2009 to 2018 which reflects the magnitude of illicit trade that has emerged as a major threat to the country’s economy and security,” the report said. The quantum of money laundering in India can be estimated at $159 billion which is around 5 per cent of GDP. © Copyright | Powered by Hocalwire

Follow UsThe central government is “fully ready” to implement imposition of 28 per cent GST on online gaming, casinos and horse racing from October 1 even though implementation in states would depend on the passing of related legislation, Sanjay Kumar Agarwal, Chairman, Central Board of Indirect Taxes and Customs (CBIC) said on Thursday.The decision to impose 28 per cent GST on online gaming, casinos and horse racing was taken in the 51st GST Council meeting held in August. Online gaming companies have been pitching for lower taxes and there have been speculations that the GST Council may review its decision in its upcoming meeting scheduled to be held on October 7.Talking to reporters on the sidelines of an event organised by industry body FICCI CASCADE, Agarwal said, “We are fully prepared to bring it into effect from October 1. As per the decision taken in the last meeting of the GDT Council, the related notifications are under process.”Agarwal further noted that states would be required to get approvals from their respective legislative assemblies in order to implement the new tax on online gaming, casinos and horse racing. “It is necessary for all states to pass the law or come out with an ordinance. Every state needs to pass the required legislation,” he said.Earlier, addressing the inaugural of the two-day ‘MASCRADE 2023’ event, Agarwal said tax authorities have taken a number of steps to reduce the menace of fake claim of input tax credit under GST.“An environment is being created so that the fraudsters are not allowed to enter the ecosystem and pollute it. The recent decisions taken in successive GST Council meetings, to make the suitable changes in return filing are in that direction only, so that menace of fake ITC is curbed,” he added.

Soumik DuttaI | NT Bengaluru | New Delhi: During the recent India energy transition summit 2023, the Union Minister of Power and New & Renewable Energy Raj Kumar Singh, emphasised that India currently has 188,000 MW of installed non-fossil fuel based energy capacity, with an additional 88,000 MW under installation.The country is expected to reach 500 GW by 2030, and is on track to do so well before that deadline. The minister further underlined that India only produces 4 per cent of the world’s carbon dioxide load, while having 17 percent of the world’s population.India’s per capita emissions are roughly 2.2 tonnes, which is much less than the world average of 6.3 tonnes and highlights the country’s energy use practices.The Minister emphasised the government is dedicated to environmental protection. According to the minister, India is the only significant global economy whose energy transformation initiatives are in line with keeping the increase in world temperature to within two degrees celsius.India had completed all of its nationally determined contributions (NDCs) about ten years earlier than expected. Secretary of MNRE, Bhupinder Singh Bhalla drew attention to India’s outlined strategy for rapid expansion of its clean energy capability.The country achieved 15 GW of clean energy capacity last year. It aims to rise to 25 GW in 2023, with ambitions to increase to 40 GW in 2024.The secretary also referred to the yearly bidding trajectory for the following five years, which sets a goal of 50 GW of new capacity annually, at least 10 Giga watts (GW) of which will come from wind energy.President of Federation of Indian Chambers of Commerce and Industry (FICCI), Subhrakant Panda also mentioned the considerable interest that domestic and foreign investors have shown in India’s renewable energy sector as businesses deal with decarbonisation.Panda also emphasised the significant supply-side investments required to reach the goal of 500 GW of renewable energy generation by 2030. It is necessary to make investments in transmission networks, evacuation facilities, and energy storage systems, among other things, totalling up to Rs 20,000 trillion.According to a FICCI-Deloitte report titled India’s energy transition pathways- a net-zero perspective, in a net-zero scenario with aggressive power saving initiatives, India’s ultimate energy demand is predicted to double to approximately 1200 million tonnes of oil equivalent by 2070.India will need to make a large US$ 15 trillion investment to reach its net-zero emissions goal by 2070. The report emphasises three key pillars that are expected to handle 90 per cent of India’s emissions and serve as the foundation for the country’s ambitious energy transition plans.These include grid decarbonisation, industrial decarbonisation, and transportation transformation (to EVs). The delicate balance between growth and decarbonisation is key in this transition for India.Hydrogen is a viable but expensive solution, lowering the cost of clean energy; a crucial component in producing green hydrogen is the area to concentrate now.India should explore the potential of natural gas during the transition period and the role of carbon trading to encourage environmentally friendly efforts.