ECONOMY, P2 & 16 COMPANIES, P4 ADVANCE ESTIMATE Govt sees 3% decline in wheat output at 106.41 MT in 2021-22 BACK PAGE, P24 POWER CRISIS EYEING FUTURE PREMIUM FEATURES Fall in spot prices may hit ICB power units' plan to raise output M&M explores use of Volkswagen’s electric platform for its EVs WhatsApp Business to open up with cloud API, offer vanity URLs NEW DELHI, FRIDAY, MAY 20, 2022 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL XLVIII NO. 68, 28 PAGES, `10.00 (PATNA & RAIPUR `10.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 52,792.23 ▼ 1,416.30 NIFTY: 15,809.40 ▼ 430.90 NIKKEI 225: 26,402.84 ▼ 508.36 HANG SENG: 20,120.68 ▼ 523.60 `/$: 77.73 ▼ 0.14 `/€: 81.60 ▲ 0.03 BRENT: $108.67 ▼ $0.44 GOLD: `50,487 ▲ `239 GST Council's opinion not binding: SC Ruling won’t alter tax regime, says revenue secy PRASANTA SAHU & INDU BHAN New Delhi, May 19 THE SUPREME COURT on Thursday ruled that the Goods and Services Tax (GST) Council's recommendations are not binding on the Union government andstatesbuthaveapersuasivevalueas the country has a cooperative federal structure.The Centre and state governmentshavesimultaneouspowerstolegislateonGSTbutthecouncilmustwork in a harmonious manner to achieve a workable solution,the courtsaid. While the Union revenue secretary TarunBajajsaidtherulingdoesn'talter the GST governance architecture from what is enshrined in the relevant laws, itmayhaveramificationsforthecouncil's functioning. Finance ministry sources said while the recommendations of GST Council would have only persuasive value for primary legislation,i.e.framingoflaws,itssuggestions arebindinginmattersconcerningsubordinate-legislationsuchasissuanceof notification,framingofrules,prescribing rates and taxes,etc. “It is thus amply clear that the apex courthaselaboratedupontheconstitutionalschemeconcerningGST.Asstated in Article 279A, the council inter alia makes recommendation to the Union The GST Council was becoming in some ways a mere ceremonial seal... I am glad this judgment clarifies the matter —P THIAGA RAJAN, FM, TAMIL NADU The spirit of the judgment upholds the need for consensus and the spirit of federalism, which has been steadily waning —AMIT MITRA, FORMER FM, WEST BENGAL ● THE UNRAVELLING OF UNIFORMITY PROMISE PAGE 6 and the states on issues such as model GST law, principles of levy, apportionment of GST levies on inter-state supplies,principles relating to place of supply,GSTratesandspecialprovisionswith respecttocertainstates,”theyadded. Continued on Page 2 Edible oil prices to come down as Indonesia lifts export ban SANDIP DAS New Delhi, May 19 INDONESIA ON THURSDAY decided to lift a three-weeks-old ban on palm oil exports effective next Monday, a move that would ease domestic supplies of the widely used edible oil and softening of its prices. Domestic edible oil prices have increased by more than 30% in the last one year, taking cue from global elevated prices due to shortfall in production. Rise in edible oil prices have, in recent months, been a significant driver of retail food inflation, which stood at 8.38% in April, higher than headline inflation of 7.79%. India imports about 55% of its annual edible oil consumption. Annual imports of edible oil is around 13 million tonne (MT), mostly palm oil (8 MT), soyabean and sunflower.Palm oil imports are from Malaysia and Indonesia. D-STREET SEES FREE FALL Stock market indices on Thursday plunged over 2.6% in line with Asian peers. Investors in India lost `6.58 trillion. Nifty50 16,050 15,975 Intra-day, May 19 53,300 15,809.40 52,500 Intra-day, May 19 Nifty IT 29,600 33,315.65 33,400 Intra-day, May 19 29,100 28,352.15 Open Close 1,009.40 -6.0 1,427.15 -5.4 Tech Mahindra 1,108.35 -5.4 TCS 3,261.95 -5.4 Gain (%) 275.65 3.3 Open 1.5 0.62 0.71 2018-19 2019-20 2020-21 2021-22* Source: SEA, *provisional New Delhi ITC Power Grid Corp 30,077.70 Continued on Page 2 Edible oil imports (` trillion) 1.17 -6.3 Dr Reddy's Labs 3929.45 28,100 Prev. close: 27,600 451.15 Wipro 29,448.45 28,600 Prev. close: 34,163.70 Fall (%) Close (`) Close 33,461 33,550 33,100 Close Open Close (`) Infosys Previous close: 54,208.53 Bank Nifty 15,750 IT stocks slide the most on Nifty50 HCL Tech 52,792.23 52,700 33,250 Open SENSEX Intra-day, May 19 52,900 15,825 Prev. close: 16,240.30 53,067.39 53,100 33,700 15,978.90 15,900 53,500 Close Report on Page 9 228.30 0.6 0.2