Page 741 - Business Finance
High value cars, jewellery to become cheaper as TCS to be excluded in computing GST
In a relief to buyers of high value cars and jewellery, the CBIC has said that the TCS amount would be excluded from the value of goods for computing GST liability. Under the Income Tax Act, tax collection at source (TCS) is levied at 1 per cent on purchase of motor vehicles above Rs 10 lakh, jewellery exceeding Rs 5 lakh and bullion over Rs 2 lakh. TCS is also levied on other purchases at different rates. The Central Board of Indirect Taxes and Customs (CBIC) in a circular said that the TCS amount would be excluded from the value of goods while computing the Goods and Services Tax (GST) liability. Earlier in December, the CBIC had said that the TCS amount would also be included while ascertaining the GST liability on goods on which TCS is applicable under the I-T Act. In view of the representations received from various stakeholders and after consultation with the Central Board of Direct Taxes (CBDT), the CBIC has decided to exclude the TCS amount paid while valuing the goods for the
Closely monitoring developments at Jet Airways: Suresh Prabhu (IANS interview)
"Government is closely" monitoring the situation at Jet Airways even as negotiations to save the financially beleaguered airline continue, Union Minister Suresh Prabhu said in an interview.
FinMin eyeing part of non-core asset sale proceeds of CPSEs as dividend
The Finance Ministry is working out a mechanism under which CPSEs will have to part with a portion of the proceeds of non-core asset sales as dividend to the exchequer, an official said. However, proceeds from the non-core asset sales of state-owned companies which are candidates for strategic disinvestment and funds raised through sale of immovable enemy property will be treated as 'disinvestment proceeds', the official added. The Cabinet had last week approved laying down of procedure for monetisation of non-core assets of Central Public Sector Enterprises (CPSEs), including those which are up for strategic sale. It had also cleared the proposal for sale of immovable enemy property. Niti Aayog has been asked to draw up a list of non-core assets of CPSEs, whether profit making or loss incurring, for possible monetisation. "Modalities for monetisation of non-core assets of healthy as well as sick CPSEs are being worked out so that a portion of the amount can be realised by the ...
Danish HVAC co Danfoss eyes Rs 2,000-cr topline by 20
Denmark-based heating, ventilation and air-conditioning (HVAC) major Danfoss is eyeing a topline of Rs 2,000 crore from its India operations over the next two years as it continues to increase local manufacturing. The company, which has three plants in the country, is also in the process of more than doubling its local supplier base to achieve the revenue target, Danfoss India president Ravichandran Purshothaman told PTI. Currently, Danfoss India meets 30 percent of demand from local manufacturing and the target is to more than double this and take this to 70 percent, he said. "India is one of the priority markets for Danfoss, we want to expand our business here. Currently, nearly 30 percent of our products sold here are locally manufactured. But we want to take this to 70 percent in the coming few years," he said. Danfoss India, which closed 2018 with a revenue of Rs 1,400 crore, expects the same to grow to Rs 2,000 crore over the next two years as it plans to increase .
Daewoo Motors India assets to be auctioned to recover Rs 2,250-crore
Assets of the erstwhile South Korean global automobiles giant, Daewoo Motors India Ltd., which were taken over in 2008 by a newly-formed Pan India Motors, would again go under the hammer on <x-apple-data-detectors://6>April 11 <x-apple-data-detectors://6> and DRT Mumbai aims to recover around Rs 2,250 crore from the auction.
PNB sanctions loans worth Rs 689 cr to 1,600 MSMEs via psbloansin59minutes.com
State-owned Punjab National Bank (PNB) has sanctioned loans worth Rs 689 crore to over 1,600 Micro, Small and Medium Enterprises (MSMEs) through the psbloansin59minutes.com portal as part of its effort to promote such industries. Under the Mudra Yojana, the bank has offered loan to over 2.69 lakh small entrepreneurs this fiscal (till February 14, 2019). "In November 2018, Hon'ble Prime Minister announced the launch of the 59 minute loan portal to enable easy access to credit for MSMEs. Under this initiative, the bank has sanctioned loans to over 1,600 accounts with total sanctioned amount of Rs 689 crore (till February end)," PNB managing director Sunil Mehta told PTI. MSMEs through this portal can avail loans of up to Rs 1 crore in 59 minutes or less than an hour. MSMEs apply for loans using their GST registration as the portal is integrated with GST server at the back-end as well as IT, credit bureaus and banks. It is able to quickly score the applicant on individual models of ...
Industrial production, inflation data to steer stock markets this week: Analysts
Stock market movement this week would be guided by macroeconomic data like industrial production and inflation as well as global cues, analysts said. Movement of crude oil, rupee and investment trend by overseas investors would also influence trading sentiment, they added. "This week, fundamentals, economic data and domestic cues will play a major role since we have a large number of data releases lined up. CPI inflation, industrial output and cumulative industrial output will have a major role in giving some important cues to the market," said Mustafa Nadeem, CEO, Epic Research. Debabrata Bhattacharjee, Head of Research, CapitalAim, said," This week market will watch CPI, WPI data. On the international front we watch out for US retail sales on Monday and China industrial production." The Indian equity markets are likely to remain slightly positive on account of steady inflow by foreign investors. However, global developments combined with election events are likely to keep indices ...
China's Yi: Envoys discussed avoiding currency as trade tool
American and Chinese envoys discussed sticking to promises to avoid "competitive devaluation" to boost exports during negotiations aimed at ending a tariff war, China's central bank governor said Sunday. Yi Gang gave no indication the two sides reached any agreements beyond previous commitments made at meetings of the Group of 20 major economies. He spoke at a news conference during the annual meeting of China's ceremonial legislature. Yi took part in the latest round of talks in Washington, along with China's economy czar, Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Stephen Mnuchin. "We discussed that both sides should abide by the commitments made at previous G20 summits, such as refraining from competitive devaluation and using exchange rates for competitive purposes," Yi said. Negotiators also discussed "how to respect the right of each other's monetary authority in deciding its own monetary policy," said Yi. He said they discussed the ...
Over 1,000 tankers with petroleum products reach Kashmir Valley
Over 1,000 tankers carrying petroleum products has reached the Kashmir Valley as vehicles carrying essential supplies were allowed to ply on the Jammu-Srinagar highway, a traffic department official said on Sunday.
Operational creditors benefits equally from IBC: IBBI
The Insolvency and bankruptcy Board of India (IBBI) Saturday said both operational and financial creditors have benefitted alike from resolutions under the IBC. IBBI chairman M S Sahoo said that it would be undair to say that resolutions under the Insolvency and Bankruptcy Code (IBC) were tilted towards operational creditors, as is widely perceived. "Our data shows that after resolutions, recovery of financial creditors on an average have got 48 per cent of their claims. While, the operational creditors from the same resolution have got back 48.3 per cent, though marginally, they are better treated," Sahoo said here on the sidelines of Calcutta Chamber of Commerce interaction on IBC. "NCLT (National Company Law Tribunal) does not approve a plan unless it balances the interest of all the stakeholders," Sahoo said. In December, the NCLT had observed that operational creditors should have voting rights to have a bigger say in any resolution process. Sahoo, however, did not
Railway revises percentage distribution of Track Maintainers' posts
In order to give promotion benefits, Raliways Friday revised the percentage distribution of posts of Track Maintainers, stating that those belonging to top three categories would be 10 per cent, 20 per cent and 20 per cent, respectively. Till date, the percentage of Track Maintainers who belonged to top three categories were 6 per cent, 12 per cent and 12 per cent, respectively. From now onward, the "Track Maintainer-IV" category, which is the bottom most category, would have only 50 per cent of the Track Maintainers, stated the Railway Board order dated March 8. Earlier, it was 60 per cent. "The matter has been examined and keeping in view the functional, operational and administrative requirements and career progression and working condition of Track Maintainers, it has been decided... that percentage distribution of posts of Track Maintainers shall be revised," Railway Board order said. "The issue of revision of existing percentage distribution of posts of Track Maintainers has ...
Why Saudi oil minister is on his second visit to India in less than 3 weeks
Al-Falih last visited India on February 20 as part of the high-level delegation that travelled with Saudi Crown Prince Mohammed bin Salman for a bilateral visit
 "Why Saudi oil minister is on his second visit to India in less than 3 weeks")
Tata Motors' global sales down 9% in February
Tata Motors Group here on Saturday reported a 9 per cent decline in global sales to 110,262 units in February, including Jaguar Land Rover, compared with February 2018.
GMR Infra bags contract to manage Nagpur airport
GMR Infrastructure Saturday said its subsidiary has bagged contract to manage Nagpur airport from MIHAN India. "With regard to privatisation of Nagpur Airport, we wish to update that GMR Airports Limited (GAL), the company's subsidiary has received the formal letter of award from MIHAN India Limited, the concessioning authority for the Nagpur Airport, towards the development, operations and management of Dr Babasaheb Ambedkar International Airport, Nagpur," GMR Infrastructure said in a regulatory filing. The award is at a revenue share of 14.49 per cent of gross revenues, it said.
(SATURDAY) 'Permanent' capital: Vital differentiating factor for business (Column: Behind Infra Lines)
Global trends in money management and business efficiency are a useful guide to build and scale Indian businesses, especially to increase the efficiency of capital usage.
Corporates urged to contribute to housing for all scheme
Tamil Nadu Municipal Administration Minister S P Velumani Saturday urged the corporates to contribute towards the Housing for All scheme. "Tamil Nadu government is doing everything possible to implement the scheme. And if corporates can contribute, more people from the poorer sections of the society will benefited from it," Velumani said. He was addressing a summit on CSR experience and impact with focus on "Reviving innovative and successful models for sustainable tomorrow," organised by CII Southern Region here. ACC has recently constructed 100 houses for the poor and if the corporates could help in such projects, there would be more beneficiaries, he said. On various projects coming up in the city, Velumani said the 400-acre CODISSIA industrial park project, extension of the defence corridor and airport expansion plan for which Rs 75 crores had been given to land owners as the first instalment, would lead to development and generate more employment. The summit had ...
Future Retail to spend Rs 200cr for new Big Bazaar outlets in
Future Retail would spend Rs 150-200 crore a year for expansion of Big Bazaar stores in the eastern region, a company official said Saturday. The company would open around 25 such stores from April this year in eastern India, the official said. "We have a pipeline of around 25 Big Bazaar stores in the eastern region. Each store requires an investment of around Rs 2,000 per square feet for interiors only," CEO of eastern region of Future Retail Manish Agarwal told PTI. Agarwal said the eastern region contributed 25 per cent of the national sales, adding that West Bengal accounted for 30 per cent of the revenues from the east. The company would open 7-8 stores in Kolkata and its suburbs of the 25 outlets it plans to open in the east next fiscal. Agarwal said expansion was robust in West Bengal, Bihar, northeast and Odisha. Future Retail on Saturday opened its 17th Big Bazaar store in Kolkata and 30th in West Bengal.
Ban Ki-moon, Tony Blair among VIP guests at Akash, Shloka's wedding
Former UN Secretary General Ban Ki-moon, former British Prime Minister Tony Blair and his wife Cherie Blair, Google CEO Sundar Pichai, Microsoft CEO Satya Nadella and a host of politicians and film fraternity members figure in the guest list of Akash Ambani and Shloka Mehta's wedding here on Saturday.
Linking bank deposit rates with repo rates to speed up transmission process: SBI
State Bank of India (SBI) Chairman Rajnish Kumar said on Saturday that linking rates of bank deposits for Rs 1 lakh and above with the Reserve Bank of India's repo rate will speed up monetary transmission process.Repo rate refers to the rate at which commercial banks borrow money from the RBI in case of shortage of funds.He said the move will to a large extent speed up the monetary transmission process -- which is banks passing on the rate cuts that the RBI announces to their borrowers without much delays.Kumar said the issue was discussed at length in the Asset Liability Committee (ALCO). This is the only way where the bank can meet the requirement which RBI has expressed from time to time that transmission should happen.The existing guideline itself provides linking loans to the marginal cost of funds based lending rate (MCLR) or to external benchmark."All the working capital loan are theoretically are payable on demand. These loans will be continued to be linked with the MCLR," ...
Suven Life Sciences to set up subsidiary in US, to infuse USD 75 mn
Suven Life Sciences Saturday said it will create a wholly-owned subsidiary in the US and will infuse USD 75 million (about Rs 525 crore) in its new business. The board of directors at its meeting held on Saturday has taken on record the approval for creation of wholly owned subsidiary (WOS) Suven Pharma, Inc, a Delaware company in the US under Contract Research And Manufacturing Services (CRAMS) division, the company said in a regulatory filing. The board of directors has approved investment of USD 75 million in the said WOS for new business opportunities and acquisitions, it added.