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Government to withdraw Rs.6,000-cr worth tax cases

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Piyush Goyal

New Delhi, July 12: Following a hike in threshold limit for filing appeals in tribunals, Union Finance Minister Piyush Goyal on Thursday said the central government hopes to cut 41 per cent of tax cases. 

Addressing media on measures taken for reducing tax litigation, the minister stated, the  government hopes to cut 41 percent of tax cases after raising the threshold limit for filing appeals in tribunals and courts.”

He further said that the income-tax refunds worth around Rs 70,000 crore has been issued to the taxpayers.

“Income-tax refunds worth over Rs 70,000 crore have been issued to the taxpayers. Tax cases worth Rs 5 lakh crore stuck in litigation; new thresholds will lead to a reduction of 18 percent in tax cases,” Goyal asserted.

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Domestic political uncertainty subdues equity indices

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Mumbai, July 18: Domestic political uncertainty in the wake of a no-confidence motion against the central government dragged the equity indices lower on Wednesday.

According to market observers, profit booking in mid-and-small-cap stocks also subdued the equity indices.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,980.45 points — lower by 27.60 points or 0.25 per cent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,722.41 points, closed at 36,373.44 points — lower by 146.52 points or 0.40 per cent — from its previous session’s close of 36,519.96 points.

The barometer index fell after it touched a fresh all-time high of 36,747.87 points. The index had dipped to a low of 36,320.92 points during the intra-day trade.

On Tuesday — the previous trade session — both the indices had made gains on the back of a slide in global crude oil prices along with expectations of fund infusion into public sector banks.

IANS

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Government increases sugarcane FRP to Rs 275

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Sugarcane

New Delhi, July 18: The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a Rs 20 per quintal increase in the Fair and Remunerative Price (FRP) for sugarcane to Rs 275 for the 2018-19 season starting October.

“The cost of sugar production is estimated to be only Rs 155 per quintal against which we have decided to give FRP of Rs 275 per quintal. This is 77.42 per cent higher than the cost of production,” Law Minister Ravi Shankar Prasad told reporters here after the cabinet meeting.

The FRP is the minimum price legally guaranteed to farmers for sugarcane.

As per the estimates issued by industry body Indian Sugar Mills Association (ISMA), total sugar production in season 2018-19 starting October is expected to be 35-35.5 million tonnes.

Prasad said that the total remuneration for sugarcane to farmers for the year 2018-19 is estimated to be Rs 83,000 crore.

IANS

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Slide in crude prices lift indices; Nifty regains 11k-mark

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Mumbai, July 17: Slide in global crude oil prices along with expectations of fund infusion into public sector banks and value buying lifted the key domestic equity indices higher on Tuesday.

However, broadly negative Asian and European indices capped gains.

According to market observers, healthy buying was witnessed in banking, oil and gas, automobile and consumer durables stocks.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 11,008.05 points — higher by 71.20 points or 0.65 per cent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,390.99 points, closed at 36,519.96 points — higher by 196.19 points or 0.54 per cent — from its previous session’s close of 36,323.77 points.

Sensex touched a high of 36,549.55 points and a low of 36,261.78 during the intra-day trade.

On Monday — the previous trade session — both the indices closed in the red due to a rise in wholesale inflation rate and broadly weak global cues.

IANS

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