Connect with us

Business

Government urges industry to pass on price cuts due to GST

Published

on

GST

New Delhi, July 4: The government on Tuesday appealed to industry to pass on the benefit of a reduction in taxes under GST to consumers and announced the setting up of a Central Monitoring Committee (CMC) of 15 Secretaries to monitor the prices and supply situation following the roll-out of the new indirect tax regime.

“Prices have not gone up,” Revenue Secretary Hasmukh Adhia told reporters following the first meeting of the CMC here headed by the Cabinet Secretary.

“I appeal to industry to help bring down prices, wherever there is a reduction in tax under GST,” he said.

Adhia informed the media that the CMC formed by the Cabinet Secretary includes the Secretaries of 15 departments of the government which have been instructed to attend to the issues faced by their individual client groups on account of the Goods and Services Tax that came into effect pan-India from July 1.

The CMC will meet once a week on every Tuesday, he added.

In this connection, the Secretary said his department had received 2,20,000 applications for new registrations under GST of which around half were fully completed.

“Of the completed applications, 39,000 have already been approved and the rest will be deemed approved in the next three working days, unless states raise objections on specific cases,” Adhia said.

He also said that the government is launching a GST monitoring exercise from Wednesday, which would involve assigning all districts of the country to senior officials for supervision. Four to five districts would be grouped together for monitoring by a Joint Secretary or Additional Secretary from here who would be linked to the field through a link official of the Central Board of Excise and Customs (CBEC). There would be 175 top officials assigned to this job who would report on GST to the Cabinet Secretary, Adhia said.

Avinash Srivastava, Secretary in the Department of Consumer Affairs, said Consumer Affairs Minister Ram Bilas Paswan had allowed traders, manufacturers and packers three months till September 30 to dispose of old stocks by displaying the changed price according to a “methodology”.

According to this method, the particular business in question has to issue advertisements in two newspapers informing the new price for items. Besides, the item packaging has to display the new price on a sticker in a way that the old price is also visible.

Items which undergo a price reduction due to GST do not need to issue newspaper advertisements, but the sticker display of the new price on packing is the same for products whose prices have increased, Srivastava said.

As different from the GST implemented elsewhere, which generally have ‘standard’, ‘merit’ and ‘demerit’ rates, the new regime in India has a four-slab rate structure of 5, 12, 18 and 28 per cent, respectively.

IANS

Business

Jio signs $1 bn loan to finance goods procured from Samsung, Ace Technologies

The facility was arranged by Australia and New Zealand Banking Group Limited and The Hongkong and Shanghai Banking Corporation Limited, the statement said.

Published

on

Samsung

Mumbai, June 25 (IANS) Reliance Jio Infocomm (RJIL) has signed a $1 billion equivalent term loan facility covered by Korea Trade Insurance Corporation (K-SURE) on June 22, 2018, a company statement said here on Monday.

It will be used to finance goods and services procured primarily from Samsung Electronics and Ace Technologies Corp. It has “door to door tenor of 10.75 years”, the statement said.

“The facility is K-SURE’s largest deal in India as well as the largest deal supported by K-SURE in the telecom sector globally,” it said, adding that: “This transaction marks the fourth K-SURE covered facility for Reliance group in last 5 years and the second K-SURE covered facility for RJIL in the last 3 years.”

The facility was arranged by Australia and New Zealand Banking Group Limited and The Hongkong and Shanghai Banking Corporation Limited, the statement said.

In addition, it saw participation from BNP Paribas; Commerzbank AG; Citibank N.A.; ING Bank; JPMorgan Chase Bank, N.A.; Mizuho Bank, Ltd.; MUFG Bank, Ltd. and Banco Santander, S.A.

Continue Reading

Business

Global cues depress equity indices, Sensex ends 200 points lower

Published

on

SENSEX NIFTY MARKET

Mumbai, June 25: Weak global cues pulled the key Indian equity indices lower on Monday, with the benchmark BSE Sensex falling over 200 points.

According to analysts, heavy selling pressure was witnessed in the auto, banking and capital goods stocks.

Globally, stock markets slumped due to the escalating trade war concerns.

In the domestic market, the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,762.45 points (3.30 p.m.), down 59.40 points or 0.55 per cent from the previous close of 10,821.85 points.

Similarly, the barometer 30-scrip Sensex of the BSE, which had opened at 35,783.75 points, closed at 35,470.35 points (3.30 p.m.) — down 219.25 points or 0.61 per cent from its previous session’s close of 35,689.60 points.

The Sensex touched an intra-day high of 35,806.97 points and a low of 35,430.11. The BSE market breadth was bearish with 1,733 declines and 855 advances so far.

The top gainers on the Sensex were Infoys, Kotak Mahindra Bank, Vedanta, IndusInd Bank, HDFC Bank whereas Tata Motors (DVR), Tata Motors, ICICI Bank, Coal India and Larsen and Toubro were the major losers.

On the NSE, Vedanta, Sun Pharma and Ultratech Cement were the highest gainers while Tata Motors, BPCL and Hindustan Petroleum lost the most.

IANS

Continue Reading

Business

Oil drops after OPEC+ output deal, but markets to stay tight

Prices initially jumped after an OPEC deal to increase output was announced late last week, as it was not seen boosting supply by as much as some had expected.

Published

on

OPEC

Despite the increase, which is intended to stop the gap between global supply and demand from becoming too wide, analysts said global oil markets would likely remain relatively tight this year.

Brent crude futures were down 78 cents at $74.78 a barrel at 0917 GMT, while U.S. light crude was up 25 cents at $68.83 a barrel, supported in part by a Canadian supply outage.

Prices initially jumped after an OPEC deal to increase output was announced late last week, as it was not seen boosting supply by as much as some had expected.

OPEC and non-OPEC partners including Russia have since 2017 cut output by 1.8 million bpd to tighten the market and prop up prices.

“As yet there is no plan as to how the limits will be reallocated. One simple approach would be to reduce the limits of those not producing enough by 600,000 bpd and increase the limits of members with spare capacity by 600,000 bpd – this would enable 100 percent compliance,” said Callum MacPherson, Investec head of commodities.

“However, it seems unlikely members like Venezuela would give up unused limits in this way. Instead those unused limits might be left in place, so 100 percent compliance would in theory mean an additional 1.2 million bpd hitting the market, even though this would not be achievable in practice.”

Largely because of unplanned disruptions in places like Venezuela and Angola, the group’s output has been below the targeted cuts, which it now says will be reversed by supply increases, especially from OPEC leader Saudi Arabia. Analysts warn however there is little spare capacity for large-scale output increases.

After officially meeting on Friday, OPEC gave a press conference on Saturday that implied a bigger increase in supply.

“Saturday’s OPEC+ press conference provided more clarity on the decision to increase production, with guidance for a full 1 million bpd ramp-up in 2H18,” Goldman Sachs said in a note on Sunday.

“This is a larger increase than presented Friday although the goal remains to stabilize inventories, not generate a surplus,” the U.S. bank added.

Edward Bell, commodity analyst at Dubai’s Emirates NBD bank, said when the Vienna agreement was priced into the market, he expected prices “in a range between $65-$70 per barrel for Brent for the remainder of the year”.

Goldman Sachs also warned that an “outage at Syncrude Canada’s oil sands facility could leave North America short of 360,000 bpd of supply for all of July”.

It added that this “will exacerbate the current global deficit, making the increase in OPEC production all the more required”.

Source : Reuters

Continue Reading
Advertisement

Most Popular