Page 14 - Companies

1% tax for traders who accept composition plan with turnover of up to Rs 1.5 cr: Amit Shah

New Delhi, Jan 11 (ANI): Bharatiya Janata Party's (BJP) National Council meeting began at Ramlila Ground on Friday. Prime Minister Narendra Modi, BJP President Amit Shah, Rajnath Singh, Sushma Swaraj, Murali Manohar Joshi, LK Advani along with other party leaders and workers attended the event. Speaking at the event, Amit Shah said that the traders who accept composition plan with turnover of up to Rs 1.5 crore will have to pay only 1% tax. This is a big decision for millions of small businessmen and small industries.

Markets start on a shaky note; Sensex, Nifty down at mid-day

New Delhi, Jan 10 (ANI): After witnessing four days of winning momentum, Sensex and Nifty opened on a shaky note today. Analysts are predicting this downfall trend to continue with the 2019 General elections, which are just three months away. The top performing shares at BSE were banks like South Bank, RCF, Linde India, Vakrangee, while the top gainers at NSE were Tata Motors and Bajaj Auto. The December quarter results are also keeping investors in wait and watch mode. The top losers at BSE were Tata Steel, DCM Shriram and Delta Corp, while the top losers at BSE were Hindustan Petroleum, Induslnd Bank, Grasim and BPCL. At 12:04 IST, Sensex was down by 85.57 points, while Nifty 50 index was down by 32.20 points.

Startup steps in to help clean after party mess

New Delhi, Dec 31 (ANI): As 2019 is almost here, people are ready to kick start the New Year with year-ending parties. Everybody enjoys a good party. However, the trouble begins during the clean-up process which nobody really likes to do, and the host is left with not much options. Keeping in mind the post party woes, Timesaverz, a home services application, saves your time by offering services like after party clean up, home deep cleaning and sofa shampooing. Friends can also help out the host as the services of Timesaverz can be availed through gift cards too. The home services startup has designed its gift cards especially for the festive season. Timesaverz gift cards can be bought from its app, website, and are also available on Amazon.in. The company offers services in all the key cities- Delhi, Mumbai, Pune, Bengaluru, Hyderabad, Gurugram and Chennai.

India's leather, leather-products, footwear exports go up

New Delhi, Dec 27 (ANI): India's manufacturing-based export of leather, leather products, and footwear increased by 5.25 per cent in terms of the rupee during April-October period of the current fiscal as compared to the last corresponding period. India exported leather, leather products and footwear of Rs 217505.94 million in April-October period of 2017, which went up to Rs 228929.42 million during the current year's corresponding period, thus registering a growth of 5.25 per cent. As per the membership records of Council for Leather Exports (CLE), Uttar Pradesh contributed a share of 31.35 per cent in total exports of leather, leather products and footwear from the country while Maharashtra contributed 2.28 per cent during 2016-17. As per information received from CLE, the manufacturing based export of leather, leather products and footwear from India increased from USD 5.65 billion in 2016-17 to USD 5.74 billion in 2017-18, growing by 1.65 per cent.

Sensex gains over 300 points on opening day

Mumbai, Dec 27 (ANI): After witnessing a dip a day before, the Sensex has now gained heavily. Gaining over 300 points, the markets have seen an upward trend. Market expert Sunil Shah said, "We are mimicking the global markets. Dow Jones went up by 1000 points. Today Japan and other Asian markets also are strongly up so we are also up by 300 points. But we are still going through turbulent times. Volatility will be the order of the day."

28% slab rate only applicable on 34 items: FM Arun Jaitley

New Delhi, Dec 22 (ANI): Union Finance Minister Arun Jaitley briefed the media post the 31st meeting of the GST Council on Saturday. Speaking on the decisions made during the meeting, the Finance Minister said, "28% slab rate is only applicable on 34 items now. These are luxury items." Further adding that, "There are 28 items left in the 28% bracket if we include luxury and sin items. 13 items are from automobile parts and one is cement. Cement's revenue is 13000 Crore and automobile parts revenue is 20000 Crore. If they are brought down from 28% to 18% implications are of Rs 33000 Crore."

GST Council meet: Monitors, TV Screens and movie tickets get cheaper

New Delhi, Dec 22 (ANI): Union Finance Minister Arun Jaitley after the 31st GST Council meeting informed that tax on monitors, TV Screens and movie tickets have been brought under 18% slab from 28% slab. 18% GST will now be levied in movie tickets above 100 and 12% in tickets below Rs 100. The reduction in tax was done keeping in mind the mass entertainment perspective of movies in cinemas. Several other items including Tyres, Power banks of Lithium-ion batteries have been brought down in the 18% slab. Accessories for carriages for specially-abled persons have been brought down to 5%.

Recognition of NPAs is almost complete, non-recognition now at 0.59%: FM Jaitley

New Delhi, Dec 20 (ANI): Union Finance Minister Arun Jaitley updated on the non-performing assets (NPAs) at a presser in New Delhi on Thursday. The Finance Minister said, "The recognition of NPAs is almost complete, the non-recognition is now at 0.59% which was to the extent of about 7% in March 2015. Last quarter has already shown that there is an improved performance. The downward slide in the NPAs itself would now commence."

India retains highest aviation safety ranking: Jayant Sinha

New Delhi, Dec 19 (ANI): Minister of State (MoS) Civil Aviation Jayant Sinha on Wednesday expressed happiness over India's highest ranking in terms of safety in civil aviation by the international regulator Federal Aviation Administration (FAA), on Wednesday. While speaking on the issue, he said, "In 2014, when our government came to power FAA (Federal Aviation Administration) had downgraded India. Subsequent to that we doubled the traffic. We've increased number of airports. So there has been an exponential and dramatic increase in air traffic and airports." International Civil Aviation Organization (ICAO) and FAA conducted an audit of the Directorate General of Civil Aviation (DGCA) this year and in their review ranked India in category one, which is the highest in the world. He said, "It is matter of immense pleasure for us that two of the preeminent regulators of aviation in the world ICAO and FAA have conducted serious audits and FAA has once again maintained our category one rat

RBI, Centre should find ways to work in harmony: Manmohan Singh

New Delhi, Dec 19 (ANI): Former Prime Minister and seasoned economist Manmohan Singh opined that the Reserve Bank of India (RBI) and central government should find ways to work in close coordination and harmony. Singh said, "The strong, independent Reserve Bank of India has to work in close cooperation with the central government. So I do hope and pray that Reserve Bank and the Government of India would find ways and means to work in harmony with each other."

Phethai cyclone damages crops in AP

East Godavari (Andhra Pradesh), Dec 18 (ANI): Crops have been destructed in Andhra Pradesh due to cyclone Phethai. Around 14000 hectares of crops were damaged in Dariyatipa Village of East Godavari. Farmers of village are suffering huge loss as incessant rain spoiled their crops.

Banking is an important segment in our economy: Shaktikanta Das

Mumbai, Dec 12 (ANI): Newly appointed Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday addressed a press conference in Mumbai. Speaking to mediapersons, Das said, "I have convened a meeting with CEOs and MDs of public sector banks tomorrow morning. Banking is an important segment in our economy and it's facing several challenges that need to be dealt with. It's the banking sector on which I'd like to focus immediately."

Markets react volatile amid election trends, Urjit Patel's resignation

New Delhi, Dec 11 (ANI): The markets on Tuesday witnessed a gap-down start ahead of the results of the state elections, and investors turning wary over the shocking resignation by the Reserve Bank of India (RBI) Governor Urjit Patel. The Sensex witnessed a sharp fall of 482.68 points at 34477.04, while the Nifty traded lower 116.70 points at 10371.80. With a negative breadth, sectors such as banks, automobiles, energy, consumption, and metals were amongst the top losers.

Sensex, Nifty plunge down, Market remains unsteady

New Delhi, Dec 10 (ANI): Market today remained unsteady as both Sensex, Nifty fell down by many points on Monday. Metals, infrastructure, pharmaceuticals and banks were the top losers. The rupee also opened at low against the dollar as it slipped. Shares of airline companies too fell down due to rise in crude oil prices. Several factors could be responsible for such a slump in the market such as rising crude oil prices, exit poll projections and macroeconomics.

Cabinet gives 'In Principle' approval to PFC takeover of REC

New Delhi, Dec 07 (ANI): The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given its 'In Principle' approval for strategic sale of the Centre's existing 52.63 per cent of total paid up equity shareholding in Rural Electrification Corporation (REC) to Power Finance Corporation (PFC) along with transfer of management control. The acquisition intends to achieve integration across the power chain, obtain better synergies, create economies of scale and have enhanced capability to support energy access and energy efficiency by improved capability to finance power sector. It may also allow for cheaper fund raising with increase in bargaining power for the combined entity. Both REC and PFC are Central Public Sector Enterprises under the Ministry of Power.

ANA introduces traditional Japanese food for passengers

Tokyo (Japan), Dec 06 (ANI): Traditional Japanese food is collectively known as 'Washoku', which is prepared by using ingredients form parts of Japan. Chugoku and Shikoku regions of Japan contribute largely to produce many ingredients used in cooking Washoku. All Nippon Airways (ANA) has recently announced its new in-flight menu which consists of many local dishes. The "Taste of Japan by ANA" project aims to attract foreign tourists by promoting cuisines from Japan's traditional meals. It includes food, drinks, sweets and culture. Such initiative by ANA is helping to promote tourism in various prefectures of Japan. It helps to promote the indigenous food and culture. The officials from Okayama prefecture appeal to passengers to relish local meal and enjoy the culture. At the venue, staff of the tourism office provides information about food served as an in-flight meal. The All Nippon Airways is not only helping to promote the food and culture of Japan by is promoting tourism in the cou

India's GDP rate disappoints, down from 8.2% in Q1 to 7.1% in Q2

New Delhi, Dec 01 (ANI): India's latest Gross Domestic Product (GDP) growth figures came as a disappointment after it came down from 8.2%, registered in the first quarter (April-June) of the year 2018, to 7.1% in the second quarter (July-September). The present GDP figures do not meet the market expectations even though the union government said that 7.1% represents a sizable jump from last year's Q2 growth rate estimates of 6.3%, indicating sustained acceleration in India's economic growth. "The growth rate estimates of GDP at Constant Prices for July-September 2018 stand at 7.1%. These estimates represent a sizable jump from last year's Q2 growth rate estimates of 6.3%, indicating sustained acceleration in India's economic growth," the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation said on Friday. It added that the CSO estimates state that GDP at constant prices was Rs. 33.98 lakh crores for Q2, 2018-19, which is a marked increase from of Rs. 31.

Healthcare and agriculture sectors need federal institutions like GST: FM Jaitley

New Delhi, Nov 29 (ANI): Finance Minister Arun Jaitley attended the Confederation of Indian Industry (CII) Health Summit in the national capital on Thursday. At the Summit, the Finance Minister while taking the example of Goods and Services Tax (GST) which is a constitutionally federal institution, he said the healthcare and agriculture sectors also require federal institutions of such kind. "GST was India's first experiment for creating a federal institution. There are two other areas which require federal institutions of this kind. The GST was constitutionally provided for and political maturity can impose on governments to try that experiment with these two areas of healthcare and agriculture. The resources of all state and centre's schemes need to be merged so that the benefits of these resources start falling on patient population of this country."

'IBC has direct, indirect impact of Rs 3 lakh crore on NPAs'

New Delhi, Nov 24 (ANI): Ministry of Corporate Affairs (MCA) Secretary Injeti Srinivas said that the Insolvency and Bankruptcy Code (IBC) has an impact of around Rs 3 lakh Crore on non-performing assets (NPAs). Speaking to press after an event organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) at the national capital, Srinivas said, "The direct and indirect impact of the IBC is around three lakh Crore. It is cumulative of resolution and pre-admission cases along with the non-standard NPA accounts being converted to standard accounts." "The resolution cases have led to a recovery of about Rs. 71,000 crore, cases at a mature stage of resolution is about Rs. 51,000 crores, which amounts to a total of Rs. 1.2 lakh crore from resolution. The total of resolution and pre-admission settlement is close to Rs 2.4 lakh crore," the MCA secretary said. Speaking on the number of cases that have been resolved, he said, "Out of the 9,000 cases broadly 50 per cent about 4,4

Prices of petrol, diesel slashed further on Friday

New Delhi, Nov 16 (ANI): Fuel prices once again witnessed a decline on Friday in New Delhi and Mumbai owing to a reduction in the rates of crude oil. In New Delhi, petrol is being sold at Rs 77.10 per litre after a decrease of 18 paise, and diesel at Rs 71.93 per litre after a decrease of 16 paise. Meanwhile, petrol is retailing 18 paise lower at Rs 82.62 per litre and diesel at Rs 75.36 after a decrease of 17 paise in Mumbai. The rates of fuel across India are witnessing a continuous decline due to a fall in the prices of crude oil. The United States recently softened its stand on Iran's sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily. The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.