Budget 2018: Auto industry seeks reforms to improve better infra, logistics

auto industry budget 2018

To make the business scenario more conducive, it is important that the rationalisation of corporation tax continues in line with the pre-defined road map, say industry leaders

 

BUDGET NEWS : Union finances 2018 would play a crucial role in figuring out the growth trajectory of the enterprise and the economic system at the equal time. to position a cap on inflation and make certain a balanced financial system, my finances expectation is that the finance minister might examine reining in economic deficit underneath three.2 according to cent. i’m hoping that the price range will have a more consciousness on increase-orientated measures than populist schemes.

 

To facilitate industrial boom and promote ‘Make in India’, there want to be reforms that would enhance the first-rate of infrastructure and logistics, such as wider roads, modernisation of ports, railways and airports.

 

To make the enterprise situation extra conducive, it’s far essential that the rationalisation of organization tax continues consistent with the pre-defined street map.

 

There should be reforms to prioritise growing farmers’ incomes within the united states for productive agricultural growth. To build a globally aggressive manufacturing quarter within the usa, investment in ‘skill India’ is likewise vital. higher training and schooling exceptional need more desirable focus in Finance Minister Arun Jaitley’s price range reforms.

 

To sell boom of the auto industry, the Narendra Modi authorities should goal at more lengthy-term regulations so that it will lower the impact of price range tinkering and convey long-time period balance.  considering the vital trouble of environmental pollution, we hope the government will loosen up tax rates in favour of easy and inexperienced technology, such as strong hybrids much like pre-GST era.

 

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Budget 2018: Reeling under dwindling exports, AEPC seeks several relief

apparel exports

The apparel export body has made around 8-10 demands ahead of the Budget 2018

 

BUDGET NEWS : Read more about Union Budget 2018 must stimulate agri sector to help fertiliser firms, says Icra on Business Standard. Upcoming budget 2018 provide several policy measures to boost agriculture sector such as irrigation, crop insurance and agriculture credit to help fertilizer players. Know more on Agriculture Budget 2018.

 

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Reeling from a persevered fall in export increase and marginal refunds on the products and services tax (GST), the garb Export advertising Council (AEPC) has written to the authorities, looking for 12-15 kinds of alleviation. They need the responsibility disadvantage and the refund of state levies (ROSL) to be restored to pre-GST stages, and additionally exemptions from the brand new indirect tax for exporters.

 

boom of clothing exports has clocked a poor 39 according to cent, eleven in step with cent and eight per cent, respectively, in October, November and December remaining year, in line with H ok L Magu, chairman, AEPC.

 

Now, inside the run-up to the Union price range, the export frame has sought incentives from the authorities, to boost exports. They want the obligation drawback on cotton apparels to be restored to pre-GST quotes of seven.5 per cent and the ROSL of three.five in keeping with cent. they also want to be exempted from 18 according to cent GST for air freight.

 

After the GST roll-out final 12 months, the responsibility drawback fell to two in keeping with cent; ROSL to one.five consistent with cent on cotton apparels, and a pair of.5 in step with cent and 1.5 per cent, respectively, on distinct guy-made apparels.

 

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Budget 2018 must stimulate agri sector to help fertiliser firms, says Icra

Agriculture budget 2018

The next budget needs to have several policy measures to give a stimulus to the agricultural sector, Icra said

 

BUDGET NEWS : The imminent budget must offer several policy measures to offer a stimulus to the bothered agricultural sector, which in flip might assist the cash-straved fertiliser agencies, says a record.

 

the subsequent budget needs to have several coverage measures to present a stimulus to the agricultural area along with on irrigation, crop insurance and agricultural credit score to help fertiliser gamers, Icra stated in a pre-price range file today.

 

The fertiliser area is extraordinarily regulated with controls on numerous aspects relating their business. The urea zone works on normative cost-plus-return framework, with controls on farm gate charges, distribution and fuel allocation.

 

The distinction among retention rate and farm gate price net of supplier margins is paid as subsidy to the enterprise, which is variable in nature depending at the strength charge tendencies.

 

As regards the nitrogen, phosphorus and potassium (NPK) phase, it really works on a hard and fast subsidy and variable farm gate pricing principle. because of the regulated nature, timely payment of subsidy is the key to the eventual returns accomplished by way of the enterprise, with urea gamers affected over the NPK segment as extra than 65 in line with cent of their attention comes by way of way of subsidy as towards round 30 in line with cent for the NPK phase, it referred to.

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At pre-Budget 2018 meet, states flag drop in revenue on GST roll out

GST Council meeting

Punjab Finance Minister Manpreet Singh Badal asked the Centre to announce a farm debt waiver for the entire country

 

BUDGET NEWS :  On the pre-budget consultations of Finance Minister Arun Jaitley with country finance ministers on Thursday, ministers representing state governments run by way of Congress, Left events and regional events flagged the revenue drop faced via states after the goods and services tax (GST) roll out and flagged agrarian misery.

 

Bihar Deputy leader Minister Sushil Modi, who represented the Janata Dal (United)-Bharaitya Janata birthday party (BJP) coalition government in his kingdom, demanded more vital help for key schemes and revise wages for unskilled employees below the Mahatma Gandhi national Rural Employment guarantee Act (MGNREGA). He cautioned the Centre strengthen the economic yr to start from January 1, and growth income tax exemption restrict from Rs 250,000 to Rs 300,000.

 

Punjab Finance Minister Manpreet Singh Badal asked the Centre to announce a farm debt waiver for the whole u . s . a . at the lines of the one introduced by means of the Congress government in Punjab.

 

Kerala finance minister Thomas Isaac flagged the sales drop and aid crunch that kingdom governments have faced after the GST rollout, which has impacted the socio-financial spending capacities of states.

 

Isaac said the Centre has improved principal excise through Rs eight in keeping with litre on diesel among 2015 to 2017, and reduced it recently simplest by Rs 2 according to litre. He said not one of the states have considerably improved the price of tax on diesel. Isaac stated that in this context it was “unfair” at the part of the Centre to invite the states to lessen the price of tax when maximum of the states were faced with economic crisis due to uncertainties related to revenue that gathered to them at the implementation of the GST. He asked the Centre to strictly implement the anti-profiteering measures inside the GST. He stated any effort to convey stamp responsibility, one of the few taxes that states can raise, under the ambit of the GST could be “unconstitutional”.

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FY19 growth at 7.1%, Budget unlikely to be populist: India Ratings

economy, business, India

With global crude prices firming up, it expects retail, wholesale inflation to come in at 4.6% and 4.4%, respectively in 2018-19

 

BUDGET NEWS :  India ratings and studies on Thursday projected the united states’s economic increase to improve to 7.1 in keeping with cent next economic yr from 6.5 consistent with cent this yr, buoyed by strong patron demand and coffee commodity expenses.

 

In its outlook for 2018-19, the agency said there may be a slow select up in increase momentum due to structural reforms like GST and Insolvency and financial disaster Code (IBC) in area.

 

“while the implementation of GST is possibly to advantage the economy over the medium to lengthy-term, the equal cannot be stated about the effect of demonetisation,” India rankings & research (Ind-Ra), a subsidiary of Fitch rankings, stated.

 

Ind-Ra expects gross domestic product (GDP) to develop 7.1 in step with cent 12 months-on-12 months in 2018-19, it said.

 

The projection is a tad lower than 7.4 in step with cent boom envisioned by Asian development financial institution (ADB) and global monetary Fund (IMF) for subsequent economic year.

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GST rate cut: From diamonds to used cars, here’s full list of revised items

tax relief, taxes, GST

The changes will be effective from January 25; 15 states to start intra-state e-way bill from February 1

 

BUDGET NEWS :  Two weeks ahead of Budget 2018, the Goods and Services Tax (GST) Council on Thursday cut rates on 83 employment-oriented goods and services, in a bid to encourage greater compliance as revenues have dipped since the landmark reform was announced in July. The panel, headed by Finance Minister Arun Jaitley and comprising representatives of all states, at its 25th meeting decided to reduce tax rate on 29 items and 54 categories of services with effect from January 25. Businesses have raised concerns about high rates of taxation and cumbersome processes in GST, billed as India’s biggest tax reform in 70 years.

 

The goods on which GST will be lowered include biofuel-run buses, used motor vehicles and diamonds and precious stones.

Here’s the complete list:

List of goods on which GST rate recommended for reduction from 28% to 18%

Old and used motor vehicles on the margin of the supplier, subject to the condition that no input tax credit of central excise duty/value added tax or GST paid on such vehicles has been availed by him.

Buses, for use in public transport, which exclusively run on bio-fuels.

List of goods on which GST rate recommended for reduction from 18% to 12%

Sugar boiled confectionary Drinking water packed in 20 litters bottles Fertilizer grade Phosphoric acid Bio-diesel Bio-pesticides Bamboo wood building joinery Drip irrigation system including laterals, sprinklers Mechanical Sprayer

List of goods on which GST rate recommended for reduction from 18% to 5%

Tamarind Kernel Powder Mehendi paste in cones LPG supplied for supply to household domestic consumers

 

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GST LIVE: 15 states to start intra-state e-way bill from Feb 1, says FM

Jaitley

Expected to hold talks on bringing real estate, stamp duty on a property before registration, petrol and diesel products under GST

 

BUDGET NEWS  : Finance Minister Arun Jaitley chaired the twenty fifth assembly of the goods and services Tax (GST) Council in New Delhi on Thursday.

 

also read: right here’s what GST Council may also announce today after the essential meet

 

 

A key time table for the assembly will be to planned on motives for the autumn in GST sales series, flagged as a main count number of difficulty for the finance ministry.

 

other than this, the GST council is possibly to check the preparedness of GST community (GSTN) in managing the return filing manner.

 

The GST Council in its twenty fourth meeting authorized the inter-kingdom e-manner invoice compliance, to be powerful from February 1, and compulsory intra-kingdom e-manner bill compliance powerful June 1.

 

in advance of the Union finances, Jaitley can even preserve a pre-price range assembly with the country finance ministers.

 

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Budget 2018: From digitisation to NPAs, a lot expected for banking sector

Budget 2018

PwC and Business Standard look at the current scenario in India’s banking sector, the issues facing it and what the industry expects from Finance Minister Arun Jaitley in upcoming Union Budget 2018-19

 

BUDGET NEWS  : While there has been a whole lot of push currently on virtual transactions from the Narendra Modi-led imperative authorities, it is anticipated that the coming Union price range 2018-19 will see Finance Minister Arun Jaitley renewing the thrust by using announcing a few incentives for small corporations to increasingly more cross digital in to this point as banking transactions are worried.

 

additionally, towards the backdrop of the government’s plan to recapitalise public-sector banks, that have been suffering due to their ballooning non-appearing property, budget 2018 could be keenly watched for any announcement closer to that cease.

 

% and enterprise trendy take a look at the existing scenario inside the banking quarter, the problems facing it, and the price range expectancies the enterprise has from Finance Minister Arun Jaitley:

 

Banking area at a glance

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FY19 growth at 7.1%, Budget unlikely to be populist: India Ratings

economy, business, India

With global crude prices firming up, it expects retail, wholesale inflation to come in at 4.6% and 4.4%, respectively in 2018-19

 

BUDGET NEWS:  India rankings and studies on Thursday projected the united states of america’s financial boom to enhance to 7.1 consistent with cent next economic yr from 6.5 in step with cent this 12 months, buoyed by using robust consumer call for and coffee commodity costs.

 

In its outlook for 2018-19, the company said there could be a sluggish pick up in increase momentum due to structural reforms like GST and Insolvency and financial disaster Code (IBC) in place.

 

“at the same time as the implementation of GST is possibly to gain the economic system over the medium to long-term, the same cannot be stated about the effect of demonetisation,” India ratings & studies (Ind-Ra), a subsidiary of Fitch scores, stated.

 

Ind-Ra expects gross home product (GDP) to develop 7.1 consistent with cent yr-on-12 months in 2018-19, it stated.

 

The projection is a tad decrease than 7.4 per cent boom predicted through Asian improvement financial institution (ADB) and worldwide financial Fund (IMF) for next monetary 12 months.

 

Ind-Ra said however for demonetisation and items and services tax (GST) implementation, boom would no longer have decelerated to 7.1 in step with cent in 2016-17 and six.five consistent with cent in 2017-18.

 

With the global crude fees toning up, Ind-Ra expects retail and wholesale inflation to are available in at 4.6 according to cent and four.four consistent with cent, respectively in 2018-19, indicating an quit to the modern-day fee reduce cycle.

 

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Budget 2018: As jobs remain big headache, govt looks at tax tweaks for fix

jobs, employment, work

One way the government could give job creation a boost is by tweaking taxation laws to provide companies an incentive for hiring

 

BUDGET NEWS : Activity advent is one among Modi authorities’s largest challenges, with the competition the use of what it calls the government’s terrible performance on this regard as a persist with beat the prime minister’s economic rules with. With finances 2018 less than a month away, and with employment generation reportedly being a key subject this year, one manner the government may want to give job introduction a lift is by means of tweaking taxation legal guidelines to offer corporations an incentive for hiring.

 

India already gives tax blessings to incentivise activity advent by corporations. but, in step with a instances of India file, certain lacunae within the guidelines have saved many organizations, specially from the offerings region, from reaping the advantages of such incentives. In view of this, in keeping with the countrywide daily, the government should tweak phase 80JJAA — which sets out conditions underneath which a company can avail of deductions in respect of employment of recent personnel — of the earnings Tax (I-T) Act or introduce some new provision.

 

also study: How policymakers can remodel rural India as a new driver for activity introduction

 

 

beneath the segment, 30 per cent of the additional employee cost is to be had to the worried corporation as a deduction for 3 years, such as the yr of hiring the brand new employee(s). best businesses having a turnover of Rs 10 million or extra are eligible to claim advantages for any new employment created through them. The satan, but, is in the information. a few of the segment’s numerous conditions below which a brand new employee is not taken into consideration a further worker, two especially appear to have negatively impacted task creation, in step with the national daily. first of all, if someone is employed for less than 240 days within the first year of his employment with the worried enterprise, then she or he isn’t always taken into consideration an additional or new employee.

 

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