Skip to main content

Paper soon to trim corp tax relief

By
A discussion paper on the first set of tax exemptions to be phased out will be in public domain soon, finance minister Arun Jaitley said on Sunday.
“As I said in my last budget speech, the Union government will bring down the corporate tax level from 30% to 25% gradually. A discussion paper on this will be in the public domain shortly,” Jaitley said at a gathering organised by the Indian Chamber of Commerce on Sunday.
Earlier in the day, addressing the inaugural function of the newly-launched Bandhan Bank, Jaitley pitched for financial patronisation of small and medium enterprises (SMEs).
Bandhan Bank began operations on Sunday, with 501 branches and 14.3 million accounts across India.
“SMEs generate maximum employment, besides contributing the least towards bad loans or non-performing assets,” Jaitley said. “That is why the Union government has opened Mudra Agency, which will soon become Mudra Bank, to fund SMEs, which often do not have access to institutional financing,” he added.
Bandhan Bank founder, MD and CEO Chandra Sekhar Ghosh said the bank will give priority to SMEs over big-ticket corporate loans. “Big-ticket corporate loans will not be the priority of Bandhan Bank initially. Rather, we will focus on smaller loans in SMEs,” he said.
Besides, Jaitley also said it was possible to achieve 8 to 10% economic growth. “I do believe it is (8% and above growth) achievable... if we take right steps in right direction and hopefully we don’t have too many adverse global trend. It could be reasonably achievable. In order to achieve it is extremely important that we open ourselves for investments.”
Hindustan Times, New Delhi, 24th August 2015

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more