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Telangana slashes VAT on aviation fuel by 15% In a move likely to increase air traffic at the Hyderabad airport, Telangana industries minister KT Rama Rao on Friday announced a slash in Value Added Tax (VAT) on Aviation Turbine Fuel (ATF). The minister said VAT had been cut down to 1% from 16%. He was speaking at an event marking 10 years of the airport’s functioning.The airport already handles 50% more traffic than its designed capacity, according to its CEO SGK Kishore. Kishore also announced plans for the airport’s expansion at the event. He said the capacity of the airport is 12 million per annum while it handled 18 million passengers last year. “We will incentivise the airlines which operate during off-peak hours and operate wide-body aircraft. The issue with Hyderabad airport is that traffic is bunched during the morning and evening hours. The issue is pending with the regulator and if approved, it will help us in utilising the infrastructure better,” said Kishor. He ad...

India must lead in defusing possibilities of a global trade war: Ficci  India should play a proactive role in defusing the emerging possibilities of a global trade war that can derail the positive outlook in the world trade, Ficci said today.  The industry body observed that protectionist measures by the US have raised serious concerns about a global trade war, highlighting the importance of keeping the World Trade Organisation (WTO) process intact and also making the multilateral institution stronger.  Moreover, with the WTO Director-General Roberto Azevedo raising alarm on the issue at the two-day mini-ministerial in New Delhi early this week, it is high time countries across the world think beyond retaliatory measures to counter the challenges posed by the targeting of the WTO by the US and unilateral increase in tariffs, Ficci said.  India can play a significant role in guiding this exercise to defuse the emerging possibilities of a global trade war tha...

 MCA files Prosecution against 780 listed Companies for Non-Filing of Financial Statements and Annual Returns The corporate affairs ministry has filed prosecution against 780 listed firms for non- filing financial statements and annual returns, parliament wea told on friday. Chaudhary said there wre only 7,720 active lsted firms out of 1.7 million rgisteed as of december The Business Standard, New Delhi, 24th March2018

CBEC member holds meeting with exporters on GST refunds  At least ten export promotion councils and industry chambers on Friday discussed with the government solutions for expediting the process to clear pending dues to exporters on account of Goods and Services Tax (GST).  In a bid to expedite GST refund clearances to exporters, the Central Board of Excise and Customs (CBEC) took up issues like invoice mismatch and procedure to expedite shipments at Integrated Container Depots and asked the councils to share their issues.  “They want everyone to speak to members and know their issues,” said an industry representative who was present at the meeting.  The Centre and states have sanctioned more than Rs 10,000 crore as GST refunds to exporters.  Export promotion councils from engineering, chemical, pharmaceutical and leather sectors, among items took part in the meeting where initiatives under the ‘GST refund fortnight' were discussed.  The CBEC fi...