CA Online

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 that can derail the po

 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 field formations have launc

Fixed-term contract staff to get gratuity benefits like permanent employees Under the Gratuity Act of 1972, employees completing five years of continuous service are eligible to get a gratuity payment when they leave the organisation In a first, workers hired under fixed-term contracts will be entitled to gratuity at any time of leaving the job. Till now, no one hired on a contract for a fixed period was entitled to any gratuity. Those in permanent employment were entitled to it only after they had completed five years. Under recently notified rules, workers hired through a fixed-term contract will get all the statutory benefits that permanent workers in the same establishment are entitled to. This includes employees’ provident fund and employees’ state insurance benefits, bonus, gratuity and other compensation in case of accidents or death while at work. Under the Gratuity Act of 1972, employees completing five years of continuous service are eligible to get a gratuity payme

US Fed rate hike: Indian exports may take small hit in long-term While high global demand may sustain export growth, continued investments into India can make trade uncompetitive India’s export earnings are expected to remain stable or at the most take a small hit in the wake of the US Federal Reserve raising interest rates. Experts and exporters alike say this will happen as global demand continues to remain high, thereby cementing the rise of exports. However, at the same time, India continues to attract global investments, thereby strengthening the Indian rupee, which may lead to exports becoming more expensive and thereby less competitive in the global market. Hopes on high demand The US Fed on Wednesday raised interest rates by 0.25 per cent, the sixth time since December 2015. Even as fourth quarter gross domestic product (GDP) growth in the US was revised downwards to 2.5 per cent, US policymakers now believe that economic growth will remain steady in 2018. As a resu

SEBI to focus on big bang market reforms at board meeting Sebi to consider proposals such as making algorithmic trading cheaper and more accessible, and reducing fees charged by mutual funds to unit holders Capital markets regulator Securities and Exchange Board of India (Sebi) will consider closely supervising the work of auditors, independent valuers and compliance secretaries and penalize them for lapses at its board meeting on 28 March, three people with direct knowledge of the matter said. The Sebi board will also consider proposals such as making algorithmic trading cheaper and more accessible, and reducing fees charged by mutual funds to unit holders. Norms for companies admitted to bankruptcy court related to their trading, delisting, and disclosures will also be discussed, the people said, requesting anonymity. The proposal to increase auditor oversight comes amid a move by the government to set up the National Financial Reporting Authority (NFRA) as an independent r