A proposal to bring petroleum products under the Goods and Services Tax (GST) has been backed by the Chief Economic Advisor K V Subramanian. He said the decision would have to be taken by the GST council. “It will be a good move, but the decision rests with the GST Council,” Subramanian said during a […]
The Union Finance Minister Nirmala Sitharaman’s third budget indeed has some strong measures which can provide a major push to the agriculture sector as well as allied businesses like dairy. For instance, 10% increase in the agri credit target by 1.5 lakh crore (in conjunction with the proposal to set up DFI) will improve access to credit […]
Jay Cheema, is a partner in law firm Cyril Amarchand Mangaldas, where he specialises in energy. He talked to Biman Mukherji of indoasiancommodities.com about expectations from the forthcoming budget for the oil and gas, renewables and energy sector to expedite the recovery process from the global pandemic. Q: Oil prices have started recovering, but the sector has been […]
With improvement in export market conditions, the Gem and Jewellery Export Promotion Council of India (GJEPC) said if the current pace continues the total export shipments are expected to reach around Rs 1.6 lakh crore ($ 20-21 billion) in this financial year. GJEPC Chairman Colin Shah told reporters at a virtual press conference that exports […]
UK-based global energy major BP Plc said it is looking to expand its Indian presence in fuel retailing and mobility solutions. Speaking at the India Energy Forum by CERAWeek, BP Group chief executive Bernard Looney said his firm in partnership with Reliance Industries Ltd will set up 5,500 retail sites in the next 4-5 years. He also asked for […]
Mumbai-based Solvent Extractors Association of India (SEA), the edible oil industry body has urged the government to allow import of only crude palm oil and place all refined oils under the restricted category of trade. In a recent virtual meeting with Food Ministry Secretary Sudhansu Pandey on ways to boost domestic production and reduce import of edible oils, […]
Solar power developers are likely to be receiving Rs 4,000 crore as reimbursements against various taxes and duties levied by the central government after the projects were bid out, rating agency CRISIL said in a report. The payments would be made to compensate solar power producers for the additional expense they had to bear due […]
Diesel sales, an approximate barometer of business and commerce, dropped 13 per cent in July 2020 from the previous month and were down 21 per cent year-on-year, forcing oil refiners to slash throughput. This seems to be a clear case of economic recovery slowing down after the spike in May-June this year. Manufacturing activities also […]
India’s economic recovery will be boosted by the rural sector, said Housing Development Finance Corporation (HDFC) chairman Deepak Parekh at the company 43rd annual general meeting (AGM). A macroeconomic recovery in India will be subject to the end of lengthy and complete lockdowns even as some signs of improvement are already visible, he added. “My view […]
The indirect tax board has extended the deadline of re-importing cut and polished diamonds, which have been sent abroad for certification and grading, by three months. This extension will apply to all cut and polished diamonds that should have been re-imported between February one and July 31 this year but these could not be brought […]
