Plan and Policy

Plan & Policy

Walmart-Flipkart deal taxation issues under I-T lens

The income tax department is examining the taxation issues with regard to payments made by Walmart Inc to various shareholders of Flipkart following the acquisition of the e-commerce firm, a senior finance ministry official said on Tuesday.

US retailer Walmart purchased 77 per cent stake in Flipkart for about $16 billion (around Rs 1.05 lakh crore) in May.

Indo-Saudi bilateral trade may rise 10% in FY19: Riyadh

The value of India-Saudi Arabia bilateral trade increased from $ 25.0 billion in 2016-17 to $27.5 billion in 2017-18, and is expected to go up by 10 per cent in the current financial year, said Saud bin Mohammed Al- Saty (in pic), ambassador of Saudi Arabia to India.

Speaking at an industry interaction organised by Confederation of Indian Industry (CII) here on Tuesday, ambassador Saty said there is still a lot of scope to further increase business relations between the two nations especially in the areas of agriculture, chemicals, fertilizer and tourism.

Atul Sahai appointed CMD of NIA

The government, on Tuesday, appointed Oriental Insurance general manager Atul Sahai (in pic) as the chairman and managing director (CMD) of the public sector general insurer New India Assurance (NIA). The post has been lying vacant since retirement of G Srinivasan on July 31. Financial Chronicle had first reported it on November 6, 2018. 

Concerns on credit supply to small businesses a myth: SBI

Economists at SBI on Tuesday termed concerns on credit supply to small businesses as a “myth” and said the sector has had a “stupendous” loan growth since GST.

The commentary comes amid concerns on the state of small businesses sector post-GST, which also led the Reserve Bank of India (RBI) board to decide on a special dispensation on asset quality. “The myth is...regarding the credit growth to micro and small enterprises (MSEs),” economists said in a note.

Electricity futures to start next year

With the easing of supply side constraints and an upswing in electricity trading across the country, the government is set to take the next big reform initiative by opening derivatives market for the power sector.

Villages to be city-like over 2 decades: Jaitley

Portraying an optimistic picture of the government’s performance in the last four and half years, finance minister Arun Jaitley on Tuesday said that the policy of the NDA government has improved in the rural sector significantly, mostly on agricultural productivity and the quality of lives of the people in villages.

Low use of galvanised steel speeds up car corrosion

Lesser usage of galvanised steel in cars for domestic consumption is leading to faster corrosion in vehicles used in coastal areas. Automobile manufacturers are using lesser quantum of galvanised steel in cars meant for the domestic market compared to those produced for the export market.

Govt on track to reach direct tax mop-up goal

Income tax return filing for assessment year 2018-19 has so far seen a 50 per cent rise since last year, a top finance ministry official said on Tuesday.

"This is the effect of demonetisation," central board of direct taxes (CBDT) chairman Sushil Chandra said on the sidelines a CII event.

Demonetisation has been very good for increasing the tax base of the country. This year, we have already got around 6.08 crore income tax returns, which is 50 per cent higher than last year by this particular date, he said.

Commercial vehicle growth remains strong despite liquidity crunch

The commercial vehicle (CV) segment in India is expected to grow despite the liquidity crunch and decline in profitability from fleet operators, credit rating agency, Icra said in its year end assessment.

Tightened financial scenario would have a near- term impact on commercial vehicles or CVs and small fleet operators (SFOs) with relatively weak credit profile would have biggest impact, the report said.