The GST Council on March 19 allowed builders to choose between higher rates with input tax credits (ITC) on raw material or lower duties without any such benefits for unfinished projects.The Council, headed by Finance Minister Arun Jaitley, which met through video conferencing in New Delhi, decided that builders can pick between paying 12 percent for non-affordable houses with ITC benefits or 5 percent without the tax rebates for under-construction houses.Likewise, for 'affordable housing projects', builders can choose between 8 percent with tax rebates or 1 percent without it, Revenue Secretary Ajay Bhushan Pandey said.Close The new rates, without ITC benefits, will apply for all projects that begin construction only after April 1, Pandey said. related news JSW Steel output falls 13 pc to 12.54 LT in October XLRI hosts 10th edition of annual finance symposium GNOSIS in Mumbai Govt to consider TCS, Infosys proposals to set up SEZ on Nov 15 In the last meeting held on … [Read more...] about GST Council approves transition plan for new tax rates for real estate sector
Filing ohio state tax
Sun Pharmaceutical Industries, India’s largest drug maker on Wednesday reported 75.2 percent drop in net profit to Rs 365.4 crore in the quarter ended December hit by plunging US sales and one-time deferred tax adjustment.The company posted a net profit of Rs 1,472 during the corresponding period a year ago. Revenues from operations declined 16 percent to Rs 6,653.23 crore, compared to Rs 7,925.11 crore a year ago .The company said net profit was adversely impacted by one-time deferred tax adjustment of Rs 513 crores related to changes in US tax rates. US slashed corporate tax rate from 35 percent to 21 percent.Close The EBITDA margin of the company stood at 21.2 percent. related news Aditya Birla Fashion and Retail Q2 net loss at Rs 2.35 crore Jaypee Infratech insolvency: Lenders to meet on Nov 18 to comply with SC direction VA Tech WABAG posts consolidated Q2 profit at Rs 23.89 Crore The net profit was far lower than CNBC-TV18 poll estimates of Rs 878.3 … [Read more...] about Sun Pharma profit drops 75% on US sales dip, one-time tax write-off
The Enforcement Directorate and Income Tax Department have turned their focus on ICICI Bank-Videocon loan case and are in the process of collection relevant files and papers from the Reserve Bank of India and Securities and Exchange Board of India.Once the Central Bureau of Investigation (CBI) files FIR in the case pertaining to the sanction of loan worth Rs 3,200 crore to Venugopal Dhoot-led Videocon Group, the ED is expected to follow up the matter, a source told Moneycontrol. “As of now, ED is preparing its stand in this case,” the source said.This is not the first time the Venugopal Dhoot firm is facing the heat from the ED. In 2014, Videocon Group received a show cause notice for violation of forex norms. The case was closed after penalizing the companies.Close In 2007-08, the Videocon Group had formed a company in Cayman Islands called Tuskar Overseas. The company raised loans from ICICI Bank Ltd in the UK and Canada based on guarantees given six domestic Videocon … [Read more...] about ED, I-T Dept turn their gaze on ICICI Bank-Videocon Group loan case
Sugar has a lot in common with tobacco and alcohol: it triggers pleasurable feelings, it can cause health problems when overused, and it’s addictive (though the jury may still be out on that one). Unlike the latter two substances, sugar products don’t come with added taxes or any barrier to obtaining them. Anyone can legally binge on sugar, regardless of age. But maybe this shouldn’t be the case. Maybe we’d all be better off if sugar was treated like a potentially dangerous substance. advertisement advertisement Scientists at UCSF argue in a recent issue of Nature that added sugars, defined as “any sweetener containing the molecule fructose that is added to food in processing,” should be regulated by the government. The researchers, one of whom is well-known for his views on the dangers of sugar, have come up with a convincing list of reasons why we need to take serious measures: Sugar can induce hypertension, insulin resistance, high … [Read more...] about Should The Government Regulate Sugar Like Tobacco?
Fraud-hit CG Power and Industrial Solutions on Novmeber 12 said it has asked companies linked to promoter Gautam Thapar among others to return over Rs 3,300 crore and has initiated the second phase of the probe to fix responsibility for the alleged fraudulent transactions.CG Power had in August stated that an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including certain non-executive directors." Also, some liabilities and advances to related and unrelated parties had been understated.In its earnings statement for the July-September quarter, CG Power on Tuesday said: "The Phase-2 investigation has been initiated by the board and update/report of the ongoing investigation shall be submitted to the board in due course. The investigation is expected to be completed by the fourth quarter of FY … [Read more...] about Fraud-hit CG Power asks firms linked to promoter Gautam Thapar to return Rs 3,300 cr