‘We need a graded approach to include petro products under GST’
27 Jul
Business News

‘We need a graded approach to include petro products under GST’

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Business new tamfitronics CBIC chairman Sanjay Kumar Agarwal says protection of industry by raising duties is not permanent. He also discusses GST rate rationalisation. Excerpts from an interview with Sidhartha & Surojit GuptaFM has spoken about fewer customs slabs, if you could use that word. Can you help us understand how it will be structured?We routinely undertake an exercise of the conditional notification.And within two years, we have to take that exercise, and in case we find that exemption need not be continued, we allow that exemption to lapse. In certain cases, this condition is waived, depending on the type of exemption that has been given. The idea is that we want to reduce the number of customs duty rates. In this Budget also, we are seeking to give impetus to...
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‘Internship beneficiaries will be picked in a fair and transparent way’
27 Jul
Business News

‘Internship beneficiaries will be picked in a fair and transparent way’

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Business new tamfitronics Finance secretary TV Somanathan says there will be objective criteria to decide candidates selected for the internship scheme. He argues that some of the incentives for employment will pull down entry barriers for first-timersHow is the employment scheme going to be implemented?There are three direct incentives for employment, two for skilling. In the first three, there are three parts.One is an incentive which will be paid to every first timer who enters the formal job market. If we receive the CV of somebody with no experience, versus the CV of somebody with experience, the person with experience is preferred. There is a cost to the employer in absorbing a first timer into the organization because that person has to go through the learning curve. By providing a subsidy to...
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‘Indexation will benefit most. Govt may forego revenue from real estate capital gains changes’
27 Jul
Business News

‘Indexation will benefit most. Govt may forego revenue from real estate capital gains changes’

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Business new tamfitronics Revenue Secretary Sanjay Malhotra says that the govt has not estimated any revenue gain from changes in capital gains tax on real estate. In an interview to TOI, Malhotra says people are not looking at the reduction in tax rate from 20% to 12.5%There are apprehensions about the changes to capital gains tax, particularly from the real estate point of view as indexation has been scrapped.Could you explain the impact on taxpayers?This exercise should be seen as a rationalisation exercise. It’s a simplification exercise. Govt has always endeavoured towards a simple tax regime, one that is easy to comprehend and easy to implement. In line with this vision, govt introduced GST. It was a monumental reform. Similarly, even on the income tax side, you have seen a number of...
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Kenya’s forex reserves decline amid foreign debt repayments, particularly to China
27 Jul
Business News

Kenya’s forex reserves decline amid foreign debt repayments, particularly to China

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Business new tamfitronics Kenya’s foreign exchange reserves have experienced a significant drop of USD 487 million (about KES 63.9 billion) over the past week, following substantial repayments of external debt. An English-language daily business newspaper published in Kenya, Business Daily, reported that this decline has reduced the resources critical for supporting the local currency. The decrease in reserves follows the government's repayment of USD 533 million (about KES 70 billion) in external loans, which includes USD 433 million (KES 56.8 billion) used to service a loan from China.Follow @EconomicTimes
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