SEZ, foreign trade acts to be made GST-compliant
Kolkata:The Centre will tweak SEZ and foreign trade legislations to make them compliant with the proposed Goods and Services Tax (GST) which would form the backbone of indirect tax reforms in the country soon, an official said. “Suitable changes will have to be made in SEZ and foreign trade Acts to make them compliant with GST. Many DGFT schemes will have to be moderated as well,” Commerce Secretary Rita Teaotia said on Friday.
Cairn merger to create capital efficient entity: Vedanta CEO
New Delhi:Merger of cash rich oil explorer Cairn India with its debt-laden parent Vedanta ltd will create a more capital efficient structure, Vedanta CEO Tom Albanese said on Friday.The sweetened merger deal, he said, has received “constructive feedback” from minority shareholders, who hold the key to the amalgamation. The merger will create a stronger company. “It will basically (create a) more efficient capital structure, it will get re-rating and ultimately the re-rating will benefit shareholders of both the companies,” he told the news agency here.
Service Tax Dept may go for reauction of Mallya’s jet
Mumbai:The Service Tax Department may go for another round of bidding for luxury jet of embattled businessman Vijay Mallya as the highest bid received during the auction here was a measly Rs 27 crore against the reserve price of Rs 152 crore. “The department may go for fresh round of bidding for the jet through its official auctioneer MSTC after rejecting this offer,” a department official told PTI here today. Yesterday, the highest bid amount (of Rs 27 crore) was offered by a domestic firm SGI Commex.
HPl Additives to manufacture oxo-biodegradable plastic additives in India
New Delhi:HPl Additives limited, a market leader in the plastic industry of polymer additives in Indiahas this week forged a path-breaking strategic alliance to diminish large-scale plastic waste, with EPI Environmental Technologies Inc., of Canada, a global supplier of additives for oxo-biodegradable plastic applications. This agreement will enable HPl Additives to manufacture totally degradable plastic with EPI’s Totally Degradable Plastic Additive (TDPATM) in India.This also makes HPl Additives the sole licensee to manufacture oxo-biodegradable plastics for the first time in India at their manufacturing unit in Haryana.