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Excise duty sop for automobiles, durables extended till Dec 31 Top firms perform
dismally on e-waste management: Report Govt to slap additional penalty of $578m on RIL |
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BlackBerry unveils Z3 at Rs 15,990 US economy shrinks most in five
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Excise duty sop for automobiles, durables extended till Dec 31 New Delhi, June 25 Jaitley announced that the government has decided today to extend these duty concessions beyond June 30 for a period of six months up to December 31. These sectors had been given excise duty cuts in the interim Budget in February by the UPA government due to weak demand and to boost growth. Excise duty on auto had been reduced by 3-6% and by 2% for capital goods and consumer durables. Justifying the decision, the government said despite duty cuts, auto sales have not picked up during March-April, 2014, although some positive signs could be seen from the sales figures of May 2014. Sales of capital goods and consumer goods continue to be sluggish. Jaitley said the industry is expected to show positive results in the coming months. The Finance Minister said the benefit of these duty concessions should be passed on to consumers at large. The excise duty cuts announced in February will continue. Excise duty on small cars, scooters, motorcycles and commercial vehicles will continue at 8% from 12% previously. Similarly, duty on SUVs stands at the reduced rate of 24% as against 30%. Excise duty on large cars will continue at 24% compared with 27% earlier, while the duty on mid-sized cars will stand at 20% from 24%. Excise duty on capital goods and consumer durables will continue to attract a lower duty of 10% as against the pre-Budget rate of 12%. Welcoming the decision, industry has sought a further renewal in excise concessions. Arvind Saxena, president and managing director, General Motors India, said, “It’s a welcome decision and we hope the government will extend it for the full year in the Budget as the sector continues to be sluggish. We also expect other measures in the Budget to revive the growth.” The consumer durables industry is also enthused. Krishan Sachdev, managing director, Carrier Midea India, said the extension of excise duty will help the industry overall. The AC industry has shown growth this season and this measure would further strengthen the positive sentiment, he added. Sumit Sawhney, country CEO and managing director, Renault, said extension of excise duty reduction for automobiles announced in February by another six months is a welcome move and a step in the right direction by the government, fortifying its intent to support the progress in the auto sector. |
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Top firms perform dismally on e-waste management: Report New Delhi, June 25 The study "Time to Reboot" claims that 16 out of 50 leading companies (31 multinational and 19 national) were found wanting in compliance to a key rule — setting up the take-back mechanism, a system to collect e-waste from the consumers — even after two years of the law coming into effect. The list includes top brands such as Akai, BPL Group, IFB, BlackBerry, Micromax India and Carrier. Other globally acclaimed companies such as Apple, Hitachi, Philips, Videocon and Samsung "barely managed to scrape through" falling in the "not so good performance" category in the Toxic Links report. The only seven companies which managed to receive green rating include Canon, Intex Technologies, Lenovo, Nokia, Onida, Panasonic India and Sansui India, "signifying they had taken some good initiatives." As per the NGO, the "first-of-its-kind" study in India examines if the two most important stakeholders - producers and the regulatory agencies - State Pollution Control Boards/Committees (SPCBs/Cs), were effective in fulfilling their roles defined under the E-waste (Management and Handling) Rules, 2011. The brands were rated on the basis of five parameters — sufficiency of information on website; ease of accessibility of information; take back system; number of collection points; and information on customer care or helpline provided. The end result was that as many as 16 brands, which included some leading mobile phone companies, were found to have not set up any take back system even after two years of the rules coming into effect. "One-third of the brands assessed had no take-back mechanism at all and more than half of them did not provide any information on physical collection points," says Toxic Links's Priti Mahesh. Key findings
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Govt to slap additional penalty of $578m on RIL New Delhi, June 25 The penalty in the form of disallowing costs incurred on the field will be for missing the target in 2013-14, a government source said. With this, the total costs disallowed will increase to $2.375 billion. The government had previously issued a notice to RIL disallowing a total of $1.797 billion in costs for falling short of production during 2010-11 ($457 million), 2011-12 ($548 million) and 2012-13 ($792 million). RIL, which disputed the levy and initiated arbitration against the government, did not respond to an e-mail seeking comment. Output from the main gas fields in the KG-D6 block has dropped to about a 10th of the planned 80 million standard cubic meters per day. — PTI
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Facebook launches ‘Slingshot’ application
TCS wins contract from Dutch insurance firm Bank deposits, credit
rise nearly 14% RCom raises
Rs 4,800 crore Re recovers from 1-week lows to end at 60.12/$
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available for pre-order starting today via select e-commerce websites and BlackBerry
stores. The phone features a 1.2 Ghz dual-core processor, 1.5 GB RAM and 8 GB internal memory (expandable upto 32 GB). It features a 5-inch (540 x 960 qHD resolution) display and a 5 megapixel rear camera. Its rear camera is capable of making 1080p HD video
recordings. It also features a version of BlackBerry Maps that offers 2D maps, local search, and 3D voice guided turn-by-turn directions for users in India.
TNS
