Wednesday, September 9, 1998
"Bring back banks bullion imports under special import licence"
The members of the Federation of Indian Export Organisations (Fieo) have demanded that import of gold and silver by the banks for the domestic market be brought under the special import licence (SILs) in order to increase the premium rates of the licence.
CII urges centre to levy 5% special excise duty
The Confederation of Indian Industry (CII) has urged the union government to impose a 5% special excise duty (modvattable) as surcharge on duty payable while restoring the Modvat credit on inputs to 100%. In a related development, the CII has reiterated its demand of imposing 4% special import duty on fertiliser, coal mining, power generation and crude petroleum refinery projects.
Tata Chemicals puts in Rs 250 crore I-T claim
Tata Chemicals has appealed to the appellate authority against an income-tax assessment of Rs 251 crore levied on the interest on borrowings used for capital expenditure and which have been capitalised by the company. The company has pointed out that, for tax purposes, it treated all interest on borrowings as deductible expenditure and provision for taxation is being made on such basis.
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