Govt urged over refund of embedded taxes on cotton textile export
MUMBAI: If the government were to support the textile exports sector with a few policy measures like refund of embedded taxes (which has also been recognised by the Economic Survey for the year 2017-18), the exports of cotton textiles has the potential to reach US$ 20 bn in the next 5 years, informed Ujwal R Lahoti, chairman, Texprocil. Lahoti highlighted this during the meeting held on recently, with the Finance Minister Piyush Goyal and the Textile Minister Smriti Zubin Irani relating to matters of taxation and promotional schemes affecting textile exports. The exports of cotton textiles have shown an increase of 7% during the previous financial year 2017-18 and reached US $ 11 bn. He said that this objective can be achieved by extending the innovative refund of State levies (ROSL) scheme which refunds state levies like VAT on fuel used in transportation etc.
POWERGRID’s PAT crosses `8,000 crore
MUMBAI: Power Grid Corporation of India Limited (POWERGRID), a ‘Navratna’ company under Ministry of Power, GoI and the ‘Central Transmission Utility (CTU)’ of the country, has posted a net profit of Rs 8,239 crore on a total income of Rs 30,766 crore for FY 2017-18, registering a growth of about 16% in total income and 10% in net profit as compared to FY 2016-17, on a standalone basis. The company surpassed Rs.30,000 crore Total Income and Rs.8,000 crore profit after tax for the first time. For the fourth quarter of FY2017-18, the company has posted a net profit of Rs 2,005 crore, as against a net profit of Rs 1,916 crore registering an increase of 5% with respect to corresponding period of FY 2016-17. The company has proposed a final dividend of 28% (Rs 2.80 per share on a face value of Rs 10/- each).