A chemicals company, which had received markets regulator Sebi’s approval to float an initial public offering (IPO), is going slow with its equity-raise plans, thanks to LIC’s forthcoming mega listing that is expected to suck out $10-billion from the system.
ITAT, a quasi-judicial authority and the final fact-finding body, has sent the matter back to the Commissioner (Appeals), which constitutes the first level of appeal, to decide the matter on appeals.
The Budget proposed a 30% tax on returns from digital currencies and a 1% Tax Deducted at Source (TDS) on digital assets. The government has not used the term "cryptocurrency" in the budget, but rather "virtual digital assets". This means there will not be any tax on crypto-based products, investors said.
The Services Export Promotion Council is working on a new incentive scheme for select sectors wherein the benefits for exports range from 3-10% unlike the SEIS, which provided duty credit scrips to exporters at the rate of 3-5% of the net foreign exchange earned. "We are working on sector-wise benefits for 12 champion sectors and will soon submit them to the government," said Sunil H Talati, chairman, Services Export Promotion Council.
The suggestions are part of a project that was undertaken to design a future-ready Department of Commerce. "Separation between bilateral and World Trade Organization negotiations has been envisioned," the ministry said, following a meeting chaired by commerce and industry minister Piyush Goyal on the issue. The 'Trade Remedies Review Committee' would include the Ministry of Commerce and Industry, Ministry of Finance and line ministries for transparency in investigation outcomes.
"With the hope of COVID-19 waning away soon, demand for all kinds of services is increasing in the global markets, so we are setting an ambitious target of USD 325 billion in 2022-23," Talati, Chairman of Services Export Promotion Council (SEPC) said.
