India government has not quantified loss to exchequer due to tax cuts, says state minister
India's government plans to slash the consumption tax it charges consumers and businesses by October, and proposed a two-rate structure of 5% and 18%, doing away with the 12% and 28% tax imposed on some items, a top official said last week.
The states ministers' panel also recommended high-end luxury cars and other luxury items, or the so-called sin goods, be taxed at a new rate of 40%, another state minister said.
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Glasgow Times
9 minutes ago
- Glasgow Times
Government to take control of Speciality Steel after insolvency
The high court confirmed on Thursday that Speciality Steel – previously part of Sanjeev Gupta's Liberty Steel business – would face a compulsory liquidation. The operation, which has plants in Rotherham and Stocksbridge in South Yorkshire, will be placed into the hands of the Official Receiver and special managers from advisory firm Teneo. Ongoing wages and costs to keep the plant running will be covered by the Government until a buyer is found. However, bosses at Speciality Steel said the move to wind up the business is 'irrational'. Jeffrey Kabel, chief transformation officer said: 'The decision to push Speciality Steel UK into compulsory liquidation, especially when we have support from the world's largest asset manager to resume operations and facilitate creditor recovery is irrational. 'The plan that GFG (Sanjeev Gupta's parent business) presented to the court would have secured new investment in the UK steel industry, protecting jobs and establishing a sustainable operational platform under a new governance structure with independent oversight. 'Instead, liquidation will now impose prolonged uncertainty and significant costs on UK taxpayers for settlements and related expenses, despite the availability of a commercial solution.' We welcome the Government's recognition of the importance of the Speciality Steel assets and hope a new owner is found quickly, with new investment to restore production to previous levels. — UK Steel (@UKSteel__) August 21, 2025 GFG said it will put forward a bid to retake control of the business alongside debt and equity partners and present this to the Official Receiver. A Government spokesperson said: 'We know this will be a deeply worrying time for staff and their families, but we remain committed to a bright and sustainable future for steelmaking and steel making jobs in the UK. 'It is now for the independent Official Receiver to carry out their duties as liquidator, including ensuring employees are paid, while we also make sure staff and local communities are supported.' UK Steel director general Gareth Stace said: 'UK Steel welcomes the Government's recognition of the importance of the Liberty Speciality Steel assets and hopes that a new owner is found quickly and can inject the investment and working capital required to return production volumes to previous levels. 'The assets produce high quality, specialist steels that serve high value markets. 'The low production levels of recent years have left significant holes in the domestic supply chain that have been filled by imports. 'We hope to see these holes quickly filled by UK-made steel.' A spokesman for steelworkers' union Community said: 'These are worrying developments, and we are seeking clarification on what this means for our members and their livelihoods. 'Jobs must be protected, and these sites – which are vital strategic assets – need to resume production as soon as possible.' Shadow business secretary Andrew Griffith blamed situation on 'Labour's ruinously high energy costs driven by net zero dogma'.
Rhyl Journal
an hour ago
- Rhyl Journal
Government to take control of Speciality Steel after insolvency
The high court confirmed on Thursday that Speciality Steel – previously part of Sanjeev Gupta's Liberty Steel business – would face a compulsory liquidation. The operation, which has plants in Rotherham and Stocksbridge in South Yorkshire, will be placed into the hands of the Official Receiver and special managers from advisory firm Teneo. Ongoing wages and costs to keep the plant running will be covered by the Government until a buyer is found. However, bosses at Speciality Steel said the move to wind up the business is 'irrational'. Jeffrey Kabel, chief transformation officer said: 'The decision to push Speciality Steel UK into compulsory liquidation, especially when we have support from the world's largest asset manager to resume operations and facilitate creditor recovery is irrational. 'The plan that GFG (Sanjeev Gupta's parent business) presented to the court would have secured new investment in the UK steel industry, protecting jobs and establishing a sustainable operational platform under a new governance structure with independent oversight. 'Instead, liquidation will now impose prolonged uncertainty and significant costs on UK taxpayers for settlements and related expenses, despite the availability of a commercial solution.' We welcome the Government's recognition of the importance of the Speciality Steel assets and hope a new owner is found quickly, with new investment to restore production to previous levels. — UK Steel (@UKSteel__) August 21, 2025 GFG said it will put forward a bid to retake control of the business alongside debt and equity partners and present this to the Official Receiver. A Government spokesperson said: 'We know this will be a deeply worrying time for staff and their families, but we remain committed to a bright and sustainable future for steelmaking and steel making jobs in the UK. 'It is now for the independent Official Receiver to carry out their duties as liquidator, including ensuring employees are paid, while we also make sure staff and local communities are supported.' UK Steel director general Gareth Stace said: 'UK Steel welcomes the Government's recognition of the importance of the Liberty Speciality Steel assets and hopes that a new owner is found quickly and can inject the investment and working capital required to return production volumes to previous levels. 'The assets produce high quality, specialist steels that serve high value markets. 'The low production levels of recent years have left significant holes in the domestic supply chain that have been filled by imports. 'We hope to see these holes quickly filled by UK-made steel.' A spokesman for steelworkers' union Community said: 'These are worrying developments, and we are seeking clarification on what this means for our members and their livelihoods. 'Jobs must be protected, and these sites – which are vital strategic assets – need to resume production as soon as possible.' Shadow business secretary Andrew Griffith blamed situation on 'Labour's ruinously high energy costs driven by net zero dogma'.
Reuters
an hour ago
- Reuters
Berlin weighs trusteeship extension for Rosneft's German assets, sources say
BERLIN/FRANKFURT, Aug 21 (Reuters) - Berlin is considering extending its trusteeship over the German assets of Russian oil producer Rosneft ( opens new tab for a sixth time, two people familiar with the matter said, as efforts to sell the business drag on. The repeated trusteeship renewals raise pressure on Berlin to come up with a better legal structure for Rosneft's activities in Germany. The situation is emblematic of the challenges Berlin faces in dealing with Russian assets in Germany at a time when efforts to end the war in Ukraine are picking up pace. Rosneft's German assets, including stakes in the Schwedt, MiRo and Bayernoil refineries, were put under government trusteeship in September 2022 in the wake of Russia's full-scale invasion of Ukraine, which sparked an energy crisis due to the collapse of Europe's relations with key supplier Russia. So far, Berlin has shied away from nationalising Rosneft's activities, opting instead to maintain de facto control over them via a trusteeship that still leaves legal ownership in Russian hands. The trusteeship, which has to be renewed every six months, currently runs until September 10 and is being enacted by the German network regulator, the Bundesnetzagentur, on behalf of the economy ministry. A formal decision about the trusteeship extension is still outstanding, the sources said. Rosneft, Russia's biggest oil producer, has sought to sell its German businesses, including a 54.17% stake in the PCK Schwedt refinery, but talks with potential suitors, including Qatar, have proven unsuccessful so far. The first source said talks between Rosneft and Qatar were ongoing. Rosneft also owns a 24% stake in the MiRo and a 28.57% stake in the Bayernoil refineries. The economy ministry said that Berlin was examining various options regarding the group's German assets. "Ensuring security of supply remains the primary goal," a spokesperson for the ministry said, adding that Berlin was not part of the sales negotiations and could not provide information about it. The Qatar Investment Authority and Rosneft did not respond to requests for comment. Gazprom Germania, now operating under the name Sefe, was nationalised by Berlin in 2022 after the group's former Russian parent ditched the division, which is a vital part of Germany's gas supply. "The federal government is locked into its own strategy. For the (conservatives) Christian Democrats, expropriating companies would be against their campaigns ... it would be a major step with a very high threshold," the first source said.
