Latest news with #Rs45bn
Business Recorder
26-05-2025
- Business
- Business Recorder
FBR to levy 18% sales tax in erstwhile tribal areas
ISLAMABAD: The government has decided to impose 18 percent sales tax on goods manufactured in erstwhile tribal areas in the federal budget (2025-26). Sources told Business Recorder that the withdrawal of sales tax exemption would generate over Rs45 billion during 2025-26. The revenue impact will be higher in case income tax concessions are also withdrawn for the said areas. The Federal Board of Revenue (FBR) is drafting the necessary legal changes in light of court orders and relevant provisions of law. Ex-FATA/PATA: Rs45bn GST exemptions under scrutiny Through Finance Act, 2024 exemption available to ex-FATA/PATA (import/ supply of goods and supply of electricity) was retained till June 30, 2025. However, the exemption on import shall be available subject to presentation of pay order instead of post-dated cheque which would be released on furnishing (within six months) of the consumption/installation certificates issued by the concerned Commissioner. Copyright Business Recorder, 2025
Business Recorder
26-05-2025
- Business
- Business Recorder
FBR to levy 18pc ST in erstwhile tribal areas
ISLAMABAD: The government has decided to impose 18 percent sales tax on goods manufactured in erstwhile tribal areas in the federal budget (2025-26). Sources told Business Recorder that the withdrawal of sales tax exemption would generate over Rs45 billion during 2025-26. The revenue impact will be higher in case income tax concessions are also withdrawn for the said areas. The Federal Board of Revenue (FBR) is drafting the necessary legal changes in light of court orders and relevant provisions of law. Ex-FATA/PATA: Rs45bn GST exemptions under scrutiny Through Finance Act, 2024 exemption available to ex-FATA/PATA (import/ supply of goods and supply of electricity) was retained till June 30, 2025. However, the exemption on import shall be available subject to presentation of pay order instead of post-dated cheque which would be released on furnishing (within six months) of the consumption/installation certificates issued by the concerned Commissioner. Copyright Business Recorder, 2025
Yahoo
14-03-2025
- Business
- Yahoo
India's Patanjali, DS Group to buy controlling stake in Magma General Insurance
India's Patanjali Ayurved and the Dharampal Satyapal Group (DS Group) have agreed to acquire a controlling stake in Magma General Insurance for approximately Rs45bn ($517.5m). A share purchase agreement (SPA) was approved in this regard, with the transaction awaiting regulatory clearances. It includes the transfer of equity shares from existing shareholders including Adar Poonawalla-owned Sanoti Properties, Celica Developers and Jaguar Advisory Services. Magma General Insurance has a portfolio of more than 70 insurance products catering to both retail and commercial clients, stated the Hindu Business Line. Its retail insurance products suite includes motor, health, personal accident and home insurance. The company's commercial insurance products encompass fire, engineering, liability and marine insurance. A Patanjali Ayurved spokesperson told the Hindu Business Line: 'Magma General Insurance could benefit immensely from our ability to infuse growth capital, huge distribution strength including access to rural markets as Patanjali Ayurved products are available at 2,00,000 counters, national level chains including Reliance Retail, Hyper City, Star Bazaar and 250 Patanjali Mega Stores.' The publication also quoted Adar Poonawalla as saying: 'We are proud that over the last few years, Magma General Insurance has built up its business carefully, both on the retail and corporate side, with over 1,000 agents, more than 000 corporates, 14 OEMs including all the large OEMs, and more than 80 players in the financial services business. It has delivered a growth rate of 26% over the last five years. We are confident that it will continue to make a strong contribution to the general insurance industry, under the new ownership of Patanjali Ayurved and the DS Group.' Recently, Magma General Insurance partnered with Hyundai India Insurance Broking to provide Magma's motor insurance products across the latter's dealer network in India. "India's Patanjali, DS Group to buy controlling stake in Magma General Insurance " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
