Latest news with #Rs98
Hans India
23-07-2025
- Business
- Hans India
Government forgoes Rs 99K cr tax revenues via incentives in FY24
New Delhi:The government is estimated to have forgone around Rs 99,000 crore in revenue in the 2023-24 fiscal on account of tax incentives extended to corporates, Minister of State for Finance Pankaj Chaudhary said on Tuesday. Corporate tax rates have been gradually reduced since 2016, while phasing out the exemptions and incentives. In a written reply in the Rajya Sabha, Chaudhary gave the estimated revenue forgone due to the tax incentives by way of various deductions in corporate tax, from FY 2019-20 to 2023-24. The corporate tax revenue foregone in 2023-24 stood at Rs98,999, followed by Rs88,109 crore and Rs96,892 crore in 2022-23 and 2021-22, respectively. In 2020-21 and 2019-20, the total corporate tax revenue foregone was Rs75,218 crore and Rs8,043 crore respectively. The minister was replying to a question from AAP MP Raghav Chadha on the estimated loss to the exchequer due to the corporate tax reductions from 2019-20 to 2024-25, and for the financial year (2024-25). Estimated revenue foregone for the financial year 2024-25 till date is not available, Chaudhary said. Through Finance Act, 2016, the corporate tax rates were reduced to 29 per cent of the total income to promote growth, boost investment and create more job opportunities. In 2017, the corporate tax rates were reduced to 25 per cent of the total income, make smaller domestic companies having annual turnover of Rs50 crores more viable and to encourage firms to migrate to company format. In September 2019, the government announced a cut in base corporate tax for then existing companies to 22 per cent from 30 per cent; and for new manufacturing firms, incorporated after October 1, 2019, to 15 per cent from 25 per cent, provided they forego all exemptions and incentives. Vide Finance Act, 2024, tax rates on the income of foreign companies (other than that chargeable at special rates) have been reduced from 40 per cent to 35 per cent to promote investment and employment.
Time of India
13-07-2025
- Politics
- Time of India
Asia's tallest Murugan statue to be set up at Thindal temple
Erode: Ministers Sekar Babu and S Muthusamy on Sunday said Asia's tallest Murugan statue would be set up at the Murugan Temple at Thindal. "Benefactors are coming forward to finance the construction of the 186ft tall Murugan statue at Thindal. " Muthusamy said the statue would be made of cement. "The plinth will be 3.5ft tall and it will be made of black granite. The hill, where the statue will come up, is 50ft tall. Hence, the statue will look taller than its actual height. The infrastructure will be planned to accommodate five times the current number of devotees visiting the temple." Sekar Babu said the Dravidian model govt under the leadership of chief minister M K Stalin was committed to renovating temples. "During our governance so far, 3,325 temples, 125 of them Murugan temples, have been consecrated. By the end of this year, the number of temples consecrated is expected to reach 3,500." The HR&CE minister said 46 temples, including Thiruparankundram Arulmigu Subramania Swamy Temple, first in the line of six abodes of Murugan, would be consecrated on Monday. He said the govt had allocated a record subsidy of Rs1,120 crore to the Hindu Religious and Charitable Endowment (HR&CE) department since it assumed office. He said the Palani temple would get a facelift at a cost of Rs416 crore, while Tiruchendur temple would be renovated at a cost of Rs98 crore. Work on installing lifts at Marudhamalai and Swamimalai temples is currently in progress. He said the work on renovating Tiruchendur temple was likely to be completed by October. "Road work for Tiruttani temple and Siruvapuri temple is also underway at a cost of Rs67 crore and Rs57 crore, respectively."
Hans India
02-07-2025
- Business
- Hans India
Gold rallies Rs 1,200, silver surges Rs 2,000
New Delhi: Cutting short the seven-day losing streak, gold prices rebounded by Rs1,200 to Rs98,670 per 10 grams in the national capital on Tuesday due to fresh buying by stockists in line with strong global trends, according to the All India Sarafa precious metal of 99.9 per cent purity had settled at Rs97,470 per 10 grams on Monday. Gold of 99.5 per cent purity climbed by Rs1,100 to Rs98,150 per 10 grams on Tuesday. It had closed at Rs97,050 per 10 grams in the previous market close. 'A retreat in the US dollar, driven by concerns over the ballooning US fiscal deficit and the market's focus on President Donald Trump's proposed tax-cutting and spending bill, has made gold more attractive,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. President Donald Trump has also threatened new tariffs on Japan ahead of the July 9 deadline for the implementation of reciprocal tariff.
Hans India
25-06-2025
- Business
- Hans India
Gold declines Rs 900, Silver falls by Rs 1,000
New Delhi: Gold prices plummeted Rs900 to Rs98,900 per 10 grams in the national capital on Tuesday as the expectations of a ceasefire between Iran and Israel reduced the precious metal's safe-haven appeal in the global to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs99,800 per 10 grams in the previous market session. Gold of 99.5 per cent purity depreciated by Rs800 to Rs98,300 per 10 grams. It had finished at Rs99,100 per 10 grams on Monday. 'Gold is under pressure as safe-haven demand eases after the US confirmed a full ceasefire between Iran and Israel. The announcement came shortly after Iran attacked a US military base in Qatar, briefly heightening tensions before quickly calming them.
Hans India
17-06-2025
- Automotive
- Hans India
Mercedes-Benz may again hike price in Sept
Chennai: German-luxury car brand Mercedes-Benz India has indicated a further price increase for its cars from September, citing adverse fluctuation of Euro against the Indian Rupee, a top official said here on Monday. The company already revised its prices by 1.5 per cent, each in January and June this year, Mercedes-Benz India Managing Director and CEO Santosh Iyer said. 'If you see, yesterday night, one Euro is equal to Rs99 and it is the first time that Euro has breached the Rs98 mark. We had priced our cars (when One EURO) was at Rs89-90. With Euro going up, even though we localise more than 30 per cent of our cars, 70 per cent of the cars still have European content and when the EURO goes up (against Rupee), the price (of Mercedes-Benz range of cars) will go up,' he told reporters. He noted that Mercedes-Benz has already effected a price increase of its cars twice in 2025, in January and June. Up to 1.5 per cent was the increase in hike. 'And the third one (increase in price) equal to 1.5 per cent will come in September, because we cannot pass this in one go and we are doing it in phase wise,' he said. Despite the proposal to increase the price of cars, Iyer sounded optimistic on retail sales with the Reserve Bank of India announcing interest rate cuts twice this year. 'We have non-banking finance company, Mercedes-Benz Finance and this arm has also reduced the interest rates. About 80 per cent of our cars are financed and today, if you look at June, the price of cars (of Mercedes-Benz) has gone up. But the EMIs remain the same.' he said. He added that the interest rate cuts announced by the Reserve Bank is helping the sales of Mercedes-Benz range of cars for sure.
