business

Budget relief for sub-brokers, not to pay service tax

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After finding instances of service tax evasion by sub brokers, the Comptroller and Auditor General of India (CAG) had prompted tax authorities to issue orders to several south India-based sub-brokers to pay service tax. However, the recently announced Budget has brought cheers to the sub-brokers by excluding them from the purview of service tax and … Read more Budget relief for sub-brokers, not to pay service tax

Essar Steel eyeing controlling stake in Shree Precoated Steels

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Essar Steel, a Ruia owned company, is eyeing a majority stake in Ajmera Group owned company — Shree Precoated Steels (SPSL). This acquisition will help the company emerge as one of the largest players in the cold-rolled segment of steel market. Currently, Essar Steel is the third-largest steelmaker in India. If the stake acquisition goes … Read more Essar Steel eyeing controlling stake in Shree Precoated Steels

Fiscal Deficit at 6.8%, up from 5.5% given in interim budget

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There was some disappointment on the fiscal front as the government of India raised the budgeted deficit to 6.8% compared with 5.5% targeted in the interim budget. We believe that the fiscal deficit will be higher than the budget estimate of 6.8% and hence a strain on PSU banks. The finance minister did, however, say … Read more Fiscal Deficit at 6.8%, up from 5.5% given in interim budget