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Union Budget displeases MRPL
Feb '08
Mangalore Refinery and Petrochemicals Ltd (MRPL), Director Finance, Mr L K Gupta, when contacted by Fibre2fashion, divulged that he is not satisfied with Union Budget 2008-09, stressing, "Finance Minister has not given much consideration to petroleum industries.

"Import of naphtha was earlier duty free but now it has 5 percent duty. However, Mr P Chidambaram, has kept his promise and the central sales tax has been reduced to 2 from 3 percent."

Mr Gupta explained dividend distribution tax was earlier been paid two way. First by holding company and second by subsidiary company but now whenever subsidiary company has paid dividend distribution tax, the holding company will get set off this dividend which is paid.

Director Finance, Mangalore Refinery and Petrochemicals Ltd, further added that as far as general public is concerned, it seems that people are not happy as there is an increase in short term capital gain tax from 10 to 15 percent.

Finally, he said, "Nevertheless, General excise duty's reduction from 16 to 14 percent is a good sign."

Fibre2fashion News Desk - India

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