Home / Knowledge / News / Textiles / Union Budget displeases MRPL
Union Budget displeases MRPL
29
Feb '08
Mr.L.K.Gupta
Mr.L.K.Gupta
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

Must ReadView All

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Courtesy: Alizilla

Apparel/Garments | On 24th Mar 2017

Alibaba's eWTP finds first overseas base in Malaysia

In a step towards using the internet to bring small businesses around ...

Textiles | On 24th Mar 2017

BJMC to produce cotton-jute blended denim fabrics

To meet demand from the market, Bangladesh Jute Mills Corporation...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search