Passage of GST bill will help the industry consolidate supply chain and ease logistical burdens brought about by the old tax regime, consumer electronic and home appliance makers have said.
Chartered accountants' apex body ICAI on Thursday said implementation of the Goods and Services Tax (GST) would help reduce prices of fast moving consumer products by at least 10 per cent.
Having 'weathered' the Maggi storm, Nestle India is embarking on a product offensive, launching up to 25 products across various categories to fend off 'disruptive competition' from new rivals like Patanjali.
The government on Saturday said it will consider lowering import duty on sugar and banning exports of the sweetener if prices spike further from the current level.
The Supreme Court on Wednesday said the tobacco industry must adhere to government rules requiring stringent health warnings on cigarette packs, in a major setback for the $11-billion industry that opposes the new policy.
An expected slowdown in Indian sugar exports, as domestic prices surge, will boost the market share of Thai and Brazilian sugar in Asian markets, traders said on Tuesday.
Air conditioner and commercial refrigeration maker Blue Star on Monday said it will challenge a Rs 135.72 crore service tax and penalty imposed on it at an "appropriate forum" saying it was a "patently erroneous" step by tax authorities.
India, the world's biggest consumer of sugar, is likely to produce 25 million tonnes of the sweetener in the 2015-16 marketing year ending on September 30, down 11.7 per cent from a year ago, a leading trade body said on Monday.
After petrol and diesel, prices of non-subsidised cooking gas, non-PDS (public distribution system) kerosene and aviation turbine fuel (ATF) were raised on Sunday, in line with global trends.
Any further downward revisions in Indian sugar output due to drought could drive global sugar prices higher, extending a rally that has been fuelled by rising global deficit forecasts, traders said on Monday.
The rules have already hit the $10 billion cigarette industry. The cigarette maker ITC Ltd, which is part-owned by British American Tobacco, shut its factories last week, saying it needed more clarity on the new rules.
India's top cigarette maker ITC Ltd, part-owned by British American Tobacco, said it was not ready to print bigger health warnings on its packs as mandated by the government and will keep its factories shut until clarity emerges on the new rules.
The tobacco industry is facing losses of over Rs 350 crore each day as cigarette makers have shut operations due to lack of clarity on proposed graphic health warnings on tobacco products, Assocham said on Tuesday.
FMCG major Nestle on Monday said its popular Maggi has cleared tests conducted by Central Food Technological Research Institute (CFTRI) under a Supreme Court directive, reiterating that its instant noodles brand is safe for consumption.
With mercury set to rise steeply in the coming months, air-conditioner makers such as LG, Samsung, Panasonic and Haier are expecting a surge of as much as 30 per cent in sales this season on the back of easy financing options and arrival of energy efficient models.
The Health Ministry on Tuesday ordered government agencies to enforce a new rule for bigger health warnings on tobacco packets, stepping up a fight against the $10-billion cigarette industry that has shut down its factories in protest.
ITC Ltd, India's top cigarette maker, said it was not ready to print bigger health warnings on its packs as mandated by the government and will keep its factories shut until clarity emerges on the new rules.