As many as 178 items of daily use were shifted from the top tax bracket of 28 percent to 18 percent while a uniform 5 percent tax was prescribed for all restaurants, both air-conditioned and non-AC
The associations are opposing the recent suggestion of the health ministry as their livelihood depends on selling of both non-tobacco items of everyday use such as bread, eggs, juices, soft drinks, wafers and the like, along with tobacco products.
Health ministry bars selling of non-tobacco products from tobacco-selling shops. If it is in the interest of the society, they would have to abide by it and accept it, said B Krishna Rao, Category Head-Marketing, Parle Products.
While ITC, Hindustan Unilever Ltd (HUL), SBI and IOC saw losses in their m-cap for the week ended Friday, the valuations of RIL, TCS, HDFC Bank, HDFC, Maruti Suzuki and ONGC rose, but their combined gain of Rs 26,099.02 crore was less than the total loss suffered by the four firms.
In a meeting held today, the board of directors has given consent to explore an internal corporate restructuring exercise which will allow the company to consider various options such as subsidiarisation or de-merger of its business units into separate entities, a company statement said here.
According to recruitment services firm ABC Consultants, the auto sector registered average appraisal of 9-11 per cent, for FMCG it was 8-10 per cent and for technology sector at 5-7 per cent.
The import duty on crude palm oil has been increased from 7.5 per cent to 15 per cent, on RBD palm (refined palm oil) from 15 per cent to 25 per cent and on crude soft oils like soybean oil from 12.5 per cent to 17.5 per cent. The differential duty on import of refined vis-a-vis crude palm oil is now 10 per cent as against 7.5 per cent earlier.
The company, which witnessed de-stocking in trade channels due to migration to GST, said the new tax regime has brought a level playing field.
Wadia said the park would have the largest biscuits manufacturing plant with six lines, along with cake and risk.
Property consultant CBRE, in its report 'India Industrial and Logistics MarketView, H1 2017', said that the companies from third party logistics, engineering, manufacturing and FMCG sectors contributed about 75 per cent of the leasing.
"Over the last two years, we have been working on a completely differentiated product portfolio for professional segment designed for Indian hair. We are entering this market and we have very ambitious plans for this market," GCPL Business Head - India and SAARC Sunil Kataria told PTI.
The impact on the volume front is expected in the current quarter as well due to the gradual pick-up in GSTN coverage. So, the flattish volume growth observed in Q1 of 2018 can further deteriorate in the current quarter.
Besides, HUL is looking up to its trade partners to soon attain "normalcy" post GST and is working closely with them to restore it.
Total income during the quarter under review fell by 1.96 per cent to Rs 208.49 crore as against Rs 212.67 crore in the corresponding period last year, the company said in a BSE filing.
"Presently we have connected over 50,000 users in the south and west, and are looking to expand this number to over 70,000 small retailers by the end of 2017," chief executive officer of ShopX, Amit Sharma told PTI.
The company said it would further like to penetrate into segments like fragrances and flavours, food and beverages, etc. in which new products will be launched in the immediate future.
The new Goods and Services Tax (GST) regime replaces a thicket of indirect central and state levies that critics argue have blunted economic competitiveness and hobbled efforts to lift more people out of poverty.
The rollout of GST will benefit sectors which are reliant on logistics and distribution costs such as the FMCG sector, E-commerce and retail
The programme comprises training on GST rates for beverage categories, understanding the GST credit mechanism, GST compliances and cut off dates as also managing the transition to GST, among others.
Fast moving consumer goods (FMCG) major Marico may be prepared to transition to the new tax regime, goods and services tax (GST) but expects the June quarter to be impacted because of this transition. In an exclusive interview to CNBC-TV18's Priya Sheth, Marico's Harsh Mariwala said that the company is prepared for some degree of degrowth.
Marico, Godrej Consumer Products and Dabur said they are helping their trade partners to liquidate current inventory to ensure a smooth transition and reduce the loss of sale at the retail level.
A National Anti-profiteering Authority will be set up for two years and will have the power to order price changes or impose penalties.
FMCG major Marico's founder Harsh Mariwala has termed Patanjali “the most overhyped brand in India", expressing skepticism about its success in future.
The company, which today opened its first outlet in Mumbai, said it will soon have similar set ups in New Delhi, Madhya Pradesh and Rajasthan.