ASBM Business Updates is a Weekly Selective Compilation of Business News from Various Sources. To find details follow the links.
BUSINESS
Small and mid-sized cars may see a small hike in prices after the Goods and Services Tax (GST) is rolled out from July 1 as different goods are fitted into the four-slab rate structure.
The GST will unify at least 10 central and state taxes into one.
Goods and services will have to fall into one of the approved four rate categories of 5, 12, 18 and 28 per cent, which is closest rate to the present incidence of taxation.
Small cars currently attract a 12.5 per cent central excise duty. Another 14.5-15 per cent VAT is levied by states, taking the total tax incidence to 27-27.5 per cent.
A senior finance ministry official said the closed slab for this category of cars would be 28 per cent, resulting in a small increase in price.
Mid-sized cars of up to 1500 cc are levied with a 24 per cent excise by the the central government and a 14.5 per cent VAT by state governments, taking the tax incidence to 38.5 per cent.
BUSINESS COMMUNICATION
The Indian Space
Research Organisation (ISRO) will launch five communication satellites by the
year-end, its chairman A S Kiran Kumar said on Thursday.
The satellites,
proposed to be launched, are aimed at improving the communication system within
the country, he said.
"There are five
(satellites) that are coming up... All are communication satellites,"
Kumar told PTI here.
All the satellites
would be put in space by the end of this year, the noted space scientist said.
"Specific use is
(to) improve the number of transponders available... (for communications). It
will improve our communication capability within the country very
significantly," Kumar said.
The ISRO chief was
speaking on the sidelines of a lecture organised on the occasion of the
centenary celebrations of the Osmania University.
In his lecture, Kumar
gave an overview of the satellites launched by the ISRO and their purposes in
the areas of weather forecasting, disaster management, space exploration,
geo-spatial applications, education and agriculture among others.
Kumar said India is
the only country to achieve the feat of having a large number of satellites.
ISRO and the
government has made GPS-aided Geo Augmented Navigation (GAGAN) mandatory for
all aircraft by 2019 to ensure safety and precision landing, he said.
India has 4,000
heritage sites for which ISRO plans to make an inventory and site management
plan , Kumar said.
FINANCE
Prime Minister Narendra Modi will inaugurate the first
flight from Shimla to Delhi on Thursday under government’s subsidy-led UDAN
regional connectivity scheme with fares starting at about Rs2,000.
Udan is short for Ude Desh ka Aam Nagrik, which loosely
translates as “let the common man fly”. The regional connectivity scheme is
intended to connect small towns by air.
Air India on Tuesday said it has opened bookings for the
first UDAN flight from Shimla to Delhi with all inclusive fares starting at
Rs2,036.
The airline cannot fly at full capacity on its 70-seater
ATR airplane because of payload restrictions related to the short Shimla
airfield.
This means while half the seats will be sold cheap on first
come first serve basis the rest of the seat will be very steep.
Air India website showed tickets for the rest of the seats
starting from Rs13,000 to Rs19,000 one way.
This means if you buy a ticket late it could cost you
anywhere up to Rs26,000 to Rs38,000 for a return economy airfare. There are no
business class seats on this plane.
Modi is likely to throw open the first flight by handing
over the boarding card to the travelling passengers before noon on Thursday at
Shimla airport.
Some senior officials aviation ministry, Air India and
Airports Authority of India have already left for Shimla for the preparatory
meetings while others are flying on Wednesday ahead of Modi’s event.
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Source of Information for this issue: Google alert accessed on May 1, 2017
Knowledge Is Power. Be Informed, Be Knowledgeable, Be Powerful.
Best wishes
Compilation
Sabita Sahu
Asst Librarian
Information and Documentation Division, Chanakya Central Library
Asian School of Business Management
Shiksha Vihar Bhola,
Barang Khurda Road, Chandaka
Bhubaneswar-754012
www.asbm.ac.in
Tel:0674-2374832, 2374833
E-mail:library@asbm.ac.in,
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