Coal in lowest tax slab, steel prices to remain stable
Fixing of the GST rate on coal at 5 per cent will lead to stabilisation of steel prices, a top official said on Thursday
The GST Council today decided to keep coal in the 5 per cent tax slab under the new sales tax regime against current tax incidence of 11.69 per cent.Welcoming the decision, Steel Secretary Aruna Sharma told PTI, “That (five per cent) is the lowest slab and would amount to stabilisation of steel prices.” The move will bring down the input cost and would lead to stabilisation of prices, and more and more expansion of steel plants would take place, the secretary said.
The steel sector will be benefited from the move, an industry analyst said. Driven by weak demand, companies operating in the steel sector rolled over their prices this month in spite of a cost push, another analyst said. A producer said the demand was too weak to pass on any hike in prices of raw material.
- ‘GST to add 40 bps to growth rate; won’t stoke inflation’ 25 May 2017 | PTI
- Mahindra Electric bets big on e-vehicles; to ramp up output 25 May 2017 | PTI
- India, Japan JV to set up LNG import terminal in Sri Lanka 25 May 2017 | PTI
- ‘B’luru prime destination for IoT startups in India’ 25 May 2017 | PTI
- Videocon shares see massive sell-off; drop 42% in 3 days 25 May 2017 | PTI
- MSI plans to upgrade engines, more models with automatic variants 25 May 2017 | PTI
- HCL Tech to buyback stock at 17% premium for Rs 3,500 crore 25 May 2017 | PTI
- ‘ADD on steel items to create stable environment’ 25 May 2017 | Manoj Raghuvanshi
- Note ban ‘successful political coup’: French economist Sorman 25 May 2017 | PTI
- Sikka’s salary drops 67% in FY17, total payout down 7% 25 May 2017 | PTI
Sunday EditionView All
21 May 2017 | PTI | Jamshedpur
Protest against lynching of four persons intensified today and the police had to fire in the air to disperse a mob, while prohibitory orders under Section 144 were imposed in four areas here for tonight. Police fired in the air to disperse a mob that blocked roads in Mango area, demanding arrest of culprits involved in the lynching of four persons of a community at Rajnagar in Seraikela-Kharswan district on Thursday...
STATE EDITIONSView All
25 May 2017 | Staff Reporter | Naya Raipur
There will be 14 minor bridges constructed including a major bridge on the proposed railway track between Mandirhasaud, Naya Raipur and Kendri in the new capital region, officials informed. Notably, Naya Raipur has emerged in the country with the largest land bank of a mammoth 237 square kilometres ( 23,700 hectares), officials stated...