• The Telangana high court order implies that tax authorities can levy interest on the gross tax liability of an assessee if there is any delay in tax payment.
  • The GST Council had recommended changing the law to provide that interest should be charged only on the net liability of a taxpayer, after taking into account the admissible input tax credit
  • The council’s recommendations will become effective only after the state and Central GST acts are amended.
  • The decision of the Telangana high court seems contrary to the government’s intention and the practice which industry would have been following in general, as was followed during the erstwhile regime.
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  • Tata Power, the country’s largest private power producer company will lead the nation’s renewable energy transition and will cease to build new coal-fired power capacity.
  • The shift away from new coal-fired power is moving faster.
  • The company is also leading India in rooftop solar, electric vehicle charging via its recent installation of India’s first grid-scale battery storage system.
  • Tata Power will need to increase its renewables installation rate significantly if it is to meet its Strategic Intent target of reaching up to 11.3 GW of non-fossil fuel power capacity by 2025.
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  • ACC has reported a 38.19 per cent increase in its consolidated profit at Rs 346.02 crore for the first quarter of 2019 (January – March) , on account of  increase in sales volume. The consolidated profit was 250.39 crore in the January-March quarter a year ago.
  • ACC’s cement sales volume was up 5.63 per cent to 7.5 million tonne in the January-March quarter as against 7.1 million tonne.
  • During the first quarter of 2019, revenue from cement segment along with  ready mix concrete business have also shown an increase over the year-ago period.
  • The government’s continued drive on infrastructure development as well as ‘Housing for All’ initiatives are expected to energize the construction sector and stimulate cement demand.
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  • The rupee on April 23, gained 5 paise to close at 69.62 against the US dollar on some dollar selling by banks and exporters. However, subdued equity market sentiment and a stronger dollar against its key rival currencies limited the rupee’s gain.
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  • China among the top ten steel using countries, alone had a share of 835 mt of the total world use of 1.712 billion tonnes of steel in 2018 and will continue to make a reflective impact on the rate at which global steel demand will move.
  • Indian steel use will be growing by over 7% first to 102.8 mt and then to 110.2 mt during the years 2019 and 2020 respectively. India’s per capita steel consumption of about 70 tonnes falls far short of the world average of208 kg.
  • Developing Asia, excluding China will stay as the fastest growing region in the global steel industry with expected 2019 growth at 6.5 per cent followed by a slightly lower 6.4 per cent in 2020.
  • Steel demand will get a boost if more steel is used in house building and construction.
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  • On Monday, the Indian rupee has depreciated by 32 paise to close at a two-week low of 69.67 against the US dollar.
  • Indian rupee closed at the lowest levels against the US dollar since April 8.
  • It has depreciated by nearly 75 paise over the last five trading sessions – from Rs 69.17 on April 12 to close at Rs 69.67 on Monday – which has been in line with the rise in global crude oil prices
  • Among other major Asian currencies, the rupee fell the most on Monday after the Turkish Lira and the Indonesian Rupiah, which fell 0.35% and 0.23% respectively, from its previous close.
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  • On Friday, the Indian rupee regained 25 paise to close at 69.35 against the US dollar after three sessions of losses amid sustained foreign fund inflows.
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  • The infrastructure sector of India saw one of the best times in many years. With the completion of as many as 101 major projects, the period between the months of April and December 2018 has been one of the most productive for the infrastructure sector.
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  • For the second consecutive year, the domestic steel industry is likely to keep its utilisation levels high in-the lean monsoon period of July- September.
  • Construction activities this monsoon season will not be in full swing but will be higher than usual during the lean period and this will support capacity utilisation of domestic steel industry.
  • It is expected that favourable domestic demand and low greenfield capacities will support the industry to maintain its capacity utilisation at a healthy 82-83 per cent between FY19 and FY21.
  • Alongside, domestic sponge iron players will also continue to the domestic demand making up for any gap in demand- supply scenario due to shutdowns.
  • Due to increase in capacity, capex & prices along with the solution for stressed assets, there will continued strong demand for steel in the domestic market
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  • Solar Corporation of India (SECI) and state agencies had started bid for wind energy projects in early 2017.  Since then, a large number of such projects have been bid out.
  • But, out of the 500 mw of wind capacity bid out by Tamil Nadu two years ago, only 50 mw has been commissioned so far
  • The power purchase agreement (PPA) was also signed in October 2017, which has an inbuilt time extension of five months after project completion of 15 months, with penalty by way of bank guarantee to an extent of Rs 10 lakh per mw
  • The winners have time till June to complete the project, after which the bank guarantee will be encashed proportionate to the period.

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  • Tata Steel edged past JSW Steel to be the largest steel producer in India in FY 2018-19 boosted by the acquisition of Bhushan Steel.
  • JSW Steel, which was the largest domestic producer so far, was a close second followed by state-owned Steel Authority of India(SAIL) at the third spot.

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  • JSW has offered to supply steel to export-oriented engineering companies at the landed cost of imports without adding customs duty under the advance licence mechanism.
  • Sourcing steel domestically will not only bring down dollar-trade but also help government collect more tax from steel companies profit.
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  • Steel demand in India is expected to grow above 7 per cent in 2019 and 2020 due to the wide range of continuing infrastructure projects.
  • Global steel demand is expected to grow by 1.3 per cent in 2019 and 1% in 2020 over the corresponding previous year.
  • In developed economies, steel demand is expected to reduce, reflecting a deteriorating trade environment.
  • In Asia, excluding China, there will be an increase in the growth during 2019 and 2020, making it the fastest-growing region in the global steel industry.
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