Taxgen Team
- Feb 2, 2020
- 3 min read

All you need to know about last week!

Here is Your Sunday Update.

Food & Hotel Industry

· Allocation of Rs 2500 crore for tourism, other measures good in long term: Tourism & Hospitality Industry.

· RIL set to partner Emporio Armani to open restaurants.

· India’s largest quick-service chain Jubilant FoodWorks is scouting for space to start its cloud kitchen business for not only Domino’s Pizza but also for Chinese cuisine.

· I-T raids at Bharat Group, undisclosed foreign assets recovered.

· Team behind 'The Grub Fest' to invest Rs 100 cr in new restaurant projects.

Automobile industry

· Government hikes duty on import of electric vehicles by 5-15%.

· Tata Motors sales drop 18 pc in January.

· The FM has proposed a duty cut to 7.5% for certain industrial purposes , while the existing basic duty on palladium is 10% with a countervailing duty (CVD) of 12% and a special CVD of 4%.

· The country’s largest car maker Maruti Suzuki posted a marginal increase of 0.3% to sell 139,884 units in January.

· Lexus begins assembly in India, prices likely to dip.

· EVs will be cheaper than combustion vehicles in 3 years: Amitabh Kant.

· China demand for Jaguar, Land Rover boosts India's Tata Motors.

FMCG

· Budget 2020 to increase rural jobs, says Amul.

· HUL to increase soap prices by 5-6 pc.

· HUL reshuffles top management team.

· Agarbatti companies recently introduced fragrances such as apple and pineapple, neem-based mosquito repellants and no-smoke ones for asthmatic patients that also act as air purifiers.

· The aim is to push HUL to No 2 in five years: Ramdev.

Taxation & Laws

· Budget 2020 focused on three key themes - Aspirational India, economic development and building a caring society for all. Keeping this goal in consideration, tax proposals and other incentives were announced.

· Finance Minister Nirmala Sitharaman announced new income tax rates and slabs for those earning up to Rs 15 lakh a year.

· Govt expected to receive over Rs 39,500 cr under Sabka Vishwas Scheme; realisation a big booster amid revenue shortfall concerns.

· Dividend Distribution tax Removed from the picture : Budget 2020.

· 100% Tax exemption in interest, dividend and capital gain income by foreign investors in respect of investment made in Infrastructure and other notified sector.

· Threshold limit of Audit has been increased from 1 Cr. to 5 Cr. Provided 95% of Business transactions shall be conducted through digital means.

· Now PAN Shall be instantly allotted online on the basis of AADHAR Card : Budget 2020.

Banking & Finance

· Irdai slaps Rs 1 cr penalty each on ICICI Lombard, Tata AIG for violation of norms.

· Non-life insurers can offer standard health policies before April 1.

· Nation-wide strike impacts banking services at PSU banks.

· Canara Bank MD, CEO RA Sankara Narayanan retires.

· Budget 2020: Single investment clearance window to be set up for promoting entrepreneurship.

· Morgan Stanley PE says invests Rs 190 cr in Centrum Housing Finance.

· International bullion exchange to be set up at IFSC in GIFT City: Finance Minister.

Telecom industry

· Government not expecting substantial gain from AGR dues in 2020-21.