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    Andhra records 21 per cent growth in net GST collections till July
    J&K crime branch chargesheets accused in separate bank, insurance fraud cases
    MCD-facilitated PM Vishwakarma Scheme enrols over 41,000 artisans in Delhi
    Gross GST mop-up grows 15.4 pc to over Rs 2.11 lakh cr in July on higher imports, sales
    Gross and Net GST revenue collections for the month of July, 2026
    India and Rwanda Hold First Joint Trade Committee Meeting to Deepen Bilateral Trade and Investment Cooperation
    West Bengal GST collection rises 2 pc in July to Rs 5,564 crore
    Gross GST collection kitty swells 15.4 pc to over Rs 2.11 lakh cr in July
    RBI says USD 40.82 bn mobilised under forex swap facility till Jul 31
    Sebi bars ZEEL for 2 months, Subhash Chandra, Punit Goenka for 1 year in Hyderabad land pledge case
    Department of Commerce Holds Workshop on Trade and Sustainable Development Policy Landscape
    GeM Launches 10-Day Celebrations Ahead of 10th Foundation Day, Unveils Commemorative Logo
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    Delhi HC seeks ED stand on Nayan Raheja's plea against money laundering case
    Rupee appreciates 7 paise to close at 95.43 against US dollar
    PM Modi, UK PM Burnham commit to harnessing full potential of mega trade deal
    ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
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    August 1, 2026
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    GST compliance enforcement through AI analytics supported sustained net GST collection growth despite rate rationalisation reforms and reduced compliance costs.
    GST revenue mobilisation in Andhra Pradesh showed year-on-year growth in net GST and total commercial tax collections through July 2026, despite rate-rationalisation reforms. Revenue growth was attributed to AI-based scrutiny and analytics, machine-learning risk scoring, AI-driven IGST reversals, UPI-based enforcement analytics, data sharing, predictive analytics, registration verification, and Aadhaar-integrated expansion of the professional-tax base. These measures were stated to strengthen compliance, curb wrongful input tax credit claims, broaden taxpayer coverage, and improve revenue mobilisation.
    August 1, 2026
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    Economic-offences fraud chargesheets address alleged fictitious loans, forged insurance surrender papers, and diversion of bank and policy funds.
    Economic-offences chargesheets were filed in separate alleged bank and insurance fraud matters. The bank investigation alleged fictitious loan sanctions and overdrafts beyond delegated authority, involving cheating, forgery, use of forged documents and criminal conspiracy. The insurance investigation alleged that duplicate policy records and forged surrender documents were used to open a fraudulent account in a policyholder's name and divert policy proceeds. Records, witness statements, documentary evidence and forensic examination were cited in support of the allegations.
    August 1, 2026
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    PM Vishwakarma Scheme implementation expands artisan enrolment, skills, credit, e-commerce access and export facilitation while addressing documentation barriers.
    PM Vishwakarma Scheme implementation in Delhi facilitated artisan enrolment, application processing, skill training, toolkit distribution, loan access, e-commerce onboarding and export-related support. Awareness workshops and tele-calling campaigns were used to promote participation and follow up on benefits. Key implementation challenges concerned outreach to informal clusters, digital literacy, delays in Aadhaar and IEC documentation, and additional support for Divyang artisans. Planned action includes expanding workshops, scaling e-commerce onboarding, strengthening export facilitation and coordination with implementing agencies.
    August 1, 2026
    Show AI Summary
    Goods and Services Tax collections rise on domestic consumption and imports, while elevated import revenue prompts assessment of underlying drivers.
    Goods and Services Tax collections for July increased over the corresponding prior-year period, supported by domestic sales and imports. Gross receipts included Central GST, State GST and Integrated GST, with net GST revenue calculated after adjusting refunds. For the April-July period, gross and net collections also increased. Commentary linked domestic GST growth to consumption, formalisation and industrial activity, while identifying elevated import GST collections as an area requiring assessment of import composition, currency effects and volumes.
    August 1, 2026
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    GST revenue collections show provisional gross, refund and net revenue trends, with State-wise settlement and domestic collection data.
    GST revenue collections for July 2026 are reported provisionally through gross domestic and import revenue, domestic and export-related refunds, and net GST revenue after refunds. The data also sets out SGST collections and the SGST share of IGST settled to States and Union Territories, both monthly and cumulatively. State-wise domestic GST growth excludes GST on imported goods, while jurisdiction-wise data allocates collections between central and State formations and identifies CGST, SGST and IGST components.
    August 1, 2026
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    Bilateral trade cooperation expands through a Joint Trade Committee covering investment, critical minerals, healthcare, digital technologies and market access.
    Bilateral trade and investment cooperation between India and Rwanda is to be advanced through a structured Joint Trade Committee mechanism for reviewing commerce, diversifying trade, promoting investment, facilitating business engagement and addressing market-access and logistical issues. Priority cooperation includes critical minerals, pharmaceuticals and healthcare, agriculture and agro-processing, standards harmonisation, digital public infrastructure, fintech, cybersecurity, green mobility and renewable energy. Investment focal points will support engagement, while capacity-building assistance and close monitoring of the Agreed Minutes are intended to support time-bound implementation.
    August 1, 2026
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    GST collection growth in West Bengal continued year-on-year in July but remained below the national growth trend.
    West Bengal's July GST collection increased year-on-year and over the preceding month, marking a second consecutive month of annual growth. Official data also indicated that the State's annual growth rate was below the national trend, while gross domestic GST revenue excluding imports and overall gross GST collections including import-related taxes rose nationally during July.
    August 1, 2026
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    GST collection growth reflects higher revenue mobilisation from domestic transactions and imports, with refunds adjusted in net revenue.
    Goods and Services Tax collections increased in July, driven by higher revenue from domestic transactions and imports. The gross collection comprised Central GST, State GST and Integrated GST components. Refunds also increased during the month, and net GST revenue was determined after adjustment of refund outflows from gross tax receipts.
    August 1, 2026
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    Concessional foreign-exchange swaps encourage bank deposits and foreign borrowings to strengthen balance-of-payments resilience and foreign-exchange liquidity.
    The Reserve Bank of India introduced a concessional foreign-exchange swap facility to encourage foreign-currency inflows, strengthen the balance of payments and support foreign-exchange liquidity. The facility applies to fresh Foreign Currency Non-Resident (Bank) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings. Foreign Currency Non-Resident (Bank) deposits constitute the principal source of inflows mobilised under the arrangement. The facility is available for specified time-bound periods, with a later availability period for Overseas Foreign Currency Borrowings and External Commercial Borrowings.
    August 1, 2026
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    Unauthorised pledge of listed-company land triggered securities-market bars for disclosure failures and misuse of management authority.
    Unauthorised pledge of ZEEL's Hyderabad land as security for loans obtained by promoter-linked entities was treated as a related-party transaction lacking prior audit committee approval. ZEEL failed to disclose the land's deployment in its financial statements. Its Chairman Emeritus was stated to have transferred title deeds by falsely representing management approval and to have concealed the transaction's nature. Securities-market prohibitions and monetary penalties were imposed with immediate effect.
    August 1, 2026
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    Trade and sustainable development policy integrates carbon regulation, sustainability standards and domestic frameworks to strengthen trade competitiveness and preparedness.
    Trade and Sustainable Development policy was examined in relation to international trade disciplines, sustainability regulation and India's trade strategy. Discussions considered carbon markets, carbon pricing, carbon border adjustment measures, sustainability standards and regulatory cooperation, and their implications for trade and industrial competitiveness. Domestic mechanisms, including the Carbon Credit Trading Scheme, Indian Carbon Market, Extended Producer Responsibility framework, and accreditation and conformity assessment systems, were considered for strengthening preparedness for emerging sustainability-related trade disciplines.
    August 1, 2026
    Show AI Summary
    Digital public procurement engagement begins with stakeholder events promoting transparent, efficient and inclusive marketplace governance.
    Government e-Marketplace launched ten-day celebrations preceding its tenth Foundation Day, including a commemorative logo, stakeholder events and recognition of employees, buyers and sellers. The programme begins a year-long nationwide outreach initiative bringing together buyers, sellers, policymakers, industry representatives and ecosystem partners through events, dialogues and collaborative platforms. Its stated focus is technology-enabled, transparent, efficient and inclusive public procurement.
    July 31, 2026
    Show AI Summary
    Strategic trade controls require dual-use exports to comply with national law and international obligations amid arms-transfer allegations.
    Strategic trade controls governing dual-use exports require Indian exports of dual-use items and technologies to comply with national law and India's international obligations. The stated framework applies to exports to various countries. In response to allegations concerning supplies to Israel, the position notes calls for an arms embargo covering direct or indirect transfers of arms and military material, including weapons, ammunition, parts and components, without determining the underlying allegations.
    July 31, 2026
    Show AI Summary
    Greenfield airport development under a public-private partnership advances licensed international passenger, cargo, logistics, and sustainable infrastructure.
    A greenfield international airport is being developed under a Public-Private Partnership and Design, Build, Finance, Operate and Transfer framework, with airport, aviation-hub, education and supporting infrastructure components. The airport has obtained an aerodrome licence and required safety, fire and environmental clearances. Passenger, airfield and terminal systems are designed for domestic and international operations. A cargo terminal with cold-chain facilities and integration with port, industrial-corridor and logistics networks are intended to strengthen exports and air-cargo logistics. Recycled-water use and LEED Platinum development standards form part of its environmental measures.
    July 31, 2026
    Show AI Summary
    Regulatory and legal developments cover trade measures, legislative action, offshore exploration support, court directions and platform algorithm scrutiny.
    The compilation reports proposed United States tariff measures concerning purchasers of Russian oil and gas, India-United Kingdom trade engagement, extension of farmer-support measures, and approval of offshore exploration support. It also covers passage of the Registration of Births and Deaths (Amendment) Bill, 2026, a privilege-motion notice, a criminal sentencing, and directions to appoint a nodal officer for families affected by the Russia-Ukraine war. Regulatory items include industrial credit data and examination of social-media algorithms, bias and public-order implications.
    July 31, 2026
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    Russian oil purchases may trigger proposed targeted tariffs, with periodic reassessment based on countries' purchasing behaviour.
    Proposed United States measures would authorise sanctions against Russia and persons supporting its war in Ukraine, while permitting targeted tariffs on imports from countries purchasing substantial volumes of Russian oil or gas or facilitating sanctions evasion. The framework identifies major purchasers and shadow-fleet facilitators for possible additional tariffs and provides for periodic reassessment and tariff adjustments based on purchasing behaviour. India stated that its energy-security policy rests on national priorities and diversified energy sources.
    July 31, 2026
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    Money-laundering proceedings face challenge over absent predicate offence, alleged lack of criminal intent, and treatment of related FIRs.
    Money-laundering proceedings linked to alleged diversion of homebuyer funds are challenged on the ground that no scheduled offence or criminal intent is attributable to the petitioner. The petitioner relies on his asserted exoneration in two predicate FIRs, where charge sheets did not name him, and settlement of the remaining FIR. Notice was issued for a response and status report, and the petitioner undertook to cooperate with the investigation.
    July 31, 2026
    Show AI Summary
    Rupee appreciation reflected foreign capital inflows and central bank support, tempered by crude prices and geopolitical tensions.
    Rupee appreciation against the US dollar was linked to sustained foreign capital inflows and Reserve Bank support through dollar selling. Higher crude oil prices, a stronger US dollar and geopolitical tensions in West Asia constrained further gains. A slightly positive near-term rupee bias was associated with softer dollar conditions, dovish US monetary expectations, favourable global markets and improved foreign inflows, while geopolitical risks remained relevant. Domestic equity indices rose, foreign-exchange reserves increased, and fiscal-deficit data showed the central government's position against its full-year target.
    July 31, 2026
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    India-UK trade agreement enables duty-free access and bilateral cooperation on investment, technology, and strategic partnership.
    The India-UK Comprehensive Economic and Trade Agreement provides zero-duty market access in the UK for nearly 99 per cent of India's exports and is intended to expand bilateral trade and investment opportunities. The governments committed to maximise its benefits through the Comprehensive Strategic Partnership, including cooperation on technology, innovation, security, clean energy, education and people-to-people links. Advanced technology collaboration, including artificial intelligence, is also contemplated.
    July 31, 2026
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    Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
    Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.

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      Customs, DGFT & SEZ

      RBI releases its Monthly Bulletin for September 2012.

      September 18, 2012

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      The Reserve Bank of India today released the September 2012 issue of its monthly Bulletin. The Bulletin includes five special articles: i) India’s Foreign Trade: 2012-13 (April-June), ii) Monthly Seasonal Factors of Selected Economic Time Series, iii) International Banking Statistics of India: December 2011 and March 2012, iv) Corporate Investment: Growth in 2011-12 and Prospects for 2012-13 and v) Performance of Private Corporate Business Sector during 2011-12.

      1. India’s Foreign Trade: 2012-13 (April-June)

      This article reviews India’s merchandise trade performance during April-June 2012-13 (Q1) on the basis of data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S). It also analyses disaggregated commodity-wise and direction-wise details for the year 2011-12.

      Highlights

      • During Q1 of 2012-13, exports stood at US$ 75.2 billion and showed a decline of 1.7 per cent as against an increase of 36.4 per cent during Q1 of 2011-12. The significant deceleration in export performance observed in the second half of 2011-12 continued during Q1 of 2012-13, as global economic and trade environment remained unsupportive.

      • During Q1 of 2012-13, imports declined by 6.1 per cent over the corresponding quarter of 2011-12 and stood at US$ 115.3 billion. Lower imports during Q1 of 2011-12 mainly reflected the contraction in imports of gold and silver and a moderate growth in imports of petroleum, oil and lubricants (POL).

      • Lower growth in POL imports at 5.5 per cent during Q1 of 2012-13 as compared with a growth of 52.5 per cent during Q1 of 2011-12 could be partly reflecting the moderation in international crude oil prices.

      • Imports of gold and silver at US$ 9.4 billion during Q1 of 2012-13 were 48.4 per cent lower than that in Q1 of 2011-12.

      • Non-oil non-gold imports during Q1 of 2012-13 at US$ 65.3 billion recorded a decline of 2.9 per cent as compared to an increase of 18.9 per cent in Q1 of preceding year.

      • Trade deficit during Q1 of 2012-13 stood lower at US$ 40.1 billion as compared with US$ 46.2 billion during Q1 of 2011-12.

      • Commodity-wise data on merchandise exports for the year 2011-12 show that engineering goods, petroleum products, chemicals, textiles, gems & jewellery and agricultural products accounted for more than 89 per cent of India’s exports.

      • During 2011-12, while the share of European Union in India’s total merchandise exports declined marginally, the same of OPEC countries declined by more than two percentage points.

      2. Monthly Seasonal Factors of Selected Economic Time Series

      This article presents the estimated monthly seasonal factors of selected 99 major macroeconomic series, for the period 2002-03 to 2011-12, broadly covering five major sectors, namely, Monetary and Banking Indicators (20 series), Prices (WPI/CPI) (32 series), Industrial Production (37 series), External Trade (2 series), and Services Sector Indicators (8 series).

      Main Findings

      • The estimated seasonal factors and the variation over time revealed that seasonal variations of M3, Currency in circulation and M1 declined gradually. However, the seasonal variations of Reserve Money (RM) increased since 2008-09.

      • For Scheduled Commercial Banks, an upward movement in the seasonal variation of Non-Food Credit and Investments was observed in the recent years, while the seasonal variation of Aggregate Deposits showed a decrease. Within Aggregate Deposits, Demand Deposits exhibited higher seasonal fluctuations than Time Deposits.

      • Among the price related series, seasonal variation for WPI-All commodities remained low and exhibited steady decline in recent years. The variation in seasonality for WPI-Primary Articles was much higher than that of WPI-Manufactured products. For WPI-Fuel and Power group, no significant seasonality was observed. However, the subgroup of freely priced products (excluding petrol) showed significant seasonal variation. Seasonal variation of CPI-IW was observed to be stable in the recent years but consistently higher than in WPI-All Commodities and marginally lower than CPI-AL and CPI-RL.

      • With respect to production data, seasonal variation of IIP-General Index was seen to increase steadily over the time period. The seasonal peaks of IIP-General, sectoral and use-based group indices occurred in March every year. The seasonal trough, however, occurred in different months. Among the use-based classification of IIP, ‘Capital Goods’ and 'Intermediate Goods' showed the highest and lowest seasonal variations, respectively.

      • During 2011-12, 45 out of the 99 select series had registered their seasonal peaks in March. In terms of seasonal variations, over the last five years, the top five series were ‘IIP-Office, accounting and computing machinery’, ‘IIP-Food products and beverages’, ‘Coal Production’, ‘WPI-Potatoes’, and ‘WPI-Onions’; while bottom five series were ‘WPI- Manufactured Products’, ‘WPI-All Commodities’, ‘WPI-Non Food Manufactured Products’, ‘WPI-Food Products’ and ‘WPI-Milk’.

      3. International Banking Statistics of India: December 2011 and March 2012

      The article presents analysis of international liabilities and assets of banks in India, classified under Locational Banking Statistics (LBS) and consolidated international/foreign claims under Consolidated Banking Statistics (CBS), collected as per the reporting system of the Bank for International Settlements (BIS), for the quarters ended December 2011 and March 2012.

      Main Findings

      Locational Banking Statistics - International Liabilities

      • The international liabilities (in ` terms) of banks in India, at end-March 2012 grew by 8.6 per cent over the position a year ago and by 8.2 per cent over the previous quarter.

      • Foreign currency borrowings, NRO and NRE deposits contributed to the high growth in the international liabilities. The share of equities of banks held by non-residents in the total liabilities, however, declined in the last two quarters.

      • At end-March 2012, the annual increase in the international liabilities emanated from the increase in exposure towards various countries, primarily, the USA, UK, Hong Kong and Singapore.

      • The share of the international liabilities towards the non-bank sector was marginally lower at 73.3 per cent as compared with 74.0 per cent a year ago.

      Locational Banking Statistics - International Assets

      • At end-March 2012, the international assets (in ` terms) of banks in India registered a substantial growth of 21.6 per cent over the position a year ago and an increase of 7.9 per cent over the previous quarter.

      • The high annual growth in international assets at end-March 2012 can be ascribed to each of the items under the major component 'Loans and Deposits'.

      • The share of the non-bank sector in total international assets declined to 62.3 per cent at end-March 2012 from 66.5 per cent a year ago.

      • At end-March 2012, the share of the international assets denominated in US Dollar increased further to 81.3 per cent from 79.2 per cent a year ago.

      Consolidated Banking Statistics

      • The annual growth in consolidated international claims (in ` terms) of banks based on country of immediate risk, as at end-March 2012, was 14.0 per cent as compared to the annual growth of 5.9 per cent a year ago.

      • Major part of consolidated international claims of Indian banks on immediate risk basis, at end-March 2012, continued to be of short-term nature (less than one year) and accounted for 65.2 per cent of total claims as compared with 62.5 per cent a year ago.

      4. Corporate Investment: Growth in 2011-12 and Prospects for 2012-13

      This article captures capital investment intentions of companies in private and joint business sector in order to broadly assess the likely short-term changes in business sentiment. The estimation of capital investment during the year is based on phasing details of investment intentions indicated by companies while raising funds through sanctioned assistance by banks/financial institutions, ECB/FCCBs and domestic equity. Capital expenditure envisaged from pipeline projects are also estimated for the year 2012-13.

      Main Findings:

      • New investment intentions in 2011-12 aggregating `2,509 billion were lower by 41.0 per cent as compared to `4,263 billion in the previous year.

      • Industries, such as, power, metal & metal products, telecom, cement and hotel & restaurants witnessed decrease in total project cost; whereas, textile, chemical & pesticides and transport services observed an increase in total project cost in 2011-12 as against in 2010-11.

      • Maharashtra, Karnataka, Uttar Pradesh and Rajasthan were preferred destinations of investment and witnessed an increase in share in the total envisaged projects in 2011-12 when compared to last year. The shares of Andhra Pradesh, Chhattisgarh (which attracted the highest investment last year) and Odisha have, however, gone down.

      • The capital expenditure already planned to be spent in 2012-13 aggregated `2,073 billion. Even if companies adhere to their investment plans, the envisaged investment by the private corporate sector in 2012-13 is expected to be significantly lower than that in the previous year.

      5. Performance of Private Corporate Business Sector during 2011-12

      The article analyses the performance of private corporate sector in 2011-12 based on the abridged financial results of 2,679 non-government non-financial (NGNF) listed companies and provides, inter alia, a brief analysis by size and industry.

      Main Findings:

      • The sales growth of the private (non-financial) corporate business sector moderated during 2011-12. The deceleration in sales growth was sharper in the fourth quarter of 2011-12. Growth in profits declined sharply on account of continued pressure from rising raw material costs and relatively higher growth in power & fuel and interest cost.

      • Profitability, in terms of operating, gross and net profit margins (expressed as percentage to sales) contracted for the second consecutive year.

      • In terms of the sectoral breakdown, sales growth was higher for companies in the manufacturing sector as compared to those in the services sector. However, IT sector with significant support from other income witnessed substantial growth in net profits during 2011-12 unlike the manufacturing and services other than IT, where the net profits declined.

      • The performance of bigger companies (sales above `10 billion) was relatively better. However, profit margins contracted for all size classes

      Sangeeta Das
      Director

       

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