Toyota to export 15,000 vehicles from Kamarajar Port

Chennai:

Toyota would be exporting 15,000 vehicles from Kamarajar Port and it
would be increased substantially, according to an agreement signed
between Toyota Kirloskar Motor and Kamarajar Port Limited.



The agreement was in the presence of Union Shipping Minister Nitin
Gadkari and Minister of state for shipping and road transport and
highways Pon Radhakrishnan.



The agreement includes Original Equipment Manufacturer (OEM)
commitment to use KPL as primary port and KPL will give volumes based
discount on the tariff on certain facilities for smooth functioning of
the operations.



The agreement is valid for a period of 10 years.



Meanwhile, Gadkari also launched a website “Shipping Samvad” at New Delhi.



The objective of the website is to invite innovative ideas and
suggestions from public and experts related to Indian maritime sector
for improvements in the shipping, ports and inland waterways sector.

writingonblog uncensored: Now pay 14pc service tax for watching a musical co...

writingonblog uncensored: Now pay 14pc service tax for watching a musical co...: Chennai: Now your joy rides to amusement park will turn costlier as it has been brought under the service tax net. During a session on Unio...

Now pay 14pc service tax for watching a musical concert; or a trip to amusement park

Chennai:

Now your joy rides to amusement park will turn costlier as it has been
brought under the service tax net.



During a session on Union Budget Impact Analysis 2015 organised by
KPMG here on Monday night, S Srinath, senior advisor, Indirect Tax,
KPMG said that service tax has been widened to include water park,
amusement park besides entertainment and sport-related events.



This could make parents rethink as the service tax has also been hiked
by another two per cent besides levying an additional tax of two per
cent as Swacch Bharat Cess.



While the measure is to make GST rate of service tax to 16 per cent,
but Srinath feels that it should be done not at a stretch but over a
period of time.



Interestingly, service tax will also be imposed on music concerts as
well as non-recognised sporting events. This will also have an impact
on mobile bills, restaurant bills, salon or spa treatments and
coaching class fees.



Srinath also says that levying service tax on entertainment, which
already has a state tax, could result in conflict of interest between
Centre and state.



He said that the the focus of the budget is to move away from multiple
tax to unified tax. He said the government is also trying to reduce
litigation by offering discount to tax payers.



Pradeep Narayanan, partner, BSR and company, said that government’s
plan to bring down Corporate tax to 25 per cent in four years is a
bold move by the government. Currently, indian corporates are paying
33.91 per cent of tax. He the move by the government  is akin to the
international model where many countries have reduced the corporate
tax to 25 per cent.



But then he also added a two per cent surcharge on super rich would
further add the tax burden. He said that world over the alignment of
taxable income is to economic activities.



R Venkatesan, partner, BSR and Company, hailed the budget and said it
is an attempt to reboot India.

writingonblog uncensored: Beware of Illegal buildings! CMDA tells buyers

writingonblog uncensored: Beware of Illegal buildings! CMDA tells buyers: Residents of two buildings given de-occupation notice C Shivakumar Chennai: Beware! Please check with Chennai Metropolitan Developm...

Beware of Illegal buildings! CMDA tells buyers

Residents of two buildings given de-occupation notice

C Shivakumar

Chennai:

Beware! Please check with Chennai Metropolitan Development Authority
before buying flats or plots.



CMDA posted this on its website while issuing two Caution Notices to
two separate buildings in Sowcarpet and Choolai in North Chennai.



Urging the buyers to check for completion certificate before making
payment, CMDA in its Caution Notice has said that those having
interest to acquire the development or construction can treat this as
notice served on them.



It is learnt that CMDA has served de-occupation notice also to
residents in 15 dwelling units and shopkeepers in 80 shops in the two
separate buildings for its failure to obtain completion certificate
from Chennai Metropolitan Development Authority.



A senior official told Express that the de-occupation notice has been
served to the two buildings located in Astabujam Street in Choolai and
Mint Street in Sowcarpet.



The building in Choolai (New door number 19 and 21) has now 11
residential dwellings in five floors but tenants are unaware of any
Caution notice issued to the tenants. A tenant on condition of
anonymity said that CMDA had did issue a De-Occupation notice on
November 20, 2014 requesting the owners and all occupiers to
discontinue the use of the building.



“Someone approached the court and got a stay order. You can contact
the owner,” he said. The owner could not be reached.



Interestingly, this time CMDA has put the Caution Notices also on its
website. But sources feel instead of putting on CMDA’s website, it
should be put in the newspaper or other media so that people are aware
that the building has violations and would think twice of occupying or
buying it.



The violation by the residential building in Choolai is about
unauthorised construction of fifth floor (partially) and sixth floor
(part) besides deviations from stilt floor to fourth floor with
respect to approved plan.



The building also violates development regulation norms including
floor space index, dimension of the building, setback on all sides,
height of the building and parking. It is also learnt that the
categorisation of the building was changed to multi-storied building
from special buildings.



“We have asked Metro Water and Tangedco to cut off power and water
connections immediately,” the member secretary has stated in the
notice. “We have also asked the Chennai Corporation not to assess
property tax for the building,” the senior official stated.



Similarly, Caution Notice has been issued to the unauthorised
construction (Door number 374) in Mint Street. The building is
declared unsafe due to non provision of fire safety measures,
structural stability certificate and unauthorised floors. It has 80
shops and four dwelling units. When Express contacted the owner of the
building, he said that he received the notice and would approach the
High Court. “I am in Rajasthan. Once, I return the would take
appropriate action,” he said.



Interestingly, CMDA has sought the help of Chennai Police Commissioner
to vacate all the occupants of the building. It has also asked Chennai
corporation to cancel trade licences which have been issued to all
shops in the building and take necessary enforcement action including
discontinuance of occupiers

writingonblog uncensored: TReDS could help bail out MSMEs in TN from liquidi...

writingonblog uncensored: TReDS could help bail out MSMEs in TN from liquidi...: Chennai: The micro small and medium enterprises (MSME) in Tamil Nadu, which are struggling due to delay in payment  of their invoices b...

TReDS could help bail out MSMEs in TN from liquidity crisis

Chennai:

The micro small and medium enterprises (MSME) in Tamil Nadu, which are
struggling due to delay in payment  of their invoices by large public
sector units as well as corporate sector, have something to cheer
about during this budget with the Union government planning to set up
Trade Receivables Discounting System (TReDS).



Reacting to the Budget announcements of Union Finance Minister Arun
Jaitley, C Muthusami, president of Tamil Nadu Small and Tiny
Industries Association (TANSTIA) and C K Mohan, vice-president of
TANSTIA said that the scheme for setting up and operating the
institutional mechanism for facilitating the financing of trade
receivables of Micro, Small & Medium Enterprises (MSMEs) will rescue
many sick units which have been forced to shut shops due to delay in
payment of invoices by the corporates.



They said that thousands of crore worth payment is due from the
corporates and public sector units and establishment of TReDS would
improve the liquidity in the MSME sector significantly. Mohan said
that atleast 50 per cent MSME units in the state have turned sick due
to delay in payment of invoices.



Mohan said that MSMEs wanted judicial power under Delayed Payment Act
so that MSMEs don’t have to go to the High Court to settle the
non-payment issue. “It could have been settled by the District
Industries Centre itself,” he said. However, MSME welcomes the plan to
establish TReDS which is a step in right direction.



TANSTIA also welcomed Micro Units Development Refinance Agency (Mudra)
Bank to refinance MSME sector besides setting up of SETU (Self
Employment and Talent Utilisation), a techno-financial, incubation and
facilitation programme to support all aspects of start-up businesses,
and other self-employment activities, particularly in
technology-driven areas.



Mohan also welcomed the Finance Minister’s announcement regarding ESI.
“This will end the inpector Raaj. Earlier it was mandatory for all
small businesses to opt only for ESI,” said Mohan. “Now the employee
has the option of choosing either ESI or a Health Insurance product,
recognized by the Insurance Regulatory Development Authority (IRDA),”
he added.