sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Service Tax »
 How different forms of gold are taxed
 Should you use home sale value to get tax break
 Auction of Government of India Dated Securities November 12, 2018
 Auction for Sale (Re-issue) of Government Stock (GS) November 12, 2018
 How can I save tax on gains made on selling a shop a
 Here's is a quick guide to how you can save tax on gifts
 Don't buy life insurance just for saving tax, ask these 4 questions before investing
 E-tailers caught between state laws & penalty on tax
  Central Goods and Services Tax (Eleventh Amendment) Rules, 2018
 Central Goods and Services Tax (Twelfth Amendment) Rules, 2018
 The Central Goods And Services Tax (Amendment) Act, 2018

Duty waiver can turn around HPL: MD
June, 11th 2011

Waiver of customs duty on naphtha and levy and retention of sales tax on motor spirit would help Haldia Petrochemicals Limited (HPL) to turn around from its present financial state, a top company official said.

"We have approached both the Centre and the state to deal with the twin issues," newly-appointed Managing Director of HPL Partha Bhattacharya told PTI.

He said that as HPL was manufacturing motor spirit as a by-product from its petrochemical plant, the same was being sold to the oil companies.

Bhattacharya said that by virtue of this, HPL was classified as an oil company and the financial advantage of imposition of sales tax and subsequent retaining was withdrawn by the state government.

This had been a big blow to HPL, he said.

On the other hand, imposition of five per cent customs duty was also affecting the fortunes of the company as major portion of naphtha requirement of HPL was being met from imports.

"If both the Centre and the state are sensitive to present needs of HPL, then the company can surely turn around," he said.

Last financial year, the company suffered a loss of Rs 276 crore and the EBIDTA for 2011 May was negative.

For June also, the operating profit would also be negative, Bhattacharya said. Bhattacharya said that due to high prices of naphtha and low prices of the finished products, the margins were getting squeezed.

"It is a phenomenon world over," Bhattacharya said.

Bhattacharya said that although the realisation was low, sales turnover was rising.

While in the last financial year, the company's turnover was Rs 7,800 crore, this year it should touch Rs 10,000 crore, he said

Bhattacharya said that the recent expansion of HPL was ill-conceived. "The Supermax project was faulty. Something more should have been done before and after", he said.

On the ownership tussle between Purnendu Chatterjee and WBIDC, he said that it was expected to get resolved soon."Hearing in the Supreme Court is complete. An order is expected shortly".

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions