Page 12 - Banking Finance March 2019
P. 12
ROUNDUP
INDUSTRY
Sachin Bansal pays Rs. Government targets $50 billion trade with Russia
Union Minister of State for Commerce and Industry CR Chaudhary has set an
699cr tax on Flipkart
ambitious $50-billion target for bilateral trade between
capital gains India and Russia over the next seven years. As of end-
Flipkart founder Sachin Bansal has 2018, trade between the two countries stood at $30 bil-
deposited Rs lion.
699 crore as “Our two-way trade has already crossed the $30-billion
advance tax mark, which we had set for 2025. We, therefore, pro-
for the first pose that we enhance this to $50 billion by 2025,”
quarter of Chaudhary said at the Indo-Russian forum organised by
2018-19 which the industry lobby CII.
includes capi-
tal gains tax
from his income on sale of Flipkart Drug Manufacturer to be penalised if drug is found to
stake to US retail giant Walmart. His be substandard
partner and co-founder Binny Bansal
is yet to disclose the capital gains The Central Drugs Standard Control Organisation (CDSCO) has approved a pro-
made on his stake sale in the posal to impose a fine equal to the price
ecommerce platform, sources in the of the entire batch on the manufacturer
tax department have said. even if one drug in the batch is found to
be substandard.
The income tax department had ear-
lier sent notices to both Sachin and The proposal was approved by the Drug
Binny Bansal along with other stake- Technical Advisory Body and is awaiting
holders to disclose capital gains made clearance by the health ministry.
by sale of their shares in Flipkart.
Similar notices were served on There are usually 10,000 to one lakh units
Walmart to ensure it pays withhold- in a batch but the number of drugs – tablets or liquid – in a batch varies as per
ing tax on capital gains made by for- the size of the shipment.
eign stakeholders of Flipkart. According to the new provision, the manufacturer will be liable to pay an
Walmart had late last year paid Rs amount equal to the MRP of the entire shipment as penalty if any unit is found
7,440 crore to the I-T department as substandard or damaged.
withholding tax, months after it ac-
quired 77% shares of Flipkart for The provision, in addition in the existing Drugs and Cosmetics Act, will apply
around $16 billion. even if the packaging is faulty, the official said.
12 | 2019 | MARCH | BANKING FINANCE
