Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: empanelment :: articles on VAT and GST in India :: VAT RATES :: cpt :: ACCOUNTING STANDARD :: due date for vat payment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4%
« Service Tax »
 Benefits of GST to home buyers In the next lifetime
 GST: Jaitley says yes to cess, no to additional tax for compensating states
 GST to enhance ease of doing business, says Assocham
 Govt sources say cess is a better option than high tax rate
 Goods and Services Tax: There should not be more than three grades of rates, says Chidambaram
 Chidambaram says there cannot be multiple tax slabs in GST
 Service tax officials transferred for favouring realtor
 GST, a challenge and opportunity for accounting professionals’
 Service Tax On Hotels And Restaurants – Recent Delhi High Court Judgment
 GST Council discusses 4-tier tax rate, cess on demerit goods
 Why you shouldn’t miss these three simple tax saving options beyond Section 80C

Tax relief, loan recast to bail out airlines industry
November, 15th 2011

At least three central ministries are drafting measures to bail out the beleaguered airlines industry after Prime Minister Manmohan Singh vowed government help for loss-laden Kingfisher Airlines.

The civil aviation ministry, which will put together the proposed relief package, has asked the ministries of petroleum and finance to take action on some of its earlier suggestions, an official told ET.

The package could include lower fuel and service taxes, allowing foreign carriers to invest in domestic airlines and debt restructuring.

Two days ago, aviation minister Vayalar Ravi had written to all the chief ministers requesting them to lower taxes on aviation fuel, while agreeing to the proposal to allow investment by foreign airlines. States have been urged to tax fuel on a per-litre basis instead of ad valorem, ensuring that levies do not rise in tandem with fuel prices.

The ministry is also working on creating an economic regulator for the sector after domestic carriers complained about some players pricing tickets below cost, forcing others to do the same.

"The airlines had made this request through the Federation of Indian Airlines, saying that pricing below cost is causing private carriers to collectively lose 20 crore a day. So we are looking at forming such a framework that can address predatory pricing," a ministry official said.

The finance ministry is willing to consider debt restructuring for the whole aviation sector only if airlines go for further consolidation through mergers and acquisitions, a ministry official said. This is despite RBI's reluctance to undertake any second restructuring for a sector, at a time when there is an overall stress in the economy, he said.

The aviation ministry will ask the petroleum ministry to allow oil marketing companies to provide a common access system at airports for fuel supply.

The government has also asked Airports Authority of India to go slow on demanding dues from Kingfisher. Vijay Mallya-owned airline owes around 210 crore to the authority, a senior official said.

"So in some form there is this respite given so that the airline can pay off its creditors for continuing operations," the official said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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