Shares of sugar companies, on Thursday, rallied up to 9 per cent on the BSE in intra-day trade in an otherwise weak market on expectation of improved earnings growth in the March quarter (Q4FY21). The improvement is expected to come on the back of the subsidy announced in December 2020 and a strong momentum in exports.
Balrampur Chini Mills, Uttam Sugar Mills, Dalmia Bharat Sugar and Industries, Dhampur Sugar Mills, EID Parry (India), Dwarikesh Sugar Industries and Triveni Engineering & Industries were up in the range of 4 per cent to 9 per cent on the BSE. In comparison, the S&P BSE Sensex was down 0.69 per cent at 48,215 points, at 10:44 am.
GST AAR: CSR expenses are business related and qualify for input tax credit
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GST AAR: CSR expenses are business related and qualify for input tax credit
Lubna Kably / TNN / Apr 8, 2021, 08:59 IST
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(Representative image)
MUMBAI: Corporate social responsibility expenditure is incurred by a company in order to comply with the requirements of the Companies Act, 2013. Thus, such expenses are incurred in the course of business and are eligible for input tax credit under Goods and Services Tax (GST) regulations, according to a GST ruling given by the Authority of Advance Ruling (UP Bench).
This ruling, which distinguishes between goods given voluntarily as ‘gifts’ and those that are part of CSR activities, provides much relief to companies engaged in litigation on the issue of input tax credit (ITC).
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ICRA reaffirms long term rating of Dwarikesh Sugar Industries Ltd
Posted On: 2021-04-01 05:44:05 (Time Zone: Arizona, USA)
ICRA Limited - the credit rating agency has vide its letter dated April 01, 2021, received & accepted on April 1, 2021, has reaffirmed the long term rating for the Bank facilities amounting to Rs. 1029.99 crores at [ICRA] A+(Stable) (pronounced ICRA A plus Stable) with outlook continuing to remain Stable.
ICRA Limited - the credit rating agency has also vide its letter dated April 01, 2021, received & accepted on April 1, 2021, has reaffirmed the rating for the Commercial Papers amounting to Rs.300 crores as [ICRA]A1+ (pronounced ICRA A one plus) indicating very strong degree of safety regarding timely payment of financial obligations. Such instruments carries lowest credit risk.
Shares of sugar companies, on Monday, were in focus at the bourses, with Balrampur Chini Mills, EID Parry, Dwarikesh Sugar Industries, Dhampur Sugar Mills, and Dalmia Bharat Sugar and Industries rallying up to 7 per cent on improved sector outlook. In comparison, the S&P BSE Sensex was up 0.44 per cent at 50,625 points, at 11:51 am.
Last week, Prime Minister Narendra Modi said the target of blending 20 per cent ethanol in petrol advanced to 2025 from 2030 earlier. Ethanol is expected to be a key driver for the sugar industry.
The sugar sector has seen structural changes with rational alterations in the government’s policies, and flexibility provided, as diversion of surplus cane and B-heavy molasses is now allowed to produce ethanol that can be used for blending with petrol. In addition, differentiated pricing for ethanol (based on raw material) is quite attractive and has the potential to significantly reduce the cyclical nature of the sector because of the sustainable business