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Cabinet nods for hike in import duty of sugar, amendments in Companies bill

  • The Cabinet today approved hike in import duty of sugar to 40% from current 25% and withdrew duty free import of raw sugar. Both measures are aimed at curbing overseas supplies. It has also removed a 12.36% excise duty on ethanol supplied for blending with petrol.
  • Also in another move, to improve the ease of doing business, the Cabinet approved amendments to the companies law that do away with a mandatory declaration by a firm before commencing business. The changes have also been cleared to fast-track the approval process for draft notifications aimed at granting exemptions from various provisions of the Companies Act.
  • The Cabinet also decided to continue its Rs 1,000 per minimum monthly pension scheme in perpetuity, a move which would benefit over 20 lakh pensioners under social security scheme run by EPFO.

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