27 oct 2001
service tax for
all, if vat enforced
not only professionals but even dhobis and barbers, will have to
pay service tax from april 2002, if the centre agrees to one of
the unanimous demands by states once the value added tax (vat)
comes into effect from april 1, 2002.
the service tax from these segments is expected to fetch a
whopping rs 63,675 crore and states are insistent on it in order
to offset the revenue shortfall after switch over to vat. though
not widely known, service taxation is taxation of any service
rendered as against taxes on goods. it is done by every country
which has adopted vat.
24 oct 2001
govt funds to
revitalize co-op banks
cooperative banks are likely to get rs 8,000 crore fund infusion
from the central and state governments to tide over financial
"the committee appointed to look into the recaptalisation
issue has arrived at rs 8,000 crore to be pumped into cooperative
banks for reinvigoration of the sector," official sources
said on tuesday.
the sources said the original demand was for rs 10,000 crore but
cooperatives were unable to shell out their share of rs 2,000
22 oct 2001
forex reserves boosted by foreign funds
india's foreign exchange reserves rose for the third straight week
on october 12, according to data released by the reserve bank of
analysts say that a combination of foreign fund dollar supplies
and valuation adjustments in other currencies may have provided
the forex reserves at $45.128 billion on october 12 marked an
increase of $149 million over a week ago.
foreign funds, which have been a major influencing factor in
indian stock markets, bought a net $68 million in indian debt and
equities during the week ended october 12.
they have pumped in $2.7 billion in the year to date, against
$1.56 billion in calendar 2000.
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