Business & Economy

VAT introduction prospects bright

What is India News Service, Friday, 24 Sept 2004, 2000 hrs IST


With the Centre promising to compensate states fully for any revenue loss in the first year after switchover, the Value Added Tax (VAT) system is likely to be introduced as scheduled from April 1. 

At a meeting here today between the Union Finance Minister, P Chidambaram, and the Empowered Committee of State Finance Ministers, 17 States were ready with the necessary legislation and four more would be doing so soon.

Only Uttar Pradesh had some reservations and Mr Chidambaram and the Chairman of the Empowered Committee, Asim Dasgupta, will meet the Chief Minister Mulayam Singh Yadav, to sort out the differences.

Foreign experts issue to be discussed next week: Planning Commission Deputy Chairman Montek Singh Ahluwalia has said the issue will be discussed when he gets back to Delhi early next week.

'Exports may touch $75 b this fiscal': The country's merchandise exports are likely to touch the $75-billion mark during the current fiscal if the level of growth witnessed so far is sustained, the Union Minister for Commerce and Industry, Mr Kamal Nath, said.

Rs 5-cr assets seized from top Excise officer: In the biggest seizure of money from a government servant in the country, the CBI today unearthed unaccounted assets worth over Rs 5 crore, including cash Rs 2.7 crore from the residences of Commissioner of Central Excise P K Ajwani and his friend.

US funds TB studies: The US Center for Disease Control and Prevention (CDC) has announced a $ 925,000 cooperative agreement with the Aeras Global TB Vaccine Foundation to conduct epidemiological studies for clinical trials of new tuberculosis vaccines in India.

Praful Patel to meet AAI union over mass leave threat: The Minister for Civil Aviation will be meeting the leaders of the Airports Authority of India Joint Forum (AAIJF) in Mumbai on Saturday to discuss their proposed mass casual leave agitation across the country.

Railways use robot for welding: The Railways has developed in-house fixture for inside welding of bogie frames using IGM robot to overcome shortcomings of manual welding. This will provide long-term benefits for improving the quality of welding.

Penalty waiver on service tax registrations: The Government today announced that it would not impose any penalty on service providers who register themselves by October 31. Also, the revenue authorities will accept the declarations at face value with no questions asked.

Erode turmeric complex may soon become reality: The two-decades-old dream of establishing a turmeric complex in this district is likely to become a reality soon. A site at Semmempalayam near Nasiyanure, 7 km from here, has been purchased for construction of the complex at a cost of Rs. 33 crores.

Maini Precision to supply aero engine components to Snecma: Bangalore-based Maini Precision Products Ltd and Snecma Moteurs of France have signed an agreement under which the Indian company would supply mechanical components for the latter's CMF 56 aero engines.
 
Karnataka cops mull ID card for cyber cafe goers: With cyber crime, especially cyber-stalking of women, becoming more frequent, the Karnataka police are contemplating a move to make it compulsory for those making use of cyber caf\E9s to carry their photo identification card.

Orchid partner crosses research milestone: Orchid Chemicals & Pharmaceuticals on Thursday announced that its associate company's anti-diabetic molecule crossed a milestone in human clinical trials when it successfully finished Phase 2(a). 

 
Overall:

VAT prospects brightened: Only Uttar Pradesh has some reservations about value added tax.

Suzuki conceded role for Maruti: The government got the Japanese auto major to take its Indian partner along in its new plans.

Diabetes research took another step: Orchid's partner said it had crossed a milestone in human clinical trials.