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Business & Economy
VAT comes into force
amid trader protests
What is India News Service,
April, 1 March 2005, 1400 hrs IST
The country is set to usher in a nationwide value-added tax (VAT)
from April 1 in place of the local sales tax amid a three-day nationwide protest by traders.
At least 19 states will implement the new system from April 1 while Mizoram and Meghalaya are expected to join up in the first week of April due to procedural delays.
\93The VAT is on. We want all states to welcome the VAT,\94 Ramesh Chandra, member secretary of the empowered committee of state finance ministers on the VAT, told Business Standard.
"Most officials are busy implementing the VAT in their states. A meeting of the committee could be convened after 2-3 weeks,\94 Chandra said.
The trade bandh against the tax evoked partial response in most states on the second day, with some wholesale markets and most retail shops doing brisk business.
Reports reaching from various centres said the bandh had some impact only in Uttar Pradesh, Kerala and Jammu & Kashmir.
Ramadorai
to head Nasscom: The National Association of Software and Service Companies
(Nasscom) today announced the appointment of S. Ramadorai, CEO of Tata
Consultancy Services, as its Chairman for 2005-06.
Post-Vat,
Maruti to be costlier, says MD:
Maruti prices are all set to increase. \93Maruti will pass on the burden of the
hike in steel prices to the customer following the value added tax (Vat) regime
that comes into effect tomorrow,\94 said Mr Jagdish Khattar, Managing Director
of Maruti Udyog Ltd here today.
`Choice
of eating habits rests with consumer': Multi-national PepsiCo would like its
food products classified under the "Good for you'' category to contribute
fifty per cent of its total sales
Centre notifies dereservation of items from SSI list: The Central Government
today notified the 108 items taken off the reservation list for small scale
industries, including 20 in the category of textile products, including hosiery.
Mauritius
and India move towards free trade pact:
India and Mauritius are moving toward a free trade agreement to boost the
island's threatened trade portfolio.
Impact
of tsunami disaster appears manageable in India: IMF:
The economic cost of the tsunami disaster for India and reconstruction and
disaster relief appear manageable, the World Bank has said.
Travel
agents to remove A-I publicity material:
Hoardings, signboards and other publicity material of national carrier Air-India
and its subsidiary Air-India Express, have been given removal orders by
agents\92 association from all travel shops and agencies in protest against the
decision of international airlines to reduce the agents commission from seven to
five per cent from tomorrow.
Sidbi
to finance SMEs in Ludhiana, Gurgaon:
Following its tie-up with a World Bank-led consortium for financing and
developing small and medium enterprises (SMEs) in the country, the Small
Industries Development Bank of India (Sidbi) has started the process of
identifying clusters, which would be taken up in different phases, for
development in three to five years.
Xerox
looks for greater market share in India: Having completed the settlement of
its ownership issues in India, Xerox Corporation is preparing to carve out a
larger share of the Indian market with a combination of introduction of
frontier-technology based products.
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