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Taxation of foreign BPOs under review Sonia’s no cost punters Rs 1.18 bn IOC seeks hike of Rs 5 in oil Policy on leather export sought |
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Rs 2-lakh Kinetic Comet this year Partner to buy out Voltas stake in Sermo 4 more BPCL ‘ghar’
for Punjab, J&K Class 10, +2 results on Spice, Airtel, Reliance
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Taxation of foreign BPOs under review New Delhi, May 21 Speaking at a conference organised by the Associated Chambers of Commerce and Industry of India (Assocham), Revenue Secretary Vineeta Rai said that the directive issued in early January sought to provide tax exemptions in certain situations. According to an Assocham press note Revenue Secretary said that MNC taxpayers should feel assured if they pay legitimate share of taxes, the problem of sharing would be resolved by the tax-administrators of the two jurisdictions through the mechanism provided in the Double Taxation Avoidance Treaty. She said the government understood the complexities involved in this sector and also the apprehension of the industry that the proposed circular is inadequate to deal with the problems of taxation arising in the area. The concerns of the industry are being considered and a viable solution in accordance with the established principles of international taxation will no doubt emerge, she said. Ms Rai said to avoid double taxation in the home country, they should insist on claiming exemption on the income taxed at source and claiming credit for the tax so paid, in their home country. This is the basic principle of any double taxation avoidance treaty whether based on the Organisation of Economic Cooperation and Development (OECD) of the UN model. The Indian government has pursued signing Double Taxation Avoidance Agreements with economic partners so that commerce with these countries is not hampered on account of dual taxation. It is further committed to entering into equitable agreements with new countries as well and negotiations are at an advanced stage with some of these countries, she said. The Finance Ministry may succeed in collecting over Rs 2,52,900 crore in taxes to meet the revised estimate for 2003-04 despite hefty refunds. “We have crossed the budget estimate (BE) of tax collection for 2003-04. The final figures are yet to come,” Ms Rai said on the sidelines of the conference. The Government had mopped up Rs 2,52,162 crore by April-end, crossing the Budget target after four years.
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Sonia’s no cost punters Rs 1.18 bn Raipur, May 21 They said after the Congress victory, punters had placed Rs 220 million on Ms Gandhi becoming the prime minister. They pumped in Rs 960 million more after she was elected leader of the Congress Parliamentary Party. ”We were counting the days to her swearing-in ceremony to net a huge profit but everything was lost when she made a turnaround and stood down in favour of Manmohan Singh, who was not even in the punters’ net” said a man who goes by the name of Raja. He is one of the three top operators in Sadar Bazar, the hub of betting activities in this Chhattisgarh capital. Operators bemoan the fact they will have to make good the losses. “We will have to pay up. The loss is totally ours. It will take us at least one year to recover,” said one of them. During the past two years, Raipur has emerged as a punters’ safe haven in central India. In the past 10 months, major operators have not only got the nod from big sharks based in the Middle East but have also been able to spread their tentacles to 50 centres in Chhattisgarh and in the Mahakoshal and Malwa areas of neighbouring Madhya Pradesh.
— IANS |
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IOC seeks hike of Rs 5 in oil Kolkata, May 21 Marketing Director of the IOC N. G. Kannan told reporters here today that from April to May this year, the combined loss of the IOC and its merged subsidiary IBP due to under-recovery was to the tune of Rs 301 crore. He said the desirable extent of revision was Rs 4 or Rs 5 per litre, adding that the matter would be left to the new government when it assumed office. The IOC was facing a loss of Rs 42.61 per
cylinder of LPG as the company supplies to the common people. The company also losing Rs 1.49 per litre for kerosene, according to its Mr Kannan here today. Mr Kannan said in 2003-04, the IOC’s loss due to under-recovery in oil, kerosene and LPG was Rs 2,346.86 crore, while that of the total industry was Rs 4,337.50 crore. Subsidy in LPG only accounted for Rs 1,292 crore loss in the last financial year. The matter had been repeatedly taken up with the government. Commercial organisation like the IOC cannot afford to lose money like this.
— PTI |
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Policy on leather export sought New Delhi, May 21 After textiles, it has emerged as a major foreign exchange earner among conventional sectors with annual exports crossing $ 2 billion last year (4 per cent of total exports) employing around 2.5 million workers. With low wages, largest livestock population in the world and skilled manpower, say exporters, India has competitive advantage over several competitors, including China and European countries. Mr R. K. Pandey, Regional Director, the Council for Leather Exports, India, said: “Our share in the total $ 75 billion world market has reached 3.6 per cent. Some policy initiatives on part of the new government like zero to 5 per cent duty on imported machinery for mixed leather products against the prevailing rate of 25 per cent can push our exports.” The government has already reduced import duty to 5 per cent for machinery meant for leather products, he said. Interestingly, he said: “Jalandhar and Kanpur have shown a sharp
increase in leather exports. The export of tool bags from Jalandhar is now crossing Rs 150 crore annually.” |
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Rs 2-lakh Kinetic Comet this year New Delhi, May 21 “Currently, we are negotiating on the price front and trying to bring down its price level before launching the novel bike within six months,” KEL General Manager (Marketing) Ajinkya Firodia told UNI on the sidelines of a function here today. He said the company would position Hyosung bike, the 250-cc Comet, as India’s first real sports bike. It would be launched in 30 cities and around 1,000 of these bikes would be imported initially. The Rs 1.5-lakh Aquila, which Kinetic imported last year, sold around 300 units but was launched only in five cities. The firm was planning to bring in three models within the current fiscal and would be launched one each in September, December and March, Mr Firodia said. Asked about the other four variants of the Italjet, he said it was yet to be decided when these would make its presence on the Indian roads as much of it depended on the sales of the first lot of Italjet scooters. The company would continue to focus on the motorcycle segment with the entry level Boss expected to sell around 30,000 units during the year, he added. KEL, which mostly manufactured motorcycles, was expected to nearly double its sales to around 1.2 lakh units in the current fiscal while Kinetic Motors, which manufactured scooters, was expected to sell around 1.4 lakh units against 87,000 units last year. The Rs 1200-crore Kinetic group expected a 15 per cent growth in 2004-05 and to export 50,000 units, including motorcycles and scooters, to South Asian countries, West Asia, Europe and the US.
— UNI |
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Partner to buy out Voltas stake in Sermo Mumbai, May 21 “Sermo is now desirous of expanding its equity base in SPMIL and has proposed to purchase the balance 50 per cent stake”, Voltas informed Bombay Stock Exchange today. The paid-up capital of SPMIL of Rs 13 crore is at present held in equal proportion — 65 lakh equity shares of Rs 10 each aggregating Rs 6.5 crore each — by Voltas and
Sermo. Voltas had over a period of time realigned its business activities and agreed to transfer its entire shareholding comprising 65 lakh equity shares for a consideration of Rs 5.21 crore to Sermo, it said. Accordingly, a deed of modification on May 20, 2004, to the shareholders agreement of March 14, 2002, had been executed for transfer of the company’s shareholding in SPMIL to
Sermo, Voltas said. Following transfer of shares, SPMIL would cease to be a joint venture company of Voltas and become a wholly owned subsidiary of Sermo
Montaigu, it said.
— PTI |
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4 more BPCL ‘ghar’
for Punjab, J&K Chandigarh, May 21 BPCL plans to set up four "ghar" outlets on the outskirts of some cities in Punjab and Jammu and Kashmir by September. These outlets will, besides providing fuel to the consumers, also make available home like facilities to them. These outlets will also stock medicines. Area Marketing Manager of BPCL Rajiv Mishra said 10 such "ghar" outlets were already functioning in the region, of which three were in Punjab. These are located in Ludhiana, at Shambhu barrier and Doraha. Mr Mishra said 100 new petrol pumps will be opened in Punjab, 50 in Himachal Pradesh and 35 in Jammu and Kashmir. |
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Class 10, +2 results on Spice, Airtel, Reliance Chandigarh, May 21 The CBSE, which plans to declare the Class XII results on May 23 and Class X on May 25, has already tied up with Airtel, Spice and Reliance Infocomm. An Airtel customer will have to make a call at 64651 and register the 7-digit roll number of the CBSE. More than one roll number can also be registered on a mobile set. Subscribers in Himachal Pradesh will have to dial 646 to access the results. Spice Telecom has also tied up to make the results available to the customers. The subscriber needs to send an SMS to 1250 with the message stating the CBSE roll number. He can get detailed information, including the aggregate marks, percentage and individual marks on the mobile phone. Reliance Infocomm had already announced that they will host all results of AIIMS, the CET, the CMT, the CBSE, the ICSE and various competitive examinations on the R-world. |
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