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Tuesday,
January 21, 2003, Chandigarh, India  
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Centre fixes 10 pc & 12.5 pc VAT
Bharti Tele reduces losses
Does Haryana need more computers? |
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Be natural at interviews Ind-Swift
to merge companies
Canara Bank
net up 82 pc
Cough into your mobile for a cure
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Centre fixes 10 pc & 12.5 pc VAT New Delhi, January 20 The lower rate ( 10 per cent) will be applicable to states which had a lower rate of sales tax. This was case in most of the northern states, while the higher 12.5 per cent would be applicable for those having higher sales tax rates mostly in the south. The decision was taken at a meeting between Finance Minister Jaswant Singh and the Empowered Committee on VAT last week. The Centre has agreed to provide 100 per cent compensation in the first year, 75 per cent in the second year and 60 per cent in the third year. It is estimated that the revenue loss will neutralise by the third year of implementation of a comprehensive VAT regime. Speaking to newspersons, Additional Revenue Secretary, Anupam Dasgupta said a full-fledged VAT regime will eventually result in higher revenues for states. It will also have “softening effect” as the effective burden on taxes come down. In the long term, a uniform VAT rate will come into being, Mr Dasgupta said. In addition, the Centre is also going to bring about a Constitutional amendment to introduce a new Article 268A. This will be done to enable the states for collecting Service tax. However, only the Centre will have the power of fixing the rates of Service tax. Service Tax will be categorised under three lists of items, with the third list enlisting the items which will be exempt from tax. This list will comprise government and social services. Mr Dasgupta, however, clarified that the list of services from which the states can appropriate taxes will be determined by the nature, scope and geographical location. Central Sales Tax (CST), which contributes Rs 13,000 crore, will be phased out in three years. The rationale behind this is that CST distorts the terms of internal trade. “CST disturbs the basic design of VAT and has a cascading effect. The states unanimously agreed that CST must go,” Dasgupta said. The phase out plan of CST has been worked out in such a way that it will be reduced from 4 to 3 per cent in first year, followed by fixing it at 1 per cent in the second year and finally zero per cent in the third year. The compensation plan pertaining to the CST plan has, however, not been worked out as yet. In addition to the 10 and 12.5 per cent revenue neutral rates for most items, there would be four more rates — nil for defence and strategic items, 1 per cent for precious metals, 4 per cent for essential agri items and 20 per cent for demerit goods like alcohol and tobacco. All states and UTs agreed to send their draft VAT bills to the Centre by end of this month for Presidential assent. Eight states and all union territories have sent in their proposals, of which three, Maharashtra, Madhya Pradesh and Chattisgarh, have been cleared while that of West Bengal, Karnataka, Uttaranchal and Mizoram are being processed. Of the seven UTs, Andaman and Nicobar and Lakshadweep Islands do not require any legislation as no taxes are levied there. Mr Dasgupta allayed fears that a VAT regime will lead to increased prices and decreased revenues for states. He said empirical results globally have shown that the establishment of a comprehensive VAT regime has resulted to stable rates of taxation and softer prices.
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Bharti Tele reduces losses
New Delhi, January 20 During the quarter ended December, 2002, the operating profit of the company grew by 98 per cent to Rs 240 crore over the second quarter, and 93 per cent compared to the same quarter the previous year, a company statement said here. Mr Sunil Bharti Mittal, Chairman and group Managing Director, said “we have been able to contain our expenses to the level of the previous quarter and hence, significantly improve our profitability to bring about a sequential reduction of 95 per cent in our net losses”. The company has achieved near break-even with cash losses in the third quarter down to just Rs 7 crore compared to Rs 129 crore in the second quarter this fiscal.
SRF
SRF Ltd has registered a 113.03 per cent increase in the net profit to Rs 6.54 crore in the third quarter of the current fiscal from Rs 3.07 crore earned during the corresponding period of the previous year. The net sales of the company increased to Rs 173.29 crore from Rs 142.53 crore, an increase of 21.58 per cent.
ITC Hotels
ITC Hotels has recorded a net profit of Rs 2.94 crore for the quarter ended December 31, 2002, as compared to a net loss of Rs 3.65 crore in the corresponding quarter last year. The total income of ITC Hotels increased to Rs 33.65 crore in the December quarter from Rs 27.27 crore in the same period last year.
Subex
Subex Systems today announced a net profit of Rs 1.51 crore for the third quarter of the current fiscal with the revenue touching Rs 17.50 crore. For the nine months of the current fiscal, the company earned a 52 per cent higher profit after tax compared to the same period last year, company CMD Subash Menon said, here today.
Jindal Iron
Jindal Iron and Steel Company has posted a net profit of Rs 29.86 crore for the quarter ended December 31, 2002, as compared to a net loss of Rs 15.34 crore in the corresponding period a year ago.
Aztec Software
Aztec Software & Technology Services has posted a consolidated net loss of Rs 28 lakh for the third quarter ended December 31, 2002 as against the net profit of Rs 2.36 crore in the same period last fiscal. The total income for the period under review also dropped to Rs 13.5 crore from Rs 14.85 crore in the October-December, 2001 period, the company informed the BSE today.
Agencies
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Does Haryana need more computers? Chandigarh, January 20 The SIT of the Haryana Government , in a letter issued to various departments on January 6, expressed concern that “ computers are not being used by some departments and are surplus”. The SIT directed the departments to transfer such computers to other departments which needed them. Laying down the modalities for the transfer of computers, the SIT said as far as department-to-department transfer was concerned, computers could be shifted on the book-value basis without transfer of money. The Finance Department would provide additional money to the department transferring computers so that new computers could be purchased by the department if needed. The SIT’s directives have raised questions about the rationale behind the state government’s step to purchase 1700 new computers from Esser Ltd. The purchase, finalised in a meeting in the presence of the Chief Minister, Mr Om Prakash Chautala here on Wednesday, would cost the state exchequer more than Rs 5 crore. The ministers, up to the level of Deputy Secretaries of the state government, have all got computers which are seldom turned on”, said an official here. He added that it was the personal staff of ministers and officers who operate the computers in lieu of the old-fashioned typewriter.
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Be natural at interviews
London, January 20 Personnel managers tend to employ women who stick to standardised feminine behaviour during interviews like smiling, nodding and looking away. This is the finding of a study by psychologists from London University's Goldsmiths College, according to Sydney Morning Herald. Men also reaped better by remaining typically male in such situations. Jo Silvester, the principal researcher, said there was no difference between the verbal and non-verbal behaviour of the "candidates" studied, but the assessors were looking for different things from males and females. They were more likely to take in men who made more eye contact, did not fidget with things during the interview and who took credit for their past successes, the professor of occupational psychology said. The guiding belief is that men are expected to behave in a "more assertive and dominant way." The yardstick for women is different. "Deferential and modest" non-verbal behaviour, is sought and candidates who owned responsibility for past failures and played down their successes are preferred . The feminine stereotype required women to be more responsive, to go along with what people were saying. But Prof. Silvester said she would not like to see women adopt more traditional behaviour as a result of the study. Her message is "be yourself. Do nothing different. I would not like to say to women to take on a different social style. It perpetuates stereotypes." Instead, psychologists must work with interviewers and personnel managers to ensure they were aware of — and challenged — their stereotypes and biases. Much progress had already been made on giving men and women equal chances in job interviews and assessment processes. Interviewers had learnt how to structure interviews and that they needed to ask identical questions of all candidates. The study, which was presented at an occupational psychology conference in England this month, involved mock job interviews with 60 undergraduates —30 men and 30 women. The tapes of these interviews were then assessed by human resources professionals who were asked to rate the candidates for their competence. Those ratings were then compared with an analysis of the verbal and non-verbal behaviour of candidates.
ANI
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Ind-Swift to merge companies Chandigarh, January 20 Mr V.K. Mehta, Director of the company, claimed that the company has decided to consolidate as part of its preparations for the post-patent regime in 2005. The merger will further strengthen the holding of the ISL in Ind-Swift Laboratories Ltd. (ISLL). ISL would get additional 10 per cent shares held by the merging companies in ISLL. Meanwhile, the Ind-Swift is also in the process of buying back a 23 per cent stake that the PSIDC holds in Ind-Swift Labs. After the merger, he said, the company would own a bouquet of brands, including the Neurophen and Becmet range in the steroids and hormones segment.
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Canara Bank
net up 82 pc
Chandigarh, January 20 Bank CMD R.V. Shastri said in Bangalore that the net profit for the nine-month period ended December, 2002, grew by 52.62 per cent to reach Rs 711 crore. Corp Bank net up 66 pc
Corporation Bank has reported a 66 per cent rise in the net profit at Rs 151.81 crore for the third quarter ended December 31, 2002, compared to Rs 91.45 crore in the same period of the previous fiscal.
TNS & Agencies
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