Service tax gets a boost
New Delhi, Sept 12: In a significant statement favouring concurrent levy of service tax by states, a senior tax administrator today said important areas like rail, road, air, electricity, gas and water should be brought under it to mop up an annual revenue of over Rs 20,000 crore at a modest rate of 5 per cent. “Service tax is turning out to be an established tax regime in India. In the circumstances, after ensuring greater compliance of the tax measure, we need to legislate an independent statute with substantive procedural provisions for the convenience of tax payers as well as tax collectors,” Central Board of Excise and Customs member A. K. Singh said at an Assocham seminar on taxation here.
Mumbai, Sept 12: Reserve Bank of India governor Bimal Jalan today said there was no immediate move to cut the bank rate. “Taking a 50-year perspective, the real interest rate has been higher in India but we are comfortable with the current rate,” Jalan said after chairing a session at Ficci’s conference on ‘Indian Banking: Global Benchmarks’ here today.
New Delhi, Sept 12: Xerox Modicorp, which is being investigated for paying bribes, today effected a change of guard with Marcus Childs replacing Pierre Nothard as its managing director.
New Delhi, Sept 12: The government today revised downwards prices of eight drug formulations including anti-TB and vitamin C while increasing prices of anti-diabetics and di-uretic formulations.