The Telegraph
Since 1st March, 1999
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Business Briefs

Trade tax on telecom service

New Delhi, Feb. 7: The Supreme Court has declared that those providing telecom services to people were dealers liable to pay trade tax to states on the rentals collected from the subscribers. This ruling came in a recent judgement where the apex court said that the Department of Telecom, which provided telecom services to Uttar Pradesh prior to the entry of Bharat Sanchar Nigam, was a dealer and that it was liable to pay trade tax under the Uttar Pradesh Trade Tax Act.

Power Bill

New Delhi, Feb. 7: Power minister Anant Geete said today the Electricity Bill, aimed at improving the power sector, would be considered in the forthcoming budget session of Parliament beginning on February 17.

Reliance plan

New Delhi, Feb. 7: Reliance Industries (RIL) has agreed to invest $ 563 million in exploration of oil and gas in the nine blocks it won in consortium with Hardy Oil of the UK in the third round of new exploration licensing policy (NELP). Of the $ 562.99-million investment committed in three phases of exploration and production, the consortium of RIL and Hardy Oil will invest $ 468.27 million in seven deep water blocks, sources said here.

Vizag Steel

Calcutta, Feb. 7: Visakhapatnam Steel Plant (VSP) has finally turned around by recording a net profit of Rs 207 crore during the first nine months of the current fiscal. During the period, the company has produced 2.5 million tonnes of liquid steel and has earned a margin of Rs 671 crore. The performance has helped the company get the government’s approval to set up yet another coke-oven.

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