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Business Briefs 13-09-2007

Tax kitty swells Fringe tax Lupin case Software EU tariff

By The Telegraph Online in Delhi
  • Published 12.09.07
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Tax kitty swells

New Delhi, Sept. 12: Customs and excise duties have added Rs 18,623 crore to the government kitty in August this year, which was 12.8 per cent more than the corresponding month of the previous fiscal. The total tax collected through the two levies during the first five months of this fiscal was Rs 85,039 crore, up 11.9 per cent from Rs 76,005 crore a year ago.

Fringe tax

New Delhi, Sept. 12: The government has extended the date for submitting fringe benefit tax on employee stock option plans to December 15 in the absence of a method to determine a fair market value of such shares.

Lupin case

Mumbai, Sept. 12: Drugmaker Lupin has won a court case in the US to market its generic drug, Ramistar. Aventis and King Pharmaceuticals had filed the case, saying Lupin cannot launch Ramistar, the generic version of Ramipril, in the global market.

Software

New Delhi, Sept. 12: India’s software and services exports grew 32 per cent to $31.3 billion in 2006-07, according to figures released by the department of information technology.

EU tariff

Brussels, Sept. 12: The European Union may cut tariffs on Indian pharmaceutical companies because of evidence that subsidies to the industry fell, leading to the scaling back of protectionist measures for the EU-based firms.