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Finmin excepts Indirect tax collection to exceed target

October 27th, 2010

The finance ministry expects to overshoot its indirect tax collection target by Rs 15,000 crore. For 2010-11, the government had set an indirect tax collection target of Rs 315,000 crore.

“We may exceed our original target…It (indirect tax mop-up) could be around Rs 330,000 crore this year,” V Sridhar, chairman of Central Board of Excise and Customs, said.

He said the growth would be driven by a good show seen in excise and customs collections, which are likely to exceed the budgetary target of Rs 132,000 crore and Rs 115,000 crore, respectively. Service tax collections, on the other hand, may just meet the target of Rs 68,000 crore.

Reasons for not allowing FDI in retail

October 27th, 2010

Ahead of US President Barack Obama’s maiden visit to India in his official capacity, Planning Commission Deputy Chairman Montek Singh Ahluwalia has firmly supported foreign entry into multi-brand retail in India.

Currently, only 51 per cent foreign direct investment (FDI) in single-brand retail is allowed in India. The Department of Industrial Policy and Promotion (Dipp) has floated a discussion paper exploring the probability of also opening FDI in multi-brand retail and the Planning Commission, along with the agriculture ministry, has supported the proposal.

“Today the policy of the country allows modern retail formats. We are not opposed to that. Therefore, in my view, there is absolutely no reason why FDI (in multi-brand retail) should not be allowed,” said Ahluwalia at the Economic Editors’ Conference.

Microfinance institutions needs to evolve code of conduct: FM

October 27th, 2010

Microfinance institutions (MFI) today got some support from Finance Minister Pranab Mukherjee.

The finance minister ruled out any immediate move to regulate these entities and also disclosed that he had suggested to the Andhra Pradesh government that some of the harsher provisions of the Ordinance promulgated by the state be amended.

Mukherjee said he had discussed the Ordinance with the Andhra Pradesh chief minister and also conveyed that certain harsh provisions in the legislation were amended. The finance ministry is of the opinion that the Ordinance requires MFIs to seek the state government’s permission for various things which are not feasible. Even in case of registration, some relaxation has been suggested.

Govt plans to dilute IFRS norms before its rollout

October 27th, 2010

With less than six months to go before the nation moves towards a globally-recognised accounting system, the government plans to dilute some key provisions relating to foreign exchange differences and overseas borrowings which will make global investors suspect Indian accounting, say three people closely associated with the development.

In the case of accounting for foreign exchange differences that rise because of currency derivatives taken by firms, the government is looking at an option where companies need not provide for any loss in the profit and loss statement but rather just carry forward the value as at the end of March 2011, according to a ministry of corporate affairs official, who declined to be named as he is not authorised to talk with the media.

Sale of Esops Shares can be taxing

October 27th, 2010

With the stock market nearing its all-time high, the best way out is to sell them in tranches.

Employee stock option plans, or Esops, are touted as one of the best tools to create long-term wealth. These are the shares an employee gets of his/her employer at a discounted rate to the current market price.

With the stock market nearing its all-time high, there are chances that selling your shares granted under Esops will give you handsome returns, unless you are an employee at a telecom company.

Experts say employees should sell off their Esops if they have a liquidity requirement such as buying a house or emergency cash. It is because Esops are a part of a person’s equity portfolio. You need to stay invested in equities for at least five years to benefit from the investment.

RBI Reference Rate for US $ and Euro – 27th October 2010

October 27th, 2010

The Reserve Bank of India’s Reference Rate on October 27, 2010

for the US Dollar is Rs. 44.52

for Euro is Rs. 61.47

The corresponding rates for the previous day (October 26, 2010) were Rs. 44.43 and Rs. 62.07 respectively.

Finmin excepts Indirect tax collection to exceed target

Reasons for not allowing FDI in retail

Microfinance institutions needs to evolve code of conduct: FM

Govt plans to dilute IFRS norms before its rollout

Sale of Esops Shares can be taxing

RBI Reference Rate for US $ and Euro – 27th October 2010

The Reserve Bank of India’s Reference Rate on October 27, 2010

for the US Dollar is Rs. 44.52

for Euro is Rs. 61.47

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