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Base effect a riddle for economic indicators
Analysts, economists plan to raise their IIP forecasts

And now, Railway TV
If the Lok Sabha and the Rajya Sabha can have their own dedicated television channels, why shouldn’t the Indian Railways have its own channel? A Railways Advisory Committee, packed with supporters of the Trinamool Congress, has recommended the Railways start its own television channel to both inform as well as educate the travelling public. Watch this space for news of Air India TV!

News of the day

Tatas to tighten management grip on JLR
Having secured the much-needed funds for Jaguar Land Rover (JLR) without the UK government help, its Indian parent, Tatas, are now tightening their management control on the car maker, but are unhappy over the way their request for help was handled by the UK authorities, a report said today.
Small Business

State FMs may decide on GST rate on Jan 7

State finance ministers are likely to finalise rates for the goods and services tax (GST) at a meeting of the empowered committee scheduled for January 7, said Jammu and Kashmir Finance Minister Abdul Rahim Rather here today. - Expect moderate returns in 2010 - GST rollout date may be announced on Jan 8 - Govt may miss GST deadline: FM - GST will reduce tax burden by 25-30%: FinMin - Centre to implement direct taxes code with suitable amendments: Pranab - PM panel for one GST slab at central level “Rates may be decided...We are working on the revenue neutral rate and it would be discussed on January 7,” said Rather, who is a member of the Empowered Group of State Finance Ministers on GST. While the GST committee set up by the 13th Finance Commission has suggested a rate of 12 per cent to be split between the states and Centre at 7 per cent and 5 per cent, respectively, several states want it to be at least 15 per cent. The empowered committee will take a final call on the GST rate, which will subsume levies like excise, VAT and service tax, at its January meeting. The GST rate, Rather said, needs to be revenue-neutral and should not result in any loss to the states. “The states should not suffer revenue loss and if there are some losses then the Centre has said that they would compensate us,” he added. GST is aimed at doing away with most of the indirect tax levies by the Centre, like excise and service tax and others levied by the states like VAT and octroi. The new tax regime also has a scheduled deadline for implementation by April 1, 2010. However, implementation could be delayed by almost a year, as the required Constitutional amendments are yet to be done and also the draft amendment Bill could not be tabled in the Winter session of Parliament. The Finance Commission’s task force has recommended a six-month delay for the GST introduction, while many tax experts and Bihar finance minister Sushil Modi called for one-year delay. The proposed GST regime is aimed at making the tax structure simpler and reduce the indirect tax burden on the consumer by about 25 per cent.


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