Textile traders in Orissa yesterday closed their outlets protesting the State Government’s imposition of value added tax (VAT) on textile products. The All Orissa Textile Merchants’ Association (AOTMA) said it has decided to keep shops closed today as well and stage rallies in different districts. While the neighbouring States such as West Bengal, Jharkhand, Andhra Pradesh and Chhattisgarh have not imposed VAT on textile products, Orissa is the lone State where such tax is collected on clothes, the association said.
More than five crore people are estimated to pay tax in the current fiscal, of which two crore are likely to pay taxes through the online medium, an online tax service portal today said. These projections are on the basis of the trends seen over the past few years and also after discussing the matter with some government officials,” Taxsum.com Chairman Sanjay Kapadiaa told reporters here.
Monthly Income Scheme (MIS) of the post office remains the flagship product under small savings scheme owning to better returns. MIS alone garnered Rs 54,302 crore against the total fund generation of Rs 2,50,931 crore during 2009-10. Thus, nearly 20 per cent was contributed by the product, as per the report by Committee on Small Savings Scheme. Since the effective rate of interest on MIS has been higher than other scheme, it is popular among those subscribers seeking regular additional income.
The Ministry of Corporate Affairs today said efforts were on to create a platform where different regulators could sit together with an aim to align regulatory overlaps for the benefit of corporates. When we have multiple regulators there has to be some way that they interact with each other so that the procedures are in line with each other. We are in the process of finalising something…, MCA Secretary D K Mittal told reporters on the sidelines of a AIMA event here.
G.S.R. (E) .- In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 46/2011-Customs dated the 1st June, 2011 published in the Gazette of India, vide number G.S.R. 423 (E), dated the 1st June, 2011, in proviso for ‘Appendix I’ read ‘Appendix I or Appendix II, as the case may be
The Committee, while conscious of the multiplicity of schemes, recognised that most of the schemes serve the thrift needs of various sections of the population, especially small savers. It has, therefore, recommended closure of only one existing scheme – the Kisan Vikas Patra (KVP) while recommending continuation of all other schemes with suitable modifications.
ORDER NO. IRDA/F&I/ORD/RSS/114/06/2011, DATED 7-6-2011 – The insurer was obliged under sections 32B and 32C of the Insurance Act, 1938 read with the IRDA (Obligations of Insurers to Rural or Social Sectors) Regulations, 2002, as amended from time to time, to cover prescribed percentage of Gross Direct Premium in the Rural Sector and prescribed number of lives in the Social Sector of its general insurance business.
The Cabinet today approved extension of medical facilities to beedi workers under the Rashtriya Swasthya Bima Yojana (RSBY). The beedi worker and his family (unit of five) will be covered and the total sum insured would Rs.30,000/-. The other benefits and procedures under the scheme will be the same as under RSBY. Any claims beyond Rs.30,000/- will be reimbursed directly by the related Welfare Commissioner to the concerned empanelled hospital through the existing procedure.
The Cabinet today approved lowering the age limit for the Indira Gandhi National Old Age Pension Scheme (IGNOAPS) from 65 years to 60 years and increasing the rate of pension from Rs. 200 to Rs. 500 to persons of 80 years and above. The revised norms would be applicable with effect from 1st April, 2011.
Notification No. 57 (RE-2010)/2009-14 Cap on export of cotton during the current Cotton Season is increased to 65 lakh bales from 55 lakh bales as was notified earlier. Other conditions remain unchanged.
