Trinamool Congress candidate Amit Mitra, who is an economist by training and is pitted against West Bengal Finance Minister Asim Dasgupta in the Assembly polls, has said the state's financial condition can be improved with a flow of investments and expansion of existing industrial units.
They've proposed a sub-committee under the proposed GST Council or the Empowered Committee of State Finance Ministers to resolve any disputes in the tax's implementation.
Bihar deputy chief minister and finance minister Sushil Modi was on Monday elected the new chairman of the empowered committee of state finance ministers.
A eight-member central team, headed by Joint Secretary in Union Agriculture Ministry E K Majhi, will visit drought-hit districts of West Bengal on Wednesday.
His resignation has been accepted by the Ficci leadership, which said that it "wishes him all the very best for another historical role in the impending and hugely awaited economic transformation of West Bengal".
Among the major projects affected are the proposed steel plants of Videocon, Bhushan Steel and the Abhijit group. Neeraj Singhal, managging director of Bhushan Steel, said it would be difficult to acquire land wihtout government support. The decisin would also impact a host of projects lined up by New Kolkata International Development, a special purpose vehicle promoted by the Salim Group of Indonesia and the Universal Success group.
The state government decided to provide the subsidy to bus, minibus and taxi operators in the state effective from August 1, Finance Minister Asim Dasgupta told the Assembly while speaking on the West Bengal Appropriation (No 2) Bill, 2010.
The state's debt burden increased to Rs 1,92,000 crore (Rs 1,920 billion), against Rs 1,48,110 crore (Rs 1,481.1 billion) in 2008-09 -- a rise of about 29 per cent -- state Finance Minister Asim Dasgupta told the Assembly recently.
Panel also demanded power to go for additional market borrowing than stipulated.
Seven more deaths were reported on Friday from interior villages of the flood-hit East and West Midnapore districts, raising the toll to 53, even as the situation further improved.
The empowered committee on GST headed by West Bengal finance minister Asim Dasgupta has agreed to a dual structure of the proposed indirect tax regime, which is likely to be introduced from April 2010. The new tax regime would do away with most of the indirect taxes levied at the Centre like excise and services tax, and VAT and Octroi at the State level.
About 6,500 persons were sheltered in 67 relief camps opened in various districts.
While West Bengal's debt burden stands at about Rs 1.92 lakh crore (Rs 1.92 trillion), Uttar Pradesh has a loan burden of Rs 2.21 lakh crore (Rs 2.21 trillion) and Maharastra Rs 2.08 lakh crore (Rs 2.08 trillion), while the central government has a debt burden of Rs 38 lakh crore (Rs 38 trillion), Dasgupta told the West Bengal Assembly on Monday.
The empowered committee of state finance ministers for implementation of value added tax would meet in first half of January 2004, to decide on the implementation of the new tax system.
The crucial meeting of the empowered committee of state finance ministers on value-added tax began in New Delhi on Wednesday to resolve all pending issues to ensure smooth implementation of the new tax regime from June 1 this year.
In a major boost to the party ahead of next year's Assembly polls, the Trinamool Congress on Saturday scored a landslide victory in the newly formed Bidhannagar Municipal Corporation, bagging 37 of the 41 wards and winning all the 16 wards in Bally Municipalty under Howarah district.
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
'While the GST is structured to be an all-encompassing tax and to create a vastly expanded digital network of recorded transactions, no one knows how traders long used to avoiding taxes will apply their ingenuity,' says T N Ninan.
After 17 tumultuous years, a nationwide Goods and Services Tax (GST) will rollout from midnight of June 30, overhauling India's convoluted indirect taxation system and unifying the $2 trillion economy with 1.3 billion people into a single market.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances