Seeking to allay fears of the trading community, the Empowered Committee on Value Added Tax on Thursday said there would no 'inspection raj' when the new state-level tax regime comes into effect from April 2005.
India's growth slowed in three months through December from a revised 7.4% expansion in the previous quarter, but it was much stronger than expected.
In a major step towards introduction of Value-added Tax from April 2005, states on Wednesday endorsed a 'white paper' on the new tax regime, which would be formally issued on January 17.
After making its network EDGE-enabled, cellular major Hutch has joined hands with NDTV, allowing its subscribers to download TV content on their cell phones.
The wide-based NSE sensitive index is currently hovering around 7,900.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price increase will raise the financial burden on cash-strapped carriers.
With 21 states having implemented value-added tax and eight states still to adopt it, the impact of the new tax regime is seen largely positive for sectors like FMCG, paper and pharmaceuticals.
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