Wednesday, August 19, 1998
Centre plans to re-mould excise structure, announce three-tier rates
Union finance minister Yashwant Sinha said on Tuesday that the government planned to introduce three-tier excise rates as part of its efforts to perk up the economy and achieve a higher growth trajectory. The existing eight to nine excise rates would `coalesce' into three rates which would be a `enormous step forward' in simplifying excise duties.
Exporters may get annual refund on duties
The centre is considering a new export promotion scheme in which exporters will get a year-end refund of all duties and taxes paid by them to the state and central exchequer during a financial year, according to a senior commerce ministry official. The scheme was being formulated to meet exporters' demand for reimbursement of the state sales tax they have to pay on the sale of exim scrips.
Rupee trips to 43.38 as firms rush for dollars
The rupee hit a new low of 43.38 on Tuesday on the back of good corporate demand for the greenback in a thin market and closed at 43.36/37 registering the lowest ever closing. With this, the currency has lost about 50 paise over the last one week. The rupee had closed at 42.88 last Tuesday.
|
|
