AICC promises uniform income tax exemption to all Sikkimese people
Gangtok | Friday, Feb 27 2009 IST
Aiming to score over the ruling Sikkim Democratic Front (SDF) over the Income Tax exemption issue in the coming Assembly elections, a top AICC functionary today said the party will ensure ''exemption for all Sikkimese people''.
''Presently the exemption from paying income taxes is going to only 30 per cent of people in Sikkim. We will like to get the rest of the population to get similar relief. Others non-exempted should also get same benefits,'' Luizino Faleriaro, AICC leader and party in-charge of Sikkim, Mizoram and Meghalaya, said during a press meet here.
The Centre had last year granted exemption to all Sikkimese people with Sikkim subject certificates from paying income taxes.
Though this exemption has been warmly welcomed by Sikkimese people, there has been resentment from other people, especially the old business community living in the state for generations, as they were left out of the exemption because they did not posses the Sikkim subject certificates.
''I am taking up this issue with the party high command and Union Ministry of Finance,'' Mr Faleriaro said. He arrived yesterday at Gangtok to consult with the state leaders of Congress on the coming Assembly elections in Sikkim. His assurances over Income Tax issue sets the tone on which the party will campaign in the forthcoming elections.
The Income Tax issue is slowly becoming a major election issue with both the ruling and opposition parties making a strong pitch on this to woo the masses.
Chief Minister Pawan Chamling had recently claimed in the Assembly that Income Tax exemption to Sikkimese people with Sikkim subject certificates was the biggest achievement of his government.
He had also assured to leave no stone unturned in delivering similar exemptions to those Sikkimese people left out from this purview.
On the other hand, Sikkim Pradesh Congress Committee (SPCC) president Nar Bahadur Bhandari has been reiterating that once his party comes to power in Sikkim, all those living here with voter cards will be granted exemption from paying income taxes.
Meanwhile, the old business community, numbering around 400 families in Sikkim, has been lobbying hard both with the Centre and state for income tax exemption at par with the Sikkimese people.
Recently, some members of the business community had toured Delhi over this issue, which was not well received by the Chief Minister who accused them of working against the interests of Sikkim and Sikkimese people.
-- (UNI) -- 27CA16.xml
Saturday, February 28, 2009
Thursday, February 26, 2009
INDIA FM REPLY TO RAJYA SABHA ON INTERIM BUDGET 2009-2010
FINANCE MINISTER’S REPLY IN RAJYA SABHA ON INTERIM BUDGET 2009-10
Following is the text of Finance Minister Shri Pranab Mukherjee’s reply in the Rajya Sabha on the Interim Budget 2009-10:
“Mr. Chairman, Sir,
It is important to recognize that the Union Budget statement is just one of the instruments for addressing economic policy concerns. Indeed, right from the day when the financial crisis erupted in the middle of September 2008, the Government has been alert and responsive to the fast changing developments. Government has undertaken the required administrative and fiscal measures in tandem with the monetary policy initiatives of the RBI by announcing two stimulus packages on December 7, 2008 and January 2, 2009.
The Government’s approach has been to ensure that our domestic growth drivers retain their momentum and for the present compensate for the difficult international environment. The fiscal stimulus measures have focused on supporting aggregate demand through emphasis on both investment and private consumption growth.
They have also addressed some of the sector-specific concerns such as those of our exporters, farmers, Medium, Small and Micro Enterprises, manufacturing sector and the service sector. The increased public spending, enhanced credit flows to the needy sectors, along with the excise and service tax relief are steps that would help in this context.
A Committee of Secretaries has been set up to address, on continuing basis, procedural problems being faced by exporters. A number of notifications simplifying the procedures have since been issued.
I now turn to Plan expenditure.
• The Plan expenditure in 2008-09 was increased by Rs 39,571 crore and the Non-Plan by Rs. 1,10,498 crore. The additional plan spending of Rs.39,571 crores is on account of an increase in Central Plan by Rs.24,174 crores and an increase of Rs.15,397 crores in the Central Assistance to State and UT Plans.
• In the BE for 2009-10 we have protected the increased spending of 2008-09. In addition, even without having any recourse to additional resource mobilization, I have found some resources to maintain the momentum on priority programme spending, with a view to sustain an early recovery of the economy.
• To ensure that the banking system does not suffer from capital inadequacy constraints in order to provide credit growth needed to sustain the economic momentum in 2009-10, the recapitalization of banks will be undertaken.
As a part of the two fiscal packages, a number of Tax and other fiscal measures have been undertaken. These include:
• An across the board cut in CENVAT by 4 percentage points benefitting all sectors;
• Reduction of the rate of duty on cotton textiles and textile articles from 4% to Nil.
• Provision of additional funds of Rs.1100 crore to ensure full refund of Terminal Excise duty/CST.
• Specific measures on customs duties on sectors such as steel and cement through restoration of the levels of protection;
• Service tax concessions and enhancement of drawback rates for exports.
• Interest subvention on pre and post shipment credit for labour intensive exports like textiles, leather, gem and jewellery, carpets and handicrafts; and
• Extension of a Line of Credit (LoC) by Rs.5000 crore to EXIM Bank from RBI to provide pre-shipment and post-shipment credit, in rupees or dollars, to Indian exporters at competitive rates.
• Refinance facilities respectively of Rs.4000 crore for the National Housing Bank for housing sector.
• Announcement of a package by Public sector banks for borrowers of home loans of up to 20 lakhs. This sector will be kept under a close watch and additional measures would be taken as necessary to promote an accelerated growth trajectory.
• Provision of additional allocation of Rs.1400 crore to clear the entire backlog in Technology Upgration Fund (TUF) Scheme in the textile sector.
• Inclusion of all items of handicrafts under 'Vishesh Krishi & Gram Udyog Yojana'.
We fully recognize the importance of Medium, Small and Micro Enterprises (MSMEs) in employment generation. To facilitate the flow of credit to MSMEs, RBI has announced a refinance facility of Rs.7000 crore for SIDBI which will be available to support incremental lending, either directly to MSMEs or indirectly via banks, NBFCs and SFCs. In addition, the following steps are being taken:
(a) To boost collateral free lending, the current guarantee cover under Credit Guarantee Scheme for Micro and Small enterprises on loans is being extended from Rs.50 lakh to Rs.1 crore with guarantee cover of 50 percent.
(b) The lock in period for loans covered under the existing credit guarantee scheme is being reduced from 24 to 18 months, to encourage banks to cover more loans under the guarantee scheme.
(c) Public Sector Banks have announced a reduction of interest rates on existing as well as new loans to MSME sectors.
(d) Special monthly meetings of State Level Bankers’ Committees are being held to oversee the resolution of credit issues of micro, small and medium enterprises by banks. Department of MSME and Department of Financial Services have been asked to jointly set up a Cell to monitor progress on this front.
• To provide a measure of security to unorganized workers, we have enacted the Unorganized Worker Sector Social Security Bill, 2008. The National Commission of Enterprises in the Unorganized Sector (NCEUS) has been asked to work out the detailed schemes in this regard.
• The recommendations of the Committee of Governors for speedy socio economic development and empowerment of Women is under the active consideration of the Government. Meanwhile, the UPA Government has decided to set up a High Power Committee of eminent persons and experts to study the Status of Women of India and to set up a ‘National Mission for Empowerment of Women’. Rashtriya Mahila Kosh (RMK) will also be restructured and revitalized.
• The UPA Government is making all possible efforts to turnaround the loss making Central PSE’s like Indian Telephone Industries (ITI) through the infusion of funds and superior techno-managerial practices.
• In my Budget speech on 16.2.2009, I had announced that teaching is expected to commence in four of the six new Indian Institutes of Management (IIMs), proposed for the Eleventh Plan, during 2009-10. These are in Haryana, Rajasthan, Jharkhand and Tamil Nadu. I have since been informed that there was a typographical mistake made by the Ministry of Human Resource Development and the Institutes that will start functioning during 2009-10 will be in Haryana, Chattisgarh, Jharkhand and Tamil Nadu. HRD Ministry has rectified the mistake. However, as announced we will now take action to set up an IIM in Rajasthan also.
Monetary Policy Measures
RBI took a number of liquidity enhancing measures to deal with the global crisis. These include:
• Reduction of the repo rate from 9 per cent in August 2008 to 5.50 per cent in January 2009.
• Reduction of the reverse repo rate which remained at 6 per cent from mid 2006 in December 2008 and January 2009 respectively by 1 per cent each to bring it to a level of 4 per cent.
• Reduction of the Cash Reserve Ratio from 9 per cent as on August 30, 2008 to 5 per cent with effect from January 17, 2009.
Taking into account the above measures, RBI has estimated the actual/potential release of primary liquidity since mid September 2008 as Rs.3,88,045 crore .
It is important to recognize that there is always some time lag between the announcement of a measure, be it fiscal or monetary, its implementation and its intended impact on the economy and financial parameters of the economy.
Latest figures confirm that our two fiscal packages are steps in the right direction. The data available for the month of December 2008 shows that some of the key sectors of manufacture are exhibiting early signs of recovery compared to November 2008. Cement production has gone up by 8 per cent in December- January and Steel has recorded a production of 22.8 million Metric Tons which is equivalent to the production in May 2008. For the quarter ending December 2008, FMCG registered a growth of more than 25 per cent and Food and Beverages 28 per cent. Railway freight which had declined to 2.2 per cent in October-November 2008 has recovered to a growth of 7 per cent in December, 2008. With good Rabi crop, much higher Minimum Support Prices and considerable increase in rural employment programmes, the rural demand should help in supporting the revival of industrial growth in the coming months. These are encouraging signs considering that all forecasts point towards a much bleaker 2009 as far as international economy is concerned.
I. Even though the signals are encouraging, the full impact of the recession in other parts of the world specially Europe and Asia is yet to unfold. Due to the strong export linkages with these economies, it is likely that the Indian economy may feel further impact in coming months. To counter any such effects, I announced the following concessions in Lok Sabha yesterday:
Central Excise
(a) General reduction in Excise Duty rates by 4 per cent points was made with effect from 7.12.2008. It is now being extended beyond 31 March, 2009. In addition, it has now been decided to:
(i) reduce the general rate of Central Excise duty from 10 per cent to 8 per cent.
(ii) retain the rate of central excise duty on goods currently attracting ad valorem rates of 8 per cent and 4 per cent respectively;
(iii) reduce the rate of central excise duty on bulk cement from 10 per cent or Rs. 290 PMT, whichever is higher to 8 per cent or Rs.230 PMT, whichever is higher.
Service Tax
2. The Government is keen that the business confidence in the Services sector is restored. It is also our objective that the dispersal between CENVAT rate and the Service Tax rate is reduced with a view to move towards the stated goal of a Uniform Goods and Service Tax. In line with this objective, it has been decided to reduce the rate of service tax on taxable services from 12 percent to 10 per cent.
3. To provide relief to the power sector, Naptha imported for generation of electric energy has been fully exempted from basic Customs Duty. This exemption which was available upto 31 March 2009, is now being extended beyond that date.
4. Section 10 AA of the Income Tax provides for exemption in respect of export profits of a unit located in a Special Economic Zone (SEZ). The export profits are required to be computed with reference to the total turn over of the assessee. This has resulted in discriminatory treatment of assessees having units located both in SEZ and the Domestic Tariff Area (DTA) vis-à-vis assessees having units located only within the SEZs. It has now been decided to remove this anomaly through necessary changes in the Act.
5. Hon’ble Members may recall that in my Budget Speech, I had indicated that we may have to review the ceiling of fiscal deficit that the States can incur in 2009-10 in terms of the debt consolidation and relief facility. As a part of the first stimulus package, it was increased by 0.5 per cent to 3.5 per cent of the Gross State Domestic Product (GSDP) for 2008-09. To spur the development of infrastructure and employment generation, this arrangement is being extended to 2009-10 with the possibility of further review, if required, in the coming months.
6. I am fully conscious that the increased public spending may put pressure on Governments borrowing programme and the overall of credit in the economy. There is, however, scope for appropriate compensatory monetary policy options that I am sure will be exercised by the RBI at the right time. Our medium term objective must be to revert to the path of fiscal consolidation at the earliest. In my view, it has to be as early as 2010-11, provided the US and OECD economies come out of their contractionary phase by the year end.”
*****
BSC/SS/MRS
Following is the text of Finance Minister Shri Pranab Mukherjee’s reply in the Rajya Sabha on the Interim Budget 2009-10:
“Mr. Chairman, Sir,
It is important to recognize that the Union Budget statement is just one of the instruments for addressing economic policy concerns. Indeed, right from the day when the financial crisis erupted in the middle of September 2008, the Government has been alert and responsive to the fast changing developments. Government has undertaken the required administrative and fiscal measures in tandem with the monetary policy initiatives of the RBI by announcing two stimulus packages on December 7, 2008 and January 2, 2009.
The Government’s approach has been to ensure that our domestic growth drivers retain their momentum and for the present compensate for the difficult international environment. The fiscal stimulus measures have focused on supporting aggregate demand through emphasis on both investment and private consumption growth.
They have also addressed some of the sector-specific concerns such as those of our exporters, farmers, Medium, Small and Micro Enterprises, manufacturing sector and the service sector. The increased public spending, enhanced credit flows to the needy sectors, along with the excise and service tax relief are steps that would help in this context.
A Committee of Secretaries has been set up to address, on continuing basis, procedural problems being faced by exporters. A number of notifications simplifying the procedures have since been issued.
I now turn to Plan expenditure.
• The Plan expenditure in 2008-09 was increased by Rs 39,571 crore and the Non-Plan by Rs. 1,10,498 crore. The additional plan spending of Rs.39,571 crores is on account of an increase in Central Plan by Rs.24,174 crores and an increase of Rs.15,397 crores in the Central Assistance to State and UT Plans.
• In the BE for 2009-10 we have protected the increased spending of 2008-09. In addition, even without having any recourse to additional resource mobilization, I have found some resources to maintain the momentum on priority programme spending, with a view to sustain an early recovery of the economy.
• To ensure that the banking system does not suffer from capital inadequacy constraints in order to provide credit growth needed to sustain the economic momentum in 2009-10, the recapitalization of banks will be undertaken.
As a part of the two fiscal packages, a number of Tax and other fiscal measures have been undertaken. These include:
• An across the board cut in CENVAT by 4 percentage points benefitting all sectors;
• Reduction of the rate of duty on cotton textiles and textile articles from 4% to Nil.
• Provision of additional funds of Rs.1100 crore to ensure full refund of Terminal Excise duty/CST.
• Specific measures on customs duties on sectors such as steel and cement through restoration of the levels of protection;
• Service tax concessions and enhancement of drawback rates for exports.
• Interest subvention on pre and post shipment credit for labour intensive exports like textiles, leather, gem and jewellery, carpets and handicrafts; and
• Extension of a Line of Credit (LoC) by Rs.5000 crore to EXIM Bank from RBI to provide pre-shipment and post-shipment credit, in rupees or dollars, to Indian exporters at competitive rates.
• Refinance facilities respectively of Rs.4000 crore for the National Housing Bank for housing sector.
• Announcement of a package by Public sector banks for borrowers of home loans of up to 20 lakhs. This sector will be kept under a close watch and additional measures would be taken as necessary to promote an accelerated growth trajectory.
• Provision of additional allocation of Rs.1400 crore to clear the entire backlog in Technology Upgration Fund (TUF) Scheme in the textile sector.
• Inclusion of all items of handicrafts under 'Vishesh Krishi & Gram Udyog Yojana'.
We fully recognize the importance of Medium, Small and Micro Enterprises (MSMEs) in employment generation. To facilitate the flow of credit to MSMEs, RBI has announced a refinance facility of Rs.7000 crore for SIDBI which will be available to support incremental lending, either directly to MSMEs or indirectly via banks, NBFCs and SFCs. In addition, the following steps are being taken:
(a) To boost collateral free lending, the current guarantee cover under Credit Guarantee Scheme for Micro and Small enterprises on loans is being extended from Rs.50 lakh to Rs.1 crore with guarantee cover of 50 percent.
(b) The lock in period for loans covered under the existing credit guarantee scheme is being reduced from 24 to 18 months, to encourage banks to cover more loans under the guarantee scheme.
(c) Public Sector Banks have announced a reduction of interest rates on existing as well as new loans to MSME sectors.
(d) Special monthly meetings of State Level Bankers’ Committees are being held to oversee the resolution of credit issues of micro, small and medium enterprises by banks. Department of MSME and Department of Financial Services have been asked to jointly set up a Cell to monitor progress on this front.
• To provide a measure of security to unorganized workers, we have enacted the Unorganized Worker Sector Social Security Bill, 2008. The National Commission of Enterprises in the Unorganized Sector (NCEUS) has been asked to work out the detailed schemes in this regard.
• The recommendations of the Committee of Governors for speedy socio economic development and empowerment of Women is under the active consideration of the Government. Meanwhile, the UPA Government has decided to set up a High Power Committee of eminent persons and experts to study the Status of Women of India and to set up a ‘National Mission for Empowerment of Women’. Rashtriya Mahila Kosh (RMK) will also be restructured and revitalized.
• The UPA Government is making all possible efforts to turnaround the loss making Central PSE’s like Indian Telephone Industries (ITI) through the infusion of funds and superior techno-managerial practices.
• In my Budget speech on 16.2.2009, I had announced that teaching is expected to commence in four of the six new Indian Institutes of Management (IIMs), proposed for the Eleventh Plan, during 2009-10. These are in Haryana, Rajasthan, Jharkhand and Tamil Nadu. I have since been informed that there was a typographical mistake made by the Ministry of Human Resource Development and the Institutes that will start functioning during 2009-10 will be in Haryana, Chattisgarh, Jharkhand and Tamil Nadu. HRD Ministry has rectified the mistake. However, as announced we will now take action to set up an IIM in Rajasthan also.
Monetary Policy Measures
RBI took a number of liquidity enhancing measures to deal with the global crisis. These include:
• Reduction of the repo rate from 9 per cent in August 2008 to 5.50 per cent in January 2009.
• Reduction of the reverse repo rate which remained at 6 per cent from mid 2006 in December 2008 and January 2009 respectively by 1 per cent each to bring it to a level of 4 per cent.
• Reduction of the Cash Reserve Ratio from 9 per cent as on August 30, 2008 to 5 per cent with effect from January 17, 2009.
Taking into account the above measures, RBI has estimated the actual/potential release of primary liquidity since mid September 2008 as Rs.3,88,045 crore .
It is important to recognize that there is always some time lag between the announcement of a measure, be it fiscal or monetary, its implementation and its intended impact on the economy and financial parameters of the economy.
Latest figures confirm that our two fiscal packages are steps in the right direction. The data available for the month of December 2008 shows that some of the key sectors of manufacture are exhibiting early signs of recovery compared to November 2008. Cement production has gone up by 8 per cent in December- January and Steel has recorded a production of 22.8 million Metric Tons which is equivalent to the production in May 2008. For the quarter ending December 2008, FMCG registered a growth of more than 25 per cent and Food and Beverages 28 per cent. Railway freight which had declined to 2.2 per cent in October-November 2008 has recovered to a growth of 7 per cent in December, 2008. With good Rabi crop, much higher Minimum Support Prices and considerable increase in rural employment programmes, the rural demand should help in supporting the revival of industrial growth in the coming months. These are encouraging signs considering that all forecasts point towards a much bleaker 2009 as far as international economy is concerned.
I. Even though the signals are encouraging, the full impact of the recession in other parts of the world specially Europe and Asia is yet to unfold. Due to the strong export linkages with these economies, it is likely that the Indian economy may feel further impact in coming months. To counter any such effects, I announced the following concessions in Lok Sabha yesterday:
Central Excise
(a) General reduction in Excise Duty rates by 4 per cent points was made with effect from 7.12.2008. It is now being extended beyond 31 March, 2009. In addition, it has now been decided to:
(i) reduce the general rate of Central Excise duty from 10 per cent to 8 per cent.
(ii) retain the rate of central excise duty on goods currently attracting ad valorem rates of 8 per cent and 4 per cent respectively;
(iii) reduce the rate of central excise duty on bulk cement from 10 per cent or Rs. 290 PMT, whichever is higher to 8 per cent or Rs.230 PMT, whichever is higher.
Service Tax
2. The Government is keen that the business confidence in the Services sector is restored. It is also our objective that the dispersal between CENVAT rate and the Service Tax rate is reduced with a view to move towards the stated goal of a Uniform Goods and Service Tax. In line with this objective, it has been decided to reduce the rate of service tax on taxable services from 12 percent to 10 per cent.
3. To provide relief to the power sector, Naptha imported for generation of electric energy has been fully exempted from basic Customs Duty. This exemption which was available upto 31 March 2009, is now being extended beyond that date.
4. Section 10 AA of the Income Tax provides for exemption in respect of export profits of a unit located in a Special Economic Zone (SEZ). The export profits are required to be computed with reference to the total turn over of the assessee. This has resulted in discriminatory treatment of assessees having units located both in SEZ and the Domestic Tariff Area (DTA) vis-à-vis assessees having units located only within the SEZs. It has now been decided to remove this anomaly through necessary changes in the Act.
5. Hon’ble Members may recall that in my Budget Speech, I had indicated that we may have to review the ceiling of fiscal deficit that the States can incur in 2009-10 in terms of the debt consolidation and relief facility. As a part of the first stimulus package, it was increased by 0.5 per cent to 3.5 per cent of the Gross State Domestic Product (GSDP) for 2008-09. To spur the development of infrastructure and employment generation, this arrangement is being extended to 2009-10 with the possibility of further review, if required, in the coming months.
6. I am fully conscious that the increased public spending may put pressure on Governments borrowing programme and the overall of credit in the economy. There is, however, scope for appropriate compensatory monetary policy options that I am sure will be exercised by the RBI at the right time. Our medium term objective must be to revert to the path of fiscal consolidation at the earliest. In my view, it has to be as early as 2010-11, provided the US and OECD economies come out of their contractionary phase by the year end.”
*****
BSC/SS/MRS
SWAMINATHAN AS CHANCELLOR SIKKIM UNIVERSITY
S Swaminathan appointed Sikkim Uty Chancellor
Wednesday, February 25, 2009
Gangtok:
Acclaimed agriculture scientist Prof M S Swaminathan, also famous as 'Father of Green Revolution in India', has been announced by Sikkim University as its chancellor.
Sikkim University, the 23rd varsity in India, announced the appointment of Prof MS Swaminathan today in a communique.''A trained plant geneticist, Professor Swaminathan's advocacy of sustainable agricultural has led to the Green Revolution in India.
it made him an acknowledged world leader in the field of sustainable food security,'' the communique said.Prof Swaminathan is currently a Rajya Sabha member, a position to which he was nominated by the Centre in recognition to his outstanding contribution towards the sphere of agriculture.
Prof Swaminathan, also the chairman of the National Commission on Agriculture, Food and Nutrition Security of India (National Commission on Farmers), is also holding the UNESCO-Cousteau Chair in Ecotechnology at the M S Swaminathan Research Foundation in Chennai.
Wednesday, February 25, 2009
Gangtok:
Acclaimed agriculture scientist Prof M S Swaminathan, also famous as 'Father of Green Revolution in India', has been announced by Sikkim University as its chancellor.
Sikkim University, the 23rd varsity in India, announced the appointment of Prof MS Swaminathan today in a communique.''A trained plant geneticist, Professor Swaminathan's advocacy of sustainable agricultural has led to the Green Revolution in India.
it made him an acknowledged world leader in the field of sustainable food security,'' the communique said.Prof Swaminathan is currently a Rajya Sabha member, a position to which he was nominated by the Centre in recognition to his outstanding contribution towards the sphere of agriculture.
Prof Swaminathan, also the chairman of the National Commission on Agriculture, Food and Nutrition Security of India (National Commission on Farmers), is also holding the UNESCO-Cousteau Chair in Ecotechnology at the M S Swaminathan Research Foundation in Chennai.
SIKKIM- A wonderful Place
Sikkim - Gateway to China
February 25th, 2009 in India |
So much has been written about the crumbling decadence, insurgency, AIDS, the poverty and hostile nature of North Eastern India that it is impossible to visit the region without pre-conceived idea. According to a friend who had recently returned, “There isn’t any” seemed to be the current in-phrase. This included riot, ransom, violence, communication gap,… extremists. People are peace loving and world class in hospitality. Determined, I faced the prospect of a somewhat adventurous mission to taste the unexplored land and culture, with some stoic philosophic abandon!
I rested in Sikkim as my first itenerary. It is simultaneously touching and heart warming - a coupling with which I became very familiar, for the Sikkimese understand my urband accent - they have mastered the art of easy communication.
The state is enormously optimistic and investors would surely love to expand their ventures in this news destination. As the legendary Nathu-La pass has been re-opened for trade with China, visiting Sikkim is derigueur. Today, Sikkim becomes the gateway to China!
The hub of life is centred on the main city, Gangtok. Here, it is possible to buy anything - from laughing Buddha to wooden sculptures, from Chow-mein to pork momo and from local wine to strong beer. It’s always busy - an inevitable tourist haunt that somehow never seems touristy.
From the high wall of the Rumtek monastry, there is a sensational panaromic view of the city. The magnificiant Mount Kanchengjunga can also be seen covered with silver white from here. In Gangtok, hotel prices were quite reasonable. As a visitor, eating out in the city can be surprisingly cheap and believe it or not I did not hear “There isn’t any” once!
Indian journalist working for as Executive Editor for lifestyle magazine.
February 25th, 2009 in India |
So much has been written about the crumbling decadence, insurgency, AIDS, the poverty and hostile nature of North Eastern India that it is impossible to visit the region without pre-conceived idea. According to a friend who had recently returned, “There isn’t any” seemed to be the current in-phrase. This included riot, ransom, violence, communication gap,… extremists. People are peace loving and world class in hospitality. Determined, I faced the prospect of a somewhat adventurous mission to taste the unexplored land and culture, with some stoic philosophic abandon!
I rested in Sikkim as my first itenerary. It is simultaneously touching and heart warming - a coupling with which I became very familiar, for the Sikkimese understand my urband accent - they have mastered the art of easy communication.
The state is enormously optimistic and investors would surely love to expand their ventures in this news destination. As the legendary Nathu-La pass has been re-opened for trade with China, visiting Sikkim is derigueur. Today, Sikkim becomes the gateway to China!
The hub of life is centred on the main city, Gangtok. Here, it is possible to buy anything - from laughing Buddha to wooden sculptures, from Chow-mein to pork momo and from local wine to strong beer. It’s always busy - an inevitable tourist haunt that somehow never seems touristy.
From the high wall of the Rumtek monastry, there is a sensational panaromic view of the city. The magnificiant Mount Kanchengjunga can also be seen covered with silver white from here. In Gangtok, hotel prices were quite reasonable. As a visitor, eating out in the city can be surprisingly cheap and believe it or not I did not hear “There isn’t any” once!
Indian journalist working for as Executive Editor for lifestyle magazine.
Wednesday, February 25, 2009
INCOME TAX COLLECTION UP IN BENGAL CIRCLE
Bengal tax mop-up on the rise
Calcutta, Feb. 24: Income tax collection (net of refund) in the Bengal circle, which includes Sikkim and the Andaman and Nicobar islands, has gone up 23.8 per cent to Rs 10,316 crore till the end of January in the current fiscal.
“Income tax collection in the circle has trebled in the last five years,” chief commissioner T. K. Chatterjee said.
“The growth in tax collection in the current financial year so far came on the back of a 22 per cent increase in corporate tax collection and a 32 per cent growth in personal income tax collection,” he said.
Companies paid Rs 7,022 crore tax on their profit earnings in the first 10 months of the current fiscal, an increase of 22 per cent over the year-ago period. “We made a tax refund of Rs 1,307 crore to the corporate sector till December 2008 compared with Rs 1,148 crore in the previous corresponding period,” Chatterjee said.
He said personal income tax collection in the current fiscal so far had grown 32 per cent to Rs 2,954 crore. “The primary reason for this is wider applicability of TDS (tax deducted at source),” Chatterjee said. TDS collection rose 35.07 per cent to Rs 3,714 crore against Rs 2,750 crore in the same period in 2007-08.
However, tax refunds to individual income tax-payers were lower at Rs 234 crore against Rs 333 crore in 2007-08.
“Advance tax payment and tax paid through self-assessment grew significantly. Advance tax payment till January 31, 2009 was higher at Rs 5,237 crore (Rs 4,807 crore), while tax paid under self-assessment was Rs 1,349 crore (Rs 898 crore),” the chief commissioner said. The total number of tax-payers in Bengal circle is around 24 lakh and is growing at the rate of 10 per cent every year.
But the income tax department is facing a severe shortage of manpower. “The sanctioned number of joint and additional commissioners for the Bengal circle is 128. But the number of joint and additional commissioners is only 42. Similarly, the sanctioned number of assistant and deputy commissioners for the circle is 220 while we have only 141 of them working at present,” Chatterjee said.
Calcutta, Feb. 24: Income tax collection (net of refund) in the Bengal circle, which includes Sikkim and the Andaman and Nicobar islands, has gone up 23.8 per cent to Rs 10,316 crore till the end of January in the current fiscal.
“Income tax collection in the circle has trebled in the last five years,” chief commissioner T. K. Chatterjee said.
“The growth in tax collection in the current financial year so far came on the back of a 22 per cent increase in corporate tax collection and a 32 per cent growth in personal income tax collection,” he said.
Companies paid Rs 7,022 crore tax on their profit earnings in the first 10 months of the current fiscal, an increase of 22 per cent over the year-ago period. “We made a tax refund of Rs 1,307 crore to the corporate sector till December 2008 compared with Rs 1,148 crore in the previous corresponding period,” Chatterjee said.
He said personal income tax collection in the current fiscal so far had grown 32 per cent to Rs 2,954 crore. “The primary reason for this is wider applicability of TDS (tax deducted at source),” Chatterjee said. TDS collection rose 35.07 per cent to Rs 3,714 crore against Rs 2,750 crore in the same period in 2007-08.
However, tax refunds to individual income tax-payers were lower at Rs 234 crore against Rs 333 crore in 2007-08.
“Advance tax payment and tax paid through self-assessment grew significantly. Advance tax payment till January 31, 2009 was higher at Rs 5,237 crore (Rs 4,807 crore), while tax paid under self-assessment was Rs 1,349 crore (Rs 898 crore),” the chief commissioner said. The total number of tax-payers in Bengal circle is around 24 lakh and is growing at the rate of 10 per cent every year.
But the income tax department is facing a severe shortage of manpower. “The sanctioned number of joint and additional commissioners for the Bengal circle is 128. But the number of joint and additional commissioners is only 42. Similarly, the sanctioned number of assistant and deputy commissioners for the circle is 220 while we have only 141 of them working at present,” Chatterjee said.
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