The Centre’s direct tax revenues continued to be buoyant, with collections during the period April 1, 2007 to February 15, 2008 recording 41.4% increase to Rs 228,745 crore. This collection level constituted 85% of the budgeted direct tax target of Rs 267,490 crore for 2007-08. The strong growth in direct tax collections so far in the current fiscal has raised hope among taxpayers that the Finance Minister, Mr P Chidambaram, would moderate direct tax rates in the forthcoming budget. While corporate tax collections grew 38.8% for the period under review at Rs 138,073 crore, up from Rs 99,488 crore in the same period during the previous fiscal, personal income tax (including FBT, STT and BCTT) grew by 45.6% at Rs 90,356 crore, up fromRs 62,040 crore. Securities transaction tax (STT) collections recorded 84.6% growth to Rs 7,878 crore (Rs 4,267 crore). Fringe benefit tax (FBT) collections were up 29.8% to Rs 5,216 crore (Rs 4,020 crore). Banking cash transaction tax (BCTT) collections grew 16.8 per cent to Rs 478 crore (Rs 409 crore)
REL gets Mumbai trans-harbour project.
A consortium of Anil Dhirubhai Ambani Group (ADAG) company Reliance Energy has bagged the construction contract for the Mumbai trans-harbour link between Sewri in Mumbai and Nava-Sheva across the creek in Navi Mumbai. Anil Amabni group company outbid elder brother Mukesh's consortium to win the prestigious Rs 6,000 crore trans harbour link project.
The REL-Hyundai combine quoted a lower concession period for the build, operate and transfer (BOT) project of nine years and 11 months as against 75 years quoted by the Mukesh Ambani-controlled Sea King Infrastructure. Phase-I of the project will comprise a six-lane dual carriageway linking Nhava to Sewri and Phase-II, which is expected to be added in 2015 -18, will consist of a double track rail link that will run parallel to the road link on the north side. The project cost has been revised to Rs 6,000 crore with a construction period of five years. The REL-led consortium can charge Rs 250 per heavy vehicle and Rs 120 for cars and light commercial vehicles as toll charges. About 50,000 vehicles are expected to use the bridge every day. The toll will be subject to revision after every four years.
The REL-Hyundai combine quoted a lower concession period for the build, operate and transfer (BOT) project of nine years and 11 months as against 75 years quoted by the Mukesh Ambani-controlled Sea King Infrastructure. Phase-I of the project will comprise a six-lane dual carriageway linking Nhava to Sewri and Phase-II, which is expected to be added in 2015 -18, will consist of a double track rail link that will run parallel to the road link on the north side. The project cost has been revised to Rs 6,000 crore with a construction period of five years. The REL-led consortium can charge Rs 250 per heavy vehicle and Rs 120 for cars and light commercial vehicles as toll charges. About 50,000 vehicles are expected to use the bridge every day. The toll will be subject to revision after every four years.
RCom to consolidate overseas business.
Anil Ambani controlled Reliance Communications (RCom), the country’s second-largest wireless operator, is consolidating its overseas business under one umbrella — Reliance Globalcom with a vision to create one of the top five global communications Companies in the world. It will be headquartered in London. The new entity brings under its fold Flag Telecom, Yipes Communications and RCom’s international business.
It will soon come up with an initial public offer. About $2 billion has been earmarked for capital expenditure over the next three years by the unit, which would be spun off shortly. The consolidation process will get over in the next 2-3 months. Reliance Globalcom would leverage the world class fully IP-enabled Global Infrastructure of Reliance Communications, and its subsidiaries, including 175,000 km of optic fibre and 20,000 km of Ethernet backbone in the US. Reliance Globalcom will have presence in over 50 countries including the top twenty financial centers in the world.
It will soon come up with an initial public offer. About $2 billion has been earmarked for capital expenditure over the next three years by the unit, which would be spun off shortly. The consolidation process will get over in the next 2-3 months. Reliance Globalcom would leverage the world class fully IP-enabled Global Infrastructure of Reliance Communications, and its subsidiaries, including 175,000 km of optic fibre and 20,000 km of Ethernet backbone in the US. Reliance Globalcom will have presence in over 50 countries including the top twenty financial centers in the world.
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