Posted: 20 Sep 2010 09:09 PM PDT

The rupee continued its rally against the dollar on 20th September, 2010 and touched a four-month
high of 45.58 in intra-day trade.

Capital inflows and dollar selling by exporters helped the currency gain. The weakness of the dollar
in the overseas markets against other currencies such as the euro have also helped the rupee.

The rupee opened at 45.86 and strengthened to 45.58. However, dollar purchases by importers
limited rupee’s gains. It fell to close at 45.71, up 14 paise from the Friday’s close of 46.85.

This is the eight consecutive trading session in which the rupee has appreciated against the
greenback. It has gained by more than 2.5 per cent during this period.

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Indirect tax collections rise 45% in August

Petrol to cost 28 paise more

Posted: 20 Sep 2010 09:08 PM PDT

Petrol consumers will have to pay 28 paise a litre more from 21st September, 2010. However, diesel
price will remain unchanged.

Petrol at Indian Oil Corporation retail outlets in Delhi will be dearer by 27 paise a litre.

The current price in Delhi is Rs 51.56 a litre.

According to sources, auto LPG prices have also been increased by 24 paise to Rs 31.10 a litre in
Delhi

This follows a decision by public sector oil marketing companies — Indian Oil , Bharat Petroleum and
Hindustan Petroleum — to bring the petrol price in line with international prices.

Just ten days ago, an increase of up to 13 paise a litre in petrol prices was effected due to an increase
in pump dealer commission.

The latest increase will help the companies neutralise the under-recovery of 28 paise a litre on the
fuel. The under-recovery on diesel is Rs 1.95 a litre.
Petrol to cost 28 paise more is a post from: Gs Current Affairs - A blog for IAS,IPS,MBA,Bank PO and
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your friends and support Us.

Indirect tax collections rise 45% in August

Posted: 20 Sep 2010 09:08 PM PDT

The Centre’s indirect tax collections grew 45 per cent in August 2010 to Rs 27,947 crore (Rs 19,295
crore) on the back of robust demand in the economy and strong industrial performance in the
previous month.

While customs duty collections grew 51 per cent in August 2010 to Rs 10,321 crore (Rs 6,827 crore),
excise collections grew 38 per cent at Rs 11,412 crore (Rs 8,261 crore). Service tax collections 2010
stood at Rs 6,214 crore (Rs 4,207 crore).

For the first five months (April-August) of the current fiscal, the Centre’s indirect tax collections grew
near 46 per cent to Rs 1,24,170 crore (Rs 85,097 crore). The indirect tax collections have been
boosted by strong industrial growth in the four months to July 2010. Industrial growth in July stood
at over 13 per cent, with manufacturing sector recording 15 per cent growth on a year-on-year basis.

The Centre has targeted indirect tax collections of Rs 3.15 lakh crore for 2010-11. Nearly forty
percent of the collection target for the year has already been achieved in the first four months of the
current fiscal.

The Centre had in the 2010-11 Budget initiated fiscal stimulus withdrawal through a 2 per cent hike
in excise duty rate from 8 per cent to 10 per cent. More than 70 per cent of the excise collections
come at the median rate of 10 per cent. The Government had also in Budget 2010-11 imposed
import duty of 5 per cent on crude oil besides making duty changes in petro products.

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Railways to honour Sushil

Q2 Advance Tax Collections Swell

Posted: 20 Sep 2010 08:27 PM PDT

Advance tax collections grew a collective 15% for the second quarter of the fiscal ending September
2010. The Income Tax department is hopeful that earnings will remain on track for double-digit gains
this year.

The consensus earnings growth forecast for fiscal 2011 is 20%. Although the Sensex is trading at an
earnings multiple of 18.8 times, some analysts believe that a rise in profit will partly justify the
recent rally. Boosted by expectations of robust economic growth, Indian stocks have gained 7.35% in
the last month, albeit as part of a worldwide rally.

Sectors such as banking, financial services and auto makers have done well, while cement and
commodity firms have seen a dip in tax paid. Local banks and finance firms saw some of the largest
increases in tax paid because they were able to maintain net interest margins by slow raising deposit
rates, while their credit flow increased.

In Q2, State Bank of India (SBI), the country’s largest lender, was the highest taxpayer at Rs. 1,924
crore, a gain of 5% from a year ago. India’s most valuable firm Reliance Industries Ltd forked out Rs.
1,306 crore as tax this quarter, against Rs. 1,157 crore in the year-ago period. Life Insurance
Corporation of India, with an outgo of Rs. 1,067 crore, was up nearly 11 times from a year ago.

The government has a direct tax target of Rs. 4.30 trillion this fiscal, around 11% more than last
year’s target.