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Re at 1-year high as RBI signals rate increase
The Reserve Bank of India’s (RBI’s) signal on raising interest rate to manage inflation pushed the rupee to a one-year high against the US dollar.

Bajaj Auto aims 27% market share in motorcycles
Buoyed by a 100 per cent jump in sales and a 10 per cent increase in market share in September-October, Bajaj Auto is aiming for a 26-27 per cent maket share in motorcycles in FY10.

News of the day

Krishna tells Aussie envoy of security expectations
India’s foreign minister today advised its students to be “more discreet” in choosing educational institutes and courses of study in Australia, whose high commissioner admitted there was a drop in applications of Indian students following media coverage of attacks on them.
Home Business

13th Finance panel submits report on tax receipts

The 13th Finance Commission today submitted its report to President Pratibha Patil on devolution of central tax receipts between the Union and the state governments. - GST Task Force advice differs from that of ministerial panel - State FMs may decide on GST rate on Jan 7 - Tiwari resigns as Andhra Gav - Ministers" appraisal soon, may trigger Cabinet rejig - Better safe than sorry - Indo-UK ties witness upswing in 2009 The report of the Finance Commission, headed by former Finance Secretary Vijay Kelkar, assumes importance since reforms in the direct and indirect taxes areas are likely to be in place in the next couple of years in the form of Goods and Services Tax (GST) and Direct Taxes Code. Kelkar presented the report to Patil at the Rashtrapati Bhavan. The report will be given by the President to the Finance Ministry, which will take it up with the Cabinet. Cabinet will then adopt the report and is expected to table it in the Budget session of Parliament. The recommendations of the report, which covers the five-year period commencing April 1, 2010, may find place in the Union Budget for the next fiscal.


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