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Finance executives say US in recession still: Survey
Finance professionals in America consider that the country is still in recession, despite the economy showing signs of stability in recent months, a latest report has found.

Pvt ports set to overtake govt-run majors
Central government-owned ports such as Kandla and Visakhapatnam might be the top two in the pecking order in terms of bulk cargo that they handle. But they might soon be overtaken by the new private upstarts, which have set up ports in Mundra and Pipavav (in Gujarat) and Gangavaram (Andhra Pradesh) and are growing at a rapid pace.

News of the day

Oz cops intensify Garg killer hunt; back Indian advisory
Australian police today stepped up efforts to nab the killer of a 21-year-old Indian and launched a "search and seize" operation to curb street crimes amid a spate of assaults on the community which has led to a whopping 46 per cent slump in student visa applicants from India.
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Ministers' panel points to delay in GST launch

A high-powered group of state finance ministers today indicated that the proposed Goods and Services Tax (GST), which will consolidate indirect taxes, may not be introduced as scheduled from April 1, 2010. - States meet on GST tomorrow - Orissa not ready for GST - Plan panel to begin Budget discussions in 2-3 weeks - Two major tax reforms to give edge to Indian businesses - State wants GST to be introduced from 2011 - Expect moderate returns in 2010 "Together (Empowered Committee and Finance Minister Pranab Mukherjee), we will announce a new date," Empowered Committee of state finance ministers chairman Asim Dasgupta told reporters here. When persistently asked whether the introduction of GST will be delayed, he said, "I am not saying anything on that." He said the committee members will meet Mukherjee tomorrow and discuss date for introduction of GST. Some states like Madhya Pradesh, Rajasthan and Tamil Nadu have called for delay in introduction of GST. However, industry chambers earlier this week had called for introduction of GST as soon as possible. While states have come out with discussion paper on GST, exact rates for the new tax are yet to be decided. However, a task force constituted by 13th Finance Commission has suggested a single GST rate of 5 per cent for the Centre and 7 per cent for states. Dasgupta said, "We have reservations over the taskforce recommendations, about the entire approach. We would like them to review methodology." GST is expected to replace indirect taxes like excise duty, service tax at the central level, and VAT at state level, besides surcharges, cesses and other local taxes.


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