January 10: The camera`s pick
January 10: The camera`s pick
Trucks carrying supplies negotiate an upward curve on the Jammu-Srinagar highway at Ramban
India's proposed new Goods and Service Tax (GST) will not be rolled out before April 2012, two years after its slated implementation date, due to continued parliamentary disruption, the Business Standard reported on Monday.
The planned nationwide indirect tax code to overhaul a complex system of state and federal levies will miss its October 2011 implementation date, as lawmakers will not be able to iron out legislative hurdles in time, the newspaper quoted unnamed finance ministry officials as saying.
Opposition protests demanding an inquiry into a $39 billion telecoms scam have paralysed parliament since November, causing a legislation logjam and setting back a number of reforms that the ruling Congress party had hoped to pass during this session.
A visitor rests under a Telenor Group sign at the GSMA Mobile World Conference in Barcelona
The Supreme Court on Monday asked several telecoms firms, including the local units of Telenor and Etisalat, why their licences should not be revoked, adding to regulatory uncertainty in the sector.
A bench comprising justices G.S. Singhvi and A K Ganguly ordered notices be sent to the firms to respond to a petition seeking cancellations of the licences after the state auditor said they were not eligible for the licences they got in 2008.
The Supreme Court's action follows similar notices sent to the firms by the telecoms ministry.
The most significant arrival at this year's Detroit auto show is something of a throwback to the heady days of the late 1990s: optimism that growth is accelerating in an infamously cyclical industry.
Coming just at the start of the new year, the Detroit event that opens to the media on Monday is the first of a string of trade shows where automakers clamor to build buzz for vehicles months before they hit showrooms.
The US auto industry snapped a four-year sales decline in 2010, including three consecutive sales months above the 12 million unit annual rate to close the year. Most analysts expect double-digit growth in 2011 and further gains in 2012.
Visitors look at the a car at a showroom in BeijingAutomakers in China shipped a record 13.8 million passenger cars to dealers in 2010, up 33.2 per cent from a year earlier, the official China Association of Automobile Manufacturers (CAAM) said on Monday. In December alone, car sales jumped 18.6 per cent to 1.3 million units as people rushed to showrooms to take advantage of Beijing's stimulus measures, including tax incentives for small cars, that expired at the end of last year. As a consequence of that, industry analysts expect that monthly sales may fall in the first few months of this year, because small cars account for 60 per cent of the sales volume. The latest market decline occurred in the second half of 2008 in the aftermath of a devastating earthquake.
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