TDSAT stays TRAI's order on STD calls
New Delhi: Telecom Dispute Settlement and Appellate Tribunal (TDSAT) has stayed TRAI's order for distribution of default traffic between Bharti and BSNL on alternate days.

The stay came after BSNL moved the tribunal against TRAI's order stating that revenue occuring due to default calls, where customers do not specify choice of their call carriers would be shared equally between exisiting operators.

During the hearing, BSNL's counsel Maninder Singh said TRAI had no powers to decide as to who would get business and on what basis.

During the course of the stay, all default STD calls on mobile phones would be routed through BSNL as against the earlier arrangement where it was to be distributed equally between Bharti and BSNL. The case is now slated for hearing on 8 February 8.
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Nasscom wants e-commerce out of tax net
New Delhi: National Association of Software and Service Companies (Nasscom) has asked the government to keep e-commerce transactions out of tax purview for the next five years.

Nasscom has suggested that softex form as well as Forms A and B for income tax should be dispensed with, or be made into self declaration forms; applicability of Section 10A/10B for on-site software development be made with retrospective effect; CBDT should issue clear cut guidelines on the method of computation of Income tax deduction under Section 80 HHE and on-site services exports to get income tax exemption.
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Fiscal deficit up by over 37 per cent
New Delhi: Fiscal deficit shot up by over 37 per cent to Rs 89,014 crore in the first nine months of the current financial year, as compared to the corresponding period of the previous year, mainly due to sluggish revenue receipts.

In the corresponding period of the previous year, the fiscal deficit was only 58.1 per cent of the targetted level.

The fiscal deficit of Rs 89,014 crore in the first nine months is 76.5 per cent of the budgeted Rs 116,314 crore, indicating that the deficit for the entire fiscal is likely to far exceed the budgeted 4.7 per cent of the GDP.

According to the latest monthly data from the Controller General of Accounts, the total revenue collection were only Rs 132,690 crore, that is just 57.3 per cent of the targeted figure of Rs 231,745 crore for the entire fiscal.

Last fiscal, the revenue collection was Rs 132,691 crore, which was 65.1 per cent of the target of Rs 203,673 crore for the entire year.

Coupled with slippages in revenue collections, the total expenditure increased by over 14 per cent to Rs 233,718 crore during April-December this fiscal as compared to Rs 204,821 crore in the corresponding period of the previous fiscal.
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GDP dips to 4% growth in 2000-01
New Delhi: Economic growth slumped to 4 per cent during 2000-01 from 6.1 per cent in the previous year, despite a robust 6.7 per cent growth in the manufacturing sector.
The national income during the period rose by 3.7 per cent at Rs 10,44,915 crore as against Rs 10,07,743 crore in the previous year.

According to figures released by the Central Statistical Organisation (CSO), GDP at factor cost at constant (1993-94) prices is estimated at Rs 18,95,843 crore as against Rs 17,55,638 crore during the previous year, a rise of four per cent.

The GDP at current prices during 2000-01 is estimated to have grown by eight per cent, according to the figures.

National income at current prices during 2000-01 is estimated at Rs 16,79,982 crore as compared to Rs 15,57,781 crore in 1999-2000, showing a rise of 7.8 per cent during the year. National income at factor cost had grown by 6.3 per cent during 1999-2000.

The per capita income in real terms (at 1993-94 prices) for 2000-01 is estimated at Rs 10,254 as against Rs 10,067 for 1999-2000, registering an increase of 1.9 per cent.
The per capita income at current prices is estimated at Rs 16487 in 2000-01 as against Rs 15,562 for the previous year, depicting a growth of 5.9 per cent.
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