Specific excise rates may replace ad-valorem levy on petro products
The proposal to replace the current practice of ad-valorem levy of excise duty on petroleum products by 'specific rates' in the forthcoming Budget has taken centre-stage of discussions on indirect taxes.
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Dual citizenship for people of Indian origin
Prime Minister Atal Bihari Vajpayee has announced a provision for dual citizenship for people of Indian origin living in certain countries.
According to news agencies the dual citizenship will be voluntary.
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Cabinet okays serious frauds office proposal
The Cabinet has approved the setting up of a Serious Frauds Investigation Office (SFIO), an agency for investigating corporate frauds including cheating of shareholders, depositors and investors.
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Jaswant to discuss VAT with states
The Union Cabinet has authorised Union Finance Minister Jaswant Singh to negotiate with the states, the rate of compensation for any possible revenue loss due to the introduction of value-added tax (VAT) from 1 April 2003.
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Emigrants don't need I-T clearance
Emigrants leaving the country will no longer be required to obtain a tax clearance certificate from the income tax authorities and furnish the same to the airlines, according to a finance ministry release.
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