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VDIS windfall props city tax collections
Income-tax collections from Mumbai between April 1, 1997, and January 31, 1998, have registered a 37 per cent growth over the corresponding period a year earlier, thanks to the windfall from the Voluntary Disclosure of Income Scheme (VDIS). There has been a 10 per cent rise in the corporate tax at around Rs 5,700 crore, while income-tax collections have amounted to around Rs 4,575 crore.
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Oil demand growth projected at 6.9%
The Planning Commission has projected a 6.9 per cent growth in the demand for petroleum products and a product deficit close to 31 million tonne (mt) in the Ninth Plan. The projected compound average annual growth in oil demand was also 6.9 per cent for the Eighth Plan period but demand had actually grown by 6.8 per cent.
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Regulatory agencies must be in place
The Planning Commission has stressed upon the need to encourage private sector role in the development of the energy sector and regulatory agencies for tariff fixation in order to meet the capacity addition targets of 40,245 mw fixed for the Ninth Plan. It has also stressed on commercialisation of central PSUs.
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Centre urged to transfer benefits of fiscal consolidation to states
The Ninth Plan draft has urged the Central government to transfer a share of the improvement in its fiscal deficit -- at least 0.45 per cent of the GDP, to the states in order to make their finances viable. This, it was pointed out could be done in a number of ways including reducing the loan component of the of assistance to states from 50 per cent to 30 per cent.
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