Saturday, June 6, 1998
Arvind Mills net trips 21% to Rs 101 crore
Arvind Mills Ltd, hit hard by lower value realisations in denim, has reported a whopping 20.7% drop in its net profit. The Lalbhai group flagship posted a net profit of Rs 101.04 crore for the year ended March 31, 1998, against Rs 127.40 crore last year.
Fall in revenue receipts perturbs comptroller
The Comptroller and Auditor General (CAG) has expressed concern over deteriorating public finances pointing out deceleration in growth of revenue receipts during 1996-97. The CAG report on Union Government (Civil) tabled in Parliament revealed that the increase of revenue receipts decelerated from 15.85% in 1995-96 to 15.22%in 1996-97 and as percentage of GDP decreased from 16.37% in 1995-96 to 16.23% in 1996-97.
Professionals set to pass service-tax burden on clients
The additional 5 per cent service tax to be imposed on professionals -- real estate consultants, chartered accountants, and interior decorators -- will in reality be borne by the consumers of these services. The income-tax provisions stipulate that the service tax has to be passed on to the consumers.
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