Browsing: Business

What I want in budget
Sanjay Puri
A joint study by CII with Luthra & Luthra Charted Accountants concluded that Entry Tax impacts the competitiveness of the industry without any corresponding significant benefit to the states’ revenue. It found the tax restricts free flow of trade, mars potential employment generation, increases administrative costs for the industry, and leads to double taxation thus making products expensive for end user.
Perhaps that is why Tamil Nadu and Karnataka had done away with it. In northern region, UP levies entry tax between 1 to 5 percent, Punjab between 2 to 4 percent, Haryana between 2 to 12 percent and J&K levies tax between 4 to 12 percent.
J&K imposes double tax on manufacturing sector – toll tax first on inbound goods and again on outbound goods. One way toll tax will enable the manufacturers to expand their businesses with the neighboring states, thus increasing the quantum of inward goods and leading to higher collection of toll tax. We want this to be reviewed.

A biscuit for health

As entrepreneurship in Kashmir takes roots, a businessmen is in the process of manufacturing biscuits from water chestnuts. Haroon Mirani…

End discrimination to Valley based units
Muhammad Altaf
There are some eighteen registered SSI units manufacturing steel tubular poles in Kashmir Valley. An equal number of such units manufacture steel tubular poles in Jammu. The main purchaser for these poles is the Power Development Department (PDD). The purchase is made through Chief Engineer Procurement & Material Management Jammu which is helped by two purchase circles one headquartered at Jammu and the other at Srinagar. The purchase circle at Srinagar has very little participation and involvement in procuring materials for valley based consuming/utilizing divisions.

From paper to glass

CDI is introducing glass painting among Papier Machie artists. Haroon Mirani reports. Aiming to diversify the skill of Papeir Machie…

Global meltdown and Islamic financial systems
Zamir Ahmed

Now that the dust of the fallen financial empires has settled, the reasons behind this cataclysm have become common knowledge: inadequate discipline in the financial system resulting from the absence of profit and loss sharing (PLS); the mind-boggling expansion in the size of derivatives, particularly Credit Default Swaps (CDS); and the belief of the banks that central banks will come to their rescue.
Excessive and irrational usage of derivatives was the prime cause of this multi-faceted crisis. Derivatives are financial instruments that allow the transfer of risk about the value of the underlying asset from one party to another. George Soros—of the South Asian Crisis fame—calls them Hydrogen Bombs while as Warren Buffet, the famous investor and businessman, has named them financial ‘Weapons of Mass Destruction’.

Rather Readies For Budget
With the parliamentary polls over, J&K government has started resuming normal activity. On top of the agenda is the state budget that government is planning to present formally for seven months of the fiscal 2009-10.
To begin with, sources said, finance minister Abdul Rahim Rather will have detailed interactions with trade leaders, industry chieftains and individuals with know how of the subject. “The government has some hard ideas in mind and they would be laid on the table as part of the budget,” a source informed.

A growing car avan

Car manufacturers are competing for market share in Kashmir as bank finances ensure that more and more households can own…

Countering Recession

J&K Bank has came out with four products including the revised DastKaar Finance, a product launched a few years back.…

Interlacing mulberry silk

A breakthrough in carpet weaving technology in Kashmir is set to revive the ailing silk industry besides enabling Kashmir to…

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