Indirect tax mopup

New Delhi, July 21: Indirect tax collection surged 46 per cent to Rs 39,614 crore for the first quarter of this fiscal on the back of a double-digit industrial growth, robust imports and a booming service sector. Excise duty collection grew 50 per cent at Rs 21,650 crore during the period compared with Rs 13,711 crore a year ago. ?We hope to achieve the target of Rs 1,18,268 crore this fiscal,? a finance ministry official said.

UTI Bank

New Delhi, July 21: UTI Bank will raise Rs 500 crore next week through private placement of debentures. The board has approved the allotment of the subordinate debt, which qualifies for tier II capital.

Hinduja TMT

Calcutta, July 21: A two-member team from Hinduja TMT will meet tomorrow officials of the state government?s IT department to discuss plans for Bengal.

Selloff paper

New Delhi, July 21: The stalemate over the sale of government equity in Bharat Heavy Electricals has put the fate of the white paper on divestment in limbo.

Textile tax

New Delhi, July 21: Textile items, currently exempted from value added tax, will attract a 4 per cent VAT from next fiscal, said Ramesh Chandra, secretary of the empowered committee on VAT.