ARSS Infrastructure wins two orders worth Rs207.46 crore from MP govt

The timeline for the completion of both the orders is 24 months each

Bhubaneswar-based ARSS Infrastructure Projects said that it has won two new work orders.

The first order is for re-construction of Manawar-Mangod (Bandheri) Road and Sardarpur-Rajgarh-Bagh Road: Package No.04 under MPSRP-III worth Rs117.70 crore. ARSS Infrastructure has won this contract from Madhya Pradesh Road Development Corporation Ltd (MPRDC).

The other order is for re-construction of Hata-Patera-Kumhari & Rajpura-Saliya-Bahuriband-Sehora Road: Package No.10 under MPSRP-III worth Rs89.75 crore from MPRDC.

The timeline for the completion of both the orders is 24 months each. Having bagged these orders, the total order book of the company is in tune of over Rs5,500 crore.

On Wednesday, ARSS Infra ended 1.76% down at Rs449.15 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.55% to 18,394.29.

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Finance ministry sets up another panel on black money

The committee, set up by Central Board of Direct Taxes in the finance ministry, will also look into the possibility of putting the list of ‘chronic defaulters’ in public domain

New Delhi: Facing flak from civil society for not doing enough to deal with the menace of black money, the government on Wednesday announced setting up of another panel to suggest ways to trace tax defaulters, reveal their identity to the public and recover taxes.

The committee, set up by Central Board of Direct Taxes (CBDT) in the finance ministry, will also look into the possibility of putting the list of ‘chronic defaulters’ in public domain, reports PTI.

The announcement comes on a day when social rights activist Anna Hazare is sitting on a day-long fast at Rajghat to protest against the police excesses on followers of yoga guru Ramdev last Saturday.

Mr Hazare has spearheaded the agitation for enacting a Lokpal Bill to tackle corruption at high places.

The committee, headed by Anita Kapur, Director General of Income Tax (Admn), will suggest ways to recover tax demand from assessees who are not traceable.

It will also examine the possibility of engaging outside agencies to locate non-traceable assesses and their undisclosed assets.

Last month, the government had set up a high-level committee to suggest a legal framework for confiscating black money and declaring it a national asset.

Besides, a study has also been instituted to quantify unaccounted income and wealth stashed within and outside the country.

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Extra efforts would be needed to achieve tax targets: FM

“You (tax officials) would need a growth of nearly 15%. The task before you is very challenging and will require sustained and strategic efforts throughout the (this) financial year,” finance minister Pranab Mukherjee said

New Delhi: Amid fears of moderation in growth, finance minister Pranab Mukherjee today said sustained efforts would be needed to achieve indirect tax collection target of Rs3.92 lakh crore, about 15% more than the last fiscal, reports PTI.

The minister, while addressing the annual conference of chief commissioners and directors general of CBEC here, also called upon the tax officials to work towards reducing the tax litigations.

Noting that doubts were being raised over growth projection of 9% for the current fiscal, Mr Mukherjee said, it would be possible to achieve a growth rate of 8.75% (plus-minus 0.25%) with ‘hard work’.

To realise indirect tax collection of Rs3.92 lakh crore in 2011-12, the minister said, “You (tax officials) would need a growth of nearly 15%. The task before you is very challenging and will require sustained and strategic efforts throughout the (this) financial year.”

On taxes locked in litigations, Mr Mukherjee said it currently stood at around Rs35,000 crore as against a little over Rs9,000 in March 2005.

“This in an area of serious concern. You must, therefore, jointly devise a strategy for realisation and liquidation of at least 50% of this locked up revenue during the current fiscal.

“This would also provide the necessary fillip to your efforts in attaining the budget revenue targets for 2011-12,” he said.

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