Will have to pay 12% tax besides 3% education cess.
The empowered committee of state finance ministers has approved the position paper of the Centre on the information technology network for the proposed indirect tax regime.
State FMs okay list of tax-exempt services with certain riders.
As the Centre tried to build consensus on its proposal on constitution amendment bill, required for the rollout of GST, and even floated revised draft to please states, some states came out with alternative model that would not require the amendment of constitution.
The government has cleared the acquisition of 46 new aircraft worth over Rs 19,000 crore by three low-cost carriers: SpiceJet, IndiGo and Jet Lite. The new planes will arrive in a staggered delivery schedule beginning November. The acquisitions were cleared on August 30 at a meeting of a civil aviation ministry empowered committee.
Bench, however, did not pass any order against 68 other mines
Karnataka Governor H R Bhardwaj on Thursday again turned the heat on the Bharatiya Janata Party government in the state, accusing it of inaction on the Supreme Court-appointed Central Empowered Committee's report on illegal mining.
Addressing the Lok Sabha on Wednesday, Finance Minister Pranab Mukherjee called for the inclusion of petroleum products in proposed goods and services tax so that sharp domestic price movements can be checked.
The Supreme Court on Tuesday upheld the validity of two central laws and the corresponding rules that provide for a maximum tenure of five years for the directors of the CBI and Enforcement Directorate.
Civil servants, armed forces and paramilitary personnel will get to rejoice this Independence Day with the government all set to approve the Sixth Pay Commission report in its Cabinet meeting on Thursday.
Tamil Nadu on Monday suffered a setback with a Constitution Bench of the Supreme Court refusing to concede the state's plea for scrapping the high- high-level empowered committee set up to examine the legal and safety aspects of the Mullaperiyar dam in Kerala.
The empowered committee of state finance ministers for implementation of value added tax would meet in first half of January 2004, to decide on the implementation of the new tax system.
They will hold discussions on the requirement of a constitution amendment bill for rolling out the proposed GST, which is all set to miss even the revised deadline of April one, 2011.
Finance Minister Pranab Mukherjee said 'yes' in a written reply to the Rajya Sabha when asked whether the chairman of the Empowered Committee of the State Finance Minister has expressed the opinion that it was not feasibile to implement GST from April 1, 2010.
The empowered committee on value-added tax will meet the finance minister in mid-July to discuss the 'roadmap' for the introduction of the new tax regime, after which it will be taken up with political parties for a national consensus.
The government has cleared the acquisition of 46 new aircraft worth over Rs 19,000 crore (Rs 190 billion) by three low-cost carriers: SpiceJet, IndiGo and Jet Lite.
The finance minister said the consensus between the Centre and states is required to amendment the constitution for implementing goods and services tax.
A discussion paper by the empowered committee of state finance minister released today said taxes levied by the central government like excise, additional excise duty and various surcharges and cesses would be part of the GST.
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
'Interim Budget has ignited the entrepreneurial spirit.'
At present, the EPF subscribers are exempted from paying income tax on deposits.
After 17 tumultuous years, a nationwide Goods and Services Tax (GST) will rollout from midnight of June 30, overhauling India's convoluted indirect taxation system and unifying the $2 trillion economy with 1.3 billion people into a single market.
The empowered committee of state finance ministers on Monday said the Value-added Tax will be implemented from April 1, 2005, even if Uttar Pradesh does not fall in line.
Congress leader Adhir Ranjan Chowdhury on Tuesday sought to give credit to his party for the women's reservation bill but Home Minister Amit Shah refuted his claim, saying that the legislation brought by the Manmohan Singh government had lapsed following the dissolution of the 15th Lok Sabha.
The Madhya Pradesh government on Monday presented an alternative model of the GST but some states immediately raised objections to it.
Kerala-based Kinfra Film & Video Park has received the commerce ministry's approval to set up an International Animation School that is to be built on a private-public-partnership basis.
Karnataka Tourism Minister G Janardhana Reddy on Friday night said the Supreme Court-appointed Central Empowered Committee's report -- describing as 'illegal' the mining of iron ore by the Obulapuram Mining Company owned by him in Andhra Pradesh-Karnataka border -- was not that of the apex court. He said the report by the CEC is an 'ex parte report' since the Obulapuram Mining Company "was never heard before
Companies such as ONGC and Reliance have not been able to meet their work commitments for the blocks they had won under the New Exploration Licensing Policy rounds because of a crunch in availability of deep-sea drilling rigs. The official said oil ministry is moving a note for the consideration of Cabinet Committee on Economic Affairs for giving a drilling holiday from January 1, 2008, to December 31, 2010, for 33 blocks awarded in the fifth round of NELP.
Panel also demanded power to go for additional market borrowing than stipulated.
Finance Minister Jaswant Singh has called off the meeting with empowered committee on value-added tax, scheduled for Tuesday.
At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring petroleum goods under GST regime was opposed.
In a move that will significantly reduce paperwork for producers of goods and services, the draft recommendations submitted by the all-states joint working group on goods and services tax (GST) have said one document will have to be filed.
Shareholders have given approval to the appointment of Ambani scions Akash, Isha and Anant on board of Reliance Industries, the company said in a stock exchange filing.
The Centre on Friday said it will persuade states to reach a consensus on the Goods and Services Tax so that it can be implemented from April 1 next year.
The empowered committee of state finance ministers is firm on sticking to the April 1 deadline for switching over to Value Added Tax despite the "friction" coming in the way from traders and a handful of states.
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