The finance minister said the consensus between the Centre and states is required to amendment the constitution for implementing goods and services tax.
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
At present, the EPF subscribers are exempted from paying income tax on deposits.
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.
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.
The Madhya Pradesh government on Monday presented an alternative model of the GST but some states immediately raised objections to it.
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.
Finance Minister Jaswant Singh has called off the meeting with empowered committee on value-added tax, scheduled for Tuesday.
Panel also demanded power to go for additional market borrowing than stipulated.
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.
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.
A Supreme Court-constituted panel has asked the Union environment ministry to amend or withdraw the guidelines related to setting up zoos and safaris within tiger reserves and wildlife sanctuaries to discourage the use of wildlife habitats for tourism activities which are non-site specific.
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.
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.
In its election manifesto -- 'Sankalp Patra' -- the Bharatiya Janata Party has vowed to implement the Union Civil Code (UCC), maintain peace in the Northeast, among other key poll promises.
Hours after Desai said that the draft is ready to be submitted to the state government, Chief Minister Pushkar Singh Dhami said the Uniform Civil Code will soon be implemented in Uttarakhand.
One of India's leading industry bodies - the Associated Chambers of Commerce and Industry - on Friday urged the government to bring sugar, textiles and tobacco products under value added tax.
Ready with the "groundwork", the Empowered Committee on value-added tax is likely to press for President's nod on VAT Bills of at least nine states by May 25
He's the hero for forging consensus on GST, popular in the Left Front and among his students, but industrialists are less than enamoured.
The Centre and the state governments have agreed not to unilaterally change the tax rate on goods and services, once the Goods and Services Tax (GST) is implemented from April 2010.
The empowered committee on GST headed by West Bengal finance minister Asim Dasgupta has agreed to a dual structure of the proposed indirect tax regime, which is likely to be introduced from April 2010. The new tax regime would do away with most of the indirect taxes levied at the Centre like excise and services tax, and VAT and Octroi at the State level.
Petroleum products such as crude, motor spirit and diesel, and alcohol beverages will be kept outside the dual goods and service tax (GST) structure, which will be implemented from April 2010.
Besides central cess, the Empowered Committee of State Finance Ministers has also recommended to keep purchase tax and octroi, which are collected at state and local levels, outside the GST framework.
Empowered group overrules DGH's recommendations.
A plea of the UK-based Vedanta group company to export its share of crude oil from Barmer oil field in Rajasthan was on Tuesday rejected by the Delhi high court on the ground that domestic crude cannot be exported till India attained "self sufficiency".
He said that veteran party leader Jyoti Basu has also made it clear that the dispute would not affect the stability of the government.
In a setback to the Kerala government, the Supreme Court on Wednesday struck down a law promulgated by it declaring Mullaperiyar dam as endangered, and restrained it from obstructing the Tamil Nadu government to raise the water level.
Their eyes trained on the big-ticket T20 World Cup in the Americas in June, the national selectors aren't finding it easy to pick just one among Rohit Sharma and Virat Kohli for the upcoming Afghanistan series.
At least 11 states accounting for two-third of the country's trade and industrial output are ready to introduce value-added tax from June
SC has asked Posco to submit a composite forest diversion proposal for its steel project in Orissa, thereby putting the company in a Catch22 situation.
If states are to levy service tax, a combined GST will become a nightmare since a host of tax departments in each state will also have to be dealt with.
The resistance to VAT in Uttar Pradesh has been declining after the tax's success in 21 states.
Posco's mega steel plant in Orissa is inching forward with the Union Ministry of Environment and Forests clearing a proposal under which Posco will plant trees on an area equivalent in size to the forest land where the project is coming up.
