After the Centre, the states have joined the fight against inflation. Later this month, they will discuss a proposal to exempt rice, wheat and pulses from value added tax.
Punjab government has approved Anil Ambani Group's Rs 5,000-crore (Rs 50 billion) multi-product special economic zone in the state.
The official panel on value added tax decided on Thursday to ask the Centre to cut Central Sales Tax, imposed on inter-state movement in goods, to three per cent from the current four per cent from October.
The Centre is planning to establish a Taxation Information Exchange System to track inter-state trade of all commodities after the phase-out of Central Sales Tax.
A day after empowered committee of state finance ministers expressed its determination to implement VAT from April1, traders on Tuesday said they will "gherao" Parliament on Wednesday in protest against the new "inflationary" tax system.
ICICI Infotech outsmarted Tata Consultancy Services and Wipro to get the mandate from states for setting up a national tax information exchange system (Tinxsys) to track inter-state transactions and check tax evasion.
The meeting of the Empowered Committee of Finance Ministers of States and Union Territories began with some states demanding that they be allowed to charge service tax on certain items pending a decision on the implementation of VAT.
The threat by IT firms to boycott the annual mega IT show here in October seems to have blown over after state government promised to upgrade Bangalore's infrastructure.
Consensus emerged on the appointment of Congress president Mallikarjun Kharge as the chairperson of the opposition Indian National Developmental Inclusive Alliance (INDIA), while Janata Dal-United chief Nitish Kumar's name was proposed for the convener's post, pending approval of parties absent at the alliance meeting on Saturday, according to sources.
In a major step towards tax reforms, the Centre on Tuesday agreed on a 3-tier system of compensating the states that incur revenue loss on account of implementing the value-added tax from April 2005.
Six more states are set to join the value added tax regime from April
The contentious issue of value added tax was resolved on Tuesday with the state finance ministers deciding to implement from June 1 the new tax system in place of the sales tax.
The BJP cannot afford to alienate the OBCs, who have explicitly voiced their opposition to the Maratha quota.
The panel on value added tax has decided that items which have at least 50 per cent industrial use will attract 4 per cent tax rate for that particular use.
Maharashtra is likely to incur a revenue loss of Rs 1,500-2,000 crore (Rs 15-20 billion) in the current fiscal due to implementation of value added tax.
The state-run Oil and Natural Gas Corporation has walked away with bulk of the 21 oil and gas exploration blocks in the fourth round of new exploration licensing policy.
Finance Minister Jaswant Singh will soon convene a meeting of state chief ministers to work out details for implementation of the much-delayed value added tax in the country.
With only West Bengal sending in the draft amendments to Value-added Tax Bill, the finance ministry said on Thursday that a new roadmap will be drawn up for the implementation of the progressive tax regime, which was to be effective from June 1.
The crucial meeting of the empowered committee of state finance ministers on value-added tax began in New Delhi on Wednesday to resolve all pending issues to ensure smooth implementation of the new tax regime from June 1 this year.
The Samyukta Kisan Morcha on Wednesday said that a consensus has been reached over a revised draft proposal of the Centre on their pending demands and it will now meet on Thursday to decide the future course of the movement, even as its leaders demanded a formal communication on government letterhead.
Anil Agarwal-led Vedanta's Sterlite Copper on Monday came out with an advertisement inviting expression of interest (EoI) for carrying out plant "restart activities" at its Thoothukudi unit in Tamil Nadu, that got closed more than five years ago following an order issued by the Tamil Nadu Pollution Control Board (TNPCB). The EoI for restart comes when the company is still awaiting the final judgement on the issue, and the court has only allowed it to do maintenance work. "We have initiated the upkeep and maintenance activities at the plant as allowed by the Supreme Court vide its order dated May 4, 2023, in coordination with the district authorities.
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