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 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.
'There is ample evidence to suggest that attacks on the PM's probity and his connections with business houses do not resonate with voters.'
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.
In an apparent climb-down from its earlier stance, the Empowered Committee on value-added tax on Monday gave in to the Centre's plan for a nationwide VAT implementation.
The ministry of education is yet to take call on the recommendations by the empowered expert committee and the University Grants Commission.
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.
The apex court raised the ceiling limit of iron ore mining from 28 MMT to 35 MMT for Ballari district, and from 7 MMT to 15 MMT for Chitradurga and Tumkur districts.
For the first time in his political career, he failed to carry his party to even a working majority -- and again, for the first time in his career, he finds himself in a situation where he cannot rule by dictatorial fiat, points out Prem Panicker.
After attacking the Jet-Etihad deal, Janata Party President Subramanian Swamy on Wednesday trained his guns on the Air Asia proposal to set up an Indian carrier, saying the FIPB clearance to it was "not legally valid".
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.
The panel said that vacant posts in the CBI are not being filled up at the required pace and recommended that "every effort should be made to fill up vacancies at the earliest".
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.
Forest land that will also be exempted includes land situated within 100 km along the international borders, Line of Control, or Line of Actual Control, proposed to be used for construction of strategic linear projects for national importance or security.
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.
DMRC-like SPV to be floated in a month for the Rs 98,000 crore Mumbai-Ahmedabad corridor.
'Interim Budget has ignited the entrepreneurial spirit.'
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.
Radha Timblo, a Goa-based miner whose name figures in the black money list submitted by the Centre in the Supreme Court, on Tuesday denied having any "undisclosed" bank account in the country or abroad.
The Congress steering committee on Friday approved several amendments to the party constitution, one of which is to give permanent membership to former prime ministers and former party presidents in the all-powerful working committee.
"Wall Street and similar jobs were something that became unattractive to me very early," says 22-year-old Harvard grad Dhaval Chadha.
A bench of Chief Justice of India DY Chandrachud and justices PS Narasimha and JB Pardiwala said that a citizen cannot seek a right to stand up in Parliament.
The BJP cannot afford to alienate the OBCs, who have explicitly voiced their opposition to the Maratha quota.
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.
The implementation of the five 'guarantees' announced by the Congress may cost the state exchequer an estimated Rs 50,000 crore annually.
Negotiations near deadlock, as states oppose Constitution Amendment Bill.
The Jammu and Kashmir administration has neither accepted nor rejected the demand but the protest had to be suspended as stopping of salaries is 'choking us financially', protesters affiliated to the All Migrant (Displaced) Employees Association Kashmir (AMEAK) said.
