GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aereated drinks to create a corpus for compensating states for any loss of revenue in the first five years
The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said. The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval. This represents a departure from the department's earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from the ministry of finance.
'Not only jobs are not being generated, but people are also losing jobs.'
he Punjab government had also sought a judicial declaration that the assembly session held on June 19 and 20 was "legal and that the business transacted by the House is valid".
Many online retail websites follow 'aggregator' model.
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Because from June 1, 2015, you will have to fork out 14 per cent service tax instead of 12.36 per cent
The Goods and Services Tax Bill was passed by the Lok Sabha in May.
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The GST will subsume most of the indirect taxes like excise duty and service tax
Leader of Opposition in the Rajya Sabha Gulam Nabi Azad approached leader of the house Arun Jaitley, saying that he is accompanying Sonia Gandhi to Varanasi on Tuesday.
A day after the constitution amendment bill that enabled mega reform Goods and Services Tax Bill or GST was unanimously passed, action continues in Monsoon session of Parliament.
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
The indirect tax department on Thursday hinted that Vijay Mallya, owner of the grounded Kingfisher Airlines, may face prosecution in a service tax evasion case.
Modi on Friday invited the Congress leaders at his Race Course Road residence at 7 PM, sources said.
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which Opposition Congress has been blocking the Bill in the Upper House
The Sensex oscillated in a range of more than 300 points.
The Aam Aadmi Party (AAP), led by Arvind Kejriwal, suffered a major setback in the Delhi Assembly elections, losing to the Bharatiya Janata Party (BJP). The loss marks a significant blow to Kejriwal's national ambitions and raises questions about the future of the party. The AAP had been in power in Delhi for the past 10 years and had also formed a government in Punjab. Despite the defeat, the party still holds 13 MPs from Punjab and Delhi. The article examines the factors that contributed to the AAP's defeat, including allegations of corruption, poor civic facilities, and the BJP's relentless attacks. It also explores the impact of the loss on Kejriwal's national aspirations and the party's future.
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At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring petroleum goods under GST regime was opposed.
Fintech firm BharatPe is targeting an initial public offering (IPO) in the next 18-24 months with the company expecting profitability at an earnings before interest, taxes, depreciation and ammotisation (Ebitda) level for FY25, chief executive officer (CEO) Nalin Negi said.
The S&P BSE Sensex ended 274 points to trade at 25,036.
Finance Minister Arun Jaitley on Wednesday drove over to Rahul Gandhi's 12 Tughlak Lane bungalow to personally invite the Congress vice-president to his daughter Sonali's wedding.
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
In the face of tax blow, brokerages remain sanguine about the prospects of asset management companies (AMCs). A sharp correction in the shares of AMCs over the past three months factors in most of the negatives and turned valuations attractive, observe analysts. In its latest report, Kotak Institutional Equities (KIE) has upgraded HDFC AMC to 'add' (from 'reduce') and reprised 'add' and 'buy' ratings on the rest of the listed AMCs - Nippon, UTI, and Aditya Birla Sun Life.
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The S&P BSE Sensex shed 119 points to close at 27,977 and the Nifty50 dropped 45 points to finish at 8,591.
Finance Minister Pranab Mukherjee on Monday announced a slew of concessions, including a 1 per cent interest subsidy for lower and middle income housing loans, and exempted road repair and maintenance services from the ambit of service tax.
LTIMindtree's (LTIM's) December quarter revenue, at $1.139 billion, was up 1.8 per cent quarter-on-quarter (Q-o-Q) (5.6 per cent year-on-year or Y-o-Y) in constant currency (CC) terms, marginally ahead of expectations.
In a bid to provide a level playing field, the government has decided not to levy 2 per cent digital service tax if goods and services are sold through Indian arm of foreign e-commerce players.
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'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
Might use it to counter Opposition campaign on land issue.
The USIBC has encouraged a streamlined implementation of the GST.
When the Centre collects money through cess, it can retain the entire fund for the particular scheme.
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
He defeated his Republican rival Martell Bivings by a margin of over 35 percentage points as he was re-elected for the second term. In a statement he credited his victory to his record of delivering strong constituent services, standing up for working families, fighting for unions, and always fighting for reproductive freedom.
The S&P BSE Sensex rose 127 points to end at 27,942.
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