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.
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.
'At present, hybrids emit lesser carbon despite using fuel than pure play electric cars.' 'That is because EVs have to be charged and 76 per cent of the country's electricity is still coal-based and not renewables.'
The much-awaited introduction of value added tax regime from April one this year will be delayed by a few days because of some "unavoidable procedural tangles".
The decision to decrease VAT on diesel from 20 per cent to 12.5 per cent was taken at a cabinet meeting today presided over by Chief Minister Sheila Dikshit.
Besides Hooda, Bhan and Phogat, the Congress has fielded Mewa Singh from Ladwa to take on Chief Minister Nayab Singh Saini.
The state government of Kerala will introduce 'Lucky VAT' - a novel lottery scheme to improve sales tax collections from August 29.
In Agartala, the Group A match between Mumbai and Tripura ended in a draw with the reigning champions earning three points by virtue of the first-innings lead.
Finance Minister Jaswant Singh said on Wednesday the value-added tax system cannot be implemented across the country until all preparations are completed.
Seeking to allay fears of the trading community, the Empowered Committee on Value Added Tax on Thursday said there would no 'inspection raj' when the new state-level tax regime comes into effect from April 2005.
The International Monetary Fund has expressed concern over implementation of "incomplete" value added tax system in developing countries, saying it will reduce the benefits of the new taxation method as it omits service and other vital sectors.
Medicines including life-saving drugs are likely to attract a 4 per cent value-added tax, whose implementation hangs fire for various reasons.
A nationwide value added tax regime from April 1 may have come under a cloud with Kerala joining Delhi in deferring its scheduled implementation, one thing is, however, sure: VAT will not lead to a huge increase in retail prices.\n\n\n\n
With 21 states agreeing to switch over to value added tax from April 1, finance minister P Chidambaram on Thursday asked the remaining states, including Uttar Pradesh and BJP-ruled states, to implement it and add a historic dimension to centre-state
As per the notification, exemption in VAT would be limited to sale of 3,000 motorcycles, scooters and mopeds and 1,200 four-wheelers every year, they said adding that serving personnel of Indian Army, other security establishments and ex-servicemen will get the benefit of tax exemption.
He also said that the expert committee on amendments to the Income-Tax Act was expected to submit a draft Bill during the early part of 2006, but did not give any time-frame for the introduction of amendments.
Value added tax regime has not proved superior to sales tax system in tackling tax avoidance so far as inter-state and intra-state movement of goods are concerned, says a survey.
Delhi and Maharashtra may lower value added tax on bullion to 0.25 per cent as consensus on introducing uniform floor rate for precious metals seemed difficult to emerge at the empowered committee's meeting on Wednesday
In a major step towards introduction of Value-added Tax from April 2005, states on Wednesday endorsed a 'white paper' on the new tax regime, which would be formally issued on January 17.
CM Prithviraj Chavan indicates issue to be discussed once again by Cabinet
The prices of essential commodities like flour and vegetables have flared by 18-20 per cent in Delhi as wholesale trade has slumped to a third ever since the state switched to the value-added tax regime on April 1.
Eminent economist Prabhat Patnaik has contested government's argument that value added tax will be revenue-neutral in the long run, saying the very nature of the new tax system is such that the states are sure to lose revenue.
The finance ministry will set the ball rolling for an early introduction of a nationwide value-added tax with a two-day meeting of state finance ministers starting in New Delhi on Friday.
Reports from around the country in the latest round of matches in the ongoing Ranji Trophy
Finance Minister Jaswant Singh has called off the meeting with empowered committee on value-added tax, scheduled for Tuesday.
