Announcing a 96-hour country-wide strike against the value added tax system from March 29, traders' body Akhil Bharatiya Udyog Vyapar Mandal on Tuesday
The Value Added Tax system has no adverse impact on consumer prices, and revenue earnings under the new regime have shot up by 15.3 per cent during the first quarter of the current fiscal, Finance Minister P Chidambaram told the Rajya Sabha on Tuesda
Mahanagar Gas (MGL) has just hiked prices for compressed natural gas (CNG) and domestic piped natural gas (PNG) in the Mumbai Metro Area. The distributor raised prices by Rs 1.50 per kilogramme (kg) for CNG, bringing the price up to Rs 75 per kg, including taxes. Domestic PNG prices were hiked from Rs 1 per standard cubic meter (SCM) to Rs 48 per SCM, inclusive of taxes.
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.
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.
IndiGo share price today: IndiGo share price fell as much as 4.8 per cent to a low of Rs 4,275 per share on the BSE in Monday's intraday trade as investors booked profit in the stock post a its April-June quarter (Q1) results for financial year 2024-25 (FY25). The stock ended 1.36 per cent lower at Rs 4,430 as against a 23-points gain in the benchmark BSE Sensex. The selling also got exacerbated as the management commentary, post Q1FY25 results, highlighted that inflationary pressure could likely dent July-September (Q2FY25) performance.
Implementation of the VAT regime, strongly favoured by the Kelkar committee on tax reforms, has been hanging fire since April this year.
Police on Sunday said they have booked a doctor for lodging a false complaint alleging that he was getting threat calls for supporting Hindu organisations, just to gain publicity.
Only eight out of 16 states, which have agreed to implement Value-Added Tax from June 1, have passed legislations on the issue so far, Finance Minister Jaswant Singh said in Lok Sabha on Friday.
With states agreeing to implement value-added tax from April, government on Monday pegged two rates of 10 and 12.5 per cent, while assuring full compensation for any revenue loss in the first year.
In layman terms this means that in cases where buyers purchase houses before completion of construction, builders would be levied works contract tax on the building material.
In an attempt to bring uniformity in prices of medicines, Chemicals Minister Ram Vilas Paswan on Wednesday asked the states to exempt them from local taxes or at least advance the implementation of value-added tax regime for drugs.
Cheteshwar Pujara continued his good form in Ranji Trophy as he slammed his second successive century as Saurashtra dominated their Elite Group A match against Manipur.
They turned showstoppers at the Lakme Fashion Week x FDCI.
The empowered committee on value-added tax will meet the finance minister in mid-July to discuss the 'roadmap' for the introduction of the new tax regime, after which it will be taken up with political parties for a national consensus.
With less than a year left for the scheduled introduction of the Goods and Services Tax (GST), most states have increased their VAT (value-added tax) rates. The move is seen as an attempt to extract better compensation from the Centre for loss on account of GST rollout
The new excise policy, introduced in Delhi in November 2021, made sweeping changes to the city's liquor trade.
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
There is startling accuracy to Dibakar Banerjee's portrayal, notes Sukanya Verma.
Six non-BJP ruled states -- West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand -- have not reduced the VAT on petroleum products, leading to higher prices of petrol and diesel there, Petroleum Minister Hardeep Singh Puri said on Thursday. Puri said in Lok Sabha that the central government has reduced excise duty on petroleum products and some other states, following cues, reduced their Value Added Tax (VAT). Six states -- West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand -- have not reduced the VAT, he said amidst vocal protests by the opposition members.
The State Commission concluded the insurer could not take advantage of a typographical error on the bank's part to repudiate a legitimate claim, points out Jehangir B Gai.
The Empowered Committee of State Finance Ministers has been asked to sort out some of the contentious issues on the value-added tax including the refunds on credit and exemption for exports.
Six more states are set to join the value added tax regime from April
'Every year, the marble industry is shrinking due to tiles. It has already decreased by 20-25 per cent in recent years.'
Many individual states experienced higher inflation than the all-India figures during the financial year 2023-24 (FY24). Retail inflation figures in Telangana, Haryana, Rajasthan and Dadra and Nagar Haveli have been higher than national numbers every month of this financial year, shows a Business Standard analysis of state-wise figures, after the March inflation data was released on Friday. Experts noted that persistent high food inflation along with differences in the weights of rural and urban indices plays into the regional variation in inflation rates.
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.
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
