Flagging higher fuel prices in many opposition-ruled states, Prime Minister Narendra Modi on Wednesday called it "injustice" to people living there and urged the governments there to reduce VAT in "national interest" to benefit the common man. Modi raised the issue of many states not adhering to the Centre's call for reducing the Value Added Tax (VAT) on petrol and diesel after his government slashed excise duties on them in November last, and asked them to work in the spirit of cooperative federalism in this time of global crisis. Higher prices in some states were also harmful for neighbouring states, he added.
The scheme will cost the state exchequer altogether Rs 1,650 crore.
A severed human head, suspected of that of a woman, was recovered from a garbage dump in Kolkata's Tollygunge area on Friday morning, police said.
In the small village of Nagar in Tonk, Rajasthan, Holi is more than just about playing with colours -- it's about tradition, empowerment and playful mischief!
The states will forego around Rs 44,000 crore of tax revenue after they reduced VAT on petrol and diesel in the reminder of the fiscal but higher central tax devolution of Rs 60,000 crore will offset the losses, according to a report. After months of calls for lowering the taxes on the fuels, the Centre on November 4 cut excise duty on diesel by Rs 10 a litre and by Rs 5 on petrol. Following this, as many as 25 states and Union territories have lowered value-added tax (VAT) on these fuels.
Goods from sectors, including agriculture, precious stones, chemicals, pharma, medical devices, electricals, and machinery may get impacted if the US will go ahead with imposing reciprocal tariffs on Indian products, according to experts. They said that these sectors could face additional customs duties from the Trump administration because of the high tariff differential or gap, which is the difference between the import duties imposed by the US and India on a product.
Sweet Dreams is a nice and wholesome date movie, recommends Deepa Gahlot.
India pacer Mohammad Shami, playing his third game of the tournament, went for runs as he took 3/61 in 10 overs.
Adding petrol and diesel to GST was a challenging task due to their significant role as revenue generators for both the central and state governments.
Do you understand VAT? Do you need advice on the new VAT laws and how they affect your business? Here's help.
Security beefed up for Kohli's Ranji comeback
Pearls have become 'a thing' because they satisfy a longing for timelessness while remaining adaptable to contemporary tastes.
Karun Nair has smashed 664 runs with five centuries in eight matches at an astonishing average of 664 in the Vijay Hazare Trophy.
CNG price in Mumbai as well as several other cities in the country has been hiked by Rs 2 per kg but users in poll-bound Delhi have been spared for the time being, according to city gas firms. Indraprastha Gas Ltd, the firm that retails CNG to automobiles and pipes natural gas to household kitchens for cooking in the national capital and adjoining cities, over the weekend raised CNG price by Rs 2 per kg.
Implementation of value-added tax will bring down retail prices and may add Rs 75,000 crore (Rs 750 billion) per annum to government revenue, according to industry body Assocham.
In a bid to minimise the impact of recent fuel price hike on consumers, the Maharashtra government on Wednesday reduced Value Added Tax (VAT) on diesel and kerosene by two per cent.
Delhi government has also decide to cut VAT on the hiked component of petrol.
With 21 states having implemented value-added tax and eight states still to adopt it, the impact of the new tax regime is seen largely positive for sectors like FMCG, paper and pharmaceuticals.
The Maharashtra government has decided to reduce the value added tax (VAT) on petrol and diesel by Rs 5 and Rs 3 per litre respectively, Chief Minister Eknath Shinde said in Mumbai on Thursday.
The GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums, officials said. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided that some more technicalities needed to be ironed out and tasked the GoM for further deliberations.
The empowered committee of state finance ministers on Monday said the Value-added Tax will be implemented from April 1, 2005, even if Uttar Pradesh does not fall in line.
'In the early years of this century, barely 10 years after liberalisation, drinking Coke was still cool,' notes Uttaran Das Gupta.
With 17 states ready with Value-Added Tax bills, Finance Minister P Chidambaram on Thursday promised to fully compensate states in the first year of introduction of VAT scheduled in April, 2005.
The GST Council, in its meeting on Saturday, is likely to decide on reducing tax rates on life and health insurance premiums, while hiking it on high-end wrist watches, shoes and apparels, besides considering a separate 35 per cent tax slab for sin goods. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, is likely to discuss rate rejig in about 148 items, besides, it will also deliberate on bringing Aviation Turbine Fuel (ATF), a major component for airline industry's operation cost, in the Goods and Services Tax (GST) fold.
Financial accounting software company Tally Solutions on Thursday launched its VAT-compliant business accounting software 'Tally 7.2', aimed specifically at the small and medium segment for changeover to the new tax regime that begins from April1.
If eight states could join the VAT system much after the rollout date and after seeing how it works, why can't the same apply to states opposed to the farm laws, asks A K Bhattacharya.
Twenty one states which have switched over to Value-Added Tax on Tuesday agreed to adopt uniform rates for industrial input, capital goods and essential commodities like medicines, salt, bread and PDS items.
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.
The empowered committee on value added tax will meet on Saturday to take up the issues arising after three months of implementation of the new tax system by 21 states, including compensation formula for any losses incurred by states due to VAT.
