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.
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.
Karun Nair has smashed 664 runs with five centuries in eight matches at an astonishing average of 664 in the Vijay Hazare Trophy.
Pearls have become 'a thing' because they satisfy a longing for timelessness while remaining adaptable to contemporary tastes.
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.
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.
Do you understand VAT? Do you need advice on the new VAT laws and how they affect your business? Here's help.
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.
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.
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.
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.
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.
Besides Hooda, Bhan and Phogat, the Congress has fielded Mewa Singh from Ladwa to take on Chief Minister Nayab Singh Saini.
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.
'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.'
Reports from around the country in the latest round of matches in the ongoing Ranji Trophy
'In the early years of this century, barely 10 years after liberalisation, drinking Coke was still cool,' notes Uttaran Das Gupta.
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.
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.
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.
The Enforcement Directorate (ED) is expected to press money laundering charges against its two officers and some private individuals who were recently booked by the CBI in a bribery case linked to an accused arrested in the alleged Delhi liquor policy scam, official sources said Tuesday.
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.
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.
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