Liquor tycoon Vijay Mallya on Friday made an urgent application before the UK High Court seeking access to millions of pounds to cover his living expenses and legal fees from funds held with the Court Funds Office as part of bankruptcy proceedings, initiated by a consortium of Indian banks led by the State Bank of India. Deputy Insolvency and Companies Court Judge Robert Schaffer declined to allow a draw down from the court-held funds of an estimated amount of around 1.5 million pounds, accrued from the sale of Mallya's French luxury property Le Grand Jardin earlier this year, until further arguments in the case. However, he did allow the release of 240,000 pounds plus VAT to cover the legal costs of a substantive hearing in the bankruptcy proceedings scheduled for next Friday.
Petrol price on Saturday breached the Rs 83 per litre-mark in Delhi for the first time in more than two years after a rally in international oil prices forced a 13th increase in rates in the last fortnight. Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies. Petrol price in Delhi rose to Rs 83.13 per litre from Rs 82.86. Diesel rates went up from Rs 73.07 to Rs 73.32 per litre.
'GST is imperative for India's success.' 'Without GST India will be a less competitive country.'
Ahead of the first meeting of the top decision-making body in nearly eight months, finance ministers of eight states ruled by non-Bharatiya Janata Party and like-minded parties -- Rajasthan, Punjab, Chhattisgarh, Tamil Nadu, Maharashtra, Jharkhand, Kerala and West Bengal -- have devised a joint strategy to press for a zero tax rate on Covid essentials, sources said.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
The Delhi government rolled back the hike in value added tax (Vat) on diesel, bringing down the price by Rs 2.50 a litre. Following the reduction in the levy, the price of diesel will be Rs 37.60 with effect from July 20, lower than the Rs 38.10 that prevailed before the recent increase of June 25.the Goa Cabinet also approved a partial roll back of Vat that would reduce prices of a cooking gas cylinder by Rs 15, petrol by 88 paise and diesel by 70 paise.
In a bid to lower the impact of an unavoidable hike in petrol and diesel prices, Oil Minister Murli Deora has asked states like Delhi and Andhra Pradesh to lower sales tax (VAT) on auto fuels and shift towards specific rates.
The latest round of petrol and diesel price increase, on Thursday, met with opposition from many corners.
Gujarat has topped with a score of 71.14% on ease of doing business list.
The government also withdrew the five per cent VAT on compressed natural gas besides bringing back the VAT for tea, coffee and cocoa to five per cent from the proposed 12.5 per cent.
The noted economist said some of the bad loans are due to a slowdown in the economy and asset restructuring companies are part of the solution.
Amazon's fulfilment centres, which store products of hundreds of vendors selling on the American online major's platform, are being cited by Karnataka state government authorities as a primary concern in an ongoing tax dispute.
The price of diesel in Delhi will be hiked by 57 paise.
Only luxury and 'sin' items could be left in highest slab. 12 and 18 per cent slabs could be merged in the future
Aviation turbine fuel or jet fuel price was on Wednesday hiked by a steep 9.2 per cent, while that of non-subsidised cooking gas was raised by Rs 21 per cylinder.
This is the second straight increase in ATF price this month. Rates were hiked by a record 56.5 per cent (Rs 12,126.75 per kl) on June 1. Simultaneously, petrol and diesel prices were hiked for the 10th day in a row.
Tea prices in the country could go up between Rs 10-20 a kilogram if the high level of value added tax (VAT) proposed to be levied on the commodity is not reversed, the industry has warned.
A minimum levy of 12 per cent GST on tea will increase the cost, which will ultimately be passed on to consumers.
Precious ornaments are estimated to become 3% costlier under GST
Not far from Delhi, the orchards of Rataul offer a wide variety of mangoes, including one that rarely makes it to the market
The project, code-named MF101 by Foxconn, will be spread across 1,500 acres at Talegaon or Khopoli.
'The question often being asked is whether the demand for petrol and diesel is price inelastic?' asks Arun Balakrishnan, former chairman and managing director, Hindustan Petroleum.
Finance Minister Arun Jaitley said the excise duty cut would have an impact of Rs 10,500 crore on central government's tax revenues.
Low oil prices drove the growth in states' share faster than expected, says Abhishek Waghmare.
Abhinav Mukund (84) and Baba Aparajith (87) shone as Tamil Nadu thrashed Tripura by 187 runs
'GST gives a huge relief to small businesses of India and West Bengal.'
The Congress took out marches and observed bandh at several places on Saturday to protest against rising fuel prices.
A combative Chief Minister Arvind Kejriwal, furious over the CBI raid at the Delhi Secretariat, has alleged that the day-long action by the probe agency was to look for an inquiry committee file relating to Delhi District Cricket Association that "traps" Union Finance Minister Arun Jaitley.
The retail selling price of petrol at Delhi would come down by Rs 1.82 a litre.
There are about 60 second-hand car dealers in Lucknow and small cars such as the Maruti 800, Indica, and Santro are favourites with buyers. The small-car segment accounts for about 75 per cent of second-hand car sales. Second-hand car dealers collect 2 per cent commission from both buyers and sellers for each deal.
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
It has hiked prices of diesel variants of Ciaz and Ertiga models with smart hybrid technology
Technical know-how means a body of accumulated knowledge and experience in any technical field for doing or executing a particular activity.
In the sixth such hike in three months, petrol price has been increased by a steep Rs 2.35 per litre and diesel by 50 paise per litre on falling rupee and firming international oil prices.
This is the fourth increase in rates in six weeks
The Central government will borrow up to Rs 1.1 lakh crore on behalf of the states to bridge the shortfall in GST collections, the finance ministry said on Thursday. A slowdown in the economy since last fiscal has resulted in a drop in the Goods and Services Tax (GST) collections, upsetting the budgets of states which had given up their right to levy local taxes such as sales tax or VAT when GST was introduced in July 2017. To make up for the shortfall, borrowing from the market was proposed.
Karnataka tax dept may attach assets of dealers; new retailers not being registered
The cigarettes segment had a revenue of Rs 4,554.21 crore during the second quarter of the current fiscal, as against Rs 8,528.47 crore in the year-ago period, down 46.56 per cent.
Banerjee asked Modi not to allow "an insufferable blow to the federalist polity of the nation" by depriving the states of the GST compensation. "I am deeply anguished by the Goods and Services Tax imbroglio which tantamounts to a betrayal of the trust and moral responsibility of the Government of India towards the states, violating the very premise of federalism."
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances