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.
Correcting a serious anomaly in the value added tax structure, an official committee on Monday prevailed upon Delhi, Rajasthan, Uttar Pradesh and Gujarat to maintain uniform tax rates on bullion.
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.
Riding on e-commerce wave is the youngest state, which faces competition from neighbours.
Diesel, which is sold at Rs 53.67 a litre in Delhi, will cost Rs 53.77 after the hike in commission.
Tata Nano will have to improve sales in order to get Gujarat government's support.
Petrol price has been cut by 70 paise per litre with effect from midnight tonight.
Diesel price was on Monday hiked by 50 paise per litre, excluding VAT, with effect from midnight tonight.
The current salary paid by the Delhi government amounts to 17 per cent of the total expenditure.
Bedi, in a series of tweets, shared her plan to make the national capital more 'economically vibrant'.
These images will make you weep with pride.
The hike, effective Monday midnight, excludes local sales tax or VAT and the actual increase will be higher, varying from city to city.
'Waging battle over a jar of marmalade seemed petty beyond belief so I simply lost my craving for the preserve,' Kishore Singh writes
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."
Kerala's tax authorities are also reviewing other e-commerce companies for similar discrepancies, and might fine more defaulters.
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
In Mumbai it now costs Rs 80.89 and in Delhi Rs 72.26.
Just so that you don't pay extra!
Just so that you don't pay extra!
The aircraft crashed in the river island around noon, soon after taking off from the Jorhat air base
Kejriwal has shown once again that a political party once mandated to ensure governance cannot act the same way it did before assuming power.
Petrol price hiked by 60 paise per litre, diesel by 50 paise.
Petrol price has been cut by Rs 3.05 a litre.
Petrol price was tonight hiked by about 35 paise per litre in line with firming raw material cost.
The GST Bill, seen as single biggest tax reform in a long time, needs to be ratified by at least 15 state legislatures before the President can notify the GST Council which will decide the new tax rate and other issues
The empowered committee delegation, including state finance ministers participated in two round table conferences sponsored by the Indo-Canada Chamber of Commerce and the Canada-India Business Council. Tax experts from Couzon Taylor, Brian Wurts, HST Consulting etc, made presentations at the Canadian Imperial Bank of Commerce event.
Last year's European Championship soccer tournament generated a 1.22 billion euro ($1.3 billion) boost for host France, a study commissioned by the French government showed on Wednesday.
Officials said almost all the ministers present at meeting took the holy dip.
The price of petrol was on Saturday hiked by a steep Rs 2 a litre, the second increase in rates this month, as devaluation of rupee against United States dollar made imports costlier.
Prices of petrol were reduced 32 times and increased 21 times while diesel prices were slashed 19 times and raised 28 times since 2013.
Petrol price cut by Rs 1.15 per litre while diesel rate hiked by Rs 0.50 a litre with effect from midnight on Thursday.
The GST Council last year imposed a cess of 15 per cent on hybrid vehicles, in addition to the 28 per cent GST, leading to a total tax burden of 43 per cent against a previous tax rate of 28 per cent.
Incentives for industries have been rolled back and teachers have gone without salary for months as the state grapples with the after-effects of the ban
Petrol prices in India are amongst the highest in the world.
New prices are effective tonight.
A rise in international oil prices and depreciation in rupee have necessitated a Rs 1.40 per litre increase in price of petrol with effect from midnight tonight, said a statement by Indian Oil Corporation.
In a major sign of transformation of manufacturing-dominated Chinese economy, annual output of its service sector may exceed that of the manufacturing sector for the first time ever in 2013, an expert said.
