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.
The aircraft crashed in the river island around noon, soon after taking off from the Jorhat air base
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 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.
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.
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.
Prices of petrol were reduced 32 times and increased 21 times while diesel prices were slashed 19 times and raised 28 times since 2013.
'Waging battle over a jar of marmalade seemed petty beyond belief so I simply lost my craving for the preserve,' Kishore Singh writes
Petrol prices in India are amongst the highest in the world.
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.
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.
New prices are effective tonight.
However, the group, which had earlier planned to invest Rs 2,000 crore (Rs 20 billion) for expanding operations, is still putting that on hold as the VAT refund issue with the Maharashtra government remains unresolved.
GST will lead to consolidation of multiple indirect taxes
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
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."
The management feels that environment in India is not conducive to make further investments. It plans to wait until 2015 and hope things will improve by then.
Officials said almost all the ministers present at meeting took the holy dip.
Petrol price has been reduced four times since March.
Sonia Gandhi's speech at Rajkot may not have been newsy enough, but her visit to Gujarat was memorable for the people of Rajkot, reports Kinner Acharya.
The Bharatiya Janata Party on Thursday described Samajwadi Party's opposition to the hike in diesel price as a "drama" and demanded that the government reduce value added tax (VAT) in Uttar Pradesh if it was really concerned about the people.
Earlier in April, the price was reduced by 85 paise per litre.
State-owned oil firms will reduce petrol price by Rs 1.68 per litre, excluding taxes.
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.
Oil companies have cut petrol price by Rs 0.95 per litre with effect from midnight tonight.
Petrol prices in India are amongst the highest in the world.
Large states like Andhra, Chhattisgarh, Gujarat, Himachal, MP, Odisha, Punjab and Tamil Nadu would need compensation from the Centre
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
The Department of Telecom is believed to have sought a 15-year tax holiday on domestic production of handsets and a lower unifom VAT rate among other relaxations to rejuvenate mobile phone manufacturing in the country.
Finance Minister Arun Jaitley refuted the allegations saying when items of common use were being taxed, how could luxury items be kept out.
After much persuasion by the UPA government in the aftermath of the petrol price hike, some Congress-ruled states made part-relaxations in taxes.
Will it benefit you? Or will it lead to an increase in inflation? Bipin Sapra believes it will be some time before GST's benefits reach consumers.
The Narendra Modi factor will hardly help BJP's fortunes in Delhi, believes Aam Aadmi Party convener Arvind Kejriwal who said that "even God can't save" the saffron party as it seeks to wrest power.
If the government tries to bring in real estate under GST now, it will be a typical case of biting more than what one can chew, says Sukumar Mukhopadhyay.
Cigarette pricing in India can go the liquor way as ITC, the undisputed leader in the sector, may consider state-specific pricing for its popular brands. This comes after the ad valorem duty imposed in the Union Budget, coupled with the varying value added tax (VAT) rates across states.
The government is going all out to spread awareness about the new indirect tax regime, and training lawmakers is being seen as a necessary first step.
We are aggressively building our diamond business. In this respect, from the budget we are looking forward to the Presumptive tax which will help the Indian diamond industry to compete with Antwerp and Tel Aviv as a premier diamond trading hub.
Actual reduction in price will be more after taking into account local VAT.
