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.
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.
Going forward, the February factory output may be impacted as several industries such as automobiles, technology, pharma and fashion have some exposure to imports of raw and intermediate materials from China.
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.
While Congress and the states ruled by non-NDA parties pushed for the Centre meeting its statutory obligation of covering the deficit, the Union government cited a legal opinion to say it had no such obligation if there was a shortfall in tax collections. The Centre as well as BJP-JD-U-ruled Bihar were of the opinion that the states should borrow to make up for the shortfall in the tax revenues that have been compounded by the COVID-19 crisis, sources said.
Petrol price has been reduced four times since March.
Actual reduction in price will be more after taking into account local VAT.
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.
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.
Finance Minister Arun Jaitley refuted the allegations saying when items of common use were being taxed, how could luxury items be kept out.
Earlier in April, the price was reduced by 85 paise per litre.
Oil companies have cut petrol price by Rs 0.95 per litre with effect from midnight tonight.
State-owned oil firms will reduce petrol price by Rs 1.68 per litre, excluding taxes.
Petrol prices in India are amongst the highest in the world.
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.
The price of petrol has been hiked by Rs 1.39 per litre and that of diesel by Rs 1.04 a litre, in sync with firming international rates.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
After much persuasion by the UPA government in the aftermath of the petrol price hike, some Congress-ruled states made part-relaxations in taxes.
The oil sector has been quite lucky for the Modi government. It has often provided an opportunity to the government to mend its finances, notes A K Bhattacharya.
So far, 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses, who had registered in July, filed returns.
Electricity has also been kept out of the GST ambit.
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.
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 train is scheduled to begin it's first commercial run on Sunday with all tickets already sold out.
Experts said the rate hike would improve working capital position of the manufactures as it would correct the inverted duty structure but may lead to increase in price of the finished goods.
lobal output returning to its medium-term growth rate of 4 per cent
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.
In January this year, VW had said it will invest a minimum of Rs 2,000 crore on its Indian operations by 2013 to ramp up capacity, launch new models and strengthen research activities.
Sustained growth only if domestic manufacturing rises
'The actual price of petrol is Rs 35 and it jumps to Rs 88 because of government taxes.'
It will take on Samsung Galaxy Tab models that start at about Rs 24,000.
It will take on Samsung Galaxy Tab models that start at about Rs 24,000.
As there are no takers for the bumper crop of onion and prices are spiralling down, farmers in Indore, Madhya Pradesh are now feeding the bulb to the milch animals.
There has been a marginal dip in the petrol prices.
The GST rate for the sector has not yet been finalised by the government.
Airlines likely to be allowed to operate with smaller aircraft.
Suparn Verma remembers the time he spent with the legend during a Rediff Chat.
The bill defines electronic cigarettes ss electronic devices that heat a substance, which may contain nicotine and other chemicals, to create vapour for inhalation.
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