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.
The CAG has found that the Union government in the very first two years of the GST implementation wrongly retained Rs 47,272 crore of GST compensation cess that was meant to be used specifically to compensate states for loss of revenue.
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.
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.
Here is a look at some of Aseem Chhabra's favourite memories of 2020 in Hindi cinema, performances by well-known and new actors, special moments in films and shows.
Petrol price has been reduced four times since March.
To improve compliance, govt may introduce lottery reward for filing GST. The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.
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.
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.
Oil companies have cut petrol price by Rs 0.95 per litre with effect from midnight tonight.
Finance Minister Arun Jaitley refuted the allegations saying when items of common use were being taxed, how could luxury items be kept out.
Petrol prices in India are amongst the highest in the world.
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.
'I came here to witness the historic message this oath-taking ceremony has sent to the nation and Maharashtra.'
Actual reduction in price will be more after taking into account local VAT.
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.
Mohan will be responsible for aligning of teams, overall strategy in this country and driving Facebook's investments in India
590 cricketers -- including 370 Indian players and 220 overseas players -- will go under the hammer during the two-day mega auction in Bengaluru on February 12 and 13.
The Centre on Thursday placed before the GST Council two options for borrowing by states to meet the shortfall in GST revenues, pegged at Rs 2.35 lakh crore in the current fiscal.
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.
After much persuasion by the UPA government in the aftermath of the petrol price hike, some Congress-ruled states made part-relaxations in taxes.
Farmer leaders on Monday started their day-long hunger strike against the Centre's new farm laws and said protests will be held at all district headquarters later in the day, even as more people are expected to join the ongoing agitation at Delhi border points.
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.
The ban in India would hit Chinese internet companies that were making headway in the world's fastest-growing mobile market.
She charged the government with profiteering at the expense of the people, saying its duty was to help them in times of crisis and not make profits out of their hard-earned money.
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.
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.
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.
Electricity has also been kept out of the GST ambit.
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.
So far, 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses, who had registered in July, filed returns.
lobal output returning to its medium-term growth rate of 4 per cent
Sustained growth only if domestic manufacturing rises
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.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
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