Higher reliance on GST receipts for revenue reduces states' autonomy as these receipts depend on tax rates decided by the GST Council, a report by Delhi-based non-profit, PRS Legislative Research shows.
'It's the relationship that is important.'
Biscuit manufacturers have sought abolition of excise duty and reduction in value added tax by as much as 4 per cent in the Budget, stating that the product is consumed by common man and also distributed as relief material.
New GST rates are between 5-18% on sectoral products
'The impact of COVID-19 on the economy has been so overwhelming that even a significant drop in global oil prices, which in normal times would have brought cheer, has posed new challenges for the government,' observes A K Bhattacharya.
Diesel rates were cut by 40 paisa to Rs 68.89 a litre. With this, the reduction in rates in last six weeks totals Rs 9.26 per litre on petrol and Rs 7.2 per litre on diesel.
The pictures tell the story of the grand success of the first International Yoga Day.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
Inflation in onion continued to rule high at 42.22 per cent and in potato at 43.25 per cent.
Company says that this is a long-term plan as it continues to evaluate options.
Confident of meeting the schedule of introducing the goods and service tax in the beginning of the next fiscal, state finance ministers will meet the finance minister Pranab Mukherjee around mid-June on various issues relating to the new tax system.
In an attempt to stop states from levying local sales tax on inter-state transactions, the Centre has told Rajasthan that only Central Sales Tax can be levied on crude oil sold from Cairn India's fields in the state to refiners elsewhere.
While almost all the members belonging to the ruling National Democratic Alliance took oath by swearing in the name of god, Human Resources Development Minister Prakash Javadekar, who was re-elected to the Upper House from Maharashtra, took oath affirming his allegiance to the Constitution of India.
The prices of mobile handsets are likely to increase in Maharastra from Wednesday as the state government has hiked the sales tax on devices to 12.5 per cent from four per cent now.According to analysts, the tax increase would push up the cost of a Rs 3,000 mobile handset by Rs 250.
The kids have picked their favourites!
Bollywood superstar Amitabh Bachchan has been slapped with a showcause notice by the Directorate of Revenue Intelligence (DRI) for allegedly not declaring dutiable goods at the Mumbai airport while returning from London last year.
In Air 2, Apple has upgraded main camera to 8 megapixel while camera in iPad mini 3 remains the same at 5 MP.
Traders are placing great hopes that the next Budget will have some concrete measures on implementation of Goods and Services Tax but some experts doubt the new tax may take more time than expected.
After achieving high levels of market penetration, the Rs 8,800 crore (Rs 88 billion) detergents industry is now banking on growth through high-value products and innovation. Innovation in the laundry care industry is possible through four ways, according to Sudhanshu Vats, category head, home care, Hindustan Unilever (HUL).
With the introduction of the single window clearance provision, pre-production windows are expected to reduce significantly. Not only will it have an impact on the operational cost of the film, it will also allow studios to release films faster.
Amarnath Yatra Sangharsh Samiti (AYSS) on Wednesday announced the launch of civil disobedience movement in Jammu region.
The Centre will soon write to the states to bring uniformity in the Value Added Tax on oil products so that benefits of price cuts filter down to the masses.
'... the government provides adequate cash and kind support for the poorest of the poor for survival... ...conditional cash and skilling support for the economically poor to raise their incomes to adequate levels... ...and make functional arrangements for providing unemployment allowance to the vulnerable poor during disasters like the present one.'
Real Madrid's revenues exceeded 500 million euros for a second consecutive season in 2012-13, rising 1.3 percent to 520.9 million (436.7 million pounds), the world's richest club by income said.
Tata Motors on Monday announced that the Tata Nano Standard version (BS2) will be priced at Rs 1 lakh (Rs 100,000) ex Factory Pantnagar (excluding transportation charges and VAT) thereby delivering on the promise made at the unveiling of the car at the Auto Expo in New Delhi last year on January 10th 2008.
Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.
The excise duty on unbranded petrol was increased from Rs 5.46 per litre to Rs 7.06 a litre.
At present, 70% of the mobile handsets sold in India are imported.
According to Ilmi, she was invited by RSS-supported Forum for Awareness of National Security to speak at a seminar on "Triple Talaq" and the university had pressurised the organisers to change the subject to "Muslim's women's empowerment: Issues and challenges" and drop her name from the speaker's list.
The peak GST rate of 28 per cent as also the 5 per cent ad valorem cess will continue
Almost half of the retail price of petrol of Rs 44.63 a litre in the national capital comprises taxes and duties, Minister of State for Petroleum and Natural Gas Jitin Prasada said.
What has come as a bigger blow for small traders in the commodity market is the 'invasion' of big retailers into the commodity market. This is hurting them more than the Centre's new regulation curbing stock holding and the effects of VAT. In fact, entry of big retailers has created a new dimension in the commodity market, particularly in the last two years. The small traders hold them responsible for the current scenario in the market, including steep rise in prices.
Hit by soaring fuel prices, the aviation industry is mulling introduction of a "differential fuel surcharge" based on VAT rates in each state to partially offset losses suffered by the air carriers. "Airlines would not be able to survive if the cost of aviation turbine fuel (ATF) is so high and competition brings down the fares," V Thulasidas, chairman and managing director, Air India said.
The company will operate the IT system for five years.
The recognition that content - video in particular - will be the next big thing in the telecom wars requires no rocket science.
The kiosks will offer government services like land records, various licences, getting cast or domicile certificates, filing of VAT return, payment of motor vehicle tax, and enrolment forms for the state government's pension scheme for the old and destitute. The operators, running these kiosks, will be allowed to collect user charges to recover their investment.
Tamil Nadu says it's intriguing only BJP-ruled states top the list, while industrialised states are given a go-by.
In the late 1990s, the Gujarat government had issued a policy allowing deferment of sales tax/VAT up to a certain amount, with the benefit capped for a period not exceeding 17 years. Projects with investment over Rs 1,000 crore could be eligible for the tax benefit. A deferment benefit on sale tax means a dealer is allowed to postpone the payment of tax on purchase of raw materials sales of products for a fixed period or/and up to a specific monetary limit.
India, which imports over 80 per cent of its oil needs, spent $87.7 billion on importing 220.43 million tonne (MT) of crude oil in 2017-18. For 2018-19, the imports are pegged at almost 227 MT.
The Centre has decided to keep ayurveda products in the mid-range of the goods and services tax
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