States' demand of compensation from Centre for loss of tax revenue not on agenda.
A key milestone towards indirect tax reform in the country was achieved on Wednesday when state governments approved the introduction of a nationwide dual Goods and Service Tax (GST) from April 1, 2010.
Will have to pay 12% tax besides 3% education cess.
Britain is due to leave the European Union by October 31, with Johnson racing against time to strike a deal to meet that deadline.
Across 10 prominent services, revenue to the government reduced by 20 per cent in the first year of GST compared to the last year of the service tax regime. This happened despite tax liability against these services growing by 50 per cent in one year.
'What has taken the government so long to understand what the people of this country are going through?'
Traders in Kerala on Thursday decided not to sell cigarettes in the state from April 16 as tobacco-manufacturing companies were 'not prepared' to pay the value-added tax for the products.
The consensus was reached after the Centre agreed to the demand of states to go in for horizontal split
After duty cut on imported wine, beer and spirits, the joint working group on Goods and Services Tax has been asked to recommend a new duty regime on goods and services.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
There is nothing specific announced for Chemicals Industry, however, reduction in customs duty
Yashwant Sinha has been India's finance minister and he can rightly take the credit for making the path of reforms in India less arduous.
The government last year introduced the Insolvency and Bankruptcy Code.
Quibbling between the Centre and the states on who should provide more relief to consumers on fuel prices intensified with the latter asking the Union Government to give an account of accruals to it from the latest hike in petrol and diesel prices.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
The phase out of Central Sales Tax, which is a major distortion in the way of smooth functioning of VAT system, will begin from Sunday, albeit a year after and in diluted form than envisaged originally.
This increase excludes local levies. The actual hike after considering VAT would be Rs 2.84 per litre in Delhi for petrol and Rs 2.11 for diesel.
ATF price in Delhi was reduced by Rs 4,765.5 per kilolitre (kl), or 11.9 per cent.
The states have unanimously pitched for sole administrative powers to carry out assessment, scrutiny and enforcement for entities up to an annual turnover of Rs 1.5 crore.
Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
Riding on Samson's record-breaking unbeaten 212 off just 129 balls, Kerala posted a mammoth 377/3 on the board and restricted Goa to 153/3 after play was called off due to inclement weather.
Despite optimism about export prospects, investments and recruitment in the next six months, India Inc's business confidence index fell in the fourth quarter of fiscal 2004-05 compared to the previous period, a FICCI survey said on Monday.
Tobacco will be subjected to the highest tax slab of 28 per cent and an additional cess. The current rates of taxation on cigarettes and chewing tobacco are about 64 per cent and 81 per cent, respectively.
Petroleum Minister Dharmendra Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
The price of non-subsidised cooking gas (LPG) was on cut by Rs 21 per cylinder and that of jet fuel (ATF) by a steep 3 per cent on the back of falling international oil rates.
The government on Thursday hinted at paring down levies on automobile sector, even as he asked carmakers to step up investment to fuel growth and employment.
Check out what rocked the business world this week.
India on Thursday ruled out a Free Trade Agreement with China, until 'domestic distortions' like high taxes and poor infrastructure are corrected.
No immediate comment was available from airlines on the impact of the price hike on passenger fares.
Jaitley said the government has created transparent environment.
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