They say it will have severe impact on their financial strength
The Bill was introduced in the Lok Sabha in December.
As corporate India gears up to be GST-ready, the ongoing litigation and tax dispute cases are something most businesses are cagey about.
The reduction in rates is likely to be announced by the month end as per the practice of fortnightly revision in prices, and has been made possible due to appreciation of rupee against the US dollar.
Oil Minister M Veerappa Moily on Friday hinted at a reduction in price of petrol in next few days, the first cut in rates in over five months.
Experts have flagged issues regarding the levying of new cess/tax, especially those related to complications in administering the cess.
The rates, on net calorific value (NCV) basis, dropped to $ 5.05 per mmBtu for six month period beginning April 1, 2015.
Besides, the government would also undertake and promote steps for water conservation and curbing extraction of underground water, which is depleting the water table and is a matter of concern, the minister said.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which Opposition Congress has been blocking the Bill in the Upper House
It expects the Indian market to grow to 10 million units annually by 2030 and it intends to control half the market then, like it does now.
Jet fuel (ATF) rates were on slashed by a steep 12.5 per cent, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
The CBEC will itself be rechristened as the Central Board of Indirect Taxes and Customs and will supervise GST and Customs activities and provide the government policy inputs.
In five monthly reduction, non-domestic LPG rates have been slashed by Rs 170.5 per cylinder, bringing the price at three-year lows.
A prolonged war in Iraq would shake the Indian economy with oil prices going up and growth rate dropping to 2.5 per cent, A C Muthiah, the president of Federation of Indian Chamber of Commerce and Industry
Jaitley says govt is open to scrapping 1% additional tax on GST
Finance Minister Arun Jaitley on Wednesday said for the first time fiscal deficit target will be met without budgetary cuts.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price cut will bring relief to the cash-strapped carriers.
The next meeting of the GST Council on January 16 would discuss the issue of jurisdiction over assessees as well as try to reach a finality on taxation of territorial waters
While LPG price was raised by Rs 18, kerosene saw a hike of Rs 3 per litre
The Aam Aadmi Party government's first 100 days in power in Delhi have been a mixed bag
On April 5, 2016, the Nitish Kumar-led government imposed total prohibition in Bihar. M I Khan crunches numbers for the REAL picture since then.
10 women and six minors are among the injured, the officials said.
The final rate will be worked out by the GST Council, Finance Minister Arun Jaitley said on Wednesday.
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
Cigarette companies have substantial wriggle room thanks to India's complex tax structure, which categorises them by length and filter
Jet fuel or ATF prices were on Thursday were cut by a steep 4.5 per cent, the first reduction in rates in six months.
The GST Council, headed by Jaitley and comprising representatives of all the states, is scheduled to meet in Srinagar on May 18-19 to finalise tax rates on different goods and services after unifying at least 10 indirect taxes into the Goods and Services Tax.
The government has proposed to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related to the new indirect tax regime.
The price reduction will be effective midnight tonight, announced Indian Oil Corp
Jewellery showrooms in Tamil Nadu and Andhra Pradesh were also opened.
Aviation turbine fuel to now cost more.
The cess collected on cars as also tobacco and coal will be used to compensate the revenue loss of states by implementing GST.
Inching towards rolling out of GST, the GST Council on Saturday approved a law to compensate states for any loss of revenue from the implementation of the new national sales tax but deferred approval for enabling laws to next meeting.
Gold traders and jewellers continued their strike for the 17th day today in protest against the 1 per cent excise duty on non-silver jewellery announced in the Budget.
Pharma body wants all excisable goods used for R&D purposes should be exempted from central excise duty.
