Empowered committee of state finance ministers on value-added tax has sought to allay fears of traders that the new tax system will lead to increase in prices, stating that the worldwide experience did not support this apprehension.
He's the hero for forging consensus on GST, popular in the Left Front and among his students, but industrialists are less than enamoured.
Six more states are set to join the value added tax regime from April
Kerala's tax authorities are also reviewing other e-commerce companies for similar discrepancies, and might fine more defaulters.
Finance Minister Jaswant Singh said on Wednesday the value-added tax system cannot be implemented across the country until all preparations are completed.
Led by a new generation of entrepreneurs, India's family offices are shifting from traditional investments in physical and tangible assets like real estate to investing in technology, healthcare, and retail stocks. This new wave of family offices is engaging in stock market investments, including pre-IPO placements and secondary market operations. "Born into a world of technology, the next generation, especially those born after 2000, view technology as equally crucial as finance for running a business.
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.
Implementation of the VAT regime, strongly favoured by the Kelkar committee on tax reforms, has been hanging fire since April this year.
Petrol price on Thursday crossed the Rs 100-a-litre mark in Thane district of Maharashtra, while it was hovering a tad below that level in Mumbai, after fuel prices were raised again.
Work has to be done on a war footing from now to implement the GST regime.
Economists on Saturday urged Finance Minister P Chidambaram to give a "big push" to the economy by stepping up investment in agriculture and infrastructure besides rationalising taxes, introducing value added tax
Concessional rate of tax on dividends received by Indian companies from foreign subsidiaries will be done away with from April 1, a change that may hamper global expansion of Indian companies and compel some firms to move their headquarters out of India to geographies such as Singapore and Dubai. At present, dividends received by Indian companies from their foreign subsidiaries are subject to a concessional tax rate of 15 per cent under Section 115BBD of the Income Tax (I-T) Act. The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill.
Petrol prices in India are amongst the highest in the world.
CM Prithviraj Chavan indicates issue to be discussed once again by Cabinet
The promise made in Yadav's 2012 election manifesto of giving an unemployment dole of Rs 1,000 found precedence in his maiden budget speech.
In its first official engagement with the Indian government, Elon Musk-led Tesla and other global automotive (auto) manufacturers sought clarification on the new electric vehicle (EV) policy, specifically regarding investment guidelines and the timeline for the domestic value addition (DVA) requirement. Officials who attended the meeting told Business Standard that the original equipment manufacturers (OEMs) tried to understand whether the complete investment would be made within three or five years and the duration they would have to achieve the 50 per cent DVA. "The consultation meeting was convened to address queries from auto OEMs.
Implementation of value-added tax will bring down retail prices and may add Rs 75,000 crore (Rs 750 billion) per annum to government revenue, according to industry body Assocham.
Delhi government on Wednesday exempted life-saving medicines from taxation under the value added tax regime and decided to approach the Empowered Committee of State Finance Ministers for reduction in sales tax on diesel.
Once declared a dud stock, Suzlon has generated stellar returns for investors thus far this calendar year. On a year-to-date (YTD) basis, Suzlon's share price has doubled investor wealth by soaring 109.35 per cent on the bourses. By comparison, the benchmark BSE Sensex has gained just 11.2 per cent.
The present tax revenue of the state is Rs 120,000 crore.
China has scrapped tariffs and value-added taxes on core equipment, components, and raw materials imported and used in civilian high-tech projects.
The states have been dismissive of the Centre's suggestion to cut taxes and advance the date of implementation of value added tax regime for medicines
Why are financial-technology (fintech) players moving back to India, or doing the reverse-flipping?
These products are extremely transparent and are the lowest charged products in the insurance space. The policyholder has to only pay the fund management charge. Hence, from the cost side, ULIPs are very competitive.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
Maharashtra is likely to incur a revenue loss of Rs 1,500-2,000 crore (Rs 15-20 billion) in the current fiscal due to implementation of value added tax.
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