One of India's leading industry bodies - the Associated Chambers of Commerce and Industry - on Friday urged the government to bring sugar, textiles and tobacco products under value added tax.
The Vivaad se Vishwas scheme is a replica of the Sabka Vishwas (Legacy Dispute Regulation) Scheme, 2019 (SVLDRS) for indirect tax litigation. The hope is that this would unlock revenue blocked in long-drawn litigation at various forums. Sources in the department say the total value at stake in these disputes would be Rs 5-6 trillion.
The state has not touched diesel prices, fearing losing revenue to neighbouring states
The government also withdrew the five per cent VAT on compressed natural gas besides bringing back the VAT for tea, coffee and cocoa to five per cent from the proposed 12.5 per cent.
Kerala Finance Minister K N Balagopal has sought systemic changes in the GST structure, saying every state and consumer has lost because of its basically flawed architecture that has also led to rampant revenue leakage for the states. The Goods and Services Tax (GST) regime came into force in July 2017. Even though the framework is focused on having a one-nation-one-tax model, quite a few items, including petroleum products and liquor are still out of the GST purview.
'Exposure to small and midcap stocks exceeded desired levels in many portfolios, prompting rebalancing.'
Rishi Sunak rushed to the side of a television host after she fainted live on air during a UK prime ministerial election debate, which was cancelled mid-way through.
Both sports and digital will drag down the healthy operating margins that entertainment television continues to make.
With globalisation, the demand of third party logistics business, a western concept, is catching up in the country as Indian firms 'which are eager to expand in new markets' are turning towards it for better management of their supply chain processes, the chamber said. 3PL cuts conventional logistics costs and helps tackle more complicated tasks, he said. Currently, the size of the business is estimated at $58 million.
While stating that raw material costs are under control at present, the company said value added tax on food items is a cause of concern.
Some analysts, however, suggest that car-makers threaten price rises every January in a bid to clear calendar year-end inventory. "There is always a threat from auto companies, usually in January, on a price increase in an attempt by them to clear the inventory. Sometimes, the ploy is never exercised," said Mahatesh Sabarad, a Mumbai-based analyst with Centrum Broking.
In a major relief, information technology hardware industry has decided to pass on the 4 per cent across-the-board excise duty cut to consumers which will help bring down the prices of IT products like TFT monitors, printers and projectors and computers and notebooks.
Days after the Centre hiked the prices of LPG by Rs 50 per cylinder, Tamil Nadu government on Tuesday cancelled a four per cent value added tax on LPG, bringing down the price of a cylinder by about Rs 15 in the state.
Billionaire banker Uday Kotak founded bank as well as brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short seller said on Tuesday. Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani group, said it has received a show cause notice from the Indian markets regulator Sebi over gains made from betting on the conglomerate's shares.
Adani Wilmar Ltd (AWL) on Tuesday announced the acquisition of several brands, including the renowned 'Kohinoor' brand from McCormick Switzerland GMBH to strengthen its leadership in food business. The deal size was not disclosed. The acquisition would give AWL exclusive rights over the brand 'Kohinoor' basmati rice along with 'Ready to Cook', 'Ready to Eat' curries and meals portfolio under the Kohinoor brand umbrella in India, the company said in a statement.
Alarmed at the deteriorating financial health of states, World Bank on Tuesday suggested sweeping reforms including early introduction of value-added tax, expenditure control and other fiscal discipline measures to eliminate their revenue deficit by
At least 11 states accounting for two-third of the country's trade and industrial output are ready to introduce value-added tax from June
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.
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Commerce Minister Kamal Nath is pushing for a major policy change, one that would result in foreign travellers to India being refunded the value-added tax they pay on purchases made here.
The resistance to VAT in Uttar Pradesh has been declining after the tax's success in 21 states.
A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute. The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI. This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country.
Forget about the Tata Nano for Rs 100,000. Or buying a sleek Yamaha R15 for over Rs 97,000. An array of car models is now available at prices under Rs 100,000, thanks to an expected 20 to 25 per cent fall in used-car prices on certain models, in response to the government's decision to reduce Central value added tax (Cenvat) four percentage points for new cars.
With 21 states agreeing to switch over to value added tax from April 1, finance minister P Chidambaram on Thursday asked the remaining states, including Uttar Pradesh and BJP-ruled states, to implement it and add a historic dimension to centre-state
'If petro products are brought into GST, then there will be minor impact on the incidence of tax... and minor impact on prices. The price of petrol, diesel will continue to be driven by global factors'
Finance Minister Jaswant Singh will soon convene a meeting of state chief ministers to work out details for implementation of the much-delayed value added tax in the country.
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.
Finance Minister Jaswant Singh on Friday hinted that value added tax might not take off as scheduled in June as not all states have agreed to its implementation.
There are about 60 second-hand car dealers in Lucknow and small cars such as the Maruti 800, Indica, and Santro are favourites with buyers. The small-car segment accounts for about 75 per cent of second-hand car sales. Second-hand car dealers collect 2 per cent commission from both buyers and sellers for each deal.
In layman terms this means that in cases where buyers purchase houses before completion of construction, builders would be levied works contract tax on the building material.
Layoffs, corporate restructuring, governance and most importantly profitability: The 14 Indian startups that plan IPOs this year are pulling out all the stops to ensure successful market debuts.
All textile items, currently exempted from value added tax, will attract 4 per cent VAT from the next fiscal, the empowered committee said on Thursday.
\nThe traders had earlier decided to go on a strike from October 2, to protest the implementation of VAT on essential foodgrain.
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