Mobile phones in West Bengal will become more expensive than any other part of the country, thanks to the state government increasing the state value added tax on the product from 4 per cent to 12.5 per cent. The increase in prices, to be effective from September 8, is expected to give a major fillip to the grey market in the state.
Finance Minister Jaswant Singh has called off the meeting with empowered committee on value-added tax, scheduled for Tuesday.
Contrary to usual practice, the new Samvat year, the most auspicious day for Indian business, will start from home this year, as traders have downed their shutters across the country to protest against value added tax system
The tax department has deployed about 40 large and small machines to count currency notes and brought in more department and bank staffers to finish the counting process, which began on December 6 following raids against Boudh Distillery Pvt Ltd and others, they said.
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
The finance ministry will set the ball rolling for an early introduction of a nationwide value-added tax with a two-day meeting of state finance ministers starting in New Delhi on Friday.
All 'important' issues will be up for deliberations, a BJP leader said of the meeting, adding the party is also likely to laud the central government for its handling of the COVID-19 pandemic, including the vaccination drive, and hail Prime Minister Narendra Modi for his development initiatives and successful foreign visits.
'TMFs trump FMPs and FDs when it comes to investing in a high-duration product.'
The Planning Commission has favoured the early introduction of nationwide value-added tax regime to augment revenues of the states and further restructuring of their costly debt to reduce their interest burden.
Tata Motors has set up a separate team at its plant in Pune to examine ways to cut manufacturing costs on the Nano, the small car scheduled for an October launch, to bring the ex-showroom price down to the psychological Rs 1 lakh mark, managing director Ravi Kant said.
The finance ministry has sanctioned Rs 259.89 crore (Rs 2.6 billion) for Maharashtra to meet shortfall in revenue due to implementation of value added tax in the first quarter of this fiscal.
The third quarter (Q3) of 2023-24 (FY24) has proven to be pivotal, witnessing some startups turning profitable and others enhancing their performance as their businesses finally begin to deliver. Startups like Delhivery, Zomato, PolicyBazaar, Mamaearth, and Nykaa have either become profitable or improved their profit margins in Q3FY24. A renewed focus on profitability, supported by operational efficiencies, expense rein-in, and robust demand during the festival season, has empowered companies to strengthen their performance.
The Value Added Tax system has no adverse impact on consumer prices, and revenue earnings under the new regime have shot up by 15.3 per cent during the first quarter of the current fiscal, Finance Minister P Chidambaram told the Rajya Sabha on Tuesda
The Maharashtra government has decided to reduce the value added tax (VAT) on petrol and diesel by Rs 5 and Rs 3 per litre respectively, Chief Minister Eknath Shinde said in Mumbai on Thursday.
The prices of essential commodities like flour and vegetables have flared by 18-20 per cent in Delhi as wholesale trade has slumped to a third ever since the state switched to the value-added tax regime on April 1.
Ready with the "groundwork", the Empowered Committee on value-added tax is likely to press for President's nod on VAT Bills of at least nine states by May 25
Hindustan Levers Ltd, India's top consumer goods firm, is likely to report first-quarter net profit fell nearly 13 per cent and revenue dipped as distributors held off on new orders due to uncertainty over a new value-added tax.
A crucial meeting of the empowered committee on state-level value added tax will be held in New Delhi on Tuesday to thrash out the problems that have stalled the implementation of the system from April 1.\n\n\n\n
Indian drugmakers' domestic sales of ready-to-take medicines in January-March could be lower than expected as distributors suspended stocking in anticipation of a new value-added tax system coming into force, analysts and industry members said.\n\n\n\n
The nation-wide bandh by traders to oppose introduction of the value added tax VAT) system entered the second day on Tuesday even as the implementation of the new tax regime was deferred.
A nationwide value added tax regime from April 1 may have come under a cloud with Kerala joining Delhi in deferring its scheduled implementation, one thing is, however, sure: VAT will not lead to a huge increase in retail prices.\n\n\n\n
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances