Noting that there is a huge potential in the agricultural sector, he said value added production through processing could add considerably to the economic growth.
The bulk of states' revenue comes from the devolution from the Centre's divisible tax pool, GST, VAT on petroleum, and excise duty on alcohol.
Cars and two-wheelers attract 28% GST and a cess in the range of 3-22%, taking the effective tax rate to up to 50%.
While Swissport, an European infrastructure and service corporation providing value-added airport services at 187 airports across 43 countries, is going with India's Punj Lloyd group, Menzies is partnering Cambata Aviation for the bid. Cambata has been providing airport services at the Mumbai airport since 1967. Turkey's Celebi Ground Handling is reportedly teaming up with Spencer Travels as overseas bidders.
If imputed inflation for April and May is used, then you have inflation of over 6 per cent for two consecutive quarters, which is a worrying signal for the RBI.
A discussion paper by the empowered committee of state finance minister released today said taxes levied by the central government like excise, additional excise duty and various surcharges and cesses would be part of the GST.
To improve compliance, govt may introduce lottery reward for filing GST. The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.
Nikesh Arora has an engineering degree in electronics and worked for a brief period at Wipro, selling computers.
As the strategic IT services partner for IMSS, TCS will provide IT services including application maintenance and support, custom software development, business analysis services and value-added initiatives for the organisation's affiliates, a release said. TCS won the order following a public bid process and an assessment based on technology and financial parameters, it added.
The much-vaunted GST will reform India's complex indirect tax system, while maintaining the balance of power between the Centre and states. We bring you the key figures in its evolution. . .
Continued lack of consensus at next meeting could cast shadow on GST rollout by April 1.
Babajob.com is trying to help unorganised blue-collar workers get better employment.
The economic activities that registered growth of over 6 per cent in the second quarter are manufacturing, electricity, gas, water supply, other utility services and trade, hotels, transport and communication, and services related to broadcasting.
Bihar's Deputy Chief Minister Sushil Kumar Modi tells Ajit Jain about tax lessons he learned in Canada
But their trajectory and direction have been largely influenced by politics and the political leadership's understanding of how the economy needs to be managed, explains A K Bhattacharya.
Higher reliance on GST receipts for revenue reduces states' autonomy as these receipts depend on tax rates decided by the GST Council, a report by Delhi-based non-profit, PRS Legislative Research shows.
China is keen to rebalance its economy towards higher consumption, services, technology use and value-added exports. The hope is that its currency will strengthen as the world embraces it as a global trade and reserve currency, say Abheek Barua & Bidisha Ganguly.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
Barjeel Geojit Securities has launched an online platform for NRIs to trade Indian Mutual Funds.
'The answer for a quicker boost to growth is simple -- run a much larger deficit, use the resulting public resources to ensure adequate price support for agriculture, subsidise wage costs of MSMEs and accelerate public sector construction-intensive activities,' advises Nitin Desai.
NSO has pegged economic growth at 5 per cent in 2019-20 in its second advance estimates.
'The telecom companies are our lifeline now, despite having nearly collapsed under debt because of ill-advised policies.' 'Perhaps our obvious dependence on telecom services will spark well-conceived policies for this sector,' says Shyam Ponappa.
Indian telecom giant Bharti Airtel has now become India's biggest music company, overtaking the industry leader Saregama, on the back of its music-related value-added mobile services, a top executive has said.
The new Goods and Services Tax (GST) is broadly as announced by Pranab Mukherjee in his Budget speech in July, and will comprise two parallel systems.
Even as the Indian IT industry is studying the fine print of the European Union (EU) to expand the scope of value-added-tax (VAT) from January 1, to include services like back-office operations, call centre work and administrative services delivered from non-EU nations (including India), it does not appear to be unduly perturbed.
N R Bhanumurthy, professor of economics at the National Institute of Public Finance and Policy, and the author of the series, presented in a report to the National Statistical Commission, explains to Abhishek Waghmare various aspects of the methodology.
The CSO estimate is, however, a bit lower than 7.4 per cent growth projected by the Reserve Bank for the current fiscal.
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
A visit to an ATM today can help you accomplish myriad value-added transaction services like utility payments, pre-paid mobile re-charge, credit card payments, tax payments and much more.
GST making you anxious? Here is a fact-check on how new tax will impact you.
Though the states might lose because of providing tax credit on input, they will also gain by way of taxing services. At present, only the Centre taxes around 100 types of services. Thus, the actual losses states might incur cannot be estimated until the GST is implemented.
The blaze erupted around 7 am in the gas processing plant of the ONGC located in Uran area of neighbouring Navi Mumbai, an official said.
Modi, who also handles the finance portfolio in the Bihar government, replaces Asim Dasgupta, who had served in the post for over a decade since the formation of the body.
Almost each of these companies has a different technology to show for the effectiveness against microbes.
The fall in investment rate is not surprising. But putting it together with rising share of wages in GVA, it shows that the focus is more on productivity, rather than adding new capacity, says Pronab Sen, former chief statistician of India.
The intra-city cable leasing deal will give RCom Rs 1,200 crore, which will be used to clear some of its debt.
Implementation of GST demands full support from all states.
Only luxury and 'sin' items could be left in highest slab. 12 and 18 per cent slabs could be merged in the future
India showed revival signs in the March quarter.
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