In a significant verdict, the Supreme Court by a majority of 7:2 on Tuesday held all private properties cannot form part of "material resources of the community" empowering states to take them over for distribution to serve "common good" under the Constitution.
The Group of Ministers (GoM) on goods and services tax (GST) rate rationalisation, which convened in Goa on Wednesday, reviewed the GST rates for over 100 items, including textiles, handloom goods, agricultural products, fertilisers, and educational materials. However, no consensus was reached on any of the items, with further discussions scheduled for next month in Delhi.
Stocks of Indian steel companies are reeling from pricing pressure that is partly blamed on cheap imports. The stocks have declined up to 9 per cent on the NSE in one month, likely allowing investors an opportunity to use the correction to enter the pack as pricing pressure eases. "In steel or any other commodity, if prices or spreads are nearing their bottom, it can be an opportune time to invest in those stocks.
The hike in clean energy cess is likely to impact input cost for thermal power producers
The road ministry has put forward two proposals before the Prime Minister's Office and the finance ministry.
GST Council decides to extend compensation cess beyond June 2022.
Adding petrol and diesel to GST was a challenging task due to their significant role as revenue generators for both the central and state governments.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
The state government has decided to open the retail liquor vends throughout the state barring in coronavirus 'containment zones', Deputy Chief Minister Dushyant Chautala said.
Cess upto 2 per cent will be levied
There was speculation that a one-time special Covid-19 cess would be imposed and that it would raise an estimated Rs 18,000 crore.
Besides central cess, the Empowered Committee of State Finance Ministers has also recommended to keep purchase tax and octroi, which are collected at state and local levels, outside the GST framework.
The education cess will be a 2 per cent surcharge on the total payable tax, and not 2 per cent of total income.
GST collections in July rose 10.3 per cent to over Rs 1.82 lakh crore, mainly driven by domestic transactions in goods and services, according to official data released on Thursday. This is the third-highest-ever monthly collection recorded since the indirect tax regime was rolled out 7 years ago on July 1, 2017. According to the data, total refunds stood at Rs 16,283 crore in July.
In a setback to the Centre, the Supreme Court on Thursday held that states have the legislative competence to impose taxes on mines and minerals-bearing lands under the Constitution.
Union Budget 2012-13 has hiked the cess on crude petroleum oil produced in India from Rs 2,500 per tonne to Rs 4,500 per tonne. This is highly negative for upstream companies producing crude oil because the companies have to absorb the hike in cess as crude oil prices are priced based on the landed cost of imports.
The 14th Finance Commission had recommended that states' share in the divisible tax pool be raised to 42 per cent, from 32 per cent earlier.
The Indian government on Thursday decided to exempt all textiles and textiles machinery manufactured in the country from a long-standing cess.
Experts believe that the government needs more innovative ways to secure the cyber space in the country and a cess is more like a punishment which would not help in the long run.
The cess collected on cars as also tobacco and coal will be used to compensate the revenue loss of states by implementing GST.
New rates effective will be effective from 15 November.
Maruti Suzuki India (MSIL) will hold discussions with the Centre and state governments on how the production of compressed biogas (CBG), which can be used in vehicles that run on compressed natural gas (CNG), can be expanded in the country, its majority shareholder Suzuki Motor Corporation (SMC) said. The demand for CNG vehicles has been rising significantly in the country. MSIL sold 145,000 CNG vehicles in the first quarter of 2024-25, marking a 28.3 per cent year-on-year (Y-o-Y) growth.
Hybrids have helped Maruti acquire leadership in SUVs, a segment that was never its forte. Toyota has also risen with the hybrid tide to clock its highest-ever annual sales in 2023.
The Centre has projected reining in its fiscal deficit at 3.3 per cent of GDP in FY19.
The country's gross GST collections hit a record high of Rs 2.10 lakh crore in April, growing 12.4 per cent year on year driven by a strong increase in domestic transactions and imports. GST collections breach landmark milestone of Rs 2 lakh crore, the finance ministry said in a statement.
The decision to impose 0.5 per cent cess will translate into a tax of 50 paise only on every Rs 100 worth of taxable services.
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
The Consumer Electronics and TV Manufacturers Association on Thursday strongly objected to reports suggesting levy of cess on television sets, saying it would cripple sales.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
The government may levy a cess on domestically produced natural gas to fund construction of gas pipeline network, Petroleum Secretary R S Pandey said on Wednesday.
A group comprising top tech startups and unicorns has raised several "serious concerns" over a platform-based gig workers Bill proposed by the Karnataka government, saying it would hurt the ease of doing business. They told the state government the Bill in its current form would hamper operations and increase regulatory and compliance burden on the nascent gig and startup economy, according to sources.
In her Budget speech, Finance Minister Nirmala Sitharaman on Tuesday underlined the need for collaboration between the Centre and states to take up the next-generation reforms covering land, labour, capital and entrepreneurship. As far as revenue share goes, the government has projected to give about 32.5 per cent of central taxes to states during FY25, against the 15th Finance Commission's recommendation of 41 per cent, according to the Union Budget estimate.
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
FM had proposed an enabling provision to levy cess at 2%
Mahindra & Mahindra on Friday said it has been imposed a penalty of Rs 4.12 crore over input tax credit claim and education cess credit balance carry forward from pre-GST regime to GST regime in relation to its two-wheeler business. In a regulatory filing, Mahindra & Mahindra said it has received an order from the office of the Deputy Commissioner, State Tax, Audit Wing, Indore-01, Madhya Pradesh imposing a penalty amounting to Rs 4,11,50,120 to the two-wheeler business of Mahindra Two Wheelers Ltd (MTWL), which was demerged from MTWL and has since been merged with the company.
The government plans to increase the 2 per cent education cess in the coming Budget, but it is not going to mean more money for education.
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