The rates set would be excluding cess, transportation charge, marketing margin/service charge and taxes.
Since its rollout 13 months ago, the new indirect tax has yielded Rs 1 trillion only in in April 2018
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
Maharashtra Chief Minister Prithviraj Chavan is agreeable in principle to this tax, but the government is yet to take a decision.
"There is need to extract iron ore, coal but it should not be done at the cost of tribals," he said.
'... the government provides adequate cash and kind support for the poorest of the poor for survival... ...conditional cash and skilling support for the economically poor to raise their incomes to adequate levels... ...and make functional arrangements for providing unemployment allowance to the vulnerable poor during disasters like the present one.'
Durable, automobile and real estate players have been lobbying hard for a tax cut, saying it will boost demand.
Perhaps India needs to implement these for Achhe Din to happen.
A bench, comprising Chief Justice S H Kapadia and Justices K S Radhakrishnan and Swatanter Kumar, directed the companies to pay Rs 1,200 crore as the amount due for the state government.
Japanese automaker says the 'element of trust has been broken'
It is immediately not clear how GST will impact the mass car market. Experts, however, say the level of tax on smaller cars will have to be at a differential to the sedans.
In what could lead to an overhaul of policy, the Union government is looking at a new sugar subsidy mechanism as part of its decontrol proposal. It plans to rope in state governments for the purchase and distribution of sugar to below-poverty-line consumers at market prices.
'The spirit of cooperation between the Centre and states has been diluted in many ways.' 'The level of consultation which used to be there earlier has reduced significantly.'
Finance Minister Arun Jaitley takes a protectionist stance in favour of domestic companies, increases customs duty on certain products.
Finance Minister Arun Jaitley on Monday presented the Union Budget for 2016-17.
After the Cabinet approved the Direct Taxes Code Bill, Finance Minister Pranab Mukherjee had yesterday said the corporate tax rate is sought to be retained at the present level of 30 per cent, but there will not be any surcharge or cesses on it.
The Direct Tax Code (DTC) Bill proposes to raise exemption limit for personal income tax from Rs 1.6 lakh to Rs 2 lakh, Finance Minister Pranab Mukherjee said.
It is fully geared up for the new tax regime and its vehicles will be available under the new prices with immediate effect.
The tax payers whose business receipts exceed Rs 1 crore or professional receipts exceed Rs 25 lakh during the previous year 2015-16 are required to file an Income Tax return accompanied by an audit report by the above mentioned due date
Roland Folger has told the ministries concerned that they are cutting India off from the rest of the world by making it a highly protected market, the Mercedes Benz India CEO & MD tells Ajay Modi.
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.
The budgeted indirect tax collection target is Rs 9.26 trillion, and the Centre has collected around Rs 5 trillion in the first 8 months. So it needs another Rs 4.2 trn in the last four months
A Ganesh Nadar/Rediff.com attends Finance Minister Nirmala Sitharaman's presser in Chennai to tom-tom the government's achievements in its first 100 days in office.
Auto sector has nothing to look forward to in the Budget.
Association of Biotechnology Led Enterprises said customs duty at 12.5 per cent, excise/countervailing duty at 16.32 per cent, education cess at two per cent and additional duty on customs at four per cent result in 36.74 per cent increase in the price of cancer drugs, leading to cost to the patient going up.
Rising rural distress due to back-to-back droughts have put pressure on FM to spend more on social schemes; no change in tax slabs likely
The most experienced administrator in the country seems to have sat back and allowed bureaucrats and policemen to manage the lockdown, observes Jyoti Punwani.
The Supreme Court on Wednesday rejected the Board Of Control For Cricket In India's plea against a tribunal order asking it to pay around Rs 18 crore as service tax for video graphing matches and selling the feed to private sport channels.
Expects exemption of oil and gas profits from minimum alternate tax and all cess in the nature of excise duty are to be subsumed in GST.
Pranab Mukherjee touched upon the problems and the initiatives needed to spur Indian Economy, but there is hardly anything on table for the industry to cheer about.
Marketmen feel the reformist wishlist prescription for the government for next five years though presents a good road-map for future growth but is hard to implement. The Economic Survey mooted the idea of doing away with cess, surcharges on taxes and initiating reforms in petrol pricing and financial sector, besides recommending a disinvestment target of Rs 25,000 crore (Rs 250 billion) annually.
Recommending an end to all cesses and surcharges on taxes, and free pricing of fertiliser and fuel ahead of the Union Budget for 2009-10, the Economic Survey on Thursday suggested aggressive divestment and financial sector reforms to bring the economy back to high growth track.
The direct tax collections are likely to fall short of the revised Budget target by Rs 650 billion and, in fact, were Rs 150 billion lower than the original estimate for the fiscal
The government will mop up Rs 1,400 crore (Rs 14 billion) this fiscal by taxing the second instalment of arrears due to central government employees, who were awarded increased salaries by the Sixth Pay Commission.
Honda Car India is planning to increase prices of its vehicles by up to Rs 6,000 from April to offset the impact of adverse exchange rate that has resulted in higher input costs.
For the first eight months of the current financial year, the figure stood at Rs 7.17 trillion.
The draft Direct Taxes Code promised by the finance minister is up for discussion. This article looks at the proposed changes in the new code which would affect businesses.
Finance Minister Arun Jaitley said the inflation index would determine the nominal growth figure, and it is better to set modest targets and outperform them.
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the income tax law.
'Now is the time for India to course correct and for the government also to course correct,' says businessman Mangesh Khatri.
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