As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
At a meeting with Commerce and Industry Minister Kamal Nath, the cement manufacturers had yesterday agreed for a small roll back in prices. Nath had said though price increase was only two per cent in the last one year, the industry had agreed for a reduction in prices.
Contribution of the service sector in the GDP is 56 per cent but the share of the service tax in the GDP is just 1.1 per cent, Chairman of Central Board of Excise and Customes P C Jha said in a interaction meeting organised bythe Bangalore Chamber of Industry and Commerce on Friday night.
UK-based British Airways has been slapped a service tax notice by the Revenue Department asking it to pay the balance of Rs 143.5 crore (Rs 1.44 billion) liability on sale of tickets in India between May 2006 and November 2007.
Govt doesn't buy restaurants' input tax excuse and has swing into action and looking into profiteering complaints on social media against prominent restaurant and franchise chains.
The government is unlikely to raise petrol and diesel prices before the end of the current monsoon session of Parliament and may moderate the hike with a dose of excise duty cut, a top official said on Wednesday.
Bihar police on Wednesday conducted raids in Siwan jail in connection with the murder of senior journalist Rajdeo Ranjan.
BCCI ACU chief calls for match-fixing law, legalised betting to contain corruption
It said the money supply recovered to its pre-demonetisation level in mid-2017 and is now increasing steadily, similar to the previous trend.
B L Agrawal, a principal secretary in the Chhattisgarh government, was arrested for allegedly bribing people to help him wriggle out of corruption cases pending against him, while J P Singh, a former joint director of in Enforcement Directorate, was held for accepting illegal gratification to favour the accused in the Indian Premiere League betting scam.
The department of commerce may de-recognise the 247-hectare engineering special economic zone at Hazira, promoted by Essar Hazira SEZ Ltd.
A BA spokesperson maintained that the airline 'has not evaded any taxes.' The revenue department had in July served service tax notice on the airline for payment of balance out of the Rs 143.5 crore (Rs 1.43 billion) liability on tickets sales in India between May 2006 and November 2007, but BA did not pay the amount.
Nitish Kumar has to eschew disastrous experiments with prohibition and reservations in the private sector. Unless he is dissuaded from pursuing these flawed measures, he will pave the way for Bihar to again become a part of the BIMARU group of sick states, says Amulya Ganguli.
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
Oil Minister M Veerappa Moily has asked the finance ministry to cut duties on branded petrol and diesel that offer better mileage and help cut fuel consumption.
Excise duty and other tax exemptions for attracting industries to hilly states may not go away, but could be limited to fresh investments in the Budget for 2007-08.
The government on Tuesday slashed the import tariff value on gold and silver to $59 per 10 grams and $ 470 per kg respectively, following weak global cues.
The Nitish Kumar government is leaving no stones unturned to plug the loopholes in the implementation liquor ban.
This incident has again exposed that despite prohibition being in force in Bihar, alcohol is still available in the black market and that the liquor mafia is very much active
These benefits would only be available to individuals and corporates, and professionals like auditors will not be able to use this route as they are duty-bound to report any wrongdoing.
Inflation surged to 6.46 per cent during the week ended March 3, as against 6.10 a week ago as vegetables became costlier and so did cement, whose prices were hiked by manufacturers after the Budget.
China is slowing down, Europe is barely afloat and the US is meeting a larger chunk of its own demand.
For last fortnight, the tariff value of gold was fixed at $382 per 10 grams and silver at $516 per kg.
Huge margins, high custom duty and increasing demand among youngsters have led to exponential increase in smuggling of foreign cigarettes.
India, the world's largest consumer of gold, has imported 393.68 tonnes of the yellow metal during the April-September period of this year
Rocky's mother and suspended Janata Dal-United MLC Manorma Devi told a police team that he will surrender in the court soon. M I Khan reports.
The fourth and final Test match between India and South Africa to be held in Delhi from December 3-7 is set to be moved to Pune after the Arvind Kerjiwal-led Aam Aadmi Party government refused to grant Delhi and District Cricket Association the required permissions to host the match.
The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime
The revised structure will help to keep airfares down, when airlines already face a triple challenge of rising crude oil prices, rupee depreciation and constrained airport capacity.
Rajan also said weak results from India's corporate suggested final demand is yet to pick up strongly.
LG Electronics India Ltd on Thursday said it was planning to manufacture laptops at its proposed greenfield plant at Ranjangaon near Pune.
Service tax collection is likely to cross the Rs 40,000 crore (Rs 400 billion) mark this fiscal, far exceeding the target of Rs 35,000 crore (Rs 350 billion), a senior Finance Ministry official said on Thursday.
