Top firms get GST notices on credit claims on Friday; replies sought within hours.
The new cabinet, predictably, has a sizeable number of Yadavs and Muslims, though members of other sections of the society also find a place.
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.
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
The combined share of customs and excise duties, service tax, and value-added tax in India's gross domestic product reached an all-time high of 10.5%.
For every rupee in the government coffer, 70 paise will come from direct and indirect taxes, while the government will spend 23 paise towards the states' share of taxes and duties.
The excise duty collection grew by 81 per cent in first quarter against the budgeted 21.7 per cent.
The Election Commission has deployed 36 observers for monitoring the flow of illegal cash and other inducements during the upcoming assembly polls in Meghalaya, Nagaland and Tripura. The officials have been deputed by the Central Board of Direct Taxes (Income Tax department) and Central Board of Excise and Customs (Customs and Excise department) and will act as Election Expenditure Observers, a senior Revenue department official said.
The price of petrol is expected to come down to Rs 84.71 a litre and diesel to Rs 77.98
When Nirmala Sitharaman announced her new privatisation policy, there were serious doubts if the move had the BJP's full political backing. All those doubts were dispelled when her initiatives were endorsed by Modi in Parliament, observes A K Bhattacharya.
Petrol and diesel prices were hiked by 80 paise a litre each on Wednesday, taking the total increase in rates in 16 days to Rs 10 per litre.
The move will boost the government's revenue at a time when Delhi's economy is struggling in view of the Covid-induced lockdown that has been in place since April 19.
As per practice a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government.
Punjab Chief Minister Charanjit Singh Channi on Tuesday allocated portfolios to the new ministers, keeping 14 departments with himself and giving home affairs to deputy chief minister Sukhjinder Singh Randhawa and health to other deputy O P Soni.
Jewellers on Monday decided to continue their pan-India strike for an indefinite period against the Budget proposal.
On April 5, 2016, the Nitish Kumar-led government imposed total prohibition in Bihar. M I Khan crunches numbers for the REAL picture since then.
Indirect tax collection, which includes excise, customs, and services tax, was Rs 2.57 lakh crore.
The Revenue Department has extended the deadline by one month to November 25 for filing of service tax returns for the April-June quarter, as it has not been able to provide electronic return form in time.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
The government has to take a call on reducing or retaining the excise rate.
Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
Service tax accounts for one-third of the total indirect tax collection in the country and the government expects to raise Rs 1.8 lakh crore (Rs 1.8 trillion) through the levy this 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.
The BJP would want that by March 2022, when UP votes, the economy starts looking up and it heads into the polls with no other issue distracting from its main poll plank of the construction of the Ram temple in Ayodhya.
A total of 829 candidates have qualified for civil services, including the Indian Administrative Service and the Indian Police Service, the Union Public Service Commission announced
Finance Minister Arun Jaitley on Wednesday said for the first time fiscal deficit target will be met without budgetary cuts.
The words 'industry', 'industrial development', 'jobs', and 'employment' have been ringing with higher frequency since Mamata Banerjee stepped into her third term with landslide victory after a high-octane election last year. "Our government's next target is industrial development," the chief minister (CM) had been heard stating at different public meetings in the past few months - perhaps setting the tone for the sixth edition of the Bengal Global Business Summit (BGBS) slated for later this month. Investor summits by any state are about intent, big numbers, and tall claims. Yet in competitive federalism, its importance as a marketing tool is undeniable.
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
The government has not given any concrete assurance on the rollback of excise duty.
BJP-ruled Maharashtra levies 46.52 per cent VAT (47.64 per cent in Mumbai) on petrol, the highest in the country.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
Tata Motors on Monday reported consolidated revenue (net of excise) at Rs 7,702.66 crore (Rs 77.02 billion), an increase of 42 per cent as against Rs 5,428.88 crore (Rs 54.28 billion) in Q2 FY06.
With this allocation of portfolios, the Sharad Pawar-led NCP has got most of the 'plum' ministries.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
Finance Ministry has asked excise and service tax officials to exercise caution while summoning CEOs and top functionaries of large firms or PSUs for probing any revenue cases.
Biggest culprit behind India's eroding tax base is excise
The Bihar CM also said that those villages which will help in the campaign against liquor will be awarded.
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