While clarifying the provisions of service tax to be levied on services provided by air conditioned restaurants with licence to serve liquor, the CBEC said the value added tax excluded from the taxable value.
Delhi-based Jasmeet Singh Sandhu, an Indian Revenue Service officer, has secured third position in the test.
Petrol price was on Friday cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after an excise duty hike limited the benefit of global crude prices slumping to six-year low.
"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 corporate income tax breaks make up a relatively small part of $80 billion in business giveaways.
The Centre is against giving any shock in the first year of the rollout by bringing in new services.
For every Re in govt coffer, one-fourth will come from market borrowing.
Work has to be done on a war footing from now to implement the GST regime.
The Economic Survey states that the rationalisation and reprioritisation of subsidies through better targeting would play a vital role in fiscal consolidation and in targeting expenditure more towards inclusive development.
In a pre-Budget meeting with Revenue Secretary Sunil Mitra, Ficci President Rajan Bharti Mittal said in view of the looming threat of a double-dip recession and another slowdown in western countries, the stimulus should not be rolled back in the Budget in February.
Oil companies on Monday slashed petrol price by Rs 3.02 per litre.
CM Trivendra Singh Rawat cancels licences of the two government-controlled liquor shops in his constituency. The state government is facing an uphill task in opening new shops in face of widespread agitation by women.
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
Steep taxes on petrol and diesel add to the cost of economic activity and reduce the Indian economy's competitiveness. The two fuels must be brought under GST's purview, suggests former IAS officer Ajay Shankar.
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
Ahead of Union Budget, the government on Thursday said it hopes to exceed the indirect tax collection estimate of Rs 3.36 lakh crore for this fiscal in view of the buoyancy in the economy.
The central government will lose about Rs 24,000 crore (Rs 240 billion) of revenue during the current fiscal on account of reduction in customs and excise duties on petroleum goods.
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The GST will subsume most of the indirect taxes like excise duty and service tax
'The distrust of traditional political parties in Punjab is an advantage for AAP.'
Simplicity will make the Budget investment-friendly
Increase in first half of FY14 comes despite a fall in average crude prices; weak rupee helps.
The much awaited new indirect tax regime Goods and Service Tax (GST) is unlikely to be implemented from the scheduled date of April 1, 2011, a top government official said on Tuesday.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
'Internet, healthcare and life insurance are a few sectors which offer solid long-term decadal potential.'
Apart from the chief minister and deputy chief minister, 13 cabinet and 10 ministers of state were allocated portfolios.
The Department of Revenue Intelligence, Customs and Central Excise have intercepted a container at Cochin, which had arrived from Dubai, suspecting that it is carrying counterfeit currency notes. The owner of the consignment had told the Customs officials that the container had children's diapers and it was brought from China after conducting all clearances, informed sources.
The departments of income tax, sales tax and excise were named by two Supreme Court judges as the most corrupt ones anywhere in the country.
Govt may not announce any new concessions in excise duty
Customs sleuths will be posted in London, Hong Kong, Dubai and Brussels in an effort to check trade-based money-laundering among others.
GST reform has been hanging fire since 2006-07.
Electronic filing of service tax will be made compulsory in the next two months," CBEC member Y G Parande told reporters on the sidelines of a PHD chamber seminar.
Once implemented, customers making payments using Rupay card or BHIM UPI will get a cashback of 20 per cent of the total GST amount, subject to a maximum of Rs 100.
A change that the Budget proposes to make could end up helping Indians who might have laundered their ill-gotten money, says M R Venkatesh.
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