The final rate will be worked out by the GST Council, Finance Minister Arun Jaitley said on Wednesday.
Finance Minister Nirmala Sitharaman on Friday hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
The country's fiscal deficit, as a percentage of GDP, would be wiped out if the crude oil price, as measured with the Indian basket, touch $80 per barrel.
Fearing large-scale excise duty evasion by pan masala and chewing tobacco units, the finance ministry has issued strict warning to the sector and told them to give details of the packing machines at their units.
Telangana Chief Minister K Chandrasekhar Rao on Monday appointed 2 deputy CMs besides allocating portfolios.
In a Q&A with Doordarshan, Jaitley discusses how he chose the areas on which he would spend more.
Record sugar output has also yielded molasses production way beyond market demand and plant capacity of state distilleries and country made liquor units
The panel decided to omit the reverse charge mechanism (RCM) clause from the GST law under which registered taxpayers buying from unregistered taxpayers have to deposit the GST.
Aerated drinks, mineral water, travel packages, coaching classes and beauty parlour services might also cost more
BCCI ACU chief calls for match-fixing law, legalised betting to contain corruption
In what signals an emerging battle among small car manufacturers, Hyundai Motors India Ltd has asked the country's apex auto association to act against moves by "some pressure groups" to change the definition of a small car.
The government's dependence on debt has come down from 27 paise in the previous Budget to 25 paise in the coming year, reflecting ease of pressure on revenue collections.
After today's reduction, petrol price has been cut by Rs 12.27 per litre cumulatively since August.
The government has proposed to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related to the new indirect tax regime.
BJP hints at implementing Modi's model of minimum government maximum governance in Maharashtra
Public Sector Enterprises contributed over Rs 95,000 crore (Rs 950 billion) to the government exchequer during the financial year 2004-05
The Congress has conceded the plum Finance portfolio to its junior partner, resolving a thorny issue, after its president Rahul Gandhi intervened and spoke to Kumaraswamy.
Will the state forgo its lucrative excise collections in a bid to curb sales of liquor in the festive season, asks Mahesh Vijapurkar.
The Centre is likely to introduce the Central GST and integrated GST bills in late November or early December in the ongoing session in the form of money Bills.
If purists are surprised as to why and how people are not demanding prohibition or not talking about past promises, both in the election manifestos five years back and even those made to the courts, the answer lies in how the state has been evolving and changing these past few years, says N Sathiya Moorthy.
As corporate India gears up to be GST-ready, the ongoing litigation and tax dispute cases are something most businesses are cagey about.
Anu Kumari and Sachin Gupta stood second and third respectively, the Union Public Service Commission announced on Friday.
Prime Minister also underlined the need for increasing the number of tax payers to 10 crore.
Government gets Rs 17.1 lakh crore in its kitty
Govt looks at more taxes, dividends to meet deficit target.
Diesel to cost Rs 2 per litre more, but there will be no increase in LPG and kerosene prices.
Banking and telecom will see the highest impact of this transition.
Because of the economic slowdown, the actual corporation tax collection in 2012-13 was at Rs 3,56,326 crore (Rs 3,563.26 billion), up 10.4 per cent year-on-year as against 15.6 per cent estimated in the Budget.
The Bill was introduced in the Lok Sabha in December.
China is slowing down, Europe is barely afloat and the US is meeting a larger chunk of its own demand.
