The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
Adani Group is exploring legal options after being slapped with a Rs 5,500-crore tax notice, allegedly for overvaluing imported equipment, by the Mumbai wing of the Directorate of Revenue Intelligence.
The year is not yet over and a few more duty hikes are not ruled out.
Despite crude comfort, heavy spending cuts needed to offset Rs 80k-cr revenue shortfall
The finance minister defended the change in the tax rates.
GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aereated drinks to create a corpus for compensating states for any loss of revenue in the first five years
Back of the envelope calculations put government expense on each of the new schemes promised by the DMK and the AIADMK at tens of thousands of crores. But then, neither party has said how they are going to also address the mounting debt burden either, says N Sathiya Moorthy.
Huge margins, high custom duty and increasing demand among youngsters have led to exponential increase in smuggling of foreign cigarettes.
Stalin has given due respect to seniority in the pecking order, but has also taken into consideration the demands of individual ministries and the suitability of individuals, observes N Sathiya Moorthy.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
Oil marketing companies on Friday cut petrol price by 32 paise, and diesel by 85 paise a litre with effect from midnight tonight.
States' demand of compensation from Centre for loss of tax revenue not on agenda.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
GST implementation could happen in September itself, with the next meeting of the Union Cabinet likely to take up the matter.
The government on Tuesday said PPF will not be taxed on withdrawal and only the interest accrued on contributions to employee provident fund made after April 1 will be taxed.
The road ministry has put forward two proposals before the Prime Minister's Office and the finance ministry.
The FinMin will pay Rs 5,324 crore (Rs 53.24 billion) for Jan-March.
He may make a comeback as co-chairman at India's second largest software exporter.
A tax reforms panel, headed by finance minister's advisor Parthasarathi Shome, is considering moving away from setting fixed tax-collection targets and linking these with the changing economic scenario during the year.
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 bill was passed by LS last year and now it has to go back to the Lower House for incorporating the amendments approved by Rajya Sabha.
The larger virtue of maintaining fiscal credibility should not be unduly diluted by quibbles on the fiscal math, says Sajjid Chinoy.
Steps such as safeguard duty in the works to plug the route
Jaitley says govt is open to scrapping 1% additional tax on GST
At Rs 470,000 for the base petrol variant, Tigor is now the cheapest compact sedan in the country
At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring petroleum goods under GST regime was opposed.
Low oil prices drove the growth in states' share faster than expected, says Abhishek Waghmare.
States' demand for 5 years and Constitutional provision ruled out
Since the present law threatens to unleash an avalanche of litigation over a period of time, it makes sense to replace it with a simpler law and build complexities as more experience is gained, says T N C Rajagopalan.
From the roll-out of GST to H1B visa problems, the government needs to quickly deal with various disruptions.
Parliament on Thursday cleared the decks for the rollout of the historic Goods and Services Tax from July 1 as it approved four supporting legislations to usher in the one-nation-one-tax regime.
There were heightened expectations from Budget 2017 after the impact of note ban on different sections but most remain unfulfilled.
"We respect the Supreme Court order. We will take suggestions from legal experts to see whether there can be a middle path," Sharma said.
Petrol prices were on Wednesday hiked by Rs 3.07.
One of the key issues will be tax exemption sought by the ICC for the future global events in India like the 2021 Champions Trophy and the 2023 World Cup.
Has the Modi government been more at odds with institutions than other governments? There is no doubt that there have been more run-ins. While the RBI and CBI cases have drawn attention, there have been others, less publicised, Subhomoy Bhattacharjee points out.
Ishan Bakshi studies the Budgets of six states, their expenditure priorities and outlays to understand the trend.
FM says, he will not tax the middle class.
Maharashtra Chief Minister Devendra Fadnavis defended the state education minister and Bharatiya Janata Party leader Vinod Tawde, who is caught up in a row over his educational qualification.
This is the Centre's highest-ever budgeted capital outlay.
