The education cess will be a 2 per cent surcharge on the total payable tax, and not 2 per cent of total income.
The move can help mop up about Rs 1.2 lakh every day for the purpose.
A 7:2 majority verdict by the apex court ruled that the tax legislation by the state does not require the consent of the President under Article 304 B of the Constitution
The Union Cabinet on Wednesday approved changes to GST laws to levy a 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs, sources said. The amendments to the Central GST (CGST) and Integrated GST (IGST) acts, which were approved by the GST Council last week, are likely to be introduced in the ongoing monsoon session of Parliament, which will end on August 11. The GST Council in its 51st meeting on August 2 recommended amendments to the Schedule III of the CGST Act, 2017, to provide clarity on the taxation of supplies in casinos, horse racing and online gaming.
The Supreme Court on Tuesday stayed the operation of a Delhi high court order holding as "unconstitutional" the imposition of the Integrated Goods and Services Tax (IGST) by the Centre on import of oxygen concentrators by individuals for personal use. A special bench of Justices D Y Chandrachud and M R Shah issued notice on the plea and sought response from the petitioner, who filed a PIL before the high court.
To increase the adoption of credit on United Payments Interface (UPI), National Payments Corporation of India (NPCI) is looking at an interchange fee for transactions lower than that for a credit-card transaction. Sources in the know said these charges could be 1-1.2 per cent. Fintech participants concur with the view that the interchange fee is expected to be lower than that for a credit-card transaction.
This would be a practical way of bringing a huge sum of money.
The aviation regulator slapped fines amounting to Rs 2.75 crore on Indian airlines in 2023, marking a 39 per cent rise in financial penalties from Rs 1.97 crore in 2022. The Directorate General of Civil Aviation (DGCA) said it imposed fines on domestic carriers such as Air India, IndiGo, AirAsia India and SpiceJet for issues related to non-compliance in 2023. The regulator also carried out a record number of 5,745 surveillance activities in the year to ensure compliance by airlines, aerodrome operators, and aviation personnel among others.
An earthquake of magnitude 4.8 struck 7 km north-northeast of Whitehouse Station, New Jersey, on Friday, the United States Geological Survey (USGS) reported.
In its second blow to liquor imports, the Maharashtra government has withheld imported liquor stocks on the basis that they do not display the maximum retail price.
The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF. The government has slashed the special additional excise duty (SAED) on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) to nil from Rs 4,100 per tonne with effect from Tuesday, an official order dated May 15 said. This is the second time that the levy, which was introduced in July last year in the form of a cess to tax supernormal gains of oil producers and fuel exporters, has been cut to nil for domestically-produced oil.
Upcoming batsman Richard Levi winning the ICC's Twenty20 International Performance of the Year augurs well for the Proteas ahead of the World Twenty20 starting in Sri Lanka on Tuesday, feels Cricket South Africa.
NEET is a court-ordered examination, supposedly aimed at meritocracy. However, over the past years when the incumbent Narendra Modi government at the Centre began implementing it, it took on political and casteist colours, observes N Sathiya Moorthy.
Punjab National Bank, Bank of Baroda, Bank of India and Canara Bank already charge their customers a levy for failing to maintain a minimum balance for a quarter or a month.
South African opener Richard Levi, who grabbed the headlines hitting the fastest ever century in T20 internationals, in all likelihood will be playing for Mumbai Indians (MI) in the upcoming edition of the Indian Premier League.
'It is a fiercely fought battle, like our fiery chillies in Guntur.'
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
With 19 border polling stations along the Line of Control in Rajouri and Poonch, a contingency plan has been worked out to deal with cross-border shelling though chances are negligible given the ongoing ceasefire between India and Pakistan that came into effect in February 2021, officials said.
The Securities Appellate Tribunal (SAT) on Thursday quashed the markets regulator Sebi's order imposing a fine of Rs 7 crore on the National Stock Exchange (NSE) in the dark-fibre case. Additionally, the tribunal has set aside a fine of Rs 5 crore levied by Sebi on the exchange's former official Anand Subramanian. Further, it has partly set aside the regulator's order against former MD and CEO of NSE Chitra Ramkrishna, ex-official Ravi Varanasi and a few stock brokers, among others.
The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF).
Google on Tuesday began reinstating about 250 Indian apps it had delisted from its Play Store over a billing dispute as it caved in to government criticism, but the squabble may not yet be over.
The Reserve Bank on Monday barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. A leading financial services provider, IIFL Finance offers a range of loans and mortgages. The latest directions from the Reserve Bank of India (RBI) pertain to only the gold loan business.
Finance Minister Pranab Mukherjee asked all chief ministers to reduce state levies on diesel, kerosene and cooking gas to mitigate the impact of the price hike on the common man.
The penetration levels in rural and semi urban areas can be significantly enhanced, and government can help in this mission through reduction and rationalization of levies.
While recalling the order, the bench agreed to the contention of the law officer that there was a "breach of principle of natural justice" as the government department was not accorded the hearing.
The Competition Commission of India (CCI) on Wednesday declined an interim relief order that would restrain Google from levying service fees on app developers until a final decision is made by the regulator. The CCI also said the Director General (DG) would continue its investigation as ordered by the commission in its March 15 order. "The Commission is of the considered opinion that no case whatsoever has been made out by the informants which warrant the grant of interim relief. Resultantly, the applications stand dismissed," said the CCI while rejecting the plea by app developers in its order.
With production hitting a three-year low of 14.7 million tonnes in this sugar season (October to September), the government is also expected to double the levy quota for the PDS from 10 to 20 per cent to tide over shortages. The levy price and quota act as a notional benchmark for open market sugar prices, which have doubled to Rs 34 to Rs 35 a kg since last September, owing to a global shortage. The price of levy sugar is half that of the open market price.
The government has brought back the windfall profit tax on domestically produced crude oil after international prices firmed up while the levy on export of diesel has been cut to nil, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) is now Rs 6,400 per tonne with effect from Wednesday, the order dated April 18 said. At the last revision on April 4, windfall tax on domestically produced crude oil was cut to nil as international oil prices dipped below $75 per barrel.
Making cash payments at bank counters to settle your credit card dues is getting expensive. Credit card issuers led by ICICI Bank and HDFC Bank have started levying a fee on such payments.
The Department of Telecommunications, which has been mandated to simplify the multifarious levies, would introduce the new regime in phases.
Maruti Suzuki chairman RC Bhargava has said that reducing carbon emissions does not require making a choice between hybrid and electric cars, and that both can play key and complementary roles if the government wants to achieve its aggressive emissions target. Responding to the fact that the sales numbers of hybrid cars have been higher than electric cars in the last quarter of 2024, Bhargava pointed out: "It has never been about electric versus hybrid. "Both have a clear role to play. By 2030 we expect electric car penetration to be around 20 per cent.
The Zone Of Interest is technically flawless but lacks emotional pull, observes Mayur Sanap.
Most travel agents in India have refused to levy the transaction fees of Rs 350-10,000 on air passengers.
Online sports platform Mobile Premier League has laid off around 350 people or about half of India team to cut down on expenses and bear the burden of increased GST of 28 per cent, according to an internal company email. The GST Council has decided to levy a 28 per cent GST on online gaming and casinos on the face value of bets at the entry level. The Centre will bring amendments to the Central GST law in the ongoing monsoon session of Parliament, following which states will pass the amendments in their respective assemblies to pave the way for the introduction of changes in the law by October 1.
The government has reduced the windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and ATF, in line with softening international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 1,900 per tonne from Rs 2,100 per tonne, the order dated January 16, said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
After reducing duties on petroleum products, the Centre has now asked the states to follow suit.
Reliance Industries has strongly defended its decision to impose a marketing margin over-and-above the government-approved sale price for KG-D6 gas, saying the levy was to cover for the risk and cost associated with marketing of gas.
Stocks of sugar companies rose after the development. At the Bombay Stock Exchange, Bajaj Hindusthan, India's biggest producer, gained 4.25 per cent to close at Rs 121.35, Balrampur Chini gained three per cent and closed at Rs 88 while Renuka Sugars gained four per cent to Rs 68.
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