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The cabinet approved the auto major's demand to lower the rent from Rs 5 per sq metre to Rs 1 per sq metre.
According to the Minister, GST proposals would help in spurring growth and employment.
The relentless rise in international oil prices that last week touched an all time high of $135 a barrel has forced the government to mull options to save state-run firms, which expect a revenue loss of Rs 200,000 crore (Rs 2000 billion) this fiscal on sale of petrol, diesel, domestic LPG and kerosene.
State-run oil firms are likely to see revenue loss on fuel sales to more than double to Rs 1,80,000 crore (Rs 1,800 billion) during the current fiscal after surge in international crude oil prices and weakening rupee made imports costlier.
A row of buildings in Kullu district collapsed Thursday and hundreds of travellers were stranded in relief camps after landslides blocked the road to Mandi in rain-battered Himachal Pradesh.
Finance Minister Arun Jaitley said the excise duty cut would have an impact of Rs 10,500 crore on central government's tax revenues.
Elections may be a few months away, but the government may get into election mode much earlier than that, predicts A K Bhattacharya.
Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
Given the sheer size of the state, achieving a similar turnaround in Punjab as promised could be a different ball game altogether, reports Sai Manish.
The Gujarat Cricket Association is seeking compensation for the use of 12 plush air-conditioned cabins it will provide to sponsors of the Champions
Sikka said second quarter will be better than the April-June period
Petrol and diesel prices are unlikely to be hiked in the near future, with Finance Minister P Chidambaram agreeing in-principle to share a third of the revenue loss that state-run oil firms incur on sale of fuel
It could end the payment backlog and improve the revenue flow of discoms, says Piyush Goyal
In a sudden volte-face, the government is veering around the idea of setting up a Rs 8,000 crore refinery in Rajasthan to process crude oil found in the state.
Recovery was largely driven by the European Union markets.
In a statement, it said 198 properties in the state were partially damaged and 30 houses completely destroyed in the rains from July 31 to till date.
ONGC has written to the government numerous times saying the state-run banks on getting assured business act in cartel, offering interest rates lower than even that on retail deposits.
The Islamic State has also seen a decline in its primary revenue sources
The finance ministry will set the ball rolling for an early introduction of a nationwide value-added tax with a two-day meeting of state finance ministers starting in New Delhi on Friday.
Former telecom secretary Siddharth Behura, currently in jail in connection with the 2G scam, on Wednesday told the Delhi high court that the 'so called' gigantic loss of Rs 30,984 crore (Rs 309.84 billion) to the state in spectrum allocation was caused due to the government policy and not because of the alleged acts of the accused.
India saw a huge surge in ransomware and IoT cyber attacks in the first half of 2023, as criminals shifted to stealthier means of malicious activities, according to a report by SonicWall. While major economies like the US and the UK witnessed a decline in ransomware attacks, India (up 133 per cent) and Germany (52 per cent) are among the countries that saw a huge surge in such attacks, the 2023 SonicWall Mid-Year Cyber Threat Report for the January-June period stated. At the global level, a variety of other attacks have trended up, including cryptojacking (399 per cent), IoT malware (37 per cent) and encrypted threats (22 per cent), the report said.
Friday cut the import duties on non-alloy steel by five per cent and 10 per cent on ships for breaking, as part of fiscal measures to stem inflation surging towards 8 per cent.\n\n
According to SBI executives, the aim is to do things efficiently with an eye on profitability, and get a feedback on areas, including which business to enter and which to exit.
The total revenue earned by central government and state governments after regular settlement in December was Rs 43,851 crore for CGST and Rs 46,252 crore for SGST.
There were no reports of loss of life due to the cyclone which uprooted trees. Incidents of wall collapse were reported from some parts of Tamil Nadu, state Revenue Minister R B Udhayakumar said.
The Islamic State rakes in over US $1 million (Rs 6.4 crore) per day in extortion and taxation and the dreaded terror group has enough assets to cover its expenses despite falling oil prices, according to a media report.
The changes in the domestic and global economy following the outbreak of the Covid-19 pandemic are altering the corporate profit league table in India. Reliance Industries (RIL), which topped the India Inc profit chart for more than a decade, lost out to State Bank of India (SBI) in the 2023-24 (FY24) April-June quarter (first quarter, or Q1). India's biggest lender reported a consolidated net profit (adjusted for exceptional gains and losses) of Rs 66,860 crore during the trailing 12-month (TTM) ended in June this year, ahead of RIL's TTM adjusted net profit of Rs 64,758 crore in the quarter.
'The economy of Kashmir has collapsed.'
Stocks of alcoholic beverage makers have corrected over the last few trading sessions on worries that taxes, competition and costs will hurt sales and profitability. The recent trigger for the decline is Karnataka, which accounts for 15 per cent of overall liquor consumption, increasing duties. The state increased by 20 per cent the additional excise duty on Indian-made foreign liquor (IMFL) on all slabs.
A government official said out that with hardly any economic activity, an immediate duty hike will not be productive and could be announced once the lockdown eases and demand revives.
Finance ministry sources have countered CAG audit finding of central government wrongly retaining Rs 47,272 crore of GST compensation cess meant for states, saying temporary retention cannot be termed as diversion.
