The five southern states source 10-15 per cent of their revenue from excise duty on liquor but account for nearly half of the total consumption, says a report. The financial position of these states is precarious as the coronavirus lockdown completely dried up this crucial liquidity tap for them in April.
India's second-largest telecom operator Bharti Airtel on Tuesday posted more than twofold year-on-year jump in its consolidated net profit for the March quarter to Rs 2,008 crore, buoyed by a lift in average revenue per user and an exceptional gain. The telco said its Q4 scorecard was backed by strong performance delivery across the portfolio and its CEO Gopal Vittal, in a statement, exuded optimism about opportunities in the coming years and Airtel being "well-poised" as a company. Airtel, which competes in the market with Reliance Jio and Vodafone Idea, as well as state-owned BSNL/MTNL, promised to maintain razor sharp focus on financial flexibility, optimising the capital structure and finance cost.
If we get a chance to form the next government at the Centre, all backward states will get special category status, Kumar said.
Here's everything you need to know about the Goods and Services Tax Bill.
Corporate India at present is more indebted than all state govts put together.
The GST, an indirect tax regime, is to be rolled out from April 2016.
Led by Trent, which hit its lifetime-high recently, apparel retailers have gained between 10 per cent and 36 per cent over the past three weeks. Given the network of physical stores, these stocks shall be major beneficiaries of the unlock theme, with most states doing away with Covid restrictions. Amid improving footfall, analysts expect the sector to post double-digit growth in FY23.
Jaitley promised the states that they would be fully compensated for any loss of revenue arising from implementation of GST.
The Supreme Court on Wednesday agreed to hear on February 17 a fresh plea of a Congress leader seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
Since April, India has seen multiple strains of the coronanavirus sweep the nation, upending life and businesses alike. Out-of-home retail and discretionary categories such as durables, auto, fashion, lifestyle, hospitality, food services, travel, and tourism have been the worst-hit as Covid cases remain high, leaving state governments with no option but to curtail mobility and economic activity.
Ahead of the Budget, the government has achieved almost half the divestment target of Rs 65,000 crore. FY23 divestment receipts are unlikely to be anywhere close to the budgeted target.
Cyclone Biparjoy made landfall near Jakhau Port in Gujarat on Thursday evening with a wind speed of 115-125 kmph gusting to 140 kmph as heavy rains lashed the coastal region, where several areas plunged into darkness due to power cuts and a large number of trees, electric poles and hoardings got uprooted.
Taxes on ATF in India are among world's highest, and are seen as key reason for mounting losses of airlines.
The Congress filed a dissent note on eight provisions.
The violence in the state last year reduced tourist inflow by 55% and revenue by 80%. Kasmiris hope the summer of 2017 will take them back to the highs of 2015. Sohini Das reports.
The BSE Midcap and the BSE Smallcap indices pared all intraday gains to end 0.3% and 0.5% lower
The postponement of the Twenty20 World Cup, which was to be staged in Australia in October and November, will mean some A$20 million less in the board's coffers in 2020, CA has estimated.
Several states that imposed prohibition in the past lifted it once revenue loss began to pinch
Jaitley said the GST Composition Scheme, under which small traders and businesses pay a 1 per cent tax based on turnover, can be availed by businesses with a turnover of Rs 1.5 crore, against the earlier Rs 1 crore, with effect from April 1.
Fair trade regulator CCI on Friday ordered a probe against Google for its alleged abuse of dominant position. "In a well-functioning democracy, the critical role played by news media cannot be undermined, and it needs to be ensured that digital gatekeeper firms do not abuse their dominant position to harm the competitive process of determining a fair distribution of revenue amongst all stakeholders," CCI said. It added that the Commission is of prima facie view that Google has violated provisions of Section 4 of the Competition Act, 2002 which pertains to abuse of dominant position.
AAP leader Vijay Nair, arrested in connection with alleged irregularities in the Delhi excise policy case, received Rs 100 crore in 'kickbacks' from the 'south group' controlled by some businessmen and politicians, the Enforcement Directorate (ED) has informed a local court.
With Sebi telling the Supreme Court that it was not investigating the Adani group since 2016, the Congress on Monday cited a Union minister's reply in the Lok Sabha to challenge the claim and asked whether Parliament was misled or the market regulator was "fast asleep" as investors were "duped".
The FinCom has recommended a record 10% increase in states' share.
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on December 31 and discuss, among other things, report of the panel of state ministers on rate rationalisation. This will be a physical meeting, which will also discuss correction in duty inversion in certain goods. The 46th GST Council meeting will be held on December 31 in Delhi, an official said, adding that it will be an extension to the pre-budget meeting with state finance ministers on December 30. The Group of Ministers (GoM) on rate rationalisation will submit report to the Council.
Sreedharan said when the first section of the Delhi Metro was to be opened in 2002, he had taken a firm decision that no one would be given travel concession.
A loss of revenue from liquor sales will have to be compensated through increased landing and parking charges on airlines, which, in turn, will pass on the cost to flyers.
'Persisting with the inequalities, indeed seeing them get worse, is no one's prescription for national unity,' notes T N Ninan.
The fiscal gains from implementing the GST and demonetisation, while almost certain to occur, will probably take time to be fully realised
The external environment has worsened further. While the Finnish economy entered into a recession, Swedish economic growth also dipped. The Finnish gross domestic product (GDP) dropped 0.6 per cent in October-December, 2022. It was the second quarter of negative growth, which is a technical definition of recession.
More than a week after the state-owned oil firms ended a 19-day pre-Karnataka poll hiatus on revising fuel prices, petrol and diesel rates have touched record highs.
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The GST will subsume most of the indirect taxes like excise duty and service tax
West Asian carriers are up against Air India and IndiGo in the battle for seats on lucrative international routes.
Adversarial Harmful Networks -- India Case Study, cited in Facebook whistleblower Frances Haugen's SEC complaints, revealed, among other things, that Facebook was a preferred platform for 'fear-mongering anti-Muslim narratives' in India, observes Devangshu Datta.
'If an airline is willing to get the funding, it will fly in unviable routes.'
Heavy overnight rains in Uttar Pradesh on Friday led to the deaths of at least 22 people, including nine labourers who were buried alive under the debris when an under-construction wall in the state capital collapsed on their huts.
No change in retail prices as oil marketing firms to absorb increase
If the government tries to bring in real estate under GST now, it will be a typical case of biting more than what one can chew, says Sukumar Mukhopadhyay.
On Thursday, the Business Advisory Committee of the Lok Sabha, which allocates time for the Bills and discussions to be taken up for the forthcoming week, met, but the government strategists didn't ask the members to allocate time for the GST Bills for the next week.
The government is hopeful of passage of the GST bill in the winter session of parliament claiming 30 of the 32 parties have supported it.
