Madhya Pradesh will go ahead with the implementation of value added tax system from June 1, according to Commercial Tax Minister Narendra Nahata
Despite a massive decline in crude oil prices since 2012 -- Modi has been prime minister in six of these eight years -- petrol in Delhi has become 10 per cent costlier and diesel 97 per cent, as of July 2.
Finance Minister Jaswant Singh has called off the meeting with empowered committee on value-added tax, scheduled for Tuesday.
Medicines including life-saving drugs are likely to attract a 4 per cent value-added tax, whose implementation hangs fire for various reasons.
Ruling out the implementation of value-added tax from June 1, Finance Minister Jaswant Singh on Wednesday announced several excise duty concessions on edible oil and textiles.
Tea prices in the country could go up between Rs 10-20 a kilogram if the high level of value added tax (VAT) proposed to be levied on the commodity is not reversed, the industry has warned.
With 17 states ready with Value-Added Tax bills, Finance Minister P Chidambaram on Thursday promised to fully compensate states in the first year of introduction of VAT scheduled in April, 2005.
Contrary to usual practice, the new Samvat year, the most auspicious day for Indian business, will start from home this year, as traders have downed their shutters across the country to protest against value added tax system
Kerala Finance Minister K Sankaranarayanan has spared the common man of any new taxes but announced development measures to the tune of Rs 453.21 crore to be met through enhanced revenue collection and prudent fiscal management.
The empowered committee of state finance ministers for implementation of value added tax would meet in first half of January 2004, to decide on the implementation of the new tax system.
Finance Minister Jaswant Singh will soon convene a meeting of state chief ministers to work out details for implementation of the much-delayed value added tax in the country.
If imputed inflation for April and May is used, then you have inflation of over 6 per cent for two consecutive quarters, which is a worrying signal for the RBI.
The government is considering to enact Service Tax Act and is likely to allow states to levy the tax on local items after nationwide value-added tax is introduced, a senior official of Central Board of Excise and Customs said on Thursday.\n\n\n\n
The empowered committee on value-added tax will meet the finance minister in mid-July to discuss the 'roadmap' for the introduction of the new tax regime, after which it will be taken up with political parties for a national consensus.
With only West Bengal sending in the draft amendments to Value-added Tax Bill, the finance ministry said on Thursday that a new roadmap will be drawn up for the implementation of the progressive tax regime, which was to be effective from June 1.
Ready with the "groundwork", the Empowered Committee on value-added tax is likely to press for President's nod on VAT Bills of at least nine states by May 25
Only by slashing its current spending can the government hope to generate the rise in domestic savings of about 6% of GDP required to boost investment to the levels needed to achieve its growth goal of 8% a year.
Finance Minister Jaswant Singh on Friday hinted that value added tax might not take off as scheduled in June as not all states have agreed to its implementation.
The crucial meeting of the empowered committee of state finance ministers on value-added tax began in New Delhi on Wednesday to resolve all pending issues to ensure smooth implementation of the new tax regime from June 1 this year.
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