Close on the heels of truckers' strike, tea traders and producers across the country on Monday began their two-day nationwide agitation in protest against the proposed 12.5 per cent tax slab on tea under the value-added tax regime.
Hindustan Levers Ltd, India's top consumer goods firm, is likely to report first-quarter net profit fell nearly 13 per cent and revenue dipped as distributors held off on new orders due to uncertainty over a new value-added tax.
A crucial meeting of the empowered committee on state-level value added tax will be held in New Delhi on Tuesday to thrash out the problems that have stalled the implementation of the system from April 1.\n\n\n\n
Indian drugmakers' domestic sales of ready-to-take medicines in January-March could be lower than expected as distributors suspended stocking in anticipation of a new value-added tax system coming into force, analysts and industry members said.\n\n\n\n
The nation-wide bandh by traders to oppose introduction of the value added tax VAT) system entered the second day on Tuesday even as the implementation of the new tax regime was deferred.
A nationwide value added tax regime from April 1 may have come under a cloud with Kerala joining Delhi in deferring its scheduled implementation, one thing is, however, sure: VAT will not lead to a huge increase in retail prices.\n\n\n\n
Leading trade associations on Wednesday threatened to go on a 48-hour nationwide strike from March 31 to protest the introduction of value-added tax from the next fiscal.
The government said on Thursday that it will try to compensate states for the first three years for any loss of revenue they might suffer due to introduction of Value Added Tax regime next fiscal.
Automakers have asked the government to halve the excise duty on cars and utility vehicles to 16 per cent to spur demand.\n\n\n\n\n\n\n\n
In an apparent climb-down from its earlier stance, the Empowered Committee on value-added tax on Monday gave in to the Centre's plan for a nationwide VAT implementation.
It is time he stood up and assured the middle class that they can count on him as one of their own, says Dr Sudhir Bisht.
Implementation of the VAT regime, strongly favoured by the Kelkar committee on tax reforms, has been hanging fire since April this year.
Higher reliance on GST receipts for revenue reduces states' autonomy as these receipts depend on tax rates decided by the GST Council, a report by Delhi-based non-profit, PRS Legislative Research shows.
At least 11 states accounting for two-third of the country's trade and industrial output are ready to introduce value-added tax from June
Only eight out of 16 states, which have agreed to implement Value-Added Tax from June 1, have passed legislations on the issue so far, Finance Minister Jaswant Singh said in Lok Sabha on Friday.
The Empowered Committee of State Finance Ministers has been asked to sort out some of the contentious issues on the value-added tax including the refunds on credit and exemption for exports.
With states agreeing to implement value-added tax from April, government on Monday pegged two rates of 10 and 12.5 per cent, while assuring full compensation for any revenue loss in the first year.
The price of petrol is expected to come down to Rs 84.71 a litre and diesel to Rs 77.98
The oil sector has been quite lucky for the Modi government. It has often provided an opportunity to the government to mend its finances, notes A K Bhattacharya.
The year 2018 is likely to be steady in terms of institutional investment into real estate
Here's everything you need to know about the Goods and Services Tax Bill.
Continued lack of consensus at next meeting could cast shadow on GST rollout by April 1.
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