A prolonged war in Iraq would shake the Indian economy with oil prices going up and growth rate dropping to 2.5 per cent, A C Muthiah, the president of Federation of Indian Chamber of Commerce and Industry
The last day of the budget session in the Delhi assembly witnessed uproar
The noted economist said some of the bad loans are due to a slowdown in the economy and asset restructuring companies are part of the solution.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
ATF price in Delhi was reduced by Rs 4,765.5 per kilolitre (kl), or 11.9 per cent.
Only luxury and 'sin' items could be left in highest slab. 12 and 18 per cent slabs could be merged in the future
On Wednesday, the rupee had dropped by 26 paise.
Precious ornaments are estimated to become 3% costlier under GST
Govt says domestic carriers' financial health a concern.
Another point of contention is the invoice issued by the e-companies.
ATF or jet fuel price has been cut marginally while rate of non-subsidised cooking gas LPG has been hiked by Rs 27.50 a cylinder.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
'The impact of COVID-19 on the economy has been so overwhelming that even a significant drop in global oil prices, which in normal times would have brought cheer, has posed new challenges for the government,' observes A K Bhattacharya.
Higher costs of car inventories, missing sales targets and manufacturer expectations, and soaring rentals, are eating into dealers' margins.
Finance Minister Arun Jaitley said the excise duty cut would have an impact of Rs 10,500 crore on central government's tax revenues.
Proposals from the Centre's side include raising the 5 per cent slab to anywhere between 6 and 8 per cent, and doing away with the 12 per cent slab. A few states may oppose such a move because it involves hiking tax on items consumed by the poor. They have instead proposed raising the 18 per cent slab.
A corpus of Rs 20,000-30,000 crore is under consideration, to narrow the input tax credit cycle and facilitate their working capital requirements.
The GST will be a national sales tax that will be levied on consumption of goods or use of services
Additional solicitor-general says extra-neutral alcohol liable to new tax
Chief Minister Manohar Parrikar yesterday said the state has already slashed Value Added Tax on Air Turbine Fuel refuelled in the state from 22 percent to mere 12.5 per cent.
GST making you anxious? Here is a fact-check on how new tax will impact you.
While the Centre is criticised for not cutting excise duty on petroleum products, it is the states which gain more from the rise in their prices
The bill was passed by LS last year and now it has to go back to the Lower House for incorporating the amendments approved by Rajya Sabha.
The largest challenge for the gigantic exercise between the Centre and the 29 states was to keep the latter interested over the years.
The current salary paid by the Delhi government amounts to 17 per cent of the total expenditure.
As corporate India gears up to be GST-ready, the ongoing litigation and tax dispute cases are something most businesses are cagey about.
At a meeting with airline chief executive officers and top officials here, the Civil Aviation Ministry also decided to amend Aircraft Act and Rules to safeguard the interests of aircraft leasing companies, many of which have started imposing stringent conditions for leasing planes to Indian carriers in the aftermath of Kingfisher Airlines shutting down.
The GST will subsume excise, service tax, value added tax, octroi etc.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price cut will bring relief to the cash-strapped carriers.
IndiGo was the only airline to have reported profits during this period, barring 2011-12 when it made a loss of about Rs 88 crore (Rs 880 million.
He also said GST will take about a year to stabilise.
In 2016, almost two-thirds of Indian imports that appear to be most at risk for some degree of potential revenues losses are imports from just one country, China, which was by far India's largest source of imports in that year
One of the grey areas is whether the anti-profiteering provisions can provide for a comparison of tax rates between the pre-GST and post-GST eras, says Niraj Bagri.
While LPG price was raised by Rs 18, kerosene saw a hike of Rs 3 per litre
The case relates to alleged wrong classification of mixed xylene
Haryana plans 100-acre automobile village Auto Village proposes to have about 80 vehicle showrooms and workshops of all automobile brands
It is after the GST Network tallies invoice details with shipping bills that the refund claims can be processed. So, the refund could be delayed by over a month.
A combination of reduced cash intensity, a focused strategy of tax administration and GST is the way to go, say Sakshi Gupta, Tanvi Garg and Abheek Barua.
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
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