The all-powerful Goods and Services Tax (GST) Council will take up representations from the industry regarding revision of rates, while focusing primarily on changing tax rate of agriculture and agricultural services such as warehousing and garment job works.
The Council, headed by Finance Minister Arun Jaitley, will meet on Saturday to take a stock of implementation the country’s biggest tax reform that was rolled out on July 1. Click to read more
Aug 4 The government today said in Parliament that rollout of GST by and large has been smooth and it has deployed a large number of senior officials to regularly review the working of the new indirect tax regime.
The finance ministry also expressed confidence that construction cost of flats and housing complexes will come down on account of seamless flow of input tax credit in GST.
In a written reply in Lok Sabha, Minister of State for Finance Santosh Kumar Gangwar said the government is regularly reviewing the impact of Goods and Services Tax (GST) across the country. Click to read more
Berger Paints India today on a standalone basis reported a net profit of Rs 105.17 crore in the Q1 period ended June 2017, down eight per cent over the corresponding period profit of Rs 114.23 crore despite sales amid higher sales.
Revenue from operation during the quarter was higher by eight per cent to Rs 1262.49 crore against Rs 1160.39 crore in the same period of 2016-17.
On consolidated basis the company posted a decline in net profit by six per cent to Rs 112.9 crore against Rs 120.3 crore posted in the correspnding period in 2017-18. Click to read more
The Maharashtra Transport Ministry has proposed to amend the state Motor Vehicles Tax Act for the purpose of increasing the vehicle tax.
The bill was tabled in the assembly on Thursday. As per the proposal, tax levied under different tax slabs for different vehicles would be raised.
The proposal says that after the Goods and Services Tax (GST) came into effect, VAT and octroi were abolished. In order to compensate the probable loss of revenue, it was necessary to raise the motor vehicle taxes levied under the Maharashtra Motor Vehicle Tax Act. Click to read more
After lot of criticism by opposition parties and the media, the Pune Municipal Corporation has finally decided to scrap the existing tendering process for the city’s mega 24×7 water scheme. The total cost of the project is Rs 3,300 crore.
Three firms has participated in the tendering process, including Larsen &Toubro. Chief Minister Devendra Fadnavis himself interfered in the matter and instructed the municipal commissioner to scrap the existing process. Click to read more
Gurgaon-based Apollo TyresBSE -3.16 % on Friday reported 72% decline in net profit at Rs 88.3 crore for first quarter ended June 30, 2017 due to rising raw material prices.
The company had posted net profit of Rs 315 crore in the corresponding period of the last financial year.
The company registered net sales of Rs 3258 crore in the period under review – a marginal dip over Rs 3292 crore reported in the year-ago period. While Indian operations’ grew marginally to close at Rs 2284 crores, European operations clocked revenues of Rs 1016 crore on the back of good volume growth in the passenger vehicle segment. Click to read more
Subsidy worth Rs 6,000 crore has been allocated for the handloom sector, which does not fall under the purview of the GST regime, the Rajya Sabha was informed on Friday (4 July).
Replying to questions, Minister of State for Textiles Ajay Tamta said during the Question Hour that “the Handloom weavers do not come under the GST regime as their total turnover is below Rs 20 lakh.”
Maintaining that the government was concerned over the welfare of handloom weavers, he said in order to encourage the setting up of solar power handloom units, the government provides a subsidy of 90 per cent to scheduled tribe weavers, 75 per cent to scheduled caste weavers and 50 per cent to the general category weavers. Click to read more