- 21 Dec 2022 06:13 PM
- New
Why Indian cities have broken finances, low capex
Source: https://www.livemint.com/news/india/indian-cities-broken-finances-low-capex-11671554025113.html
NEW DELHI : The Municipal Corporation of Delhi (MCD) recently elected new councillors in a high-pitched election. Meanwhile, elections to Mumbai’s municipal body have been delayed for nearly a year. Whoever is in charge, India’s municipalities have to work with a budget that lacks heft and is short on prudence—and, thus, ends up placing boundaries on the quality of civic life delivered. About 600 million Indians, or 40%, will be urban dwellers by 2036, against 35% now, according to the World Bank. This will put pressure on municipal services. Indian cities have perpetually struggled to be self-sustaining, said a recent report by the Reserve Bank of India (RBI) on municipal finances. This report shows that municipalities are mostly financed by three sources to a nearly equal degree: own taxes, own non-tax revenues, and transfers from governments. In 2019-20, 35.7% of total municipal revenues were to come from state and central transfers.
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- 21 Dec 2022 06:35 PM
- New
Maruti Suzuki chairman calls for paring tariffs, GST rate to perk up auto sector
Maruti Suzuki India Ltd chairman R.C. Bhargava on Tuesday said India must aggressively pursue free trade agreements (FTAs) and trim tariffs to help automakers tap large overseas markets. Alongside, the local auto industry must abandon its “protectionist mentality" and embrace competition to thrive, Bhargava said at the company’s annual media meet.
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- 20 Dec 2022 06:04 PM
- New
Rate proliferation tends to mar reformist moves
India’s Parliamentary Standing Committee on Commerce has recommended setting up a RoDTEP council, along the lines of the GST Council, to review refund rates under the Centre’s Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for exporters and lay out “a road map for short- and medium-term changes in rate structure." The RoDTEP window was opened on 1 January 2021 to reimburse exporters for various levies without falling afoul of World Trade Organization (WTO) rules that forbid export subsidies deemed distortive of trade flows. It replaced the Merchandise Exports from India Scheme, which had to be axed after the WTO barred its use as a prop (on a specific US objection), and looks set to subsume RoSCTL, short for Rebate of State and Central Taxes and Levies, a similar package focused on apparel and other such exports. But the fact that RoDTEP coverage has been controversial and rates are being flagged for revision should worry us that it is slipping the GST way—i.e., down a path of proliferation with items sliced and slotted apart too finely.
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- 20 Dec 2022 06:10 PM
GST compensation of ₹17,176 cr pending to states as on June 2022: Govt in RS
The government on Tuesday informed Rajya Sabha that GST compensation of ₹17,176 crore is pending to states as on June 2022.
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- 19 Dec 2022 06:02 PM
Efforts are on to widen GST base: Nirmala Sitharaman
Central and state governments will now focus on efforts to widen the Goods and Services Tax (GST) base, finance minister Nirmala Sitharaman said on Saturday, indicating that this would be a key strategy in maintaining revenue collections at a robust level.
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- 19 Dec 2022 06:13 PM
Smallcap stock rallies after GST cut in ethanol blending. Should you buy?
Praj Industries witnessed a robust bull run on Monday with the stock gaining by nearly 6% on BSE. The performance in this small-cap stock comes after the government lowered the GST rate on ethanol meant for blending under Ethanol Blended Petrol Programme to 5% from earlier 18%. Ethanol manufacturers and ethanol plant manufacturers such as Praj Industries are likely to benefit from this development. Praj holds dominance in domestic ethanol plants. Brokerage house Prabhudas Lilladher has recommended buying in Praj for a target price of ₹520 per share.
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- 19 Dec 2022 06:17 PM
Praj Ind share price jumps 2% as government lowers GST on ethanol
The stock price of Praj Industries traded higher on December 19 after the government cut the Goods and Services Tax (GST) on ethanol meant for blending under the Ethanol Blended Petrol programme to 5%.
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- 19 Dec 2022 06:22 PM
19 Recommendations of 48th Meeting of GST Council
Source: https://taxguru.in/goods-and-service-tax/19-recommendations-48th-meeting-gst-council.html
The 48th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman via virtual mode in New Delhi today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Choudhary besides Finance Ministers of States & UTs (with legislature) and senior officers of the Ministry of Finance & States/ UTs.
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- 19 Dec 2022 06:27 PM
GST Council Newsletter for November 2022
Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-november-2022.html
The Country celebrates Samvidhan Diwas (Constitution Day) every year on 26th November to commemorate the adoption of the Constitution of India and to honor the contribution of founding fathers of the Constitution. The Constitution Day was celebrated with much fervor in the GST Council Secretariat this year and on this occasion, we must reflect on the Or Amendment to the Constitution which paved the way for GST Council. This watershed moment translated into reality the spirit of co-operative federalism enshrined in our Constitution. The coming together of Center and States to jointly discuss and decide the levy of tax on goods and services and is a perfect system for enabling the federal framework.
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- 19 Dec 2022 05:55 PM
Online games, where winning depends on certain outcome, to attract 28% GST: Vivek Johri
Online games where winning is dependent on a certain outcome would attract 28 per cent GST on the full bet value, Central Board of Indirect Taxes chief Vivek Johri said on 17 December.
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