Future Retail has reported an over two-fold jump in its standalone net profit at Rs 148 crore for the quarter ended June 2017 (Q1FY18) on account of higher income. It posted a net profit of Rs 71 crore during the April-June quarter of FY17.
In the pre-GST era, all ambulances enjoyed concession in excise duty rate but after GST implementation, the finance ministry has exempted compensation cess only on ambulances that can carry up to nine persons.
"With all the applications that I have received from the automobile sector for reduction in GST (Goods and Services Tax) rates, I have included my suggestions on the same and requested the finance minister to think in this direction," Assocham today quoted Geete as saying.
This will be the third meeting of the council since the launch of the Goods and Services Tax (GST) on July 1 and the 21st since it was set up in September last year.
Growth revival in India remains a "concern" due to subdued consumption and investment demand even nine months after demonetisation and nearly two months post GST rollout, says a report.
Around 55 percent of the state tax revenue was subsumed by the Goods and Services Tax (GST).
The higher cess is unlikely to come into effect before September 9, the next date for the GST Council’s meeting in Hyderabad
The growth of the GVA at basic prices, excluding agriculture, forestry and fishing, public administration, defence and other services, is likely to be at 4.8 percent in the first quarter.
Economic activity in the country, which had lost some momentum in the run up to the Goods and Services Tax (GST) rollout, has started to recover, according to Nomura.
As much as Rs 22,000 crore has come in as Central-GST and State-GST alone.
Clarifying issues on GST on gems and jewellery through Frequently Asked Questions (FAQs), the Central Board of Excise and Customs said banks did not pay any VAT on import of precious metals previously. They only paid customs duty.
The GST (Goods and Services Tax) Council had recommended an increase in the cap on cess of SUVs, large, mid-sized and luxury cars to 25 percent from 15 percent now.
Of the six, 2-3 projects are being planned to come up in the megapolis, two in Pune and one in the National Capital Region (NCR), he said, adding that the company already has 40 million sq ft land bank across the country.
As GST return forms did not have a column for claiming transitional input credit, the government yesterday gave some breather to such taxpayers by giving them an extra week till August 28 to file returns.
The letter by Finance Minister highlights a concern being raised by the manufacturing sector regarding the rise in input costs of petroleum products taking place on account of transition to Goods and Services Tax regime.
GST in flat panel and many electronics items is at 28 per cent, which is higher than the previous taxation regime.
While a search committee has been set up to appoint a new chairman, Kumar may be given another extension given that GST is at a crucial stage of implementation.
The move comes against the backdrop of surge in gold imports from South Korea. India and South Korea implemented a comprehensive free trade agreement (FTA) in January 2010.
In comparison, foreign portfolio investors (FPIs) bought equities worth 21,000 crore during the period under review.
According to the Japanese financial services major, the MPC minutes suggest low inflation and growth concerns led to policy easing earlier this month, and going ahead the RBI is expected to stay on hold.
Also, the document called for taxing education and healthcare
The government has received a thumbs up for its competitive cooperative federalism policy from none other than Infosys Co-founder NR Narayana Murthy. He also lauded the government on demonetisation as well as GST.
"Within the framework of the GST Act each industry will be entitled to its own refund mechanism during this particular period (March 31, 2027)," he said after the Cabinet meeting headed by Prime Minister Narendra Modi.