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The government has imposed Rs 23,230 per tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices.
The rupee has been slipping to fresh lows over the last several sessions as global macroeconomic woes mount and as foreigners continue to pull out funds from Indian equities.
The AAP government had earlier announced giving 300 units of free power to every household from July 1.
June is the 12th consecutive month in which India's manufacturing PMI has stayed above 50.
Nirmala Sitharaman also says it is reasonable to expect the steady growth trend in GST revenue to continue.
The interest rate on small savings schemes has not been revised since the first quarter of 2020-21. The interest rate on small savings schemes has not been revised since the first quarter of 2020-21.
The direct air connectivity between Dubai and Bhubaneswar has been a long-pending demand for people
The increase in fiscal deficit was mainly due to higher expenditure, according to official data
The benefits of any tax reform should not be seen in terms of government revenues alone, but through wider implications for the economy
The minister said the fall in the value of the national currency, which hit a record low of 78.92 against the dollar, is being monitored by the government
The U.S. economy contracted slightly more than previously estimated in the first quarter amid a record trade deficit and supply chain disruptions, government data showed on Wednesday.
The GST Council has over the years reduced several tax rates, resulting in an average rate of about 11.5 percent against the so-called revenue-neutral rate of 15 percent
The council also considered a report by another group of ministers on taxing online gaming, casinos and horse racing and have given the GoM time until July 15 to firm up its report after speaking to stakeholders.
India had earlier offered the UK lower duties on alcohol, but the UK has demanded an immediate and steep reduction of tariffs.
While states are demanding that compensation for the revenue loss from GST be continued beyond June 30, neither the states nor the Centre have many options on the issue.
On the first day of the 47th GST Council meeting, one of the key issues was the compensation to states for revenue shortfall which will stop in two days. Opposition- ruled states like Chhattisgarh want the GST compensation period to be extended for another five years. For the details of the meeting in a nutshell, watch the video.
Goyal said the government wants to open up more exhibition space for handicrafts at existing government premises but is wary of only a few players cornering most of the showroom space either directly or by setting up different entities.
The two heavyweight subjects are on the agenda for June 29 after the interim report on rate rationalisation of the Group of Ministers was accepted on June 28.
The GoM, chaired by Karnataka Chief Minister BS Bommai, was tasked with looking into matters related to rate rationalisation and correction of the inverted duty structure.
Officially, the PM will be paying his personal condolences on the passing away of UAE President Sheikh Khalifa bin Zayed bin Sultan Al Nahyan. But sources said the visit will also serve to signal India’s commitment to the region in the wake of a damaging controversy.
The state will present a proposal in the ongoing GST Council meeting to continue with 14 percent protected revenue provision, minister TS Singhdeo said.
India’s GST Council, the apex decision-making body of the indirect tax regime that completes five years this week, is meeting in Chandigarh on June 28-29.
To endorse the principle of cooperative federalism as mandated by the Constitution of India, states must deviate in rarest of rare circumstances and any aberration must be backed by dialectical thought and pragmatism.
Prime Minister Modi, who is in Germany on a two-day visit from Sunday for the summit of the G7, was received by German Chancellor Olaf Scholz upon his arrival at Schloss Elmau, the picturesque venue of the summit in southern Germany.
India is participating in the ongoing G7 summit as a guest nation but does not condone or endorse any of the recommendations, statements or announcements in the six-page statement on Ukraine, as it was not part of the drafting team, officials said.
