A senior official told The Indian Express that the Department of Heavy Industry will “bear the entire cost over and above the price of petrol or diesel vehicles under the FAME scheme”.
Currently, goods attract an effective tax rate of 24-25 per cent (including both the central and state levies), while services attract a levy of 14.5 per cent.
Trade facilitation agreement, which is aimed at streamlining customs rules and procedures across the member nations has been pushed by developed nations.
Seventh Pay Commission: While salary revisions are due in these five states, the states which follow a different wage revision cycle, such as Andhra Pradesh, will not be impacted by the report.
On Wednesday, in the Rajya Sabha, Commerce and Industry Minister Nirmala Sitharaman launched a defence of India’s stand at the WTO, saying the country did not come back “empty-handed” from the Nairobi talks.
As the economy moves into the fourth quarter and the fiscal year 2015-16 nears its end, fresh factors— both global as well as domestic— have emerged during the period.
The Indian Express spoke to several industry players who said that there is no systematic push from the Centre
in terms of targeted reduction of diesel/petrol vehicles.
Touted as the country’s most ambitious tax legislation since Independence, the Goods and Services Tax’s journey towards becoming a law has been marked with inordinate delays after it was first proposed in 2007-08 by the then UPA-I govt at the Centre.
In August, PM Narendra Modi in his Independence Day speech had given a call for “Start-up India, Stand up India” to encourage innovation and increase employment for the youth.
Economists say that while states’ apprehensions may be exaggerated, there is a merit in their argument as the contours of the latest cess — the Swachh Bharat levy — are not clear.