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Updated: 42 min 7 sec ago
Indian Oil resumes buying Russian crude oil delivered on Sovcomflot ships
The acceptance of Sovcomflot tanker by the country's largest refiner carries significance as it could embolden other smaller refiners to also use Sovcomflot vessels for their oil purchases from Russia
US Fed keeps key rates unchanged at 5.25%-5.5% for 6th straight meeting
Fed holds rates steady, flags 'lack of further progress' on inflation
G7 commits to coal phaseout with strings, sets tone for G20 and COP29
Experts say richer nations would pressure developing ones to meet green targets
India's spice exports at potential risk, needs urgent action: GTRI
India needs to address the quality issues with urgency, the think tank said
Gross GST collection in April shoots past Rs 2 trn to record high
Net GST collections rise by 17%
GST mop-up hits record on good economic momentum, efficient collections: FM
Finance Minister Nirmala Sitharaman on Wednesday said GST collection breached the Rs 2 lakh crore milestone on the back of strong economic momentum and efficient tax realisation.
In a post on X (formerly Twitter), the minister also lauded the efforts of the central and state officers of the revenue department and the Central Board of Indirect Taxes & Customs (CBIC) for their "sincere and collaborative efforts" in achieving this landmark.
"GST collection crosses Rs 2 lakh crore benchmark, thanks to the strong momentum in the economy and efficient tax collections," she said.
Goods and Services Tax collection grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, driven by increased domestic transactions and imports. The collection was Rs 1.87 lakh crore in April 2023.
Out of the IGST collection, Rs 50,307 crore was settled towards CGST and Rs 41,600 crore towards SGST. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST in April ..
Enlightened leadership needed to resolve tax distribution: Subbarao
Former RBI Governor Duvvuri Subbarao has opined that only enlightened leadership at Centre and state levels can resolve the complex north-south divide in deciding on the distribution of the tax pool among states, saying it is beyond the remit of the Finance Commission.
Subbarao, who held various positions including the finance secretary of Andhra Pradesh and Union finance secretary, and wrote extensively on issues in fiscal federalism in his new book titled 'Just A Mercenary?: Notes from My Life and Career' further said that horizontal sharing of the divisible pool of taxes has always been a contentious issue but will be even more so in this round.
"This (north-south divide in deciding on the distribution of the tax pool among states) is a complex political challenge beyond the remit of the Finance Commission.
"Resolving it will demand enlightened leadership at central and state levels that can look beyond politics and build a consensus around an optimal way forward," he told PTI.
GST collections hit new record at Rs 2.10 trillion in April 2024, up 12.4%
Driven by domestic transactions and imports, the gross goods and services tax (GST) collections for April 2024 saw a 12.4 per cent year-on-year growth
Commercial LPG cylinder price reduced by Rs 19; Here are the revised rates
A 19 kg cylinder will now costs Rs 1,745.50 in Delhi as against Rs 1,764.50 as of last month
India needs 'hard reforms' to reach GDP growth of 7.5%, says HSBC
Prime Minister Narendra Modi - who is seeking a third term in elections that run until June 1 - has been campaigning on making India a developed nation by 2047
Govt cuts windfall tax on petroleum crude to Rs 8,400 per MT from May 1
(Reuters) - India has cut its windfall tax on petroleum crude to 8,400 Indian rupees ($100.66) a metric ton from 9,600 rupees with effect from May 1, the government said on Tuesday
LS polls: Makhana traders demand policy refit for opportunity pop-up
Returning entrepreneurs hamstrung by inadequate policy measures
Euro zone economy rebounds from recession as inflation steadies
The fourth quarter GDP figure was also revised down to a negative 0.1% from a previous 0.0%, meaning that the euro zone was in a technical recession in the second half of 2023
CRISIL SME Tracker: Equations getting better for chemicals MSMEs
Agrochemicals margins could normalise from the second quarter due to destocking of high-cost inventories
Chatroom: Duty-free inputs used in export output are not export benefits
When you re-import the goods under notification 45/2017-Cus dated June 30. 2017, you have to pay the GST, DBK and RoDTEP amounts at the time of clearance
Better PLI execution on cards if Modi returns to power, says report
The French banking group said the turnaround in the investment cycle that started from 2018-19 has further gained pace over the last two years after a Covid-led disruption in 2020 and 2021
Dry cell battery maker Eveready Industries defers new category entry
Saha indicated that the RTM should be amenable to take on other categories
Gujarat High Court rules mango pulp attracts 12% GST since July 2017
The court said that the item is covered by the category-mangoes other than sliced and dried
India's core sector growth slows to 5.2% in March from 7.1% in February
In March 2023, the core sector had recorded a growth of 4.2 per cent
India buys more oil from Russia, less from Iraq, Saudi Arabia in April
Oil imports from Iraq declined by 20-23%, the data showed