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New Delhi: State-owned fuel retailers on Tuesday hiked price of jet fuel or aviation turbine fuel (ATF) sharply by 7.5 per cent, while the cost of LPG used in commercial establishments was reduced by Rs 58.50 per cylinder, reflecting shifts in international benchmark rates. However, cooking gas used in domestic households remained unchanged at Rs 853 per 14.2-kg cylinder, according to a notification by oil-marketing companies (OMCs). The hike in ATF price is in line with the surge in internatio ...Read More >
New Delhi, July 1 (SocialNews.XYZ) India's Goods and Services Tax (GST) system has emerged as one of the biggest success stories in the last decade, reflecting a growing formal economy and rising compliance, noted economist and former IMF Executive Director, Dr Surjit Bhalla, said on Tuesday. In an exclusive interaction with IANS, Bhalla highlighted that GST has not only increased tax revenue significantly but has also brought more businesses and individuals under the formal tax net. "The GST ...Read More >
New Delhi, July 1 (SocialNews.XYZ) Prime Minister Narendra Modi on Tuesday said that eight years have passed since GST was introduced, and it stands out as a landmark reform that has reshaped India's economic landscape. "By reducing the compliance burden, it has greatly improved the Ease of Doing Business, particularly for small and medium enterprises", PM Modi stated. "GST has also served as a powerful engine for economic growth, while fostering true cooperative federalism by making states eq ...Read More >
Chandigarh, July 1 (SocialNews.XYZ) Punjab has recorded a record-breaking 44.44 per cent growth in net Goods and Services Tax (GST) collections for June 2025 and a substantial 27.01 per cent growth for the first quarter of this fiscal, marking the highest-ever GST revenue growth in a fiscal quarter and for June in state's history, said state Finance Minister Harpal Singh Cheema on Tuesday. After facilitating the top five taxpayers of the state for their contribution to the state's economic grow ...Read More >
New Delhi: Oil companies on Tuesday slashed the price of commercial LPG cylinders by ₹58.5 with effect from July 1. A 19-kg commercial cylinder now costs ₹1,672 in Kochi and ₹1,693 in Thiruvananthapuram. This marks the fourth consecutive reduction in commercial LPG prices. Rates were earlier cut by ₹24 on June 1, ₹14.50 on May 1, and ₹41 on April 1--amounting to a total reduction of ₹138 since April. However, in a contrasting move, the price of aviation turbine fuel (ATF) was hiked sharply by ...Read More >
New Delhi: Starting July 2025, goods and services tax or GST compliance will undergo a shift with two key changes -- locking of GSTR-3B forms and a three-year deadline for filing returns. These changes, introduced by the GST Council, aim to improve accuracy and transparency in return filing, while reducing mismatches and fraudulent claims. The move is aimed at ensuring consistency between GSTR-1 (which records outward supplies) and GSTR-3B (used to pay tax), reducing revenue leakages due to mism ...Read More >
New Delhi, Jun 30 (PTI) The GST Council, comprising finance ministers from the Centre and states, should simplify compliance, reduce tax slabs to three, and broaden the base by bringing petroleum products under GST, a PwC India report said on Monday. Goods and Services Tax (GST), launched on July 1, 2017, completes eight years on Monday. GST subsumed about 17 local taxes and 13 cesses into a five-tier structure, simplifying the tax regime. Over the last 8 years, the average monthly GST collect ...Read More >
New Delhi [India], June 28 (ANI): India will continue to grow robustly, even among major industrialised G7 countries, the PHD Chamber of Commerce and Industry (PHDCCI) said in a report on 'Population, Productivity, Partnership: Rethinking G7-India Collaboration'. The PHDCCI report added that with an average real GDP growth of more than 8 per cent from 2021 to 2024, India has consistently outpaced all G7 countries: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. ...Read More >
Adityanath stressed that GST is a consumer-driven tax regime, and therefore, areas with larger populations should be contributing more to the state's revenue.Source : PTI Uttar Pradesh Chief Minister Yogi Adityanath on Saturday called for a strong crackdown on shell companies and fraudulently registered firms, terming any attempt to exploit benefits meant for legitimate traders as "unforgivable." Chairing a high-level review meeting of the State Tax Department, the Chief Minister emphasised the ...Read More >
Lucknow: Chief Minister Yogi Adityanath on Saturday directed officials to act against shell companies and fake firms that are deriving undue benefits against the rules.He said that such acts were an attempt to misuse the facilities meant for genuine traders and the matter should be dealt with seriously.The CM, while conducting a high-level review of the state tax department, directed officials to ensure transparency in tax collection and adopt a policy of technological efficiency and strict enfo ...Read More >
Lucknow: Days after the chairman of 16th Finance Commission Arvind Panagariya said that Uttar Pradesh, like many other states, had demanded increase in state's share from existing 41% to 50%, state finance minister Suresh Khanna said that such a demand has been raised by other states too and it is justified as UP has being doing better on several parameters.The UP govt's thrust before the 16th Finance Commission was on UP's share in central taxes which should be 20.47% against 17.93% it got in 1 ...Read More >
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