In order to raise funds for key transport projects in city, Mumbai Metropolitan Region Development Authority (MMRDA) proposed a new cess, known as betterment tax, to be imposed on citizens residing along or in the vicinity of the upcoming projects. The idea is at the proposal stage and it awaits the approval of the state government. The state urban development department would finalise a blueprint for this
Tag: tax
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Govt to benefit from natural gas price hike
In a report, Goldman Sachs said the government would stand to gain Rs 14,900 crore by way of royalties and taxes from the incremental gas price accruing to state-owned producers ONGC and Oil India in 2014-15 fiscal. The report said, "We note about 65 percent of incremental gas revenue from a price hike would flow back to the central and state governments as royalties, VAT,
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Rates on CDs remain above 8%
Owing to the outflow of corporate advance tax from the banking system, rates on the Certificates of Deposit (CDs) are ruling high above 8 percent, media reports indicate. The first instalment of corporate advance tax is due on June 15. Advance tax outflow has strained liquidity in the banking system with banks borrowing about Rs 85,000 crore on an average under RBIÂ’s liquidity adjustment facilit
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Ministry may not agree to reduce import duty on coal
It seems the power ministry may not succeed in convincing the finance ministry to reduce import duty on all forms of coal used in power plants to mitigate the impact of rising cost of imported coal on power sector. Increase in the cost of imported coal has threatened the viability of several power generation projects in the
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Govt mops up over Rs 190 bn via duty on fuel
Union Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Rajya Sabha that the total amount collected from Additional Excise Duty during 2012-13 (Provisional) is 19,333 crore. Lakshmi said that the amounts collected during 2011-12 and 2010-11 are Rs 18,428 crore and Rs 16,979 crore respectively
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State-run OMCs witness decline in under-recovery
State-run oil marketing companies (OMCs) witnessed a sharp fall in the under-recovery on sale of diesel in the first fortnight of May to Rs 3.80 per litre from Rs 6.42 per litre during the second fortnight of April. Similarly, these companies witnessed decline in under-recoveries on account of kerosene for public distribution system (PDS) for the month of May 2013 to Rs 27.93 per litre
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Industry seeks policy boost for aircraft MRO segment
Lack of proper policy for aircraft maintenance, repair and overhaul (MRO) is hampering the development of the sector in the country, reports indicate. India is said to be having tremendous growth prospect in the MRO segment and hence industry body ASSOCHAM called for streamlining of taxes to encourage aviat
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EXIM policy guides export of iron ore and chrome ore
Export of minerals, including iron ore and chrome ore is guided by the Export-Import Policy. To conserve limited natural resources and to meet the domestic demand, duty on export of iron ore has been increased from 20 to 30 percent on ad valorem basis on all grades of iron ore (except pellets) with effect from December 30, 2011 and the export duty of chrome ore incre
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EXIM policy guides export of iron ore and chrome ore
Export of minerals, including iron ore and chrome ore is guided by the Export-Import Policy. To conserve limited natural resources and to meet the domestic demand, duty on export of iron ore has been increased from 20 to 30 percent on ad valorem basis on all grades of iron ore (except pellets) with effect from December 30, 2011 and the export duty of chrome ore incre
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Govt plans to pass Finance Bill by end of budget session
The government plans to pass the Finance Bill 2013 by the end of the second half of the budget session, which starts on April 22 and ends on May 10. The parliamentary affairs ministry, headed by Kamal Nath proposed the window of May 6 and 7 for discussion and passage of the finance