Wednesday, Jul 26 2017 | Time 02:22 Hrs(IST)
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  • California governor signs climate policy extension into law
  • Trump slams Sessions as not tough enough, assails intel leaks
  • UN points finger at "elements" in Congo army over Kasai mass graves
  • King, Peaty, Masse smash world records
  • Colombia's ELN rebels propose three-month ceasefire
  • Zimbabwe parliament restores Mugabe's authority to name chief justice
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GST Council increases cess on cigarettes, govt set to get extra Rs 5000 cr

GST Council increases cess on cigarettes, govt set to get extra Rs 5000 cr

New Delhi, Jul 17 (UNI) The Goods and Services Tax (GST) Council today raised the cess on cigarettes over the peak rate of 28 per cent, as the effect on their prices was lower under the new taxation regime, than earlier. The fixed cess has been hiked between Rs 485 and 792 per thousand sticks and the specific cess on the basis of the length of cigarettes will be effective from midnight today. After the meeting of the Council through video conferencing, Finance Minister Arun Jaitley said the increase will give the government Rs 5,000 crore more in revenue, which would be used for compensating states. But, he said the consumer prices would not change as the increased tax incidence would only take away the windfall profits the manufacturers were earning. According to Mr Jaitley, as per the Council decision today, the peak GST rate of 28 per cent and ad valorem cess of 5 per cent would remain in place. Mr Jaitley said, “It was noted in the first 15 days of the GST implementation that when the rate on cigarettes was translated, the cascading effect of taxes was not factored in. We noted that cigarette companies were getting windfall profit from reduction in cigarette prices.” Mr Jaitley said the case of non-increase of cess of Rs 5,000 crore additional tax revenue would have gone to the manufacturers. The GST Council had fixed 28 per cent as the top rate for cigarettes in May 2017. A five per cent ad valorem cess was levied on top of it and Rs 1,591 per thousand sticks as fixed cess on both filter and non-filter cigarettes of not exceeding 65 mm length. The cess rate varied from Rs 2,126 to Rs 4,170 for cigarettes of different lengths. But, this rate was lower than the pre-GST tax incidence and the choice before manufacturers was either to pass on the lower taxes to consumers by way of cutting rates or pocketing the windfall. The Minister said the GST Council will meet in the first week of August to review the progress of the implementation of GST, which was rolled out on July 1. UNI ADP RJ SHK 2214

Top News
Kovind is 14th Prez of country; calls for creation of an egalitarian society

Kovind is 14th Prez of country; calls for creation of an egalitarian society

New Delhi, Jul 25 (UNI) Mr Ram Nath Kovind today took oath as 14th President of the country, calling for creation of an egalitarian society with equal opportunity for all.

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25 Jul 2017 | 2:03 PM
Need to build an India that is an economic leader as well as moral exemplar: Kovind

Need to build an India that is an economic leader as well as moral exemplar: Kovind

New Delhi, Jul 25 (UNI) Stressing the need to build an India that is an economic leader as well as a moral exemplar, the new President Ram Nath Kovind today said 'the India of the 21st century will be one that is in conformity with our ancient values as well as compliant with the Fourth Industrial Revolution'.

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25 Jul 2017 | 5:27 PM
Terror funding case: Delhi Court orders 10 days NIA custody to seven separatist leaders

Terror funding case: Delhi Court orders 10 days NIA custody to seven separatist leaders

New Delhi, Jul 25 (UNI) A Delhi Court today awarded ten days National Investigation Agency (NIA) custody to seven Kashmiri separatists, including Altaf Ahmed Shah, son-in-law of Hurriyat leader Syed Ali Shah Geelani, in connection with terror funding probe and subversive activities in Kashmir.

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25 Jul 2017 | 9:22 PM
Army Vice Chief cautions 'China bound to be a future threat to India'

Army Vice Chief cautions 'China bound to be a future threat to India'

New Delhi, Jul 25 (UNI) Vice Chief of Army Staff Lt General Sarath Chand today cautioned that China is bound to be a threat to India in the years to come.

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25 Jul 2017 | 8:33 PM
PM to undertake aerial survey of North Gujarat

PM to undertake aerial survey of North Gujarat

New Delhi, Jul 25 (UNI) Prime Minister Narendra Modi will undertake an aerial survey of flood affected areas of North Gujarat this afternoon after the swearing-in ceremony for new President Ram Nath Kovind.

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25 Jul 2017 | 9:46 PM
Setback for business conglomerate, Sahara, in apex court

Setback for business conglomerate, Sahara, in apex court

New Delhi, Jul 25 (UNI) The Supreme Court today ruled that the process of auctioning of Sahara-owned Amby Valley shall start subject to deposit of Rs 1,500 crores by September 7.

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25 Jul 2017 | 6:00 PM
Mamata meets Rajnath, discusses Darjeeling and other issues

Mamata meets Rajnath, discusses Darjeeling and other issues

New Delhi, Jul 25 (UNI) In the capital to attend President Ram Nath Kovind's swearing in ceremony, West Bengal Chief Minister and mercurial Trinamool Congress chief Mamata Banerjee today met Union Home Minister Rajnath Singh here.

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25 Jul 2017 | 7:40 PM

CPI-M stalls Yechury's re-election to RS, Bengal Cong proposes Meira for Upper House

25 Jul 2017 | 11:54 PM

New Delhi, Jul 25 (UNI) In a significant development, the West Bengal Congress unit has recommended to the party high command that the party fields former Lok Sabha Speaker Meira Kumar as a candidate for ensuing Rajya Sabha elections from the state.

California governor signs climate policy extension into law

26 Jul 2017 | 1:54 AM

By Dan Whitcomb LOS ANGELES, Jul 25 (Reuters) California Governor Jerry Brown signed into law today a package of bills that use market forces to cut greenhouse gas emissions, extending by a decade the state's signature plan to combat climate change.

RS by-poll: BJP’s MP unit sends names to Delhi

25 Jul 2017 | 11:54 PM

Bhopal, Jul 25 (UNI) In view of a by-poll in Madhya Pradesh for a Rajya Sabha seat, a meeting of the Bharatiya Janata Party (BJP) State Election Committee concluded here this evening with a decision to dispatch a panel of approximately a dozen names to the Central Election Committee.

King, Peaty, Masse smash world records

26 Jul 2017 | 12:48 AM

By Rod Gilmour BUDAPEST, Jul 25 (Reuters) The world championships came alive today as Lilly King of the United States won the women's 100 metres breaststroke title in one of three world- record swims at the end of a breath-taking evening session.

MARKET-SIS-IPO

25 Jul 2017 | 9:17 PM

Security & Intelligence Services to come out with IPO on July 31 to raise Rs 780 cr Mumbai, Jul 25 (UNI) Security and Intelligence Services (India) Ltd today said that it will come out with an initial public offer (IPO) on July 31 with an aim to raise capital of Rs 780 crore for repayment of a portion of certain outstanding debt.

Yemen cholera epidemic slowing after infecting 400,000

Yemen cholera epidemic slowing after infecting 400,000

25 Jul 2017 | 4:26 PM

By Tom Miles GENEVA, July 25 (Reuters) - Yemen's cholera outbreak is set to hit 400,000 cases on Tuesday but there are signs the three-month-old epidemic is slowing, according to World Health Organization data analysed by Reuters.

Toyota set to sell long-range, fast-charging electric cars in 2022 -paper

Toyota set to sell long-range, fast-charging electric cars in 2022 -paper

25 Jul 2017 | 12:05 PM

TOKYO, Jul 25 (Reuters) Toyota Motor Corp aims to begin selling in 2022 an electric car powered by a new type of battery that significantly increases driving range and reduces recharging time, the Chunichi Shimbun daily reported today.

JPCC celebrates 26th death anniversary of former Prime Minister Rajiv Gandhi

21 May 2017 | 6:22 PM

Ranchi, May 21 (UNI) The Jharkhand Pradesh Congress Committee today paid floral tributes to former Prime Minister Bharat Ratna late Rajiv Gandhi on his 26th death anniversary which was celebrated by the party as ‘Shahdat Diwas’.

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