Government Monday sought approval of Parliament to release about Rs 11,000 crore to states and union territories to compensate them for revenue loss on account of phasing out of Central Sales Tax (CST).
Japanese First Lady Akie Abe - often called the "domestic opposition" for her penchant to speak out - said on Thursday the country should consider cutting wasteful spending and boosting the economy before going ahead with a rise in the sales tax to 10 percent, as her husband wrestles with just that decision.
Despite some good news -- unemployment held at a seven-year low and Tokyo`s war on deflation logged another victory -- the slate of economic data confirmed fears that jacking up the consumption tax would deal a blow to spending and the wider economy.
Essar Oil Ltd on Friday moved the Supreme Court seeking more time for paying outstanding sales tax dues to Gujarat government on the ground that it is facing financial constraints due to economic slowdown and not given tax benefits unlike other refineries.
The division bench of Justice P B Majmudar and Justice Mohinder Pal rejected the petition of EOL which had sought that the company be allowed to pay the tax dues of Rs 6,414 cr in eight yearly instalments and grant it exemption from paying penalty and interest of Rs 2000 crore on it.
Irked over Centre's approach over CST compensation, states on Saturday asked it to either compensate them adequately for their revenue loss due reduction in the Central Sales Tax (CST) or increase the levy to earlier rate of 4 percent.
Essar Oil Ltd on Friday reported a Rs 3,986 crore net loss in the third quarter after a one-time reversal of sales tax revenue and said it will raise Rs 3,000 crore in fresh equity capital to shore up the networth.