"It will be a kind of competition among states and districts. We will come out with detailed guidelines for that. The scheme will find a place in the FTP. It will be a centrally-sponsored scheme, where 60 per cent of the total cost will be borne by the Centre, and the remaining by states. We are trying to release the new FTP before September," the official added.
The tax on crude oil producers like Oil and Natural Gas Corporation (ONGC), Oil India Ltd and Vedanta Ltd alone will fetch the government Rs 69,000 crore annually considering 29.7 million tonnes of oil production in 2021-22 fiscal (April 2021 to March 2022), two sources with knowledge of the calculations said.
The new guidelines of the consumer affairs ministry will empower people to approach consumer commissions and the Central Consumer Protection Authority (CCPA) if hotels and restaurants seek service charge despite the ministry asking them to stop making the levy. It will be completely up to the customers to pay any amount as tip and eateries cannot directly or indirectly levy any charge more than the rate of food items.
IPEF is not a trade agreement as it does not incorporate things like tariff reduction or reciprocal commitments, Saran said.
India’s GST collections rose 56%, at their fastest pace in over a year, to nearly Rs 1.45 lakh crore in June, marking the 12th consecutive month of over Rs 1 lakh crore collections. With the latest set of rate changes and tightening of norms, the government is hoping for further improvement in the coming months.
India and the 27-nation bloc resumed negotiations on June 17, after a gap of over eight years, on the proposed agreements on trade, investments and Geographical Indications (GI). The first round of talks, which began on June 27, concluded on July 1, the official added.
Fuel consumption sped past the pre-pandemic levels in June by a wide margin, driven by a surge in domestic tourism, sharp uptick in economic activities and a higher-than-usual seasonal demand from the farm sector owing to a long spell of searing heatwave.