SC rejects Essar Oil's plea in $1.26 billion tax case

Last Updated: Wednesday, April 4, 2012, 18:24

Essar Oil Ltd.'s shares tanked Wednesday as the Supreme Court of India rejected the refiner's petition against a January ruling which said it can't defer sales tax payments to the Gujarat state government.

Centre ready for fresh look at CST compensation issue: Pranab

Last Updated: Wednesday, March 28, 2012, 21:40

Seeking to build bridges with states, Finance Minister Pranab Mukherjee Wednesday said he would look into their demand for Central Sales Tax (CST) compensation and deal with the problem of debt-ridden states of Kerala, Punjab and West Bengal.

Centre can't compensate states for CST till GST rollout: FinMin

Last Updated: Tuesday, March 20, 2012, 18:43

Amidst repeated complaints of inadequate compensation for revenue loss due to lower CST rate, the Union Finance Ministry Tuesday said it cannot compensate them "endlessly for as many years as GST does not come".

Centre can't compensate states for CST till GST rollout: FinMin

Last Updated: Tuesday, March 20, 2012, 18:43

Amidst repeated complaints of inadequate compensation for revenue loss due to lower CST rate, the Union Finance Ministry Tuesday said it cannot compensate them "endlessly for as many years as GST does not come".

Hike CST to 4% or compensate adequately: States to Centre

Last Updated: Saturday, March 3, 2012, 18:41

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.

Hike CST to 4% or compensate adequately: States to Centre

Last Updated: Saturday, March 3, 2012, 18:41

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 registers Rs 3,986 cr loss; to raise Rs 3,000 cr

Last Updated: Friday, February 17, 2012, 20:52

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.

Essar moves SC over review of sales tax order

Last Updated: Thursday, February 16, 2012, 12:48

Essar Oil on Thursday said it has filed a petition in the Supreme Court seeking a review of the apex court's decision setting aside a ruling of the Gujarat High Court that allowed the company to defer payment of sales tax to the state government.

Pranab to meet state FMs on CST compensation, GST in Feb

Last Updated: Wednesday, January 18, 2012, 19:24

Finance Minister Pranab Mukherjee will hold a meeting with the state counterparts next month to sort out the issues concerning Central Sales Tax (CST) compensation and implementation of the goods and services tax (GST).

GST meet on Nov 28; CST compensation to be released soon: Modi

Last Updated: Wednesday, November 9, 2011, 22:24

Committee of state finance ministers will meet later in the month to sort out issues concerning roll out of the GST, even as the Centre promised to release more funds to states to compensate them for losses on account of phased withdrawal of the Central Sales Tax (CST).

Empowered Committee on GST to meet on Oct 14

Last Updated: Thursday, October 6, 2011, 12:57

The Empowered Committee of State Finance Ministers on GST, headed by Bihar Deputy Chief Minister Sushil Kumar Modi, will meet here on October 14 to discuss issues related to the roll out of the ambitious indirect tax regime.

Kerala Govt waives additional sales tax on petrol sale

Last Updated: Saturday, September 17, 2011, 16:02

In a step aimed at providing some relief to the common man from the fuel price hike, Kerala government on Saturday announced that it would waive the additional sales tax revenue of Rs 108 crore generated on petrol sales.