CHENNAI: Tamil Nadu has the second highest GST tax base, according to the Economic Survey 2018 and forms 10% of the nation's base. TN trails Maharashtra (16%), but leads Karnataka (9%), Uttar Pradesh (7%) and Gujarat (6%). The survey also reveals that Maharashtra, UP, Tamil Nadu and Gujarat are the states with the highest number of GST registrants.

LUCKNOW: Uttar Pradesh is on track to become an electronics hub as more than Rs 26,000 crore investment is expected in the sector during the UP Investors Summit next month, a senior government official said. 

After persistent calls from various industry groups, the government last week announced the enhancement of duty drawback rates to be effective from January 25, 2018. The enhancement of rates for 102 tariff items must come as a relief to all the companies dealing in the mentioned items. 

MUMBAI: Bank loans rose in double digit growth rate in December'17, highest since more than 15 months. This time round all sectors including agriculture industry, services and retail posted a higher growth rate than in the same period a year ago, possibly indicating early signs of revival. 

In a ruling on a writ petition filed by a firm last week, the Allahabad High Court directed the Central government to either open the GST Network portal for filing TRAN 1 forms — used by taxpayers to claim transitional credit for taxes paid on pre-GST stock — or process the petitioner’s application manually.

When the Goods and Services Tax (GST) came into force on July 1, 2017, it subsumed a host of indirect taxes that were levied. Taxes like Central Excise duty, State VAT, Service tax, luxury tax and others are all gone, which has also led many to question if Budget 2018 would be as exciting as before.