The stock has grown 561 per cent from Rs 98.30 on August 16, 2013 to Rs 640 on August 16, 2018. The Sensex has doubled during the same period. Meanwhile, its listed peers PC Jewellers and Titan Company rose 127% and 283.44%, respectively, during the last five years.

Mehul Choksi is not the only Indian fugitive diamantaire who has found refuge in the Caribbean.

The industry is optimistic that the tax cut will fuel demand and provide a new impetus for growth, especially ahead of the upcoming festive season.

Industry body FICCI, along with Grant Thornton and escrow platform Escrowffrr, has now come up with a report with ideas on how to go about improving transparency in the secondary market.

Pronab Sen, former chief statistician of Indian and an economist, explains why it is difficult to measure the impact of GST on the unorganised sector.

As the Goods and Services Tax turned one, Business Today organised a discussion to understand how the journey had been so far, and what needed to be done in future. The panel, comprising Anita Rastogi, partner, indirect tax, PwC; Abhishek A. Rastogi, partner, Khaitan & Co; Atul Gupta, senior director, Deloitte, Haskins & Sells LLP; Ajay Sahai, Director General & CEO, Federation of Indian Export Organisations; Harpreet Singh, partner, indirect tax, KPMG; and Anil Bhardwaj, secretary general, Federation of Indian Micro & Small and Medium Enterprises held a 90-minute discussion

The GST bandwagon has had a choppy ride in the first year but is gaining momentum. Further fine-tuning of the GST law holds key to future success

The implementation of GST has led to uniformity of tax rates across the country. we look at the impact on different sectors.

States need discretionary powers for better resource mobilisation

The format for annual returns and audit is likely to be approved by the GST Council in its meeting on July 21 and industry expects that there could be some reconciliation with annual IT returns as the government aims to check tax evasion.

Last month, petroleum prices were cut 14 times after hitting an all-time high of Rs 78.43 a litre for petrol and Rs 69.31 for diesel on May 29. Petrol price dropped by Rs 2 a litre and diesel by Rs 1.46.

It's not only the diamantaires Nirav Modi and Mehul Choksi who conspired and cheated the Punjab National Bank (PNB) of Rs 13,600 crore loan amount. Mumbai's leading hawala operator Mohammad Farooq was also not far behind, a charge sheet filed by the Enforcement Directorate has revealed.

The three state-owned fuel retailers, IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had not revised petrol and diesel prices since June 26 before which it was on a steady decline.

Modi said the Goods and Services Tax (GST) has within one year of its launch led to over 70 per cent jump in indirect taxpayer base, demolished check-posts and merged 17 taxes and 23 cesses into one single tax.

If petrol, diesel are to be brought into GST, then states will be allowed the levy taxes on top of 28 per cent to prop up revenue. It will take some time to include petrol, diesel in GST as the states have divergent views, Modi said.

In the face of widespread criticism over its decision to tax petroleum products heavily, interim finance minister, Piyush Goyal blamed the UPA and its mismanagement of finances.

A reason the government wants to include jet fuel and natural gas under the GST is low tax incidence on them, which is a safe bet for the government as they can be easily accommodated in the five-slab tax system.

Fuel prices continued to either dip or remain stagnant from May 30. On Sunday, petrol prices across the country were slashed by 14-17 paise, while diesel fell by 7 paise.

GSTN CEO Prakash Kumar said the company will focus next on providing data analytics and improving user interface on the GSTN portal, besides developing backend system for assessment, audit, appeal and advance ruling for 27 states.

The tax structure for petrol and diesel is likely to be a peak tax rate of 28 per cent plus states levying some amount of local sales tax or value added tax (VAT).