Policy constraints may prevent many of the global retail giants from reaching their full potential.There are too many restrictions right now in the sector and policy makers lack clarity.
Direct tax collections grew by a meagre 6.6 per cent during April-July of the current financial year against the Budget target of 14.4 per cent for 2018-19. Corporation taxes, in particular, grew at just 0.57 per cent, the lowest in the first four months in at least seven years.
For the past five months, ever since he was appointed the Ayushman CEO, Indu Bhushan, a former bureaucrat, has made Nirman Bhawan his second home, working nine to nine with his "dedicated team" on the Modi government's biggest initiative after the Goods and Services Tax, says Nivedita Mookerji.
The deposit has been made on account of the rate reductions approved by the GST Council in its November. The rate was reduced on items including shampoo, detergents, chocolates, beauty products, sanitary ware, leather clothing, cookers, stoves, after-shave, deodorant, detergent and washing power. Companies found it difficult to pass on the benefits to consumers immediately at the time of GST rate reduction owing to logistical issues.
Since its rollout 13 months ago, the new indirect tax has yielded Rs 1 trillion only in in April 2018
Rationalisation of rates will be taken up for smaller items that do not have major revenue implications but are commonly consumed at the GST Council meet on Saturday
Ikea not ready to open first India store yet, postpones launch to August 9. Around 45,000 visitors are expected at the store on the earlier launch day.
Besides selling movable and immovable assets to make recoveries, taxmen filed prosecution cases against those not paying the demand.
The panel decided to omit the reverse charge mechanism (RCM) clause from the GST law under which registered taxpayers buying from unregistered taxpayers have to deposit the GST.
The central government wants to impose the levy; many states are opposed - at least, to the Centre doing so
After helping the government in policymaking since October 2014, Chief Economic Adviser Arvind Subramanian is returning to academics and will be teaching at Harvard Kennedy School on a visiting position. In an interview to Dilasha Seth and Somesh Jha, he says the ease of doing business agenda needs to move forward and India must try to integrate with the global value chains. Edited excerpts.
GSTN is planning a disaster recovery drill and hence services will not be available for 12 hours, between 9am and 9pm, on July 1, and has requested the taxpayers to plan GST-related activities on the portal accordingly.
Reaching a consensus might also get tougher, as already seen with issues like inclusion of natural gas in GST and imposition of a sugar cess, both central proposals being resisted.
'If Walmart is a physical retailer, why is it striking a deal with Flipkart for the online space?'
The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime
Experts point out that National Anti-profiteering Authority does not have the power to advise companies on depositing amounts voluntarily.
To outgoing Vodafone CEO Vittorio Colao, negotiating big deals was an art form, as an international report pointed out after the $130-billion sale of Vodafone's 45 per cent stake in Verizon Wireless, says Nivedita Mookerji.
India studied the Malaysian model, which was scrapped on Wednesday, before implementing the GST and borrowed the anti-profiteering clause to ensure GST benefits are passed on to the end-consumer by the industry
The decision of the Telecom Commission to approve in-flight connectivity won't just bring cheer to the chat-friendly passengers, but even more to the telecom industry facing severe financial stress, says Nivedita Mookerji.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
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