Here's everything you need to know about the Goods and Services Tax Bill.
The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual Budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne ($40 per barrel) windfall profit tax on domestic crude production was levied.
The opposition parties vehemently criticised the new 'one nation, one tax' system having four different rates instead of a single rate adopted in some countries including the UK and Singapore.
'We have promised to ensure reduced tax rates.'
In a string of tweets and replies, Swamy also said that GST can be implemented only if the Supreme Court clears a petition on levy of entry tax
Net direct tax collection in the April-June quarter of the current fiscal rose by 41 per cent to Rs 3,54,569.74 crore, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha. During the April-June period of 2021-22, the government had collected a net direct tax of Rs 2,50,881.08 crore. At the same time, net indirect tax collection including Goods and Services Tax (GST) and custom duty increased by 9.4 per cent to Rs 3,44,056 crore as against Rs 3,14,476 crore in the first quarter of the previous fiscal, he said in a written reply.
The states have unanimously pitched for sole administrative powers to carry out assessment, scrutiny and enforcement for entities up to an annual turnover of Rs 1.5 crore.
'At a recent event, says Kishore Singh, almost everyone present lamented art being labelled as 'goods', and therefore the artist its 'manufacturer'.
A GST roll-out by April 1 looks difficult, giving the companies some succour.
FM to meet states on Feb 14, approve key decisions.
GST will yield 'better value for money' for car buyers, increasing automobile industry demand, says Sandip Neogi.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
'Significant reductions in the compliance obligations mean businesses earlier struggling to comply will now have enough time to prepare and comply within the extended timelines.'
Companies feel higher rates in India would not be justified.
Finance ministers from Congress-ruled states say they have alerted the Centre about the problems in GST for several months, but it is only now with the Gujarat assembly election around the corner that the Modi regime has started heeding these suggestions.
The Centre and states are likely to settle for this threshold.
'At the end of the day, we want to see maximum items out and only few items remaining in the 28 per cent slab.'
States will have exclusive control over all dealers up to a revenue threshold of Rs 1.5 crore in a year
The price of ensuring no disruption after rolling out the GST seems to be an imperfect GST with many relaxations in its compliance norms, says A K Bhattacharya.
Electricity has also been kept out of the GST ambit.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
'GST gives a huge relief to small businesses of India and West Bengal.'
Apprehensions following the imposition of GST on sports equipment has forced the National Rifle Association of India (NRAI) to 'approach' the finance ministry and take up the cudgels on behalf of a very concerned shooting community.
Small scale and cottage industries which are labour intensive will be severely hit.
The shift from 'one country, one tax' to four tax rates could dilute possible gains on GDP, warns T N Ninan.
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
A corpus of Rs 20,000-30,000 crore is under consideration, to narrow the input tax credit cycle and facilitate their working capital requirements.
The GST's significance for the BJP's politics is as important as its implications for the Indian economy, says A K Bhattacharya.
Fridge, washing machine, and paint makers are expected to cut prices shortly, while TV, aircon, and sanitary napkin makers are a disappointed lot
Any residual amount left in the Compensation Fund after five year compensation period shall be shared equally between the Centre and the states.
GST would make compliance easier for big businesses, but hurt small scale industries., says SJM
Here's everything you need to know about the Goods and Services Tax Bill.
Central Board of Indirect Taxes and Customs said despite the electronic way or E-way bill mechanism there has been rampant evasion and there is a need to increase compliance.
According to the Minister, GST proposals would help in spurring growth and employment.
Common use products like hair oil, soaps and toothpaste will be charged with a single national sales tax or GST of 18 per cent instead of present 22-24 per cent
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
The new tax rates will come into effect from January 1, 2019.
A moderate GST rate obviates the need for the two-rate structure.
Some may lose competitiveness due to higher compliance costs
Reform ideas do not occur overnight and evolve over the years.
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