With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
It's an undeniable fact that after enactment of GST, buying insurance will become a little expensive impacting your term plans, health plans and motor insurance plans the most. But you should not ignore the importance of insuring your life, health, vehicle, says Harjot Singh Narula
Nirmala Sitharaman has designed the revenue mix in such a way that while Centre's share in taxes would grow a massive 25 per cent, states' share would grow a dismal 6 per cent.
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
Experts point out that National Anti-profiteering Authority does not have the power to advise companies on depositing amounts voluntarily.
R Vignesh is a member of the Institute of Cost and Management Accountants of India in Chennai, appeared on Rediff Chat to answer readers' queries on GST.
The government introduced the 122nd Constitution amendment Bill.
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aereated drinks to create a corpus for compensating states for any loss of revenue in the first five years
The challenge before the government now is to use the factors that are favourable to its benefit.
These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
GST reform has been hanging fire since 2006-07.
Is the Budget sufficiently prudent? It probably is but at the cost of substantial under-provisioning for the many grand sounding schemes announced in it, says Nitin Desai.
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
No mention of cab aggregators in GST bills
Gujarat has around 3,000 licensees for allopathic drug manufacturing, apart from around seven homeopathic licensees, 500 ayuvedic and 600-700 cosmetics licensees
GST will lead to consolidation of multiple indirect taxes
The Centre and states are likely to settle for this threshold.
States are apprehensive of losing their rights to raise revenue during emergencies.
Here's everything you need to know about the Goods and Services Tax Bill.
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
Rama Krishna Sangu, partner, Manohar Chowdhry & Associates, Chartered Accountants, and a member of the Indirect Tax Committee of ICAI, fielded readers' questions on GST on Rediff Chat.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
Although the markets could see a knee-jerk reaction, they rule out a sharp fall.
Here's everything you need to know about the Goods and Services Tax Bill.
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