The empowered committee on value-added tax will meet the finance minister in mid-July to discuss the 'roadmap' for the introduction of the new tax regime, after which it will be taken up with political parties for a national consensus.
With only West Bengal sending in the draft amendments to Value-added Tax Bill, the finance ministry said on Thursday that a new roadmap will be drawn up for the implementation of the progressive tax regime, which was to be effective from June 1.
Ready with the "groundwork", the Empowered Committee on value-added tax is likely to press for President's nod on VAT Bills of at least nine states by May 25
The crucial meeting of the empowered committee of state finance ministers on value-added tax began in New Delhi on Wednesday to resolve all pending issues to ensure smooth implementation of the new tax regime from June 1 this year.
In a setback to the Kerala government, the Supreme Court on Wednesday struck down a law promulgated by it declaring Mullaperiyar dam as endangered, and restrained it from obstructing the Tamil Nadu government to raise the water level.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
In an apparent climb-down from its earlier stance, the Empowered Committee on value-added tax on Monday gave in to the Centre's plan for a nationwide VAT implementation.
At least 11 states accounting for two-third of the country's trade and industrial output are ready to introduce value-added tax from June
Top Congress sources said they would not hold up the Bill.
Uttam Prakash Agarwal alleged that Citax and Braich offers were incomplete and did not include firm commitment as to the price, size, timings, confirmation from the banks about availability of the funds.
It should be noted that the CPC allocation is provisional.
Radha Timblo, a Goa-based miner whose name figures in the black money list submitted in the Supreme Court, on Monday said she needs to study the government's affidavit before commenting on the issue.
Negotiations near deadlock, as states oppose Constitution Amendment Bill.
The largest challenge for the gigantic exercise between the Centre and the 29 states was to keep the latter interested over the years.
The FAQ also clarified that companies, including Titan, which supplies watches and jewels through their own websites will not be considered as e-commerce operators
GST seeks to subsume many indirect taxes at the Central and state levels.
The bill was taken up for consideration in the Lok Sabha after the Speaker rejected Opposition demands to refer the key reform measure to a parliamentary Standing Committee.
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
An area of worry relates to simplification of the refund procedure where the inverted duty structure prevails
The government has proposed to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related to the new indirect tax regime.
Instead government has given a go ahead for an international airport at Jewar in Greater Noida to decongest New Delhi airport
Finance Minister Arun Jaitley, who is meeting state finance ministers on Thursday to garner support for the Constitution Amendment Bill for a goods & services tax (GST), is likely to immediately dole out about Rs 13,000 crore (Rs 130 billion) in Central Sales Tax (CST) compensation to states.
Some also demanded empowering of local bodies.
The dam is located on the Western Ghats near Thekkady in Idukki district of Kerala on the Periyar river.
After securing Congress support for a rise in the foreign investment cap in the insurance Bill, this is another key reform Bill where the Centre has managed a broad consensus.
Companies are worried that any staggered roll-out of GST could result in cash flow issues with businesses not able claim tax credit due to breakage in the chain
According to Mitra, items such as foodgrain, vegetables, leather goods, footwear, cottage cheese, puffed and flattened rice, books and entertainment tax, among several others, should be in the zero-tax bracket.
Jaitley said the Congress may be upset with the government for 'political reasons'
Common items between Centre and states - bread, eggs, milk, vegetables, cereals, books and salt - will continue to be exempted.
States also demanded that Budget for 2015-16 should make adequate provisions for central sales tax compensation for early roll out of Goods and Services Tax, a Constitutional Amendment Bill for which was tabled in the Lok Sabha last week.
A GST roll-out by April 1 looks difficult, giving the companies some succour.
A minimum levy of 12 per cent GST on tea will increase the cost, which will ultimately be passed on to consumers.
Officials cited the example of the Sixth Pay Commission.
RBI had on February 12, 2018 issued a circular saying that lenders have to provide for resolution plan within 180 days in case of large account of Rs 2,000 crore and above.
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