The GST Council in its next meeting may look at raising the lowest tax slab to 8 per cent, from 5 per cent, and prune the exemption list in the Goods and Services Tax regime as it looks to increase revenues and do away with states' dependence on Centre for compensation, sources said on Sunday. A panel of state finance ministers is likely to submit its report by this month end to the Council suggesting various steps to raise revenue, including hiking the lowest slab and rationalising the slab. Currently, GST is a four-tier structure attracting a tax rate of 5, 12, 18 and 28 per cent.
Arora was arrested under the criminal sections of the Prevention of Money Laundering Act after a long session of questioning.
This comes after the agency conducted searches at his residence earlier in the day in connection with the case.
The government intends to continue with the top GST slab of 28 per cent for luxury and sin goods, but is open to discuss narrowing down the three slabs of 5, 12 and 18 per cent into two, Revenue Secretary Tarun Bajaj said on Monday. Addressing the industry leaders, Bajaj said the rate rationalisation exercise of the GST Council is a result of introspection of GST, five years after its rollout, and the policymakers do not have a "fetish" to raise the tax rates to the revenue-neutral level of 15.5 per cent. On the industry demand for bringing petroleum products under GST net, he said since fuel constitutes a larger part of their revenues, both the Centre and states have some apprehension.
The now-scrapped Delhi Excise Policy 2021-22 was brought in by the Aam Aadmi Party leadership, specifically former excise minister Manish Sisodia, to 'continuously generate and channel illegal funds' to themselves, the Enforcement Directorate said in its latest chargesheet in this money laundering case.
The Goods and Services Tax (GST) Council, which is likely to meet in the third or fourth week of June, is set to clear the operational framework of the much-awaited GST appellate tribunal, which will deal with tax disputes and streamline resolution. "The final blueprint, mainly the operational part, is expected to be presented in the GST Council meeting for approval. "This will pave the way for the tribunal to be functional, both at the central and state levels," said a senior government official, who expects the tribunal to be up and running by November.
Apart from debating the Rayal-Telangana issue, the Group of Ministers that meets on Wednesday night at 8 pm, will also look into the demand to make Hyderabad a Union Territory.
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on December 31 and discuss, among other things, report of the panel of state ministers on rate rationalisation. This will be a physical meeting, which will also discuss correction in duty inversion in certain goods. The 46th GST Council meeting will be held on December 31 in Delhi, an official said, adding that it will be an extension to the pre-budget meeting with state finance ministers on December 30. The Group of Ministers (GoM) on rate rationalisation will submit report to the Council.
Union Finance Minister Nirmala Sitharaman on Tuesday said the mass consumption items such as pulses, wheat, rice, flour, and curd will not attract the 5 per cent goods and services tax (GST) when sold loose, and not pre-packed or pre-labelled. The clarification came amid protests and widespread criticism by Opposition Members of Parliament over foisting GST on daily-use essentials and subsequent price rise. The all-powerful GST Council, chaired by the Union minister, had last month decided to impose GST on some mass consumption items to simplify the rate structure, which came into effect on Monday.
The finance ministry has set up two committees of state finance ministers which would rework rate slabs, review GST exempt items and identify potential evasion sources. Four years after the roll out of the national Goods and Services Tax (GST), which replaced the complex indirect tax structure, the centre and states have started work on moving towards a "simpler rate structure in GST" by reviewing the current rate slabs, including special rates and merger of rate slabs. The Group of Ministers (GoM) on rate rationalisation would also review items under inverted duty structure to help minimise refund payout, and review the supply of goods and services exempt under GST with an objective to expand the tax base and eliminate breaking of input tax credit (ITC) chain.
The Centre is looking to convene a meeting of the all-powerful Goods and Service Tax Council in early January. The meeting is likely to focus on rectifying the inverted duty structure for a few more items and will also serve as a platform for pre-Budget discussions between Union Finance Minister Nirmala Sitharaman and state finance ministers, Business Standard has learnt. "The current Winter Session of Parliament ends on December 23, followed by the Christmas-New Year period. "After that we would like to have a meeting of the GST Council, depending on whether there can be a quorum," a top government official said.
Kumar deposed before the federal probe agency in New Delhi and the investigators are recording his statement under the provisions of the Prevention of Money Laundering Act (PMLA), they said.
'The AMs are a different beast and reflect the political play within the government.' 'Prime Minister Modi does not need to assuage any interest group to take the final call on any decision that belongs rightfully to the Cabinet,' points out Subhomoy Bhattacharjee.
Special Judge M K Nagpal fixed May 12 for consideration of the charge sheet after the CBI submitted that the prosecution sanction against Sisodia has already been procured from the competent authorities.
Chairing the 19th meeting of the Group of Ministers (GoM) on COVID-19 through video-conference on Friday, Vardhan said India has achieved the milestone of more than 10 lakh recoveries, a recovery rate to 64.54 per cent.
The GoM was apprised that as of now, the death rate is around 3.1 per cent while the recovery rate is more than 20 per cent, which is comparatively better than most of the countries and may be taken as a positive effect of the lockdown in the country, along with the cluster management and containment strategy.
The decision of the Union Cabinet based on the Group of Ministers recommendations only creates an illusion by removing the political executive and creating a proxy institution instead, says Arun Jaitley
The decision of the Union Cabinet based on the Group of Ministers recommendations only creates an illusion by removing the political executive and creating a proxy institution instead, says Arun Jaitley
Maharashtra, Tamil Nadu, Delhi, Telangana, Gujarat, Uttar Pradesh, Andhra Pradesh and West Bengal -- contribute 85.5 per cent of active caseload and 87 per cent of total deaths in India.
The GoM was told that six states -- Maharashtra, Delhi, Gujarat, Tamil Nadu, Uttar Pradesh and West Bengal -- account for 86 per cent of the deaths caused by COVID-19 and 32 districts account for 80 per cent of such fatalities, the Union health ministry said.
A total of 40,845 cases of black fungus or mucormycosis have been reported in the country so far, of which 31,344 are rhinocerebral in nature, and the death toll from the infections stands at 3,129, Union Health Minister Harsh Vardhan said.
"Keeping a close pace with the potential availability of vaccine, a plan of action on which sections are to be given priority has been discussed. Importantly, it would be monitored through a scientific approach," Dr Harsh Vardhan told ANI about the strategy being discussed on vaccine distribution.
A total of 27,920 people have been cured of the disease with 1,685 in the last 24 hours, taking the recovery rate to 34.06 per cent, the ministry said.
The Group of Ministers will examine the existing legal and institutional frameworks for dealing with matters of sexual harassment of women at workplace and recommend action required for effective implementation of the existing provisions, as well as for strengthening the existing legal and institutional frameworks for addressing issues related to sexual harassment at workplace, the statement said.
Once implemented, customers making payments using Rupay card or BHIM UPI will get a cashback of 20 per cent of the total GST amount, subject to a maximum of Rs 100.
A 55-page document gathered using the Right To Information Act from the Prime Minister's Office shows how the members of United Progressive Alliance government including some senior ministers have taken a soft stance towards Dow chemicals.
India has flattened its Covid-19 graph and 146 districts have reported no new case of the viral disease in the last seven days, 18 in 14 days, six in 21 days and 21 districts in the last 28 days, Union Health Minister Harsh Vardhan said on Thursday.
Four persons, including a forest guard, were killed in violence at the Assam-Meghalaya border in West Karbi Anglong district in the early hours of Tuesday after a truck transporting illegal timber was intercepted, officials said.
Restricting the input credit is not a good idea for any sector, particularly real estate which requires more formalisation.
The death toll due to the coronavirus infection rose to 7,466 and the cases mounted to 2,66,598 in the country.
The government is planning to liberalise the terms and conditions for the sale of the national carrier. The Centre is still pursuing the option of selling the airline's subsidiaries before the airline itself, in order to deal with an outstanding debt of around Rs 27,000 crore.
The GST Council on Friday left taxes on COVID-19 vaccines and medical supplies unchanged after the BJP- and Opposition-ruled states sparred over whether tax cut benefits will reach the common man. Congress and other Opposition ruled states have been demanding a reduction in taxes but the central government felt the move may not result in tangible gains for people. "It is one thing to rush to say - do this, it will benefit the common man. But when the technical, fitment and law committees go into the details, you realise that that could have collateral impact on many others," Finance Minister Nirmala Sitharaman said. "I am not talking about the revenue generation aspect, but how many other items will get included in it as a result of which how you are going to implement it," she added.
Late on Friday evening, union ministers Sushil Kumar Shinde and Jairam Ramesh met in the office of the former and cancelled the Rs 3000 crore Loharibag Pala Hydroelectric power project which had been cleared by the group of Ministers headed by Pranab Mukherjee. 600 crore had already been spent on the project.
Indian lenders to the Dabhol power plant are close to a settlement with Bechtel, which will clear the last major hurdle in reviving the 2,184 MW power plant that has been shut for over four years.
The EoI and the share purchase agreement would be issued in January itself for the bidders. While Air India's net loss in 2018-19 was around Rs 8,556 crore, its current total debt is around Rs 80,000 crore.
The central government said the railways and civil aviation ministry must suspend all concessional travel on trains and flights, except for students, patients and disabled people.
Infosys had told the group of ministers that it would expand its 100-member team to speed up the bug fixes.
She also suggested exploring the possibility of setting up de-addiction centres near these railway stations.
The Group of Ministers on Bhopal gas tragedy is understood to have decided on Sunday to recommend filing of a curative petition in the Supreme Court to fix criminal liability, seek extradition of former Union Carbide Corp CEO Warren Anderson and cleaning up the complex by burying the toxic waste.
The final draft of the bill now proposes consent of two-third of "land losers" (from whom land would be purchased) for acquiring land for public-private-partnership and private projects, sources said.
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