They've proposed a sub-committee under the proposed GST Council or the Empowered Committee of State Finance Ministers to resolve any disputes in the tax's implementation.
From Hyundai to Tata Motors, automakers are staring at a bleak future. With no succor provided in the Budget, the pain for companies is likely to continue for the next two quarters.
Any residual amount left in the Compensation Fund after five year compensation period shall be shared equally between the Centre and the states.
Finance secretary Ajay Bhushan Pandey on Sunday hinted that the government was working on another stimulus package but he refrained from giving a timeframe.
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.
The mop-up could have been much higher, but tax on imports fell 2 per cent y-o-y.
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
Any judgement on whether the March numbers reflect sustainable growth in GST collection should ideally await the numbers that will be out in May, points out A K Bhattacharya.
The NSE Nifty settled the day 96.80 points, or 0.94 per cent lower, at 10,224.95
'In a nation where safety standards are the lowest in the world, why make compliance expensive?' asks Aakar Patel.
The Sensex recorded a significant rise of 919.19 points, or 2.65 per cent while the Nifty gained 213.45 points, or 1.99 per cent, in the week.
Most say they will review their Make in India plans as prices may top pre-GST level
If he expects the states to take steps for controlling inflation, he should also respect the country's federal structure and not assume a veto power at the GST Council.
Extending losses for 7th session, Nifty fell below the 8,000 mark for the first time since Nov 25
After the 2019 election, one thing is sure: GST will see a number of changes, explains Indivjal Dhasmana.
Banks have been demanding a single centralised registration system, like at present, as they feel multiple registrations would create procedural and compliance problems.
Although the markets could see a knee-jerk reaction, they rule out a sharp fall.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
Jaitley said the Congress may be upset with the government for 'political reasons'
In an attempt to get states to implement the Goods and Services Tax (GST) by next April, the Centre has softened its stance on most proposals in the draft Constitutional Amendment Bill that Finance Minister Pranab Mukherjee hopes to pilot in the monsoon session.
The Constitution should not encumber these choices, specially limiting them to second-best or third-grade options.
Once the GST is passed, the centre and states will have to adopt their own law.
The finance ministry has suggested forming a GST council, headed by the Union finance minister, to address disputes between the Centre and the states in the proposed GST regime.
Banerjee asked Modi not to allow "an insufferable blow to the federalist polity of the nation" by depriving the states of the GST compensation. "I am deeply anguished by the Goods and Services Tax imbroglio which tantamounts to a betrayal of the trust and moral responsibility of the Government of India towards the states, violating the very premise of federalism."
Bihar Deputy Chief Minister Sushil Kumar Modi said, a hike in GST rates would have hampered consumption amid the economic slowdown. The revenue augmentation panel in the Council meeting recently recommended revisiting and restructuring the GST rate slabs, besides correcting the inverted duty structure. The panel listed 24 items, including mobile phones, footwear, fabrics, LED light, medical equipment, utensils, agri machinery, pharma, and renewable components, which have an inverted duty structure, resulting in refunds of close to Rs 20,000 crore annually.
The GST's significance for the BJP's politics is as important as its implications for the Indian economy, says A K Bhattacharya.
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
Deadline ends, after two extensions and only 70% file detailed return for July
'All of us have believed in decentralisation. You may not like property taxation, neither do I. My solution is that the Centre does the tax collection, but we can give a matching grant instead of redistribution,' says the outgoing CEA, Arvind Subramanian.
The GoM will meet on Saturday to finalise single-stage, simplified, return filing under the GST; report will be placed before GST Council on March 10.
'Non-separation of religion from politics is India's most daunting challenge'
It was better to first build a single-rate GST with a low rate, achieve full mastery of this, and then consider more complex possibilities such as high rates and multiple rates.
Criticising various provisions in the proposed GST regime, Moily said it will be a "technological nightmare" and the anti-profiteering provisions in it are "far too draconian."
The new government may also introduce a separate scheme for revival of stranded gas-based power projects
Dissenting states including Chhattisgarh and Kerala, have made it clear they are in no mood to relent. They want the Centre to borrow the entire Rs 2.35 trillion this fiscal citing bleak fiscal position.
Mitra also said currency demonetisation has led to closure of small industries and left hundreds jobless across the country
In the 2017 budget, the government accorded infrastructure status for affordable projects to help such projects raise loans at lower rates
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