Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
The implementation of the GST will indeed be a landmark reform.
The central government, in its revised draft of the constitution amendment bill, had proposed that fuel and liquor should be brought under the ambit of GST.
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
Modi said the Goods and Services Tax has within one year of its launch led to over 70 per cent jump in indirect taxpayer base, demolished check-posts and merged 17 taxes and 23 cesses into one single tax.
GST reform has been hanging fire since 2006-07.
The council, headed by Finance Minister Arun Jaitley, will meet again on December 11 and 12 to hammer out the differences.
'The macro-economic stresses -- high interest rates, rupee depreciation and capital flows -- have receded now.' 'Interest rates have come down, inflation is down and the rupee has bounced back.' 'If oil prices continue at this level, there will be no vulnerability.' 'Growth is a different story.'
'We have promised to ensure reduced tax rates.'
The Cabinet on Wednesday approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
The budgeted indirect tax collection target is Rs 9.26 trillion, and the Centre has collected around Rs 5 trillion in the first 8 months. So it needs another Rs 4.2 trn in the last four months
For the sake of transparency, and to reduce undesirable bond market volatility, clarity on these would be welcome, preferably before the budgets for the next fiscal year get finalised, says Neelkanth Mishra.
With certain quarters demanding privatisation of public sector banks in the aftermath of the alleged fraud at Punjab National Bank (PNB), Economic Advisory Council to the Prime Minister chairman Bibek Debroy tells Sanjeeb Mukherjee, Ishan Bakshi and Indivjal Dhasmana that reducing government equity even to zero would not mean giving up of government control over these banks.
The panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
GST stabilisation, DTC implementation and banking reforms are crucial for sustaining high growth for a long period, says Rashesh Shah.
'The manufacturing sector and the capital goods industry need all the support that the government can provide, because they are working in a global market where trade restrictions are coming down every day,' says Amar Kaul.
'This country today is demonstrating to the world the true meaning of federalism, the true meaning of working in partnership between the central government and the state governments.'
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
The Council also discussed process to make return filing simpler with just one return to be filed every month.
Its governing allies are not happy on the economy and complain of ignored concerns but find themselves unable to be assertive.
The entire Budget-making exercise will be advanced by 3-4 weeks so as to complete the legislative part of financial business before April 1, the start of a financial year
The Sensex and the Nifty witnessed biggest one day loss in percentage terms since June 24
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
For the government to meet its GST roll-out deadline of April 1, 2017, the states will have to ratify the Bill before Parliament's winter session, starting November.
The Lok Sabha has already passed the Bill.
As and when the GST comes in, Budget projections will have to be unbundled and revised. In fact, the pragmatic decision would be to present another Budget! This makes the passage of the Finance Bill with its multiple unrelated amendments seem even more dubious, says Devangshu Datta.
Finance Minister Piyush Goyal: 'I hope the Congress governments and other states like West Bengal, Odisha, Tamil Nadu, Andhra, Telangana will support our effort to bring petrol and diesel into the GST regime.'
No mention of cab aggregators in GST bills
The trio, 'twin shocks' of demonetisation and GST, 'twin balance sheet' problem that has been weakening India's banking system and the 'twin deficit' problem will continue to challenge economic management and performance in the year ahead, says Shankar Acharya.
Its officers would wear black bands on Monday, which is also Martyrs day, the IRS Association (Customs and Central Excise) has said.
A summary of sports events and sports persons, who made news on Sunday
The Centre and states are likely to settle for this threshold.
Also on the anvil is abolition of distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure
'I had expected them to fight this election on the issue of development, but they are not doing that.' 'Now they have decided to belittle Gujarat's development.'
Surat houses more than 650,000 powerlooms. Of this, at least 60 per cent have been shut since a month, a loss of Rs 900 crore, finds out Vinay Umarji.
'To become more Indianised we had to be more colourful,' Rahil Ansari, Audi's India head, tells Ajay Modi.
'Challenges will come but we will stay the course. No big step can be taken if one is afraid of criticism. We will not flinch from criticism,' says Railways Minister Piyush Goyal.
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