The Congress on Monday stepped up its attack on the BJP-led Centre over the issue of price rise with Rahul Gandhi saying the biggest problems facing the country were unemployment, inflation and growing hatred.
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
For the first eight months of the current financial year, the figure stood at Rs 7.17 trillion.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
Never before in post-reforms India have Union Budgets seen a steady reduction in fiscal deficit for five consecutive years, points out A K Bhattacharya.
Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
The government introduced the 122nd Constitution amendment Bill.
The government's dependence on debt has come down from 27 paise in the previous Budget to 25 paise in the coming year, reflecting ease of pressure on revenue collections.
The Central government is stuck between the devil and the deep blue sea as far as the runaway fuel prices are concerned.
NDA government has shunned populism.
At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring petroleum goods under GST regime was opposed.
The Indian economy is on the path of a durable recovery on the back of conducive monetary and credit conditions, the global headwinds notwithstanding, said a Reserve Bank of India (RBI) article on the state of the economy. Domestically, there have been several positives on the COVID-19 front, in terms of reduced infections and faster vaccinations, the article published in the RBI Bulletin November 2021 added. The Indian economy, the article said, is clearly differentiating itself from the global situation, which is marred by supply disruptions, stubborn inflation and surges of infections in various parts of the world.
GST is a landmark reform considering the sweeping changes it brings about in the indirect tax regime in India.
The confidence that GST Network is capable of handling the returns, payments, reconciliation, refunds, etc., has been badly shaken.
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.
The state has extended its full support, provided its revenues are protected.
The very design of the GST will bring in revenue buoyancy.
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 combination of sanctions, and low fuel prices is really hurting the Putin regime.
Introduced in 2015 under the Foreign Trade Policy, the mega MEIS was created out of a merger of five existing reward schemes.
Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
If the government tries to bring in real estate under GST now, it will be a typical case of biting more than what one can chew, says Sukumar Mukhopadhyay.
'If the current mood in North Block, headquarters of the finance ministry, is anything to go by, the government will now keep a closer watch on all kinds of schemes and projects undertaken by different central ministries. 'The next six months will determine which central schemes will have to be wound up and which ones will survive the axe,' says A K Bhattacharya.
The government announced several incentives in the five-year Foreign Trade Policy.
The changes made in the revised GST draft throw up fresh issues but, overall, most of these look sensible, says T N C Rajagopalan.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
The states have unanimously pitched for sole administrative powers to carry out assessment, scrutiny and enforcement for entities up to an annual turnover of Rs 1.5 crore.
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
The Opposition said that the government was 'bull-dozing'.
India studied the Malaysian model, which was scrapped on Wednesday, before implementing the GST and borrowed the anti-profiteering clause to ensure GST benefits are passed on to the end-consumer by the industry
Shutting of stores had not stopped alcohol sales. On the contrary, it had increased black market operations and peddling of illicit hooch, which could cause death/serious injury.
Going by the number of changes Mr Jaitley's next Budget is likely to see, he will go down in the history of Budget-making as the finance minister who ushered in the largest number of changes in a single Budget, says A K Bhattacharya.
While the two-phased assembly polls voting has concluded in Assam, in West Bengal two phases have completed while four more remain.
The revised structure will help to keep airfares down, when airlines already face a triple challenge of rising crude oil prices, rupee depreciation and constrained airport capacity.
The shift from 'one country, one tax' to four tax rates could dilute possible gains on GDP, warns T N Ninan.
The government is going all out to spread awareness about the new indirect tax regime, and training lawmakers is being seen as a necessary first step.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
Opposition members in the Lok Sabha on Monday blamed the Bharatiya Janata Party-led central government's policies for the price rise and accused it of ignoring the plight of common people, saying kitchens will soon "see a lockdown" if the Centre does not take corrective measures.
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