The GST bill was earlier planned to be introduced from April 1.
These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said.
Small and medium enterprises had complained of tedious compliance burden under the Goods and Services Tax
Funds raised by banks through certificates of deposit in December clocked the highest in the financial year 2023-24 as liquidity remained tight in the system with the Reserve Bank of India (RBI) infusing Rs 2.01 trillion on Monday, the highest in the current financial year. The liquidity deficit in the banking system widened to more than Rs 2 trillion on Monday on the back of advance tax outflows, market participants said. Around Rs 4 trillion worth of outflows are expected because of advanced tax and goods and services tax (GST) payments in December.
Deadline ends, after two extensions and only 70% file detailed return for July
It is far from clear that this GST will have the silver bullet effect that the "pure" GST would have provided, says Mihir S Sharma.
GST will also make our exports more competitive and also provide a level playing field to domestic industry to compete with imports, the President said.
The Centre is against giving any shock in the first year of the rollout by bringing in new services.
The benefits are common in many cases, but are also different in some other respects.
Finance ministers from Congress-ruled states say they have alerted the Centre about the problems in GST for several months, but it is only now with the Gujarat assembly election around the corner that the Modi regime has started heeding these suggestions.
The time the companies have to get ready for GST is 6 to 12 months.
GST implementation could happen in September itself, with the next meeting of the Union Cabinet likely to take up the matter.
A total of 25,446 Chinese made electronic and Fast Moving Consumer Goods (FMCGs) were seized from the warehouse on Old Airport Road during the recent raids.
The shift from 'one country, one tax' to four tax rates could dilute possible gains on GDP, warns T N Ninan.
Manufacturing taxes, VAT will come down, assures Jaitley
Common use products like hair oil, soaps and toothpaste will be charged with a single national sales tax or GST of 18 per cent instead of present 22-24 per cent
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
"There will be some challenges" in the switchover to GST in the short term, Finance Minister Arun Jaitley has warned.
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
Since the present law threatens to unleash an avalanche of litigation over a period of time, it makes sense to replace it with a simpler law and build complexities as more experience is gained, says T N C Rajagopalan.
As the triangular political contest in Telangana intensifies, many believe that for the regional major BRS, it is a battle for survival after being routed in the assembly polls held late last year. What is haunting the party this time is the scams, the 10-year anti-incumbency factor, and family dominance in the party.
The GST Council had given the option to real estate companies to either opt for old rates of 12% (for residential) and 8 per cent (affordable housing) with ITC benefits or the new tax rates of 5% for residential units and 1% for affordable housing without the benefit of adjusting the credit on inputs used during construction.
The cess collected on cars as also tobacco and coal will be used to compensate the revenue loss of states by implementing GST.
Options include raising both excise and service tax rates in FY16
Industry had sought this 3-month extension, specifically for players struggling to collate the information that are required to be disclosed in the GST forms.
The GST Council, that includes representatives of all states, will meet again on November 3-4 to decide on the tax rates
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.
The GST Council, headed by Jaitley and comprising representatives of all the states, is scheduled to meet in Srinagar on May 18-19 to finalise tax rates on different goods and services after unifying at least 10 indirect taxes into the Goods and Services Tax.
The changes made in the revised GST draft throw up fresh issues but, overall, most of these look sensible, says T N C Rajagopalan.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
India moving in right direction on GST, says Panagariya.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
Even with the Rs 20,000 crore distributed among states, it will still be a fraction of what they have been demanding in financial support and clearance of pending dues.
The focus will be on tackling the unfinished agenda requiring immediate attention like tax structure for solar projects, uniform tax rate on state-organised and state-authorised lotteries, taxing non-potable alcohol besides certain changes in the law, extension for NAA and rate rationalisation.
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
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.
The GST Council is scheduled to meet next on November 10 and may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
An article on 'State of the Economy' in the monthly Bulletin also said the improvement in the outlook for agriculture and the revival of rural spending have turned out to be the bright spots in the evolution of demand conditions. Consumer price inflation ticked up in June 2024 after three consecutive months of moderation as a broad flare-up in vegetable prices halted the overall disinflation that had been underway, it said.
The final rate will be worked out by the GST Council, Finance Minister Arun Jaitley said on Wednesday.
