A corpus of Rs 20,000-30,000 crore is under consideration, to narrow the input tax credit cycle and facilitate their working capital requirements.
Trinamool Congress has already announced its decision to boycott the event.
It is after the GST Network tallies invoice details with shipping bills that the refund claims can be processed. So, the refund could be delayed by over a month.
The Bill was introduced in the Lok Sabha in December.
GST reform has been hanging fire since 2006-07.
Only luxury and 'sin' items could be left in highest slab. 12 and 18 per cent slabs could be merged in the future
The GST will be a national sales tax that will be levied on consumption of goods or use of services
GST will create a single, unified Indian market to make the economy stronger.
'If petro products are brought into GST, then there will be minor impact on the incidence of tax... and minor impact on prices. The price of petrol, diesel will continue to be driven by global factors'
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
Close to 202,000 new entities have registered under the GST Network
The opposition parties vehemently criticised the new 'one nation, one tax' system having four different rates instead of a single rate adopted in some countries including the UK and Singapore.
'GST will bring in much needed transparency and higher investments in the coming years and we hope that a few percentage points to India's GDP.'
The panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
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.
The transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories.
GST impact: Higher lease payouts may hit airlines, cab aggregators.
Introduction of GST would make Indian products competitive in the domestic and international markets.
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
Sushil Kumar Modi, who ceased to be Bihar Finance Minister following the JD (U)-BJP split, on Monday resigned as Chairman of the Empowered Committee of State Finance Ministers looking into the implementation of the proposed new indirect tax regime - Goods and Services Tax (GST).
Continued lack of consensus at next meeting could cast shadow on GST rollout by April 1.
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
Small scale and cottage industries which are labour intensive will be severely hit.
At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring petroleum goods under GST regime was opposed.
States' demand for 5 years and Constitutional provision ruled out
Central Board of Excise and Customs Chairperson Vanaja Sarna said there will be genuine errors due to lack of understanding in the initial days. "CBEC has enforcement authorities and I have specifically said that the first three to six months are a go-slow.... I don't want small cases to be made," Sarna said at a CII event.
Officers from various departments including the finance ministry to be part of rehearsal event
India's gold demand rose 8 per cent annually to 136.6 tonne in the March quarter helped by a strong economic environment despite prices touching historic highs, according to the World Gold Council. The aggressive gold buying by the Reserve Bank of India (RBI) also contributed to the rise in demand. India's gold demand in value terms rose 20 per cent on an annual basis to Rs 75,470 crore during the January-March period of this year on volume growth as well as a rise in quarterly average prices by 11 per cent.
Most of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
The liquidity in the banking system could ease in the coming week due to an increase in government spending - a development that would be the key for the Reserve Bank of India (RBI) to decide whether to extend the incremental cash reserve ratio (I-CRR) mandate for banks. There are signs of improvement in the liquidity scenario as banks parked Rs 25, 833 crore with the RBI on Thursday. Market participants expect liquidity to gradually improve by the end of the month or during the first week of September, aided by government spending.
Response to Rahul yatras in Gujarat forced GST cuts, says Congress. It reflects Modi's willingness to listen, says BJP.
The banking system's liquidity slipped into deficit for the first time in the current financial year (2023-24) due to the imposition of the Incremental Cash Reserve Ratio (I-CRR) for banks and outflows from goods and services tax (GST) payments, according to dealers. Reserve Bank of India (RBI) data shows it injected Rs 23,644 crore on August 21. The last time liquidity was in deficit was on March 27, when the RBI injected Rs 45,575 crore.
With a view to keeping inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.
Kharge accused PM Modi of inciting people over the issues "that the Congress will never do".
Elections may be a few months away, but the government may get into election mode much earlier than that, predicts A K Bhattacharya.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
Kerala Finance Minister KN Balagopal on Friday urged the Centre to provide more fiscal powers to the states as well as increase the shareable proportion of the GST collections. Besides, he asked the central government to expedite approval for the semi-high-speed railway line or the Silverline project from Thiruvananthapuram to Kasargod. The project is mired in controversies.
The company will operate the IT system for five years.
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances