Ruptures in the opposition unity emerged barely a week after 17 parties joined hands to put up a joint candidate against the ruling National Democratic Alliance nominee for the July 17 presidential election.
The FAQ also clarified that companies, including Titan, which supplies watches and jewels through their own websites will not be considered as e-commerce operators
Fiscal federalism should not be sacrificed at the altar of GST.
A key milestone towards indirect tax reform in the country was achieved on Wednesday when state governments approved the introduction of a nationwide dual Goods and Service Tax (GST) from April 1, 2010.
References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.
Jaitley promised the states that they would be fully compensated for any loss of revenue arising from implementation of GST.
GST necessarily includes service tax, but VAT can only be on goods without including service tax
Stocks and sectors impacted most by GST.
Though the intent has been hailed as good for the economy, teething problems remain with a five-rate structure for various goods and services
Centre, states clear first hurdle, agree on compensation formula for losses on account of reduction in Central Sales Tax rate.
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."
He also pointed out that the home ministry was neither consulted, nor did it give the necessary security clearance
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
Indications are that the DMK combine will win more seats than the AIADMK and BJP, but is facing a tough fight in about half a dozen from the rest, predicts N Sathiya Moorthy of the electoral contest in Tamil Nadu.
An area of worry relates to simplification of the refund procedure where the inverted duty structure prevails
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
The finance minister said the government was open to suggestions.
'Right to apprenticeship means that anyone below the age of 25 years with a diploma or other qualifications can demand an apprenticeship with a private, a public sector company or a government organisation. And when he/she demands this, it is the obligation of the government to provide it.'
Fiscal deficit, the gap between government's expenditure and revenue, stood at 4.5 per cent in FY14, lower than 4.9 per cent in FY13.
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
A slowdown in India's growth rate, the bank said, has also affected the growth rate of South Asia. As a result, South Asia has fallen to second place after East Asia and the Pacific.
The Opposition said that the government was 'bull-dozing'.
The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
The government has notified mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover over Rs 100 crore with effect from January 1, 2021. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions is mandatory for companies with turnover of over Rs 500 crore from October 1. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said e-invoicing will be extended to businesses with a turnover over Rs 100 crore from January 1.
The Empowered Committee of State Finance Ministers got its new chairman on Monday in Jammu and Kashmir's Abdul Rahim Rather.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
Moody's has a 'positive' outlook on its 'Baa3' rating on India.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
The constitution amendment Bill on a national GST is likely to be tabled in the current session of Parliament. However, the government is not confident of passing the Bill this session.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
The Central Board of Excise and Customs on Tuesday said that tax rates under the proposed Goods and Services Tax regime in India is likely to be between 16 per cent and 20 per cent.
The confidence that GST Network is capable of handling the returns, payments, reconciliation, refunds, etc., has been badly shaken.
State finance ministers' panel to decide on latest attempt at harmonising of views on Constitution amendment.
The new tax rates will come into effect from January 1, 2019.
The govt will have to clear hurdles to push GST by March 2015.
The IMG meeting will be convened shortly.
Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
The GST will subsume excise, service tax, value added tax, octroi etc.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
After comments from the Parliamentary panel, the bill could have been placed in the winter session, and once passed in that session, GST legislation could have been tabled in the Budget session.
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