Officers from various departments including the finance ministry to be part of rehearsal event
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.
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.
Response to Rahul yatras in Gujarat forced GST cuts, says Congress. It reflects Modi's willingness to listen, says BJP.
The company will operate the IT system for five years.
Petroleum products such as crude, motor spirit and diesel, and alcohol beverages will be kept outside the dual goods and service tax (GST) structure, which will be implemented from April 2010.
The governments of Karnataka, Uttar Pradesh and Rajasthan want a lower limit of Rs 100,00,00 gross annual turnover.
India opened up its economy to the private sector in 1991.
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
The state has extended its full support, provided its revenues are protected.
'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.
Large states like Andhra, Chhattisgarh, Gujarat, Himachal, MP, Odisha, Punjab and Tamil Nadu would need compensation from the Centre
Though GST could mean complications in the short run, it will bring in undeclared revenues and streamline taxation across the value chain, the benefits should be worth the pain.
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.
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The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
They are evaluating realignment of warehouses and supply chains, besides exploring locations to set up hubs and shutting down some distribution centres
In a first, Opposition-ruled states on Saturday got the Centre to delete from the records three minutes of the last GST Council meeting that provided for tweaking of agreed criteria for division of taxpayers under the Goods and Service Tax regime.
GST necessarily includes service tax, but VAT can only be on goods without including service tax
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.
Direct tax collection, net of refunds, moderately exceeded the revised estimates (RE) for the financial year 2023-24 (FY24) on the back of personal income tax revenues, but corporation tax receipts fell short of the RE. Net direct tax collection stood at Rs 19.58 trillion in FY24, surpassing the RE of Rs 19.45 trillion by Rs 13,000 crore, or 0.7 per cent. The government had revised up FY24 projections for personal income tax by 13.5 per cent over the Budget estimates (BE) of Rs 9 trillion, at Rs 10.22 trillion.
Jaitley promised the states that they would be fully compensated for any loss of revenue arising from implementation of GST.
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.
Centre, states clear first hurdle, agree on compensation formula for losses on account of reduction in Central Sales Tax rate.
The central bank is the money manager of the government, and not a guarantor of any debt.
Stocks and sectors impacted most by GST.
He also pointed out that the home ministry was neither consulted, nor did it give the necessary security clearance
'Like every Budget, this time, too, there is chatter around tinkering with the long-term capital gains tax.' 'Investors may not want to jump into the markets until there is clarity on this front.'
Though the intent has been hailed as good for the economy, teething problems remain with a five-rate structure for various goods and services
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
The finance minister said the government was open to suggestions.
References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.
Reserve Bank of India (RBI) is unlikely to cut the benchmark interest rate at its upcoming monetary policy review meeting, taking place soon after the announcement of the Lok Sabha election results, amid inflation challenges, said experts. The Monetary Policy Committee (MPC) may also refrain from rate cut as economic growth is picking up, notwithstanding the elevated interest rate of 6.5 per cent (repo) prevailing since February 2023. The meeting of the Reserve Bank Governor Shaktikanta Das headed MPC is scheduled for June 5 to 7.
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."
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
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.
An area of worry relates to simplification of the refund procedure where the inverted duty structure prevails
The Opposition said that the government was 'bull-dozing'.
