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References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.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
Though the intent has been hailed as good for the economy, teething problems remain with a five-rate structure for various goods and services
Stocks and sectors impacted most by GST.
Centre, states clear first hurdle, agree on compensation formula for losses on account of reduction in Central Sales Tax rate.
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.
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
He also pointed out that the home ministry was neither consulted, nor did it give the necessary security clearance
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.
To understand Modi, listen to what he does not say -- vide NRC, suggests Prem Panicker.
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 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 Opposition said that the government was 'bull-dozing'.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
The Empowered Committee of State Finance Ministers got its new chairman on Monday in Jammu and Kashmir's Abdul Rahim Rather.
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
iNCOVACC is the world's first intranasal vaccine for COVID-19 to receive approval for the primary two-dose schedule, and as a heterologous booster dose.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
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.
The new tax rates will come into effect from January 1, 2019.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
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 govt will have to clear hurdles to push GST by March 2015.
Gandhi claimed that Dalits, tribals, and Other Backward Classes were made bonded labourers and their participation was lacking in big companies, hospitals, schools, colleges and courts.
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.
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.
'Nirmalaji must consider herself a very lucky finance minister, partly because of the government's response to covid and partly because we as a nation have done very well as an economy, post pandemic.'
The consensus was reached after the Centre agreed to the demand of states to go in for horizontal split
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