Agriculture implements that are currently taxed up to 18 per cent may come under the 12 per cent or the 5 per cent bracket.
Preparing legal framework to protect states from revenue loss.
The Goods and Services Tax Bill was passed by the Lok Sabha in May.
The GST, an indirect tax regime, is to be rolled out from April 2016.
The government plans to implement the single rate GST, which would subsume central excise, service tax and other local levies, from April 1, 2016
Chief Economic Advisor Arvind Subramanian spoke on a wide range of issues -- from GDP growth and fiscal consolidation to job creation and GST.
Modi must focus on other state-level reforms, such as those in labour laws, leasing of land and agriculture
The new Goods and Services Tax (GST) is broadly as announced by Pranab Mukherjee in his Budget speech in July, and will comprise two parallel systems.
Despite the objections raised by Reserve Bank of India and Election Commission, India's politics has been funded anonymously and it is time to end this, asserts Aakar Patel.
Union excise duty collection dropped 18 per cent in August year-on-year at a time when the overall central tax kitty rose about 94 per cent before devolution to the states. The mop-up from Union excise duty declined to Rs 23,576 crore in August this year compared to Rs 28,816 crore in the same month a year ago. On the other hand, total tax collection rose to Rs 2.9 trillion in the month as against Rs 1.5 trillion in August 2022-23, shows the data released by the Controller General of Accounts (CGA).
"After the meeting which took place in Srinagar last week, it is safe to say that GST will be levied across the country starting July 1," Gangwar told ANI.
Finance Minister Arun Jaitley, who is meeting state finance ministers on Thursday to garner support for the Constitution Amendment Bill for a goods & services tax (GST), is likely to immediately dole out about Rs 13,000 crore (Rs 130 billion) in Central Sales Tax (CST) compensation to states.
'In a country like ours, people talk about wanting to be like Singapore, but when it comes to paying taxes, they start criticising.' 'The medicine is bitter, but the long term effect is good,' Senthil Natarajan, who runs Kovai Pazamudhir Nilayam, a one of its kind fruit and vegetable chain in Tamil Nadu, tells Rediff.com's Archana Masih.
Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
"This rationalisation is 3-4 month exercise," he said, adding that the GST Council decided on the rate cut on the recommendation of a Fitment Committee.
The central government, in its revised draft of the constitution amendment bill, had proposed that fuel and liquor should be brought under the ambit of GST.
It is immediately not clear how GST will impact the mass car market. Experts, however, say the level of tax on smaller cars will have to be at a differential to the sedans.
ITC, Sun Pharma, Cipla and Tata Steel were top gainers on BSE Sensex
Modi said the Goods and Services Tax has within one year of its launch led to over 70 per cent jump in indirect taxpayer base, demolished check-posts and merged 17 taxes and 23 cesses into one single tax.
The minister said he was able to build consensus on VAT when he was the Finance Minister during the UPA-I term.
The tax, in lieu of local levies, will be imposed at the first point of a financial transaction.
Top Congress sources said they would not hold up the Bill.
'I want us not to underestimate Indian voters. They can tell good work from bad.'
They've proposed a sub-committee under the proposed GST Council or the Empowered Committee of State Finance Ministers to resolve any disputes in the tax's implementation.
The sentence could go up to three years if the evasion exceeds Rs 50 lakh (5 million).
A logjam on the GST front could turn things upside down and turmoil in Gujarat might also have an adverse impact
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
Opposition MPs continued their 50-hour day-night sit-in protest on Friday morning in front of the Mahatma Gandhi statue inside Parliament premises to mark their strong protest against their suspension and the central government which they claimed was not ready to hold discussion over key issues like price rise and increased GST rates.
In a move that will significantly reduce paperwork for producers of goods and services, the draft recommendations submitted by the all-states joint working group on goods and services tax (GST) have said one document will have to be filed.
He said cheap valuations, improving sentiment and the ongoing reform momentum coupled with increased transparency due to the internet are driving investors to the Dalal Street.
The much-vaunted GST will reform India's complex indirect tax system, while maintaining the balance of power between the Centre and states. We bring you the key figures in its evolution. . .
After securing Congress support for a rise in the foreign investment cap in the insurance Bill, this is another key reform Bill where the Centre has managed a broad consensus.
The finance minister is "reasonably confident" that when it comes to the crunch, "it would be extremely difficult even for the Congress party to take a contrarian view" on the GST Bill.
Finance Minister Pranab Mukherjee said 'yes' in a written reply to the Rajya Sabha when asked whether the chairman of the Empowered Committee of the State Finance Minister has expressed the opinion that it was not feasibile to implement GST from April 1, 2010.
States will have exclusive control over all dealers up to a revenue threshold of Rs 1.5 crore in a year
The Congress filed a dissent note on eight provisions.
'The role reversal of those in favour of GST and those opposing it is troubling.'
The recent surgical strikes in Pakistan-occupied Kashmir are expected to grab limelight during the month-long session. Some parties have alleged that the government is trying to politicise it.
On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
Experts share their views on the steps that will help businesses become GST-ready.
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