The Empowered Committee of State Finance Ministers got its new chairman on Monday in Jammu and Kashmir's Abdul Rahim Rather.
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.
State finance ministers' panel to decide on latest attempt at harmonising of views on Constitution amendment.
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
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.
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.
Moody's has a 'positive' outlook on its 'Baa3' rating on India.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
The recent 'revelation' by TN fishers freed by Sri Lanka after they had paid up Lankan rupees 50,000 each in fines, that their hair was tonsured in prison and they were forced to remove their garments other than the underpants, and were also made to clean toilets, as if with vengeance, has touched a raw nerve this time, just as another issue or issues had done it ahead of the Jallikattu protests, observes N Sathiya Moorthy.
The govt will have to clear hurdles to push GST by March 2015.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
The IMG meeting will be convened shortly.
The GST will subsume excise, service tax, value added tax, octroi etc.
The confidence that GST Network is capable of handling the returns, payments, reconciliation, refunds, etc., has been badly shaken.
Criticising the police for arresting an SUV driver and blaming him for the incident, the high court said, "Mercifully, you have not challaned the rainwater for entering into the basement."
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.
Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
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 Securities and Exchange Board of India (Sebi) might relax the disclosure norms around rumour verification to help smooth implementation and ease compliance amid pushback from India Inc, said people in the know. The rule has been notified following amendments to the Listing Obligations and Disclosure Requirements (LODR) by Sebi. However, its implementation has been deferred until February.
The new tax rates will come into effect from January 1, 2019.
Preparing legal framework to protect states from revenue loss.
The consensus was reached after the Centre agreed to the demand of states to go in for horizontal split
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 net direct tax collection so far this fiscal rose 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the income tax department said on Thursday. "The provisional figures of Direct Tax collections up to January 10, 2024, continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement. Direct Tax collection, net of refunds, stood at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year.
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.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
The government plans to implement the single rate GST, which would subsume central excise, service tax and other local levies, from April 1, 2016
'It is necessary to have a person at the top who can make strict decisions without hesitation. Modiji has done that.'
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.
Agriculture implements that are currently taxed up to 18 per cent may come under the 12 per cent or the 5 per cent bracket.
Elections may be a few months away, but the government may get into election mode much earlier than that, predicts A K Bhattacharya.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
He died at AIIMS in New Delhi at 9.45 pm, hospital sources said.
Modi must focus on other state-level reforms, such as those in labour laws, leasing of land and agriculture
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.
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.
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.
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.
