Floor rate with a narrow band to be fixed.
Some also demanded empowering of local bodies.
Priyank Kharge on Wednesday said criteria and frameworks are being decided for its implementation.
GST, which will replace almost all central and state taxes, could have two components of 8 per cent each -- one will go to the Centre and the other to the states, according to sources familiar with the talks between the Centre and the states. However, it will not cover tax on petroleum products and Customs duty.
'They would not have had to impose GST on wheat, rice, buttermilk etc. if they had not toppled governments. People do not have to face inflation'
With the first quarter gross tax mop-up reaching Rs 5.6 lakh crore, Icra Ratings on Friday said the government is set to exceed the budgeted tax collection target of Rs 22.2 lakh crore for 2021-22, led by indirect taxes. The government has budgeted a modest 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for FY22, over FY21 collections of Rs 20.2 lakh crore. However, despite the second wave of the pandemic, the April-June quarter tax collections rose to Rs 5.6 lakh crore, which is 39 per cent higher than Q1 of FY20.
Oppn MP says govt suffering from Cinderella syndrome, while CPI(M) alleges NDA sabotaging Bill
'2017-2018 will be one of the best years for the country.' 'The wheel has finally started moving in the right direction. It should pick up momentum in the next 8 to 9 months to have a positive impact on the economy'
The Central Sales Tax is imposed by the Centre but revenue goes to the states.
Crisil said a complete phase out of CST is necessary.
This case revolves around the establishment of clusters of Centers of Excellence (CoEs) in the state of Andhra Pradesh, with a total estimated project value of Rs 3,300 crores.
An audit conducted by professional services firm Alvarez and Marsal confirms fintech firm's dealings with fake or non-existent vendors.
Supporters say the new sales tax will add up to two percentage points to India's economic growth
Finance Minister Pranab Mukherjee on Wednesday proposed a three-rate structure for the Goods and Services Tax -- which will simplify the indirect tax regime -- under which goods will attract 20 per cent levy, services 16 per cent and essential items a concessional 12 per cent.
The ruling Trinamool Congress in West Bengal demanded Railway Minister Ashwini Vaishnaw's resignation over the horrific triple train crash in neighbouring Odisha.
A decision in this regard will be taken by the empowered committee of state finance ministers in its meeting on December 20.
Macro and micro environment are becoming more challenging.
The Congress on Monday stepped up its attack on the BJP-led Centre over the issue of price rise with Rahul Gandhi saying the biggest problems facing the country were unemployment, inflation and growing hatred.
Seven of the meetings will be held in late November or early December at the finance ministry, as is the norm.
The Central Board of Direct Taxes (CBDT) on Monday clarified that any deposit in the form of bonus or incentives credited in a user account will be considered net winnings, and subject to tax deduction, in case of withdrawal. If these are used only for playing, then it's not liable for tax deducted at source (TDS). Further, in case net winnings do not exceed Rs 100 a month, the applicable tax need not be deducted.
Pre-Budget excercise next month should scrupulously avoid adventurism of all types and refrain from making excessively ambitious projections on revenue and expenditure numbers for 2023-24, suggests A K Bhattacharya.
Union Minister Nitin Gadkari on Tuesday launched the country's first crash testing programme Bharat NCAP aimed at improving road safety standards of motor vehicles up to 3.5 tonnes. Bharat New Car Assessment Programme (Bharat NCAP) is India's own crash testing programme and is cheaper than tests conducted abroad, Gadkari said, adding that the star ratings will help buyers understand the quality of the product and make an informed purchase decision. Bharat NCAP will be implemented from October 1, 2023.
Jim Rogers' decision not to invest now is not India-specific, but has to do with the problems relating to how the major global economies are shaping up.
It's difficult to understand if GDP growth has actually improved.
The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the Budget next year, a top official said. Revenue secretary Tarun Bajaj said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of Goods and Services Tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services.
Opposition members in the Lok Sabha on Monday blamed the Bharatiya Janata Party-led central government's policies for the price rise and accused it of ignoring the plight of common people, saying kitchens will soon "see a lockdown" if the Centre does not take corrective measures.
Two sub-committees, set up by the government to resolve the issues of compensation to states for revenue loss on account of a reduction in central sales tax and the final design of GST, are also likely to miss the December 31 deadline.
Congress leader Sachin Pilot on Friday stressed that the party would fight the Rajasthan assembly polls "unitedly" and said that a decision on who would lead the next government would be taken by the high command after consultations with the newly-elected MLAs.
Modi laid the foundation stone of a four-lane cable-stayed bridge between Okha and Beyt Dwarka.
'We have 750 districts across the country, and each district can create one cluster like Tirupur on any product of their choice.' 'This way, we can even have $3 trillion in exports.'
Abolition of CST will pave the way for an integrated Goods and Services Tax (GST) which will be introduced by April 1, 2010, Finance Minister P Chidambaram said.
The 30-share barometer remained up throughout and hit a high of 29,070.20, powered by a rally in RIL and other blue-chips. The index ended 215.74 points up, or 0.75 per cent, at 29,048.19 -- its highest closing since March 5, 2015, when it had closed at 29,448.95.
Swamy now wants Arvind Subramanian, one of the front runners for the post of the new RBI governor to be sacked.
Modi was honoured with the 'Order of Zayed', the UAE's highest civilian award, in 2019 as a mark of appreciation for his efforts to boost bilateral ties between the two nations.
Following are the highlights of the Economic Survey 2022-23 tabled in Parliament on Tuesday
Some politicians were found to sponsor pilgrimage of their voters -- the most preferred destinations being Tirupati in Andhra Pradesh, Manjunatha Swami temple in Dharmasthala in Karnataka and Shirdi in Maharashtra.
The broader markets were also in top gear, with the BSE midcap index surging by 2.1% at 11,431 and the smallcap index gaining 1.4% at 11,735.
After the April-July fiscal deficit data was released on August 31, several analysts hinted that the government may need to go for cuts in capital expenditure to meet the fiscal deficit target.
The Samajwadi Party (SP) said through a post on its official Twitter handle that the premises of its MLC Pushpraj alias Pampi Jain in Kannauj, Uttar Pradesh, have been raided.
In his short speeches at various places, Gandhi assailed Modi over demonetisation and a host of other issues.
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