Food prices have been relentlessly rising and was over 19 per cent year-on-year in the last week of November.
Out of the GST of 12 per cent, states should receive seven per cent while the rest five per cent should go to the Centre's kitty, said the task force.
The Finance Commission (task force) had recommended an overall GST rate of 12 per cent 'but it is likely to be higher than that', revenue secretary Sunil Mitra said at a Confederation of Indian Industry seminar in New Delhi.
Reform ideas do not occur overnight and evolve over the years.
It was better to first build a single-rate GST with a low rate, achieve full mastery of this, and then consider more complex possibilities such as high rates and multiple rates.
Experts have started giving comments on provisions that the govt must make in Budget 2016-17.
There is much work to be done to design a good GST.
Finance minister Arun Jaitley has few feathers in his cap for taking serious eff
In July, IRS officers in Mumbai held an incendiary meeting where they criticised the alleged interference in 'operational matters' by the department of revenue.
The challenge of cleaning up the taxation system and introducing the goods and services tax (GST) regime cannot be underestimated.
'The hour is very late, and the choice between triumph and tragedy knocks at our door,' says Ajay Shah.
Indian economy about to take-off
With his strong views on Bharatiya economics, his appointment to the RBI board may well presage interesting times, says Archis Mohan.
Such listings will help internationalise our currency, give us economic heft, compel best in class regulations and further develop the professional-services ecosystem., says Amit Tandon.
The Survey projected growth rate of 7-7.75 per cent for 2016-17 with downside risks due to weak global economic scenario.
'I was shocked by the kidnapping episode. I could have lost my life.'
The Enforcement Directorate has managed to sniff out over Rs 9,000 crore as suspected haul from money laundering in a decade, but it has yet to link those against anyone successfully in a court.
Demonetisation hit informal sector hard and caused job losses which was not addressed by the budget, Moily said.
The full transcript of the exclusive interview with Prime Minister Narendra Modi.
'Modi as the PM of the country has to take everybody on board and deliver on good governance. That is his responsibility. In that talking alone won't help, he's working.' Commerce Minister Dr Nirmala Sitharaman tells Sheela Bhatt/Rediff.com how the Modi government plans to change India.
'India cannot expect to be insulated from the crisis. Europe is India's biggest trading partner with two-way trade of E72.5 billion or Rs 530,000 crore last year,' says Paranjoy Guha Thakurta.
A glance back at some of the important ups and down Indian Inc faced in 2018.
This is the joint statement issued by the ministry of external affairs on the visit of US President Barack Obama to India.
President Pranab Mukherjee on Monday addressed the first joint sitting of Parliament as mandatorily required under the Constitution after the general elections. The address is the political, economic and foreign policy road map of the Narendra Modi government and covers virtually all crucial areas.
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