The winter session of Parliament is set to be stormy with Opposition parties closing ranks to target the government on issues including 'intolerance' even as the ruling dispensation expressed its readiness to discuss all issues.
The govt will have to clear hurdles to push GST by March 2015.
Says govt is creating conditions for greater private investment
German Chancellor Angela Merkel is on a three-day visit to India.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
Although the markets could see a knee-jerk reaction, they rule out a sharp fall.
Manufacturing taxes, VAT will come down, assures Jaitley
GST is the biggest revenue shake-up since independence
The monsoon session of Parliament got off to a stormy start on Monday leading to adjournment of the two Houses without transacting much business following an opposition uproar over issues ranging from price rise to the Agnipath scheme.
Markets finished lower for the sixth consecutive day as hopes of the Goods and Services tax (GST) bill being passed in the current session of the Parliament faded considerably.
Jaitley says govt is open to scrapping 1% additional tax on GST
Lok Sabha on Friday passed the Finance Bill 2023 with 64 official amendments, including the one that seeks withdrawal of long-term tax benefits on certain categories of debt mutual funds and another for setting up the GST Appelate Tribunal. The Finance Bill that gives effect to tax proposals for fiscal year starting April 1 was passed without a discussion amidst ruckus by opposition members demanding a JPC (Joint Parliamentary Committee) probe into the allegations against the Adani group of companies. While moving the bill for passage and consideration, finance minister Nirmala Sitharaman also announced the setting up of a committee under finance secretary to look into pension issues of government employees.
Ruptures in the opposition unity emerged barely a week after 17 parties joined hands to put up a joint candidate against the ruling National Democratic Alliance nominee for the July 17 presidential election.
Speaking at the all-party meeting called by the government, Modi said, "People have great expectations and that is why Parliament should function and be productive."
'The role reversal of those in favour of GST and those opposing it is troubling.'
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
We have only three differences with the Bharatiya Janata Party on the GST, said the Congress vice president.
Chairman of the committee S S Ahluwalia has sought an extension.
There was no official word on the agenda of the session which will be held days after the G20 Summit in the national capital on September 9 and 10.
Govt looking for common ground on GST; hopes to pass it soon.
Inching towards rolling out of GST, the GST Council on Saturday approved a law to compensate states for any loss of revenue from the implementation of the new national sales tax but deferred approval for enabling laws to next meeting.
States' demand for 5 years and Constitutional provision ruled out
The Congress will respond comprehensively only after specificity emerges in the proposals, reports Amit Agnihotri.
Asked about the Congress's opposition to the GST Bill, Santosh Kumar Gangwar said no party opposes GST outside Parliament.
The Rajya Sabha approved 15 legislations during the session while the Lok Sabha passed 23 bills, including the GST bills.
"To begin with, people could face some difficulties because any changeover has its own problems. But it will settle down and the country will benefit from the new indirect tax regime," Jaitley said at an event organised by ABP News.
The government wants to introduce a nationwide goods and services tax to revive its stalled reform programme.
'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'
Electricity has also been kept out of the GST ambit.
He slammed those trying to stall passage of the Bill in Parliament saying they were attempting to 'stop progress of the country
Officers from various departments including the finance ministry to be part of rehearsal event
A final call will be taken by Congress president Sonia Gandhi on Thursday.
With tempers rising on intolerance, it will be hard to run House proceedings.
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
21-member parliament panel would review the bill.
Negotiations near deadlock, as states oppose Constitution Amendment Bill.
A GST roll-out by April 1 looks difficult, giving the companies some succour.
India's opposition parties have sharply criticized the Union Budget, calling it inadequate to address the country's economic woes and accusing the BJP-led government of using it to woo voters in Bihar and Delhi ahead of upcoming elections. Leaders from the Congress, TMC, DMK, SP, and CPI(M) voiced their disapproval, highlighting concerns over inflation, unemployment, and the lack of substantial measures to support the agricultural sector and the poor. They also criticized the tax cuts for the middle class as insufficient and coming too late after years of high taxes and rising prices.
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