With just eight days left for the winter session, Jaitley and Parliamentary Affairs Minster M Venkaiah Naidu held consultations with Leader of Opposition in Rajya Sabha Ghulam Nabi Azad and Deputy Leader Anand Sharma.
The GST bill is stuck in the Rajya Sabha where the ruling NDA govt does not have a majority as well as stiff opposition by the Congress
Implementation of GST is expected to increase the gross domestic product of the country.
Here's everything you need to know about the Goods and Services Tax Bill.
Keeping the government on tenterhooks on key reform measures like the Insurance Bill and Goods and Services Tax, the Congress party on Monday said there is "no blank cheque" on its support on these in Parliament as the "devil lies in the details".
Parliament on Thursday cleared the decks for the rollout of the historic Goods and Services Tax from July 1 as it approved four supporting legislations to usher in the one-nation-one-tax regime.
Analysts believe the GST could boost India's economic growth by up to 2 percentage points
Criticising various provisions in the proposed GST regime, Moily said it will be a "technological nightmare" and the anti-profiteering provisions in it are "far too draconian."
Raghuram Rajan said the passage of the GST Bill augurs well for the growing political consensus for economic reforms.
With logjam in the Upper House leaving key bills in the limbo, Rajya Sabha chairman Hamid Ansari has called an all-party meeting on Friday.
According to DBS, GST has growth, inflation and fiscal implications.
The prime minister, who spoke in the Upper House as it bid farewell to 53 retiring MPs, noted that Rajya Sabha members are representatives of the states and the interest of their state should be a priority for them.
Chartered accountant and commentator M R Venkatesh on why the GST Bill will cost the BJP dear.
The Gujarat High Court dismissed a plea filed by journalist Mahesh Langa seeking the quashing of an FIR registered against him for allegedly stealing "highly sensitive and confidential documents" belonging to the Gujarat Maritime Board (GMB). The court found that prima facie, Langa's involvement in the crime was evident from the evidence collected during the investigation. The court further stated that the investigation is at a nascent stage and it would be inappropriate to exercise its inherent powers in favor of the petitioner at this stage.
'We crossed Rs 1.7 trillion in three months this financial year.'
Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
GST is intended to create a single market and boost commerce in India's $2 trillion economy
In a string of tweets and replies, Swamy also said that GST can be implemented only if the Supreme Court clears a petition on levy of entry tax
The Madhya Pradesh government on Monday presented an alternative model of the GST but some states immediately raised objections to it.
High frequency indicators, like vehicles sales, air traffic, steel consumption and GST E-way bills, point towards a sequential pickup in momentum of economic activity during the second half of the fiscal 2024-25 and sustain moving forward, RBI Bulletin said on Wednesday. However, a strong dollar, driven by US economic resilience and trade policy pivots, could exacerbate capital outflows from emerging economies, push risk premiums higher, and intensify external vulnerabilities, said an article on 'State of the Economy' published in RBI's February bulletin.
The session will have 20 working days for now.
The Bills are primarily aimed at helping the MSME sector and small traders, Finance Minister Piyush Goyal said while introducing these in the Lok Sabha
The GST Bill, seen as single biggest tax reform in a long time, needs to be ratified by at least 15 state legislatures before the President can notify the GST Council which will decide the new tax rate and other issues
Aiyar has contended that this results in revenue loss, malpractices and even death of people consuming illicit liquor
Congress on Wednesday said that it was open for discussions on the GST Bill on which it has "very genuine concerns".
Provisions in the bill, titled Karnataka Public Examination (Measures for Prevention of Corruption and Unfair Means in Recruitment) Bill, 2023, also include confiscation of property.
GST collection grew by 12 per cent in April to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime. The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore, the finance ministry said in a statement. The previous high collection of Rs 1.68 lakh crore was in April last year.
Full exemption for all health insurance premiums and reinsurance or a reduction in the GST rate from 18% to 5% on health insurance services is likely.
Expanding investigation into allegedly wrongful claims of input tax credit by insurance companies, the tax authorities are probing a section of automobile dealers who have supposedly generated fake invoices without providing any service, which is a punishable offence under goods and services tax (GST) law. The authorities are learnt to have questioned the car dealers to explain the services they provided general insurance companies. The investigators suspect car dealers pitched for insurance schemes that give them commissions in excess of those insurance regulations permit.
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.
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore. E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. "The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore," a senior official informed
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
The vice president met Leader of the party in Lok Sabha Mallikarjun Kharge, P Chidambaram and Deputy Leader of the party in Rajya Sabha Anand Sharma, among others and discussed various points regarding the key tax reform legislation.
According to Mitra, items such as foodgrain, vegetables, leather goods, footwear, cottage cheese, puffed and flattened rice, books and entertainment tax, among several others, should be in the zero-tax bracket.
Parliamentary Affairs Minister Ananth Kumar has already held telephonic talks with leader of the opposition in the Upper House Ghulam Nabi Azad.
Here's everything you need to know about the Goods and Services Tax Bill.
'We are not asking for incentives, but at least taxation can be aligned such that the rupee tax on consumers remains the same.'
The GST bill's draft says tax would be levied on Maximum Retail Price
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
Businesses across the country may soon be required to issue electronic invoices, or e-invoices, directly to consumers for the sale of goods and services. The Goods and Services Tax (GST) Council, in its forthcoming meeting on Monday, is expected to discuss extending the e-invoicing mandate to cover business-to-consumer (B2C) transactions. Currently, e-invoicing is compulsory for businesses with a turnover of Rs 5 crore and above, but only for their business-to-business (B2B) transactions.
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