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.
These losses increase insurance premiums for customers and reduce insurer margins on the other.
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.
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.
According to DBS, GST has growth, inflation and fiscal implications.
Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
The Madhya Pradesh government on Monday presented an alternative model of the GST but some states immediately raised objections to it.
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
GST is intended to create a single market and boost commerce in India's $2 trillion economy
The session will have 20 working days for now.
'They are positioned as defensive products and can potentially give marginally higher returns than liquid funds.'
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
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
If cashless services are suspended, AHPI said, its member hospitals will continue to treat Star Health policyholders, but patients will have to pay upfront and later seek reimbursements directly from the insurer.
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".
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
'An asset must generate income. Equities yield dividends, bonds pay coupons, deposits give interest, and real estate earns rent.' 'Gold, silver, and even Bitcoin produce no income, they merely store value. So, they should not be compared to productive assets.'
The GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection from Goods and Services Tax (GST) was Rs 1,43,612 crore in August 2022. "Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters.
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.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
The GST bill's draft says tax would be levied on Maximum Retail Price
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.
Here's everything you need to know about the Goods and Services Tax Bill.
Parliamentary Affairs Minister Ananth Kumar has already held telephonic talks with leader of the opposition in the Upper House Ghulam Nabi Azad.
Oppn MP says govt suffering from Cinderella syndrome, while CPI(M) alleges NDA sabotaging Bill
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
Prime Minister Narendra Modi launched his Bihar assembly poll campaign, asserting that the NDA under Chief Minister Nitish Kumar will break all previous electoral records. He criticized the INDIA bloc and highlighted the NDA's cohesiveness and development efforts in Bihar.
After discussions, there may be changes the Bill.
The UPA government has decided to introduce two contentious bills -- the Goods and Services Tax Bill and the Land Acquisition (Amendment) Bill -- in the budget session of Parliament that kicks off on Monday.
Last week, a Rajya Sabha committee had allocated five hours for discussion on GST.
GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aereated drinks to create a corpus for compensating states for any loss of revenue in the first five years
The Bill was introduced in the Lok Sabha in December.
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The Direct Taxes Code bill was introduced in Lok Sabha in 2010 and Standing Committee on Finance has given a report after its scrutiny.
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
