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.
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".
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.
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.
The GST bill's draft says tax would be levied on Maximum Retail Price
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.
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
Oppn MP says govt suffering from Cinderella syndrome, while CPI(M) alleges NDA sabotaging Bill
After discussions, there may be changes the Bill.
Last week, a Rajya Sabha committee had allocated five hours for discussion on GST.
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.
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.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
Jaitley said the Congress may be upset with the government for 'political reasons'
Modi on Friday invited the Congress leaders at his Race Course Road residence at 7 PM, sources said.
Options include raising both excise and service tax rates in FY16
'We crossed Rs 1.7 trillion in three months this financial year.'
Although the markets could see a knee-jerk reaction, they rule out a sharp fall.
States should have enough time. We still do not know the rules. There are a lot of operational difficulties, says Jammu and Kashmir Finance Minister Haseeb Drabu.
The government was hoping to roll out the GST regime from April 2016.
Sushil Kumar Modi, who ceased to be Bihar Finance Minister following the JD (U)-BJP split, on Monday resigned as Chairman of the Empowered Committee of State Finance Ministers looking into the implementation of the proposed new indirect tax regime - Goods and Services Tax (GST).
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.
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.
Manufacturing taxes, VAT will come down, assures Jaitley
German Chancellor Angela Merkel is on a three-day visit to India.
Introduction of GST would make Indian products competitive in the domestic and international markets.
Any residual amount left in the Compensation Fund after five year compensation period shall be shared equally between the Centre and the states.
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
Investors will keenly watch US Fed meet starting Tuesday
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
GST revenues rose 16.6 per cent to about Rs 1.52 lakh crore in October -- making it the second highest collection ever. Goods and Services Tax (GST) collection had touched a record high of nearly Rs 1.68 lakh crore in April. In October last year, the revenues stood at over Rs 1.30 lakh crore.
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.
