Here's everything you need to know about the Goods and Services Tax Bill.
The GST bill's draft says tax would be levied on Maximum Retail Price
Actor Vijay, founder of the Tamizhaga Vettri Kazhagam (TVK) party, has declared that his party will challenge the ruling DMK in the 2026 Tamil Nadu Assembly elections. In a general council meeting, Vijay criticized the DMK's dynasty politics, their handling of law and order, and women's safety. He also targeted the BJP-led central government over issues like the Waqf Bill, delimitation, and the three-language policy. Vijay promised his party's support to working classes, government employees, and vowed to oppose projects harmful to natural resources and agriculture. He assured 100% safety for women and strict law and order if TVK forms the government. The party passed resolutions opposing the Waqf Bill, delimitation, and the three-language policy, and also voiced support for the two-language policy, finding a permanent solution for fishermen's issues, and opposing the Parandur airport project.
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.
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
Bharatiya Janata Party on Thursday issued a three-line whip to all of its Lok Sabha MPs asking them to be present in the House for the passing of the Union Budget 2025-26.
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.
Opposition MPs in India's Rajya Sabha raised concerns about US President Donald Trump's tariff threats, demanding the government clarify its response and engage in discussions with opposition parties. Leaders like P Chidambaram and Sagarika Ghose warned of potential economic repercussions, including depressed exports, lower FDI, and a significant tariff burden. The debate also touched on other issues such as the government's economic policies, demonetization, and the impact of GST on common citizens.
The Bill was introduced in the Lok Sabha in December.
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.
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'
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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.
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
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.
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.
The government was hoping to roll out the GST regime from April 2016.
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
'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.'
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).
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.
Manufacturing taxes, VAT will come down, assures Jaitley
Introduction of GST would make Indian products competitive in the domestic and international markets.
German Chancellor Angela Merkel is on a three-day visit to India.
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
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.
Jaitley says govt is open to scrapping 1% additional tax on GST
The govt will have to clear hurdles to push GST by March 2015.
The GST Council on Tuesday approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones, officials said. The Council, chaired by Finance Minister Nirmala Sitharaman and comprising state counterparts, also cleared a host of compliance procedures for GST-registered businesses along with a GoM report on high-risk tax payers to check evasion. The discussion on the crucial issues of extension of compensation to states beyond June 2022 and the imposition of 28 per cent GST on casinos, online gaming and horse racing, will take place on Wednesday.
'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.'
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.
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.
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