India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
'The role reversal of those in favour of GST and those opposing it is troubling.'
The Congress will respond comprehensively only after specificity emerges in the proposals, reports Amit Agnihotri.
'Spend, but create assets, spend but make sure that people benefit from it.' 'This has been a beautiful guiding principle. And I think as a finance minister I owe so much to the prime minister for keeping this path clear before us.'
Some also demanded empowering of local bodies.
'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'
The Constitution should not encumber these choices, specially limiting them to second-best or third-grade options.
New Delhi is witnessing a spurt of political activity over the Goods and Services Tax Bill.
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.
No mention of cab aggregators in GST bills
Electricity has also been kept out of the GST ambit.
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
Says govt is creating conditions for greater private investment
"GST should not become a 'grossly scary tax'. It should be a 'good and simple tax'," Surjewala said.
The 47th GST Council meeting that is currently underway is slated to discuss a host of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers. Further, the meeting of the Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state counterparts, will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, measures to curb tax evasion, especially devising ways to tackle high-risk taxpayers in GST. "The meeting is being chaired by Hon'ble Union Minister of Finance @nsitharaman and many important decisions are expected to be taken at the meet," PIB Chandigarh tweeted.
We have only three differences with the Bharatiya Janata Party on the GST, said the Congress vice president.
States' demand for 5 years and Constitutional provision ruled out
The Cabinet on Wednesday approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
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.
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
The broad trends of GST collections will make you wonder if indeed the biggest indirect tax reform in the country has led to a real improvement in revenues, notes A K Bhattacharya.
With tempers rising on intolerance, it will be hard to run House proceedings.
The annual Finance Bill may soon become far less exciting as the government plans to lift the veil of secrecy surrounding tax proposals in Budget. Once the Direct Taxes Code (DTC) and Goods and Services Tax (GST) are in place, the finance ministry will adopt a public discussion approach for most future decisions, while confining the annual exercise to a few procedural changes.
Rama Krishna Sangu, partner, Manohar Chowdhry & Associates, Chartered Accountants, and a member of the Indirect Tax Committee of ICAI, fielded readers' questions on GST on Rediff Chat.
The final rate will be worked out by the GST Council, Finance Minister Arun Jaitley said on Wednesday.
After a gap of nearly two years, India's industrial production turned negative as it contracted by 0.1 per cent in August, mainly due to a decline in the mining and power generation sectors' output, in addition to an almost flat expansion in the manufacturing sector. According to the data released by the National Statistical Office (NSO), factory output growth based on the Index of Industrial Production (IIP) has also been revised downwards for July to 4.7 per cent from the earlier estimate of 4.8 per cent. "The IIP growth rate for the month of August 2024 is (-) 0.1 per cent, which was 4.7 per cent in the month of July 2024," NSO said in a release.
GST is the biggest revenue shake-up since independence
Chairman of the committee S S Ahluwalia has sought an extension.
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
A GST roll-out by April 1 looks difficult, giving the companies some succour.
'Perhaps GST was too complex a system for the Indian economy at its present stage of development,' argues T N Ninan.
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
Once the GST is passed, the centre and states will have to adopt their own law.
For supply rules, the location decides where goods or services will be taxed.
The disagreement between the Centre and states continued over administrative powers.
The GST Council in its meeting next week is likely to consider a proposal for making changes in the monthly tax payment form -- GSTR-3B, which would include auto-population of outward supplies from sales return and non-editable tax payment table, officials said. The move would help curb the menace of fake billing, whereby sellers would show higher sales in GSTR-1 to enable purchasers to claim input tax credit (ITC), but report suppressed sales in GSTR-3B to lower GST liability. Currently, GSTR-3B of a taxpayer includes auto drafted input tax credit (ITC) statements based on inward and outward B2B supplies and also red flags any mismatch between GSTR-1 and 3B.
"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.
Govt looking for common ground on GST; hopes to pass it soon.
Maruti Suzuki India (MSIL) will hold discussions with the Centre and state governments on how the production of compressed biogas (CBG), which can be used in vehicles that run on compressed natural gas (CNG), can be expanded in the country, its majority shareholder Suzuki Motor Corporation (SMC) said. The demand for CNG vehicles has been rising significantly in the country. MSIL sold 145,000 CNG vehicles in the first quarter of 2024-25, marking a 28.3 per cent year-on-year (Y-o-Y) growth.
The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods), informed the ministry of finance on Saturday. The government has settled Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states in the month of December 2021 after settlements is Rs 48,146 crore for CGST and Rs 49,760 crore for the SGST.
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