Jaitley said the Congress may be upset with the government for 'political reasons'
Options include raising both excise and service tax rates in FY16
Modi on Friday invited the Congress leaders at his Race Course Road residence at 7 PM, sources said.
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.
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).
CAG warns most states of fiscal imprudence as March spending overshoots limits, with key departments exhausting large portions of budgets in the last month of FY24.
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.
Investors will keenly watch US Fed meet starting Tuesday
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
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 low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
'Otherwise, how is the government going to make more revenue?' 'The most important thing the GST does is to transfer money from the household consumers who are the most productive users of capital to the most unproductive users of capital, namely the government.'
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.
"If there is proper debate in parliament, followed by a vote, then even without the Congress' support, we have a chance to pass it," says Union Minister of State for Finance, Jayant Sinha.
The winter session of Parliament is set to be stormy with Opposition parties closing ranks to target the government on issues including 'intolerance' even as the ruling dispensation expressed its readiness to discuss all issues.
The Congress party has accused Union Minister Nitin Gadkari of conflict of interest, alleging his sons' companies have benefited from the government's ethanol blending policy. The BJP has rejected the allegations.
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 role reversal of those in favour of GST and those opposing it is troubling.'
The S&P BSE Sensex ended down 284 points at 27,698 and the Nifty50 slipped 78 points to settle at 8,545.
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.
'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.'
'We crossed Rs 1.7 trillion in three months this financial year.'
'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'
Some also demanded empowering of local bodies.
The Congress will respond comprehensively only after specificity emerges in the proposals, reports Amit Agnihotri.
The Constitution should not encumber these choices, specially limiting them to second-best or third-grade options.
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.
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.
New Delhi is witnessing a spurt of political activity over the Goods and Services Tax Bill.
The tax department has created many circular traps -- flawed reporting formats, penalties for those who point out the flaws, and faceless assessors with no accountability. The result: Millions of taxpayers face needless harassment and procedural dead ends, highlights Harsh Roongta.
GST collections in June witnessed a 56 per cent year-on-year increase to over Rs 1.44 lakh crore on economic recovery and better anti-evasion measures, the finance ministry said on Friday. Goods and Services Tax (GST) collections in June, 2021 stood at Rs 92,800 crore. Speaking at the GST Day celebrations, Finance Minister Nirmala Sitharaman said Rs 1.4 lakh crore is the "rough bottom line" for monthly GST revenue collections.
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.
