Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
The macro-economic situation has been brought under control: Godrej.
Tharoor argued that the proposed bill represents a "grave chapter in the history of the Indian republic, seeking to ratify an ordinance that in many ways is an assault on our democratic heritage and the spirit of federalism."
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
"After the meeting which took place in Srinagar last week, it is safe to say that GST will be levied across the country starting July 1," Gangwar told ANI.
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
A final call will be taken by Congress president Sonia Gandhi on Thursday.
Asked about the Congress's opposition to the GST Bill, Santosh Kumar Gangwar said no party opposes GST outside Parliament.
GST mop-up likely to fall in May, June after touching record levels in April and March.
Accusing the Congress of creating obstacles in the path of growth and economy, he declared that the government would try to get the bill passed with the help of parties
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
Opposition politicians on Wednesday stalled a last minute attempt by Prime Minister Narendra Modi's government to pass the Goods and Service Tax bill.
GST revenue for the month of June stood at Rs 92,849 crore, a 2 per cent increase over the same month a year ago, the Finance Ministry said on Tuesday. The gross GST revenue collected in the month of June 2021 stands at Rs 92,849 crore of which central GST is Rs 16,424 crore, state GST Rs 20,397, Integrated GST Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods), the ministry said. The GST revenues for the month of June 2021 are 2 per cent higher than Rs 90,917 crore collected in June 2020.
A slew of challenges that are yet to be resolved include the lack of consensus between the Centre and states over the GST exemption threshold limit, dual control over scrutiny and assessment
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
The government wants to introduce a nationwide goods and services tax to revive its stalled reform programme.
Kerala Finance Minister K N Balagopal has sought systemic changes in the GST structure, saying every state and consumer has lost because of its basically flawed architecture that has also led to rampant revenue leakage for the states. The Goods and Services Tax (GST) regime came into force in July 2017. Even though the framework is focused on having a one-nation-one-tax model, quite a few items, including petroleum products and liquor are still out of the GST purview.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
Both houses of Parliament were prorogued on Friday, almost a month after being adjourned sine die, ending the possibility of an extension of the Monsoon session in the face of continued stand-off between government and opposition.
Although the June collections were higher than that in July, however, it is important to note that during the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19.
Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
The GST collection in April touched the highest ever level of about Rs 1.68 lakh crore, up 20 per cent from the year-ago period, on improved compliance and recovery in business activity, the Finance Ministry said on Sunday. During the month, 1.06 crore GST returns from GSTR-3B were filed, of which 97 lakh pertained to March 2022. The gross GST revenue collected in April is Rs 1,67,540 crore, of which CGST is Rs 33,159 crore, SGST Rs 41,793 crore, IGST Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and cess Rs 10,649 crore (including Rs 857 crore collected on import of goods), the ministry said.
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Businesses with monthly turnover of over Rs 50 lakh will have to mandatorily pay at least 1 per cent of their GST liability in cash, the finance ministry said as it moved to curb evasion by fake invoicing. The Central Board of Indirect Taxes and Customs (CBIC) has introduced Rule 86B in Goods and Services Tax (GST) rules which restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent. "... The registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of 99 per cent of tax liability, in cases where the value of taxable supply ... in a month exceeds Rs 50 lakh," the CBIC said.
Raghuram Rajan optimistic about passage of GST
A strong proponent of the GST, Adi Godrej has been saying for five years or more that it will add one per cent to India's gross domestic product (GDP).
Crisil said a complete phase out of CST is necessary.
Consensus seems a problem before the current session of Parliament ends.
Any judgement on whether the March numbers reflect sustainable growth in GST collection should ideally await the numbers that will be out in May, points out A K Bhattacharya.
To improve compliance, govt may introduce lottery reward for filing GST. The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.
GST rate for petrol and diesel cars and hybrid vehicles is already at the highest bracket of 28 per cent plus cess.
Financial shares were among the top gainers with HDFC leading the gains.
"This is a golden opportunity for us to lift the lives of the poor, the deprived. This is the time for doing more development and reforms," he said.
The passing of the GST bill and the failure of India to acquire NSG membership is set to rule the agenda in Parliament.
ICICI Bank was the top gainer after stable rating for its senior unsecured bonds by S&P Global Ratings.
He slammed those trying to stall passage of the Bill in Parliament saying they were attempting to 'stop progress of the country
GST council may propose a faster refund procedure, deferment of electronic way bill, further simplification of composition scheme
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The shortfall in the Centre's GST collections has raised concerns over it meeting the fiscal deficit target of 3.3 per cent of GDP, reports Ishan Bakshi.
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