Businesses need to get on board in 15 days, ahead of indirect tax roll-out
Jaitley's concerns are unlikely to cut much ice with the Congress.
Unless ratified by eight states, a Constitutional amendment cannot be signed by the President of India.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
With less than five months left for the report of the Fifteenth Finance Commission to be submitted, its chairman N K Singh said the report will have fiscal road map for states, depending on their current situation.
Jaitley said Modi government has put decisiveness and transparency on forefront in face of obstructionism.
Noting that the session is taking place just ahead of the 70th Independence Day, Modi said he was confident that discussions of the highest standard will be held.
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The Lok Sabha has already passed the Bill.
A well-functioning GST will enhance tax compliance and boost growth: IMF
'While the GST is structured to be an all-encompassing tax and to create a vastly expanded digital network of recorded transactions, no one knows how traders long used to avoiding taxes will apply their ingenuity,' says T N Ninan.
'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.
'So far, the government has sanctioned more than Rs 300 billion as GST refunds,' Ansh Bhargava and Aditya Singhania point out.
Rajya Sabha witnessed heated exchanges between the treasury and opposition benches after Congress leader Mallikarjun Kharge made remarks on the manner in which political parties select women candidates from weaker sections and raised the issue of 'delayed' GST payments to non-Bharatiya Janata Party ruled states.
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
Now, in many cases, they give no old jewellery but the bills they get show gold as provided by them, the jeweller's making charge and the GST on that.
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The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
Participants will keenly watch fate of GST Bill in Parliament.
The GST Council, headed by Finance Minister Nirmala Sitharaman and comprising representatives of all states and Union territories, will have its 37th meeting in Goa against the backdrop of economic growth hitting a six-year low of 5 per cent in the first quarter of the current fiscal.
Experts warn of over-interpreting the numbers and said their sustainability needed to be watched beyond November, says Indivjal Dhasmana.
The Budget session of Parliament concluded on Wednesday with passage of record official business in recent years but the government failed to ensure passage of the controversial Land Acquisition Bill as also key reform measure of GST amid stiff resistance from opposition.
GST Council extends anti-profiteering authority's tenure, sends rate cut on EVs to fitment panel and also extended the date for filing annual returns under the GST by two months to August 30.
The Opposition said that the government was 'bull-dozing'.
The GST will alter the very face of fiscal federalism in India.
The NSE Nifty also moved up by 12 points to 8,648.35.
BJP leader Sushil Kumar Modi on Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states. Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021. The statement assumes significance in view of the rise in petrol price for the past over one year which even touched Rs 100 per litre in some states. In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
Lack of visibility on rates makes companies apprehensive.
Top Congress sources said they would not hold up the Bill.
Bhupender Yadav's entry to the Modi government as a Cabinet minister is seen as his just reward after serving as a party office-bearer for the longest term among all current occupants.
BSE Midcap and BSE Smallcap outperformed the frontline indices to gain 0.2% and 0.3%
Soon after the panel vice chairman Sasmit Patra called for the start of the discussion amid slogan shouting, leaders of various opposition parties took to raising points of order frequently to get the discussion stalled.
He will succeed Kerala Finance Minister K M Mani.
The S&P BSE Sensex slipped 305 points to end at 25,400 and the Nifty50 dropped 87 points at 7,783.
Despite the objections raised by Reserve Bank of India and Election Commission, India's politics has been funded anonymously and it is time to end this, asserts Aakar Patel.
As much as Rs 6,696 crore has been released to the states as GST compensation for the month of March 2018, as on May 29.
Continued lack of consensus at next meeting could cast shadow on GST rollout by April 1.
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