A logjam on the GST front could turn things upside down and turmoil in Gujarat might also have an adverse impact
Experts share their views on the steps that will help businesses become GST-ready.
21-member parliament panel would review the bill.
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
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.
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The S&P BSE Sensex ended down 157 points at 28,052 and the Nifty50 slipped 28 points to settle at 8,639.
The system has gone through three rounds of testing for its load-bearing capacity.
Finance Minister Arun Jaitley on Wednesday said the country is on an "upward curve" and a good monsoon, GST passage and increased infra and rural spending will further accelerate the growth.
The government on Tuesday said it may reconvene Parliament's Monsoon Session to get key legislations, including the pending GST bill, passed, maintaining it has an "open mind" on amendments to reform measures even as it began consultations with leaders of opposition parties.
The Sensex fell 354 points or 1.3% to close at 27,512 levels.
It is likely to be a stormy affair with divergent views on market borrowing. Centre will likely press states to borrow to make up for the shortfall, but states want either the Centre or the GST Council to do so.
The discussions are at a very critical stage
The Planning Commission was better than the Niti Aayog as it used to take up the issues of the states with the ministries concerned.
The panel might also decide on a new chairman.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
PM Modi said his government has nothing to hide and would take everybody into confidence while dealing with it.
Next meeting of the Council will be on June 18, when it will take up lottery taxes and e-way bill.
The S&P BSE Sensex ended up 134 points at 27,279 and the Nifty50 ended up 42 points at 8,371.
Broader market outperformed with the S&P BSE Midcap index adding 0.7%, while S&P BSE Smallcap index gained 0.6%.
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
Unless ratified by eight states, a Constitutional amendment cannot be signed by the President of India.
GST collections in March touched a record high of over Rs 1.23 lakh crore, a 27 per cent growth over the year-ago period, the Finance Ministry said on Thursday. "GST revenues crossed above Rs 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic," the ministry said. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, income tax and customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months, it added.
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
Jaitley's concerns are unlikely to cut much ice with the Congress.
Businesses need to get on board in 15 days, ahead of indirect tax roll-out
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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GST collections touched a record high of over Rs 1.15 lakh crore in December, reflecting festive demand and reflating economy. The gross GST revenue collected in the month of December 2020 is Rs 115,174 crore and is the highest since the introduction of Goods and Services Tax from July 1, 2017, the finance ministry said in a statement.
The Lok Sabha has already passed the Bill.
A well-functioning GST will enhance tax compliance and boost growth: IMF
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.
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
'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.'
'So far, the government has sanctioned more than Rs 300 billion as GST refunds,' Ansh Bhargava and Aditya Singhania point out.
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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.
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.
