Participants will keenly watch fate of GST Bill in Parliament.
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.
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.
The NSE Nifty also moved up by 12 points to 8,648.35.
The Opposition said that the government was 'bull-dozing'.
The GST will alter the very face of fiscal federalism in India.
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.
BSE Midcap and BSE Smallcap outperformed the frontline indices to gain 0.2% and 0.3%
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.
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 S&P BSE Sensex slipped 305 points to end at 25,400 and the Nifty50 dropped 87 points at 7,783.
He will succeed Kerala Finance Minister K M Mani.
'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.
Experts warn of over-interpreting the numbers and said their sustainability needed to be watched beyond November, says Indivjal Dhasmana.
Continued lack of consensus at next meeting could cast shadow on GST rollout by April 1.
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.
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.
Under the GST regime, most manufactured goods will turn cheaper.
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.
The near term will be challenging, as most will struggle to adapt to the new regime.
It is after the GST Network tallies invoice details with shipping bills that the refund claims can be processed. So, the refund could be delayed by over a month.
GST Bill needs a two-thirds majority in each House.
Macro and micro environment are becoming more challenging.
The government on October 12 announced the LTC cash voucher scheme under which central government employees can purchase any goods or services with GST rate of 12 per cent or above to avail the benefit.
Finance Minister Arun Jaitley, who is meeting state finance ministers on Thursday to garner support for the Constitution Amendment Bill for a goods & services tax (GST), is likely to immediately dole out about Rs 13,000 crore (Rs 130 billion) in Central Sales Tax (CST) compensation to states.
As and when the GST comes in, Budget projections will have to be unbundled and revised. In fact, the pragmatic decision would be to present another Budget! This makes the passage of the Finance Bill with its multiple unrelated amendments seem even more dubious, says Devangshu Datta.
The Council also discussed process to make return filing simpler with just one return to be filed every month.
The e-invoicing system will be rolled out in a phased manner from January 1 on a voluntary and trial basis, beginning with firms with a turnover of Rs 500 crore, while businesses with a turnover of Rs 100 crore or more will be required to do it from February 1.
Central Board of Indirect Taxes and Customs said despite the electronic way or E-way bill mechanism there has been rampant evasion and there is a need to increase compliance.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
Neutrality and jurisdiction in international trade need to be discussed threadbare before GST is implemented in India.
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.
GST will also make our exports more competitive and also provide a level playing field to domestic industry to compete with imports, the President said.
After the 2019 election, one thing is sure: GST will see a number of changes, explains Indivjal Dhasmana.
Others taxed at 5, 12, 18, 28%
