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.
Under the GST regime, most manufactured goods will turn cheaper.
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.
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.
GST Bill needs a two-thirds majority in each House.
Upbeat high-frequency indicators and consumer confidence show that Indian economy continues to forge ahead, emerging out of shackles of pandemic, said an article on the state of economy published in RBI Bulletin on Wednesday. The recovery is spearheaded by an uptick in private investment through November-December alongside a turnaround in bank credit offtake and high capex from the government sector (Centre and states). In conjunction, the employment situation has brightened, said the article written by RBI officials.
The Council also discussed process to make return filing simpler with just one return to be filed every month.
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.
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.
Macro and micro environment are becoming more challenging.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
After the 2019 election, one thing is sure: GST will see a number of changes, explains Indivjal Dhasmana.
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.
Neutrality and jurisdiction in international trade need to be discussed threadbare before GST is implemented in India.
Others taxed at 5, 12, 18, 28%
The S&P BSE Sensex dipped 90 points to end at 27,747, after hitting an intra-day high of 28,014.
This after most of the Opposition including the Congress, Left parties, the Trinamool Congress, the Samajwadi Party and the Nationalist Congress Party decided to boycott House proceedings in protest against the suspension of eight MPs for the remainder of the session for unruly behaviour.
Early GST rollout to help create more jobs, boost output, says IMF.
Congress preparing a dissent note on the issue
The largest challenge for the gigantic exercise between the Centre and the 29 states was to keep the latter interested over the years.
To meet the yearly target, each of the next five months has to yield Rs 1.107 trillion GST collections.
State finance ministers' panel to decide on latest attempt at harmonising of views on Constitution amendment.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
Since the legal changes in the draft laws would take some time, it was decided to postpone the November 25 meeting
Asian markets were trading mixed with shares in China witnessing profit taking after sharp gains in the previous session.
On the eve of Winter session of Parliament, Rahul Gandhi on Wednesday said that the Congress "strongly" believed that the government should reach out to the Opposition on certain issues.
The company will operate the IT system for five years.
In a major reach-out to the main Opposition, the prime minister invited Gandhi and Singh over tea at his Race Course Road residence around 7 pm.
The GST, an indirect tax regime, is to be rolled out from April 2016.
For the sake of transparency, and to reduce undesirable bond market volatility, clarity on these would be welcome, preferably before the budgets for the next fiscal year get finalised, says Neelkanth Mishra.
GST is a landmark reform considering the sweeping changes it brings about in the indirect tax regime in India.
As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
'In a country like ours, people talk about wanting to be like Singapore, but when it comes to paying taxes, they start criticising.' 'The medicine is bitter, but the long term effect is good,' Senthil Natarajan, who runs Kovai Pazamudhir Nilayam, a one of its kind fruit and vegetable chain in Tamil Nadu, tells Rediff.com's Archana Masih.
In an attempt to get states to implement the Goods and Services Tax (GST) by next April, the Centre has softened its stance on most proposals in the draft Constitutional Amendment Bill that Finance Minister Pranab Mukherjee hopes to pilot in the monsoon session.
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