The government banks on the support of the Bharatiya Janata Party to push the Insurance and LIC Bills in the next Parliament session, but it seems to have adopted different tactics on the Goods and Services Tax (GST) Bill.
Revised draft model Bill clearly says an agriculturist for the purpose of agriculture won't be liable for registration under GST.
The Union minister said it is "not fair" on Congress's part to set conditions for the passage of the GST bill and if the said clauses were so crucial, the UPA could have brought these in the original bill when it was in power.
On Thursday, the Business Advisory Committee of the Lok Sabha, which allocates time for the Bills and discussions to be taken up for the forthcoming week, met, but the government strategists didn't ask the members to allocate time for the GST Bills for the next week.
Reaching out to the opposition, Prime Minister Narendra Modi on Sunday sought its cooperation in the passage of GST bill even as it asserted that government will be targeted over developments in Arunachal Pradesh and Kashmir during Parliament's Monsoon Session starting on Monday.
The Bill has already been passed by the Lok Sabha.
Singling out the Congress as the only opponent to the GST, the government hopes to pass the bill after the altered numbers in the Upper House, reports Archis Mohan.
The finance minister said the government was open to suggestions.
Finance Minister Nirmala Sitharaman on Monday introduced two bills in the Lok Sabha to levy excise duty on tobacco and tobacco products, and a new cess on manufacturing of pan masala, which will replace the GST compensation cess on such sin goods.
The government has proposed to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related to the new indirect tax regime.
Finance Minister Arun Jaitley appealed to parties to rise above partisan considerations to support it.
New lower GST rates kicked in from Monday, resulting in a slashing of prices of as many as 375 items ranging from toothpaste and shampoo to cars and television sets, a move seen as an attempt to boost consumption to cushion an economy facing tariff headwinds. Tax rates of 5, 12, 18, and 28 per cent have been clubbed into two rates of 5 per cent and 18 per cent, resulting in a reduced price of 99 per cent of daily use items.
The government said it was willing to advance the upcoming Parliament session.
The Rajya Sabha on Wednesday took up the four bills related to the GST, with the Opposition urging the government to insulate taxpayers from harassment and questioning how the new regime was "ideal" when 40 per cent of the revenue base of the GDP was kept out of its purview.
The Goods and Services Tax Bill was passed by the Lok Sabha in May.
Finance Minister Arun Jaitley on Wednesday drove over to Rahul Gandhi's 12 Tughlak Lane bungalow to personally invite the Congress vice-president to his daughter Sonali's wedding.
Lower rates effectively increase disposable income, strengthen purchasing capacity, and support broader consumption growth.
Despite being cleared in the lower house, the GST bill has been pending in the Rajya Sabha for clearance, where the Congress enjoys numerical strength, reports Kavita Chowdhury.
A pickup in freight rates, rising fleet utilisation and a long-awaited replacement cycle are breathing fresh life into India's commercial vehicle (CV) market, strengthening the investment case for Tata Motors' CV arm (TMCV). Despite a broadly steady December quarter (Q3) performance, brokerages remain divided on whether the upswing is strong enough to offset margin pressures.
Three laws passed in Parliament could boost central revenues, reshape GST cess flows, shift MGNREGA costs to states and create new budget headroom ahead of the 2026-2027 Union Budget, points out A K Bhattacharya.
Some of the key names include: Maruti, M&M, Ashok Leyland, Britannia, Ultratech, JK Cement, Havells, Voltas, Amber, Metro, Trent, LemonTree, Indian Hotels, Niva Bupa, HDFC Life, IGL, Acme Solar, Suzlon, Swiggy, Delhivery, ICICI Bank, HDFC Bank, Bajaj Finance, Shriram Finance," according to a report by Motilal Oswal Financial Services.
rediffGURU T S Khurana answers readers' personal income tax queries
InterGlobe Aviation, the operator of IndiGo, has approached the Delhi high court seeking a refund of over Rs 900 crore it claims to have paid as Customs duty on aircraft engines and parts re-imported into India after overseas repairs. The petition came up for hearing on Friday before a bench of Justices Prathiba M Singh and Shail Jain.
What has surprised the industry is that the Bill has been tabled without any consultation. Critics warn the ban on real-money gaming could fuel black markets, endanger 200,000 jobs and billions in tax revenue.
Drabu said the GST regime will roll out in the state at midnight on Friday, making Jammu and Kashmir the last state to join the new tax regime.
Ghulam Nabi Azad and Anand Sharma succeed in convincing Rahul Gandhi of zero returns in blocking Parliament.
The USIBC has encouraged a streamlined implementation of the GST.
The government introduced the 122nd Constitution amendment Bill.
Leading automakers Maruti Suzuki, Hyundai, Mahindra, and Tata Motors saw a dip in dispatches to dealers in August amid dip in demand with many prospective buyers postponing their buys anticipating a reduction in vehicle prices on account of the new GST framework. The country's largest carmaker Maruti Suzuki India reported an 8 per cent year-on-year dip in dispatches of passenger vehicles in the domestic market last month.
For MSMEs the transition could mean higher wage bills and tougher compliance -- unless strong handholding follows reports Auhona Mukherjee.
The Prime Minister also underscored the importance of public sector undertakings in the country.
Overall economic activity continued to hold up in November with demand conditions remaining robust, thanks to strengthening urban demand, but manufacturing and rural demand showed some signs of deceleration even as services remained strong, according to an article on the State of the Economy written by Reserve Bank of India (RBI) officials in the central bank's December bulletin.
"We are willing to speak to any of their leaders," Jaitley was quoted as saying by Bloomberg News.
The bill was taken up for consideration in the Lok Sabha after the Speaker rejected Opposition demands to refer the key reform measure to a parliamentary Standing Committee.
Sustaining 8 per cent-plus growth rates is necessary if we are to reach high-income status by 2047, points out Amitabh Kant.
At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring petroleum goods under GST regime was opposed.
Gandhi added that the nation's power has always come from the strength of ideas.
The government is hopeful of passage of the GST bill in the winter session of parliament claiming 30 of the 32 parties have supported it.
Passenger vehicle dispatches from companies to dealers increased 19 per cent year-on-year in November as demand remained robust post festive period, industry body SIAM said on Friday.
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