'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.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
The broader markets were also in top gear, with the BSE midcap index surging by 2.1% at 11,431 and the smallcap index gaining 1.4% at 11,735.
References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.
The rupee had gained 28 paise against the American currency to settle at nearly two-month high at 66.74 in Monday's trade.
The Rajya Sabha approved 15 legislations during the session while the Lok Sabha passed 23 bills, including the GST bills.
ICICI Bank was the top loser along with index heavyweights RIL, ITC and HDFC.
The very design of the GST will bring in revenue buoyancy.
It's an undeniable fact that after enactment of GST, buying insurance will become a little expensive impacting your term plans, health plans and motor insurance plans the most. But you should not ignore the importance of insuring your life, health, vehicle, says Harjot Singh Narula
The central government, in its revised draft of the constitution amendment bill, had proposed that fuel and liquor should be brought under the ambit of GST.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
The Budget session of Parliament is set to start on a stormy note on Tuesday with issues like the Jawaharlal Nehru University row, Dalit scholar Rohith Vemula's suicide and Pathankot terror strike set to dominate the proceedings.
The Empowered Committee of State Finance Ministers got its new chairman on Monday in Jammu and Kashmir's Abdul Rahim Rather.
The prime minister is aware that whatever be its consequences, a new taxation regime cannot be launched closer to the general elections in 2019. Thus, any date after April 2017 for the launch of GST is risky, says A K Bhattacharya.
The constitution amendment Bill on a national GST is likely to be tabled in the current session of Parliament. However, the government is not confident of passing the Bill this session.
Cong leaders speak in two voices but final stand may be decided at a meeting headed by Rahul Gandhi next week
The fiscal gains from implementing the GST and demonetisation, while almost certain to occur, will probably take time to be fully realised
FMCG, durables, pharma firms say they remain unclear about transition gains and losses
The monsoon session of Parliament got off to a stormy start on Monday leading to adjournment of the two Houses without transacting much business following an opposition uproar over issues ranging from price rise to the Agnipath scheme.
GST reform has been hanging fire since 2006-07.
There could be a strong incentive for tax payers to avoid the higher tax burden.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
Reform ideas do not occur overnight and evolve over the years.
GST seeks to subsume many indirect taxes at the Central and state levels.
Nasscom president said moving from single to multiple points could be a challenge from the point of view of ease of doing business
Asian Paints was the top gainer after the paints major posted robust first quarter earnings.
The Constitution amendment bill for roll-out of GST is pending in Rajya Sabha for a long time.
"There will be some challenges" in the switchover to GST in the short term, Finance Minister Arun Jaitley has warned.
Govt can advance the dates of the convening of the monsoon session of Parliament to early July
GST making you anxious? Here is a fact-check on how new tax will impact you.
Addressing public rallies at Barnala chowk and Bhawanigarh in Sangrur, the chief minister vowed to do whatever it takes to protect the farmers and the state from the 'devastating' effects of the 'black laws'.
Government originally planned to roll out GST from April 1 last year, but a consensus could not be reached on the introduction of the Bill.
At a press conference after a meeting of the party's senior leaders, K C Venugopal said the Congress will also launch a massive signature campaign in which it aims to collect two crore signatures from farmers and the poor people against farm bills.
The state has extended its full support, provided its revenues are protected.
The IMG meeting will be convened shortly.
The finance minister said the consensus between the Centre and states is required to amendment the constitution for implementing goods and services tax.
Monsoon session of Parliament expected to be stormy and likelihood of GST Bill and Land Bill getting passed are slim
States' demand of compensation from Centre for loss of tax revenue not on agenda.
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