The largest challenge for the gigantic exercise between the Centre and the 29 states was to keep the latter interested over the years.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
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.
Since the legal changes in the draft laws would take some time, it was decided to postpone the November 25 meeting
To meet the yearly target, each of the next five months has to yield Rs 1.107 trillion GST collections.
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 company will operate the IT system for five years.
Despite the objections raised by Reserve Bank of India and Election Commission, India's politics has been funded anonymously and it is time to end this, asserts Aakar Patel.
The GST, an indirect tax regime, is to be rolled out from April 2016.
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.
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
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.
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.
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.
'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.
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.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
The rupee had gained 28 paise against the American currency to settle at nearly two-month high at 66.74 in Monday's trade.
References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.
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 finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
The very design of the GST will bring in revenue buoyancy.
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.
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
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 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.
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.
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
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
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