There is much work to be done to design a good GST.
They are evaluating realignment of warehouses and supply chains, besides exploring locations to set up hubs and shutting down some distribution centres
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
The Rajya Sabha proceeding washed out completely on Wednesday and was adjourned for the day amid continued protest by the Opposition parties led by the Congress over price rise and levy of Goods and Services Tax (GST) on daily essentials.
Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
The Centre and states are likely to settle for this threshold.
There was no official word on the agenda of the session which will be held days after the G20 Summit in the national capital on September 9 and 10.
Sentiments in global markets, movement of rupee against the dollar and crude oil prices will dictate near-term trend
The growth of eight key infrastructure sectors rose to a 14-month high of 12.1 per cent in August 2023 against 4.2 per cent a year ago, mainly due to expansion in production of coal, crude oil, and natural gas, according to the official data released on Friday. The expansion in August is the highest since June 2022, when it was 13.2 per cent. The production of refinery products, steel, cement and electricity also grew in August, the data showed.
The banking system's liquidity slipped into deficit for the first time in the current financial year (2023-24) due to the imposition of the Incremental Cash Reserve Ratio (I-CRR) for banks and outflows from goods and services tax (GST) payments, according to dealers. Reserve Bank of India (RBI) data shows it injected Rs 23,644 crore on August 21. The last time liquidity was in deficit was on March 27, when the RBI injected Rs 45,575 crore.
As freebies/gift vouchers attract GST, retailers are opting for straight discounts this festive season.
'Sin tax' is a globally prevalent practice under which products like alcohol and tobacco attract higher rates of tax.
Fiscal federalism should not be sacrificed at the altar of GST.
The government has notified mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover over Rs 100 crore with effect from January 1, 2021. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions is mandatory for companies with turnover of over Rs 500 crore from October 1. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said e-invoicing will be extended to businesses with a turnover over Rs 100 crore from January 1.
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
Both Lok Sabha and Rajya Sabha did not see a debate on the Manipur violence, but Prime Minister Narendra Modi and Home Minister Amit Shah spoke on it during their addresses on the no-confidence motion.
Some of the players in the GST race are Payworld, Dell, Tally Solutions
Speaking at the all-party meeting called by the government, Modi said, "People have great expectations and that is why Parliament should function and be productive."
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
'GST is imperative for India's success.' 'Without GST India will be a less competitive country.'
Sensex in green, JSW climbs higher.
The transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories.
Officers from various departments including the finance ministry to be part of rehearsal event
Under the Goods and Services Tax, effective midnight of June 30, most of the financial services would attract a higher tax of 18 per cent as against 15 per cent as of now.
The rupee fell to a two-year low of 64.84 against the US dollar.
With recent rate cuts, November collections could be even less
The confidence that GST Network is capable of handling the returns, payments, reconciliation, refunds, etc., has been badly shaken.
Companies are worried that any staggered roll-out of GST could result in cash flow issues with businesses not able claim tax credit due to breakage in the chain
Party justifies total washout of day's proceedings in Rajya Sabha, citing Dalit atrocity, insult to Congress CMs and the GST bill.
On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
Its passage in the Lok Sabha is all but certain due to the massive majority the Bharatiya Janata Party and its allies have, and the Union government is confident of its passage in the Rajya Sabha as well with the support of several non-aligned regional parties which have often joined the treasury benches in the past.
The implementation of the GST will indeed be a landmark reform.
They will hold discussions on the requirement of a constitution amendment bill for rolling out the proposed GST, which is all set to miss even the revised deadline of April one, 2011.
'Right to apprenticeship means that anyone below the age of 25 years with a diploma or other qualifications can demand an apprenticeship with a private, a public sector company or a government organisation. And when he/she demands this, it is the obligation of the government to provide it.'
The GST has been a great achievement, but it does suffer from weaknesses, says Chief Economic Adviser Arvind Subramanian.
The Modi government could steer through Parliament 59 out of 75 Bills.
His interaction was webcast live on Twitter.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
The challenges before the government, he said, is to put public sector banks back on track and continue to operationalise stalled infrastructure projects
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