The rupee had gained 28 paise against the American currency to settle at nearly two-month high at 66.74 in Monday's trade.
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.
The Rajya Sabha approved 15 legislations during the session while the Lok Sabha passed 23 bills, including the GST bills.
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.
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.
The very design of the GST will bring in revenue buoyancy.
Soon after the panel vice chairman Sasmit Patra called for the start of the discussion amid slogan shouting, leaders of various opposition parties took to raising points of order frequently to get the discussion stalled.
References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.
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.
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.
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
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 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.
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.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
Cong leaders speak in two voices but final stand may be decided at a meeting headed by Rahul Gandhi next week
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 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 fiscal gains from implementing the GST and demonetisation, while almost certain to occur, will probably take time to be fully realised
GST reform has been hanging fire since 2006-07.
FMCG, durables, pharma firms say they remain unclear about transition gains and losses
There could be a strong incentive for tax payers to avoid the higher tax burden.
Asian Paints was the top gainer after the paints major posted robust first quarter earnings.
Reform ideas do not occur overnight and evolve over the years.
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.
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
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
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.
Govt can advance the dates of the convening of the monsoon session of Parliament to early July
The Constitution amendment bill for roll-out of GST is pending in Rajya Sabha for a long time.
The finance minister said the consensus between the Centre and states is required to amendment the constitution for implementing goods and services tax.
The state has extended its full support, provided its revenues are protected.
Monsoon session of Parliament expected to be stormy and likelihood of GST Bill and Land Bill getting passed are slim
The IMG meeting will be convened shortly.
"There will be some challenges" in the switchover to GST in the short term, Finance Minister Arun Jaitley has warned.
GST making you anxious? Here is a fact-check on how new tax will impact you.
Rajya Sabha witnessed heated exchanges between the treasury and opposition benches after Congress leader Mallikarjun Kharge made remarks on the manner in which political parties select women candidates from weaker sections and raised the issue of 'delayed' GST payments to non-Bharatiya Janata Party ruled states.
