The bill was passed by LS last year and now it has to go back to the Lower House for incorporating the amendments approved by Rajya Sabha.
Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
Enthused by the consensus in reaching four-tiered GST tax structure, particularly the unanimity achieved with Congress-ruled states, senior government sources were confident that the Central GST and Integrated GST Bills will be passed by both the Houses.
GST rates would depend upon whether the commodity is used by a rich person or a common man
The government will find it difficult to pass the Bill without the Congress's help
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said.
The revised guidelines are aimed at curbing discretionary practices by field officers, especially the tendency to seek documents not mandated under the law.
Passenger vehicle retail sales shot up 35 per cent year-on-year during the nine-day Navratri period this year, helping the overall registrations last month grow 6 per cent, as offtakes remained muted in the first 21 days of the month and only took off after the roll-out of new GST rates on September 22, dealer' body FADA said on Tuesday.
After securing Congress support for a rise in the foreign investment cap in the insurance Bill, this is another key reform Bill where the Centre has managed a broad consensus.
These losses increase insurance premiums for customers and reduce insurer margins on the other.
BCCI's vice-president Rajiv Shukla said the Indian cricket team's new jersey sponsor will be finalised in the next two to three weeks.
Supporters say the new sales tax will add up to two percentage points to India's economic growth
India's brittle energy security is inextricably linked to two opposing paradigms - fossil fuels, and the transition to green energy. The first powers the present; the second paves the way for Viksit Bharat in 2047.
The change in the peak rate will not alter the 4-slab rate structure of 5, 12, 18 and 28 per cent agreed upon last year, but is only a provision being built into the model law to take care of contingencies in future, two officials in the know told PTI.
'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
'An asset must generate income. Equities yield dividends, bonds pay coupons, deposits give interest, and real estate earns rent.' 'Gold, silver, and even Bitcoin produce no income, they merely store value. So, they should not be compared to productive assets.'
'They are positioned as defensive products and can potentially give marginally higher returns than liquid funds.'
Modi's reform agenda suffered a major setback earlier this month when lawmakers in the Rajya Sabha refused to support the the Goods and Service Tax bill.
Prime Minister Narendra Modi launched his Bihar assembly poll campaign, asserting that the NDA under Chief Minister Nitish Kumar will break all previous electoral records. He criticized the INDIA bloc and highlighted the NDA's cohesiveness and development efforts in Bihar.
Government will make a fresh bid to pass crucial bills on GST and real estate in the last week of the Winter session.
Protesting Congress members had on Tuesday too blocked a debate on the bill. The monsoon session ends on Thursday.
If cashless services are suspended, AHPI said, its member hospitals will continue to treat Star Health policyholders, but patients will have to pay upfront and later seek reimbursements directly from the insurer.
States are apprehensive of losing their rights to raise revenue during emergencies.
The government is keen to get the GST Bill approved during the Monsoon Session of Parliament ending on August 12.
Even as some government departments have raised concerns on the Bill in its present form, the finance ministry has decided not to delay any further and may table it in Parliament next week.
Following detailed questioning, journalist Mahesh Langa was arrested by the Crime Branch on Tuesday morning, Deputy Commissioner of Police (Crime) Ajit Rajian said. "The central GST had found some suspicious transactions in bogus firms floated in the name of Mahesh Langa's wife and father using forged documents. Langa has been arrested for further investigation," he said.
After 17 tumultuous years, a nationwide Goods and Services Tax (GST) will rollout from midnight of June 30, overhauling India's convoluted indirect taxation system and unifying the $2 trillion economy with 1.3 billion people into a single market.
CAG warns most states of fiscal imprudence as March spending overshoots limits, with key departments exhausting large portions of budgets in the last month of FY24.
The Asian markets are largely trading in the green, taking heart from a positive close on Wall Street.
Select committees of the House have already submitted their reports
The Congress party has accused Union Minister Nitin Gadkari of conflict of interest, alleging his sons' companies have benefited from the government's ethanol blending policy. The BJP has rejected the allegations.
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
For the government to meet its GST roll-out deadline of April 1, 2017, the states will have to ratify the Bill before Parliament's winter session, starting November.
Most chief ministers are in favour of the new tax regime.
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
One of the the biggest tax reforms since Independence, GST will create a national market for goods and services
The BJP leadership is understandably mulling all options on the roll-out of the GST.
'GST will bring in much needed transparency and higher investments in the coming years and we hope that a few percentage points to India's GDP.'
The tax department has created many circular traps -- flawed reporting formats, penalties for those who point out the flaws, and faceless assessors with no accountability. The result: Millions of taxpayers face needless harassment and procedural dead ends, highlights Harsh Roongta.
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