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The Direct Taxes Code bill was introduced in Lok Sabha in 2010 and Standing Committee on Finance has given a report after its scrutiny.
A well-functioning GST will enhance tax compliance and boost growth: IMF
Despite being cleared in the lower house, the GST bill has been pending in the Rajya Sabha for clearance, where the Congress enjoys numerical strength, reports Kavita Chowdhury.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
The GST bill is stuck in the Rajya Sabha where the ruling NDA govt does not have a majority as well as stiff opposition by the Congress
The implementation of the GST will indeed be a landmark reform.
"To begin with, people could face some difficulties because any changeover has its own problems. But it will settle down and the country will benefit from the new indirect tax regime," Jaitley said at an event organised by ABP News.
Officers from various departments including the finance ministry to be part of rehearsal event
A slew of challenges that are yet to be resolved include the lack of consensus between the Centre and states over the GST exemption threshold limit, dual control over scrutiny and assessment
Lack of visibility on rates makes companies apprehensive.
Protesting Congress members had on Tuesday too blocked a debate on the bill. The monsoon session ends on Thursday.
Reform ideas do not occur overnight and evolve over the years.
Drabu said the GST regime will roll out in the state at midnight on Friday, making Jammu and Kashmir the last state to join the new tax regime.
GST seeks to subsume many indirect taxes at the Central and state levels.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
Arun Jaitley on Friday said he would defer the move.
Continued lack of consensus at next meeting could cast shadow on GST rollout by April 1.
The Constitution amendment bill for roll-out of GST is pending in Rajya Sabha for a long time.
The government of India holds 24.5 per cent stake in GSTN while states together hold another 24.5 per cent
"There will be some challenges" in the switchover to GST in the short term, Finance Minister Arun Jaitley has warned.
Opposition party is unlikely to block Bills for GST, insurance and e-auction of coal mines.
The finance minister is "reasonably confident" that when it comes to the crunch, "it would be extremely difficult even for the Congress party to take a contrarian view" on the GST Bill.
He will succeed Kerala Finance Minister K M Mani.
Fiscal federalism should not be sacrificed at the altar of GST.
The government is banking on help from regional parties and rejigged numbers in the Rajya Sabha.
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
'Sin tax' is a globally prevalent practice under which products like alcohol and tobacco attract higher rates of tax.
Electricity has also been kept out of the GST ambit.
Finance Minister Arun Jaitley to discuss state-level issues before finalising GST.
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.
Once the GST is passed, the centre and states will have to adopt their own law.
The IMG meeting will be convened shortly.
Chairman of the committee S S Ahluwalia has sought an extension.
The govt will have to clear hurdles to push GST by March 2015.
Govt is keen to push reforms in the insurance sector.
The Budget session of Parliament concluded on Wednesday with passage of record official business in recent years but the government failed to ensure passage of the controversial Land Acquisition Bill as also key reform measure of GST amid stiff resistance from opposition.
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
Options include raising both excise and service tax rates in FY16
Govt looking for common ground on GST; hopes to pass it soon.
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