Since its rollout 13 months ago, the new indirect tax has yielded Rs 1 trillion only in in April 2018
States will have exclusive control over all dealers up to a revenue threshold of Rs 1.5 crore in a year
A future road map could be to work towards a single standard rate instead of two standard rates of 12 per cent and 18 per cent, he said.
The GST rates for all but six items were finalised at the first day of the two-day meeting of the GST Council, headed by Union Finance Minister Arun Jaitley and comprising state representatives.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
"GST should not become a 'grossly scary tax'. It should be a 'good and simple tax'," Surjewala said.
The GST's significance for the BJP's politics is as important as its implications for the Indian economy, says A K Bhattacharya.
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
Amid an outcry over record high petrol and diesel prices, Union Finance Minister Nirmala Sitharaman on Saturday said the Centre and state governments will have to together work out a mechanism to bring retail rates to reasonable levels.
The cess levied on top of the maximum 28 per cent tax rate on petrol vehicles with capacity to carry 10-13 persons has been reduced to 1 per cent and the same for diesel vehicles has been cut to 3 per cent.
Others taxed at 5, 12, 18, 28%
Banerjee asked Modi not to allow "an insufferable blow to the federalist polity of the nation" by depriving the states of the GST compensation. "I am deeply anguished by the Goods and Services Tax imbroglio which tantamounts to a betrayal of the trust and moral responsibility of the Government of India towards the states, violating the very premise of federalism."
Goods like chocolates, chewing gum, shampoo, deodorant, shoe polish, detergents, nutrition drinks and marble will now attract 18% GST>
States' demand for 5 years and Constitutional provision ruled out
'The Modi government is trying hard to see if it could be sold to a private airline.' 'But it appears there are no takers.' 'If no buyer comes forward by June, the government will close down Air India,' predicts A K Bhattacharya.
The GoM will meet on Saturday to finalise single-stage, simplified, return filing under the GST; report will be placed before GST Council on March 10.
GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as the Covid-19 lockdown that shut most businesses compounded tax collection woes in an already sluggish economy. Goods and Services Tax (GST) mop-up in March recorded a 8.4 per cent decline over March 2019 collection of Rs 1.06 lakh crore. The collections were lower on account of dip in revenues from domestic transactions as well as imports.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
After a brief health scare at the year-end, when she was admitted to the All India Institute of Medical Sciences in New Delhi on December 26 with a reported 'minor stomach infection, Finance Minister Nirmala Sitharaman met Andhra Pradesh Finance Minister Buggana Rajendranath Reddy in New Delhi on Friday, January 6, 2022.
Reflecting widespread recovery, the 50-share NSE Nifty too spurted by 91 points, or 0.92 per cent to close at 9,979.70.
The compensation would be met through levy of a cess called 'GST Compensation Cess' on luxury items and sin goods like tobacco, for the first five years.
The new form will only require a complainant to mention the product and GST identification number of the seller
Dissenting states including Chhattisgarh and Kerala, have made it clear they are in no mood to relent. They want the Centre to borrow the entire Rs 2.35 trillion this fiscal citing bleak fiscal position.
According to government sources, frozen parota (layered flatbread) does not qualify as a staple item and is not eaten by the poor. It is consumed by a class that can afford to pay taxes, hence falls in the 18 per cent category with the likes of biscuits, pastries, and cakes.
Kotak Bank was the top gainer in the Sensex pack, rising over 5 per cent, followed by Bharti Airtel, HDFC Bank, Maruti, Axis Bank and Nestle India.
'In a nation where safety standards are the lowest in the world, why make compliance expensive?' asks Aakar Patel.
GST will also make our exports more competitive and also provide a level playing field to domestic industry to compete with imports, the President said.
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
The stock of the country's largest passenger vehicle maker, Maruti Suzuki India (MSIL), has been hitting successive all-time highs over the past three trading sessions. The rally in the scrip has helped it notch over a 21 per cent gain since the start of February, outperforming the National Stock Exchange Nifty Auto Index. The gains for the leader of small passenger cars have been more recent, as the company still trails the Nifty Auto over one- and two-year periods.
Consensus seems a problem before the current session of Parliament ends.
A corpus of Rs 20,000-30,000 crore is under consideration, to narrow the input tax credit cycle and facilitate their working capital requirements.
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
He also lashed out at the Congress for its opposition to the GST and for dubbing it as 'Gabbar Singh Tax'.
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.
This is a moment when the leaders at the Centre and states must show true leadership for the sake of the country. And it is the top political leaders, not attorney generals or bureaucrats, who should be sitting together and settling this thorny issue of compensation, says Arvind Subramanian, former Chief Economic Adviser to the Government of India.
In the 2017 budget, the government accorded infrastructure status for affordable projects to help such projects raise loans at lower rates
The object of the government policy cannot be such that luxury items become cheaper, pointed out Jaitley.
Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
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