Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
The Cabinet on Wednesday approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
As and when the GST comes in, Budget projections will have to be unbundled and revised. In fact, the pragmatic decision would be to present another Budget! This makes the passage of the Finance Bill with its multiple unrelated amendments seem even more dubious, says Devangshu Datta.
With just eight days left for the winter session, Jaitley and Parliamentary Affairs Minster M Venkaiah Naidu held consultations with Leader of Opposition in Rajya Sabha Ghulam Nabi Azad and Deputy Leader Anand Sharma.
A strong proponent of the GST, Adi Godrej has been saying for five years or more that it will add one per cent to India's gross domestic product (GDP).
A well-functioning GST will enhance tax compliance and boost growth: IMF
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.
The stock was the worst hit among Sensex and Nifty components.
'The 2024 election results will lead to much intense targeting of Modi, more intense debates, many more breakdowns in Parliament and many more movements on the streets.' 'The results have hit Modi's standing, and the politics of the Opposition parties will be sharply focused to ensure that Modi doesn't get back his charisma of being 'invincible' with help of State power.' Sheela Bhatt looks at the political situation through the prism of 2024 Lok Sabha election results.
Dr Nagesh Kumar, one of the three new MPC members, wanted the MPC to reduce the repo rate by 25 basis points to 6.25%.
A moderate GST rate obviates the need for the two-rate structure.
The S&P BSE Midcap and the S&P Smallcap indices rallied over 1% each
Tata Starbucks had hiked the base price of one its coffee variant after the GST Council cut tax rates on restaurants from 18 per cent to 5 per cent with effect from November 15, 2017.
Fast-moving consumer goods companies have begun assessing the impact of the rate structure declared on Thursday under the goods and services tax.
The noted economist said some of the bad loans are due to a slowdown in the economy and asset restructuring companies are part of the solution.
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
Modi said the Goods and Services Tax has within one year of its launch led to over 70 per cent jump in indirect taxpayer base, demolished check-posts and merged 17 taxes and 23 cesses into one single tax.
Modi campaigned on the issue of national security, which cannot be ensured without a strong economy.
Blocked working capital worth Rs 1,500 crore, in the almost-defunct job work diamond polishing units, is expected to be released even as diamantaires will issue fresh orders to such units following the GST relief.
"Of the structural reforms, the GST has been the most historic in our country. Its chief architect is not with us today. I pay homage to the visionary leader late Arun Jaitely. GST has been gradually maturing into a tax that has integrated the country economically," she said during her budget speech.
Most say they will review their Make in India plans as prices may top pre-GST level
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
Surat houses more than 650,000 powerlooms. Of this, at least 60 per cent have been shut since a month, a loss of Rs 900 crore, finds out Vinay Umarji.
Badal, who served as the finance minister in the previous Congress government, said, "Seven years ago, I merged the People's Party of Punjab with your party. I did so with immense hope and an expectation of being integrated into an organisation with a rich history that would allow me to serve both the people of Punjab and its interests to the best of my ability."
The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax-exempt.
'Prime Minister Modi stated several times that we shall not let this challenge go away without converting it into an opportunity to undertake systemic reforms.' 'And hasn't that been reiterated in action?'
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
Petrol and diesel prices were hiked for the fourth consecutive day on Saturday by 35 paise per litre, pushing the total increase in rates on petrol to Rs 36 per litre and on diesel to Rs 26.58 since early May 2020 when taxes on the two fuels were raised to record levels. Petrol in Delhi now costs Rs 107.24 a litre and diesel comes for Rs 95.97, according to a price notification of state-owned fuel retailers. The latest increase that follows the unrelenting hike in international oil prices has pushed pump rates across the country to their highest-ever levels.
Elections may be a few months away, but the government may get into election mode much earlier than that, predicts A K Bhattacharya.
He also lashed out at the Congress for its opposition to the GST and for dubbing it as 'Gabbar Singh Tax'.
Finance Minister Arun Jaitley appealed to parties to rise above partisan considerations to support it.
Neutrality and jurisdiction in international trade need to be discussed threadbare before GST is implemented in India.
The ministry of finance will kickstart its massive budgetary exercise from October 15.
The government is going all out to spread awareness about the new indirect tax regime, and training lawmakers is being seen as a necessary first step.
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