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 panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
Select committees of the House have already submitted their reports
States should have enough time. We still do not know the rules. There are a lot of operational difficulties, says Jammu and Kashmir Finance Minister Haseeb Drabu.
Agriculture implements that are currently taxed up to 18 per cent may come under the 12 per cent or the 5 per cent bracket.
The ministry of finance will kickstart its massive budgetary exercise from October 15.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
'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.
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.
Fast-moving consumer goods companies have begun assessing the impact of the rate structure declared on Thursday under the goods and services tax.
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.
BJP leader Sushil Kumar Modi on Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states. Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021. The statement assumes significance in view of the rise in petrol price for the past over one year which even touched Rs 100 per litre in some states. In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
If he expects the states to take steps for controlling inflation, he should also respect the country's federal structure and not assume a veto power at the GST Council.
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.
The Council also discussed process to make return filing simpler with just one return to be filed every month.
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.
Experts share their views on the steps that will help businesses become GST-ready.
The NCP said that all 3 MVA partners are united in running the coalition government in Maharashtra, but no decision has been taken so far on alliance for the 2024 assembly and Lok Sabha elections.
An area of worry relates to simplification of the refund procedure where the inverted duty structure prevails
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.
A well-functioning GST will enhance tax compliance and boost growth: IMF
'While the Budget would be growth-friendly, it would not come at the expense of an increase in the fiscal deficit.'
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.
Last week, a Rajya Sabha committee had allocated five hours for discussion on GST.
Modi laid the foundation stone of a four-lane cable-stayed bridge between Okha and Beyt Dwarka.
Mitra also said currency demonetisation has led to closure of small industries and left hundreds jobless across the country
There could be a strong incentive for tax payers to avoid the higher tax burden.
The council decided not to levy any additional tax on small petrol and diesel cars of up to 1200 cc as well as on hybrid ones.
Congress is opposing the GST bill in the current form.
"After the meeting which took place in Srinagar last week, it is safe to say that GST will be levied across the country starting July 1," Gangwar told ANI.
Finance Minister Arun Jaitley appealed to parties to rise above partisan considerations to support it.
Net direct tax collection in the April-June quarter of the current fiscal rose by 41 per cent to Rs 3,54,569.74 crore, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha. During the April-June period of 2021-22, the government had collected a net direct tax of Rs 2,50,881.08 crore. At the same time, net indirect tax collection including Goods and Services Tax (GST) and custom duty increased by 9.4 per cent to Rs 3,44,056 crore as against Rs 3,14,476 crore in the first quarter of the previous fiscal, he said in a written reply.
'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.
Experts have flagged issues regarding the levying of new cess/tax, especially those related to complications in administering the cess.
Small and medium enterprises had complained of tedious compliance burden under the Goods and Services Tax
No mention of cab aggregators in GST bills
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
The broader NSE Nifty, after shuttling between 10,649.25 and 10,782.30 points, finally settled 90.50 points, or 0.84 per cent lower at 10,663.50.
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