No mention of cab aggregators in GST bills
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
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.
Reflecting widespread recovery, the 50-share NSE Nifty too spurted by 91 points, or 0.92 per cent to close at 9,979.70.
India's gold demand rose 8 per cent annually to 136.6 tonne in the March quarter helped by a strong economic environment despite prices touching historic highs, according to the World Gold Council. The aggressive gold buying by the Reserve Bank of India (RBI) also contributed to the rise in demand. India's gold demand in value terms rose 20 per cent on an annual basis to Rs 75,470 crore during the January-March period of this year on volume growth as well as a rise in quarterly average prices by 11 per cent.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
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.
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).
The S&P BSE Midcap and the S&P Smallcap indices rallied over 1% each
The comments from Das assume importance as the government for two consecutive terms have missed its fiscal deficit targets by 10 bps
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."
Durable, automobile and real estate players have been lobbying hard for a tax cut, saying it will boost demand.
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.
The stock was the worst hit among Sensex and Nifty components.
Elections may be a few months away, but the government may get into election mode much earlier than that, predicts A K Bhattacharya.
The Centre and states are likely to settle for this threshold.
A well-functioning GST will enhance tax compliance and boost growth: IMF
Experts said the builders will now factor in their losses arising from the removal of input tax credit when they pass on the benefits to end users while the latter may want the entire GST cut to be given to them.
The premium on insurance policies will get costlier by 3 per cent to 7 per cent, depending upon the rate fixed by the GST Council from April 1, 2017, says Harjot Singh Narula.
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.
'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.
He died at AIIMS in New Delhi at 9.45 pm, hospital sources said.
India is facing no risk of recession or stagflation as macroeconomic fundamentals of the economy are strong, Finance Minister Nirmala Sitharaman said on Monday. Replying to a debate on price rise in the Lok Sabha, she said the GST collection and Purchasing Managers' Index (PMI) are indicating that the Indian economy is getting more robust. The GST collection rose 28 per cent to touch the second-highest level of Rs 1.49 lakh crore in July. GST, introduced in July 2017, touched a record high of Rs 1.68 lakh crore in April 2022.
Fast-moving consumer goods companies have begun assessing the impact of the rate structure declared on Thursday under the goods and services tax.
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.
A moderate GST rate obviates the need for the two-rate structure.
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.
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.
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.
'While the Budget would be growth-friendly, it would not come at the expense of an increase in the fiscal deficit.'
'There is something fundamentally wrong with the GST -- whether be it the rates, compliance, or the GST Network itself.'
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.
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.
Last week, a Rajya Sabha committee had allocated five hours for discussion on GST.
'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?'
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
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