There could be a strong incentive for tax payers to avoid the higher tax burden.
State finance ministers' panel to decide on latest attempt at harmonising of views on Constitution amendment.
The opposition parties vehemently criticised the new 'one nation, one tax' system having four different rates instead of a single rate adopted in some countries including the UK and Singapore.
'The manufacturing sector and the capital goods industry need all the support that the government can provide, because they are working in a global market where trade restrictions are coming down every day,' says Amar Kaul.
'Like every Budget, this time, too, there is chatter around tinkering with the long-term capital gains tax.' 'Investors may not want to jump into the markets until there is clarity on this front.'
Tax experts are nudging the authorities to figure out why so many assessees are not filing their returns.
There is much work to be done to design a good GST.
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.
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
No mention of cab aggregators in GST bills
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
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 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.
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 the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
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.
Reflecting widespread recovery, the 50-share NSE Nifty too spurted by 91 points, or 0.92 per cent to close at 9,979.70.
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 Centre and states are likely to settle for this threshold.
The stock was the worst hit among Sensex and Nifty components.
The comments from Das assume importance as the government for two consecutive terms have missed its fiscal deficit targets by 10 bps
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.
A well-functioning GST will enhance tax compliance and boost growth: IMF
Durable, automobile and real estate players have been lobbying hard for a tax cut, saying it will boost demand.
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 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.
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%.
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.
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.
Fast-moving consumer goods companies have begun assessing the impact of the rate structure declared on Thursday under the goods and services tax.
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.
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.
Modi campaigned on the issue of national security, which cannot be ensured without a strong economy.
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
'There is something fundamentally wrong with the GST -- whether be it the rates, compliance, or the GST Network itself.'
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."
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.
