Most say they will review their Make in India plans as prices may top pre-GST level
"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 of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
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The GST Bill, introduced in Parliament in 2010, is being vetted by the Standing Committee on Finance. Now, the states and the Centre would together finalise the draft and bring it back to Parliament.
The GST Council last year imposed a cess of 15 per cent on hybrid vehicles, in addition to the 28 per cent GST, leading to a total tax burden of 43 per cent against a previous tax rate of 28 per cent.
Union Finance Minister Nirmala Sitharaman on Friday said the Indian economy is on a sustained path of revival and cited rise in GST collections and direct taxes to support her assertion. She further said that the confidence in the Indian stock market is growing as retail and small investors are keenly investing money in the share market. She was addressing the media in New Delhi.
Sisodia said nothing was found against him during searches, and he would continue cooperating in the investigation.
The government is ready for a debate in Parliament on price rise once Finance Minister Nirmala Sitharaman recovers from Covid-19, the Bharatiya Janata Party asserted on Wednesday and targeted Rahul Gandhi, saying he may be "unproductive politically" but should not hurt the legislature's productivity.
The USIBC has encouraged a streamlined implementation of the GST.
The finance ministry has asked Infosys to provide within 15 days a plan for quick resolution of glitches on the GSTN portal, as it took strong note of the "unresolved" problems and "tardy" progress made over the last two years on multiple issues faced by taxpayers in filing returns. On Saturday, the revenue secretary A B P Pandey held a meeting with top Infosys officials on the persistent glitches seen on the GST network, and decided to ask Infosys chairman Nandan Nilekani to make an urgent presentation before the GST Council on March 14.
He also lashed out at the Congress for its opposition to the GST and for dubbing it as 'Gabbar Singh Tax'.
'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.
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.
The ministry of finance will kickstart its massive budgetary exercise from October 15.
The lack of clarity on who is next in line, when the time comes, as indeed it will one day some day, reflects poorly on the management of the world's largest political party. It scarcely need be said that a squabble between the contenders, Shah and Yogi, is exactly what the doctor ordered for the Opposition, notes Krishna Prasad.
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.
Finance Minister Arun Jaitley appealed to parties to rise above partisan considerations to support it.
The Supreme Court on Tuesday stayed the operation of a Delhi high court order holding as "unconstitutional" the imposition of the Integrated Goods and Services Tax (IGST) by the Centre on import of oxygen concentrators by individuals for personal use. A special bench of Justices D Y Chandrachud and M R Shah issued notice on the plea and sought response from the petitioner, who filed a PIL before the high court.
However, the government is readying a relief package and it could include a cut in the licence fee to 5 per cent, two years' moratorium on paying spectrum charges with interest, and referring the GST tax refund issue to the Council.
Pre-Budget excercise next month should scrupulously avoid adventurism of all types and refrain from making excessively ambitious projections on revenue and expenditure numbers for 2023-24, suggests A K Bhattacharya.
Precious ornaments are estimated to become 3% costlier under GST
Neutrality and jurisdiction in international trade need to be discussed threadbare before GST is implemented in India.
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.
"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.
S&P BSE Midcap index and S&P BSE Smallcap were down 2% and 1.3% respectively
'The only way to minimise logical inconsistencies and confusion is to develop the two rates of 12% and 18% as the ones that apply to almost all items.' 'At a later stage, these two rates could be merged into a single rate,' advises T N Ninan.
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.
Fiscal federalism should not be sacrificed at the altar of GST.
Bharat Krishak Samaj demanded that the Pradhan Mantri Fasal Bima Yojana should be replaced with a new crop insurance and compensation scheme.
Samajwadi Party president Akhilesh Yadav on Friday attacked the Uttar Pradesh government over the death of a Kanpur businessman in a police raid, claiming that the case is linked to an extortion racket and "someone" is trying to save himself.
'You may see some movement indicating a simpler tax regime with less exemptions but with fewer tax rates making life simpler for taxpayers.'
Electricity has also been kept out of the GST ambit.
The Nifty has gained 2.6% so far this week, while the Sensex has climbed 2.85%
'The prime minister's announcement of a nation-wide shutdown was eloquent, but should have been more clearly phrased to avoid police overreach.' 'Migrant labour should have been allowed adequate notice and transport options to get home,' notes Rahul Jacob.
The deposit has been made on account of the rate reductions approved by the GST Council in its November. The rate was reduced on items including shampoo, detergents, chocolates, beauty products, sanitary ware, leather clothing, cookers, stoves, after-shave, deodorant, detergent and washing power. Companies found it difficult to pass on the benefits to consumers immediately at the time of GST rate reduction owing to logistical issues.
From Braille writers and Braille paper to wheelchairs, talking books, assistive listening devices and implants for the severely physically-challenged will attract a Goods and Services Tax of 5 per cent. But inputs and raw material for manufacturing of these assistive devices or equipment attract 18 per cent GST. Since the final consumer tax is lower than the tax on inputs, a domestic manufacturer can claim refund, an official statement said.
The current draft of the Goods and Services Tax could kill any hope of economic revival - and you should blame the Congress if it rolls over and lets it pass, says Mihir S Sharma.
Reaching out to the opposition, Prime Minister Narendra Modi on Sunday sought its cooperation in the passage of GST bill even as it asserted that government will be targeted over developments in Arunachal Pradesh and Kashmir during Parliament's Monsoon Session starting on Monday.
A bench comprising Chief Justice Uday Umesh Lalit and Justice Bela M Trivedi said it was sitting in a combination of two and according to a reference order on the matter, it should go before a bench of three judges for disposal.
After the Covid-19 pandemic that derailed the economy since 2019, the Durga Puja festival in West Bengal is back with an estimated 20-30 per cent jump in festive spending. Retail sector is the key contributor to the state's Durga Puja economy which was Rs 32,377 crore in 2019, according to a British Council study conducted for the state government. Retail accounts for 85 per cent of the total puja economy and the rest is shared among pandal making, decoration, illumination, entertainment, advertisement, food & beverage and others.
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