India studied the Malaysian model, which was scrapped on Wednesday, before implementing the GST and borrowed the anti-profiteering clause to ensure GST benefits are passed on to the end-consumer by the industry
The Supreme Court on Thursday ruled that the Goods and Service Tax (GST) Council's recommendations are not binding on Union and State but have a persuasive value as the country has a cooperative federal structure.
Citing various macroeconomic parameters that are doing pretty well, India's G20 Sherpa and former CEO of Niti Aayog Amitabh Kant projected that the country is all set to overtake Japan as 4th largest economy in the world by 2025. The size of India's GDP is currently ranked 5th, after the US, China, Germany, and Japan. It overtook the UK in 2022.
Leading FMCG maker HUL said that it has received a demand notice of Rs 962.75 crore from the Income Tax Department and will go in for an appeal against the order. The notice relates to non-deduction of TDS on payment of Rs 3,045 crore to GlaxoSmithKline Consumer Healthcare (GSKCH) for the acquisition of Intellectual Property Rights of the Health Foods Drinks (HFD) business consisting of brands as Horlicks, Boost, Maltova, and Viva, according to a recent exchange filing.
The old India was economically fragmented. New India will create one tax, one market, one nation, said Jaitley.
Maruti Suzuki India (MSIL) will hold discussions with the Centre and state governments on how the production of compressed biogas (CBG), which can be used in vehicles that run on compressed natural gas (CNG), can be expanded in the country, its majority shareholder Suzuki Motor Corporation (SMC) said. The demand for CNG vehicles has been rising significantly in the country. MSIL sold 145,000 CNG vehicles in the first quarter of 2024-25, marking a 28.3 per cent year-on-year (Y-o-Y) growth.
This is a moment when the leaders at the Centre and states must show true leadership for the sake of the country. And it is the top political leaders, not attorney generals or bureaucrats, who should be sitting together and settling this thorny issue of compensation, says Arvind Subramanian, former Chief Economic Adviser to the Government of India.
Experts warn of over-interpreting the numbers and said their sustainability needed to be watched beyond November, says Indivjal Dhasmana.
'It is necessary to have a person at the top who can make strict decisions without hesitation. Modiji has done that.'
After a gap of nearly two years, India's industrial production turned negative as it contracted by 0.1 per cent in August, mainly due to a decline in the mining and power generation sectors' output, in addition to an almost flat expansion in the manufacturing sector. According to the data released by the National Statistical Office (NSO), factory output growth based on the Index of Industrial Production (IIP) has also been revised downwards for July to 4.7 per cent from the earlier estimate of 4.8 per cent. "The IIP growth rate for the month of August 2024 is (-) 0.1 per cent, which was 4.7 per cent in the month of July 2024," NSO said in a release.
A 5 per cent GST rate kicked in on Monday on pre-packed and labelled food items such as cereals, pulses and flour weighing less than 25 kg.
'From the tiniest to mid-level organisations and even some at the lower end of the large-scale ones would say that computerisation and the extensive documentation and regulatory requirements for GST have made the compliance process worse in many cases.'
False and acrimonious debates such as Modi versus Manmohan might allow for victories that are political and partisan. But the real loser is the nation, India and Bharat, notes Arvind Subramanian, former chief economic advisor to the Modi government in its first term.
Domestic traders body CAIT on Thursday said that much against the declared spirit of GST as good and simple tax, it has become a "colonial taxation system" not compatible with the ground realities of business in India. Various amendments and introduction of rules under GST in the recent past have made the tax systems system much more complicated and put much compliance burden on the traders, it said in a statement. The Confederation of All India Traders (CAIT) added that it is not alone the centre but largely the state governments are more responsible for distorting the GST taxation system and bringing disparities and anomalies in it which has made it a more complex system and a "big headache" for the traders.
'There is a difference between a politician and leader.' 'A politician will have his pound of flesh first and do everything else later.' 'A leader will sacrifice everything to help people.'
Leading brokerages have revised their charges with the true-to-label norms by the Securities and Exchange Board of India (Sebi) kicking in from Tuesday.
Bringing petrol, diesel and other petroleum products under the single nation-wide GST regime will reduce taxes on these products and increase the revenue of both the Centre and states, Union Minister Nitin Gadkari said on Wednesday. Finance Minister Nirmala Sitharaman will definitely try to bring petrol and diesel under GST if she gets the support of the state governments, said Gadkari while addressing the Times Now Summit virtually. "In the GST Council, finance ministers of states are also members.
Noting that there is a huge potential in the agricultural sector, he said value added production through processing could add considerably to the economic growth.
Buoyed by regulatory overhaul and infrastructure boom, engineering conglomerate Larsen & Toubro (L&T) has identified realty business as one of its growth engines for the next 10 years and plans to acquire land parcels while expanding pre-sales, said a senior company executive. L&T Realty has started looking out to acquire land parcels and grab partnership development opportunities across markets to scale up its business. "We are making some strides in that direction, albeit cautiously.
Kharge accused PM Modi of inciting people over the issues "that the Congress will never do".
There have been complaints from consumers that the firm has increased the base price of products and then charged the lower GST rate, thereby keeping the MRP of products the same in pre and post tax rate cut.
'The Opposition will continue to be attacked through misuse of agencies, civil society will be force-marched towards extinction and India's plummeting on global indices will continue.' 'Minorities and especially Muslims will continue to have open season declared on them. Institutions will continue their decline,' predicts Aakar Patel.
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
GST will yield 'better value for money' for car buyers, increasing automobile industry demand, says Sandip Neogi.
The best way to achieve financial security isn't by cutting out every vada pav or limiting yourself to home-cooked meals; it's by making yourself indispensable at work, says Vatsal Ramaiya.
Other decisions piled up include rationalisation of GST rate slabs, correction of inverted duty on certain items and inclusion of petroleum products.
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%.
Singapore's single-rate GST structure cannot be India's model. But its practice of early announcement of rates much before their implementation should be emulated by India, says A K Bhattacharya.
A GST roll-out by April 1 looks difficult, giving the companies some succour.
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.
'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.
Moody's Ratings on Tuesday projected general government debt to stabilise above 80 per cent of GDP over the next three years, down from 89.3 per cent in 2020-21. "General government interest payments to fall to around 24 per cent of general government revenue over the next two years from over 28 per cent in fiscal 2020-21, although this remains much higher than the median 8.7 per cent recorded by Baa-rated peers," Moody's Ratings associate managing director Gene Fang said in a post-Budget reaction.
The coaching-tuition-profiteering model built on the back of a broken education system is a scandal and an abomination, and must go, asserts Shekhar Gupta.
There could be a strong incentive for tax payers to avoid the higher tax burden.
Plug-in hybrids have two engines and the electric part has a much larger battery than in the regular hybrids. Car companies, led by the Japanese, are pushing the Indian government to look at hybrids in the interim if it wants to reduce carbon emission.
Industry had sought this 3-month extension, specifically for players struggling to collate the information that are required to be disclosed in the GST forms.
'There is something fundamentally wrong with the GST -- whether be it the rates, compliance, or the GST Network itself.'
Goods and Services Tax (GST) collections at Rs 95,480 crore in September touched the highest level so far this fiscal, the finance ministry said on Thursday.
Companies feel higher rates in India would not be justified.
'GST will bring in much needed transparency and higher investments in the coming years and we hope that a few percentage points to India's GDP.'
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