The liquidity will move into deficit after advance tax payments and GST outflows. It will rebound in October because of government spending.
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.
Prime Minister Narendra Modi on Saturday launched a scathing attack on the Congress party, accusing it of repeatedly "wounding" the Indian Constitution. He claimed that the Congress, driven by its "lust for power," has consistently undermined the principles of the Constitution. Modi, however, praised India's democratic journey since its independence, highlighting the country's strong democratic roots and its unwavering commitment to its founding principles. He underscored the importance of unity for India's future development and emphasized that the Constitution is the bedrock of that unity.
'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.'
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.
GST will yield 'better value for money' for car buyers, increasing automobile industry demand, says Sandip Neogi.
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.
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.
'Challenge is basically near-term growth as the outlook has turned a bit adverse.'
Traversing from being just vehicle manufacturers to mobility solutions providers amid a raging debate over which eco-friendly technology must be incentivised, the Indian automobile industry is driving in the new year under the shadow of a slowdown in sales with the post-pandemic pent-up demand in distant memory. The shift in the auto industry -- where advanced technologies like autonomous driving, vehicle intelligence, connected features and electrification are quickly gaining traction -- will be reflected in the upcoming Bharat Mobility Global Expo in which India's flagship Auto Expo has been clubbed to be held from January 17-22, 2025 in Delhi-NCR.
A GST roll-out by April 1 looks difficult, giving the companies some succour.
There could be a strong incentive for tax payers to avoid the higher tax burden.
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.
The stock of the country's largest passenger vehicle maker, Maruti Suzuki India (MSIL), has been hitting successive all-time highs over the past three trading sessions. The rally in the scrip has helped it notch over a 21 per cent gain since the start of February, outperforming the National Stock Exchange Nifty Auto Index. The gains for the leader of small passenger cars have been more recent, as the company still trails the Nifty Auto over one- and two-year periods.
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.
The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
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.
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.'
'There is something fundamentally wrong with the GST -- whether be it the rates, compliance, or the GST Network itself.'
Other decisions piled up include rationalisation of GST rate slabs, correction of inverted duty on certain items and inclusion of petroleum products.
The time the companies have to get ready for GST is 6 to 12 months.
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.
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
The GST will be a national sales tax that will be levied on consumption of goods or use of services
Three industry bodies suggested changes in India's tax regime in their pre-Budget discussions with Revenue Secretary Sanjay Malhotra in New Delhi on Tuesday. The bodies - Confederation of Indian Industry (CII), PHD Chamber of Commerce and Industry (PHDCCI), and Federation of Indian Chambers of Commerce & Industry (FICCI) - held separate meetings with Malhotra during the day and put across their suggestions for the upcoming Budget.
Although the June collections were higher than that in July, however, it is important to note that during the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19.
'GST is imperative for India's success.' 'Without GST India will be a less competitive country.'
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.
GST collections in February grew 18 per cent to over Rs 1.33 lakh crore in February even as the Omicron wave dented the month-on-month collection momentum. This is for the fifth time in the current fiscal that the Goods and Services Tax (GST) collection has crossed Rs 1.30 lakh crore mark. Also, this is the first time, cess collection has crossed the Rs 10,000 crore mark, signifying recovery in certain key sectors, especially automobile sales, the finance ministry said on Tuesday.
Finance Minister Nirmala Sitharaman on Thursday said taxpayer base has almost doubled to 1.28 crore in four years of rollout of the historic tax reform and the enhanced GST mop up in the recent months should now be the "new normal". In a written message to tax officers on the fourth anniversary of GST rollout, she said implementing any reform of this scale in a large and diverse country like India can be highly challenging, but GST has brought about ease in taxpayer compliance and reduced common man's tax burden.
All eyes will be on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy
The goods and services tax will level the playing field for different sectors of industry, including domestic manufacturing.
Pulse oximeters, hand sanitisers, temperature check equipment and ambulances too will attract lower 5 per cent tax.
With Goods and Services Tax (GST) officers under pressure to exceed the Rs 1-trillion collection mark per month, industry has faced a barrage of recovery notices and summons issued over the last one month across sectors, according to company executives. Industry bodies have claimed harassment by field officers, blocking of input tax credit, cancellation of GST registration, threats of arrest and steep penalties, impacting their working capital and operations. Company executives pointed at an atmosphere of apprehension and fear due to such notices and summons.
The Centre has cleared the entire GST compensation payable till date by releasing Rs 86,912 crore to states, the finance ministry said on Tuesday. Of this, Rs 25,000 crore is released from the GST compensation fund and the balance Rs 61,912 crore is being released by the Centre from its own resources pending collection of cess. Of the total compensation released, Rs 17,973 crore is towards April and May dues, Rs 21,322 crore towards February-March dues and Rs 47,617 crore is the balance of compensation payable up to January 2022.
There are both positive and negative impacts of the tax, but the net result for India's infrastructure sector is advantageous, says Vinayak Chatterjee.
CAG recommended fixing a definite time frame for rolling out simplified GST return forms.
In a conversation with Vishal Chhabria and Hamsini Karthik, Gautam Chhaochharia, executive director & head, India Research, UBS, explains why implementing goods and services tax (GST) may not be as disruptive as many perceive it to be. But, he warns investors shouldn't have high expectations on corporate earnings.
'It is necessary to have a person at the top who can make strict decisions without hesitation. Modiji has done that.'
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