He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
The Deutsche report said though India must move to a GST regime, the transition is likely to be disruptive for large sections of the economy and SMEs
The fiscal gains from implementing the GST and demonetisation, while almost certain to occur, will probably take time to be fully realised
GST was 'flawed' and had unleashed a 'tsunami of tax terrorism', he said.
The GST bill's draft says tax would be levied on Maximum Retail Price
The states which achieved "extraordinary growth" in total taxes collected include Kerala (44 per cent), Jharkhand (20 per cent), Rajasthan (14 per cent), Uttarakhand (13 per cent) and Maharashtra (11 per cent), an official statement said.
2019 was the Bharatiya Janata Party's breakout year, when it stretched the boundaries of what was thought possible and ended up with 303 seats on its own steam. Now it is forced to play defence, on a pitch queered by too many variables, asserts Prem Panicker.
From anti-profiteering to affixing stickers on existing stocks, FMCG companies are bracing for new set of GST challenges
Sun Pharma emerged as the biggest gainer from the Sensex pack, climbing 2.09 per cent, followed by ITC, Titan, Bajaj Finance, Nestle, Infosys, L&T, JSW Steel, Reliance Industries and Kotak Mahindra Bank. UltraTech Cement, Maruti, HDFC Bank, Wipro, State Bank of India and NTPC were among the laggards.
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
To understand Modi, listen to what he does not say -- vide NRC, suggests Prem Panicker.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
To take the 'Idea to Enterprise' journey, you need to be open about your idea and articulate it to potential customers, existing entrepreneurs, experts in your industry and well-wishers.
The GST Council is scheduled to meet next on November 10 and may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo.
GST reform has been hanging fire since 2006-07.
With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
Rahul Gandhi, who is scheduled to again visit poll-bound Gujarat from Saturday, said the government can't break the back of small and medium businesses, crush the informal sector and destroy millions of jobs.
A slew of challenges that are yet to be resolved include the lack of consensus between the Centre and states over the GST exemption threshold limit, dual control over scrutiny and assessment
'These provisions may even be seen to be a threat to burgeoning businesses, since they would view every announcement of a rate cut as a starter's pistol that triggers a long race to adjust prices and to justify the adjustment,' argue Rashmi Deshpande and Anjali Krishnan.
BSE Auto index fell over 0.5% after reports that automobiles might get costlier post GST
The country's exports rose by about 6 per cent to a "record" $447 billion during 2022-23 on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma and chemicals and marine, Commerce and Industry Minister Piyush Goyal said on Thursday. The country's imports also grew by 16.5 per cent to $714 billion in 2022-23 as against $613 billion in 2021-22. He said that the exports of goods and services together scaled "new heights" and has increased by 14 per cent to $770 billion in 2022-23 as against 676 billion in 2021-22.
Rationalisation of rates will be taken up for smaller items that do not have major revenue implications but are commonly consumed at the GST Council meet on Saturday
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.
The banking sector emerged as an outlier when the rest of India Inc witnessed a slowdown in earnings in FY23. The combined net profit of listed public and private sector banks was up 39.4 per cent year-on-year (YoY) last financial year and their share in India's gross value added (GVA) or gross domestic product (GDP) at factor cost rose to a record high of nearly 1 per cent up, from 0.8 per cent a year ago. Listed banks' combined net profit grew to Rs 2.36 trillion in FY23, from Rs 1.69 trillion a year ago. In comparison, India GVA at current prices was up 15.2 per cent YoY at Rs 247 trillion in FY23; it was around Rs 214 trillion a year ago.
'India has the potential to do a lot more to take advantage of the time today where we stand to gain, geopolitically and in terms of market attractiveness.'
The finance minister said the government was open to suggestions.
Once implemented, customers making payments using Rupay card or BHIM UPI will get a cashback of 20 per cent of the total GST amount, subject to a maximum of Rs 100.
States' demand of compensation from Centre for loss of tax revenue not on agenda.
GST would make compliance easier for big businesses, but hurt small scale industries., says SJM
Net profit at M&M and Mahindra Vehicle Manufacturing Ltd contracted to Rs 918 crore from Rs 1,238 crore a year ago while revenue and other income decreased to Rs 12,997 crore from Rs 13,551 crore a year ago.
Early GST rollout to help create more jobs, boost output, says IMF.
It has hiked prices of diesel variants of Ciaz and Ertiga models with smart hybrid technology
For the government to meet its GST roll-out deadline of April 1, 2017, the states will have to ratify the Bill before Parliament's winter session, starting November.
Precious ornaments are estimated to become 3% costlier under GST
Apple Inc has announced the India prices of the new variants of its bestselling smartphones - launched on Tuesday - as it assembles the device in the country. The new iPhone 15 range starts at Rs 79,900 for the 128 GB variant (the same price as the iPhone 14 when it was launched last year) and goes up to Rs 199,900 for the top-end Pro Max with a 6.7 inch screen and 1 TB (terabyte) storage. The world's most valuable company also launched three new upgraded Apple watches, starting with the SE at Rs 29,900 and going up to Ultra 2 at Rs 89,900.
Congress leader Rahul Gandhi on Friday alleged that India is witnessing the 'death of democracy' and anybody who stands against the onset of dictatorship is 'viciously attacked'.
At a time when consumers increasingly embrace green mobility solutions, it is not electric cars but hybrids that are taking the lead, as automotive sales data indicate. Since January, 64,097 electric cars have been sold compared to 266,465 hybrids, according to data from the Ministry of Road Transport and Highways' Vahan dashboard. Hybrid car sales have surged from 4.42 per cent of the 4.1 million cars sold in calendar year 2022 to 7.2 per cent this year.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
FMCG, durables, pharma firms say they remain unclear about transition gains and losses
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