Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
Telecom services providers have urged the Ministry of Finance to suspend the universal service obligation (USOF) till the existing corpus is exhausted. In their Budget recommendations, they have also pressed for an exemption from the service tax on "assignment of right to use natural resources" and the slashing of Customs duty on telecom equipment to zero. The Cellular Operators Association of India (Coai), which represents private sector telecom operators Reliance Jio, Bharti Airtel, and Vodafone Idea, called for abolishment of USOF levy.
'At a recent event, says Kishore Singh, almost everyone present lamented art being labelled as 'goods', and therefore the artist its 'manufacturer'.
Consensus seems a problem before the current session of Parliament ends.
The Centre has decided to keep ayurveda products in the mid-range of the goods and services tax
Consumer products like mobile phones and laptops may become cheaper as the overall taxes on goods are likely to come down
GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aereated drinks to create a corpus for compensating states for any loss of revenue in the first five years
The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
Experts said the slowdown could be attributed to adjustments leading to destocking and the offering of discounts by companies as the government ushered in the new indirect taxation system on July 1.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
'Just today a shopkeeper I went to was saying how bad business is. He must have been a BJP supporter.' 'He finally said, "It's a good thing there's an NDA government, not a BJP government, 'they' had become too big for their boots,".'
Funds raised by banks through certificates of deposit in December clocked the highest in the financial year 2023-24 as liquidity remained tight in the system with the Reserve Bank of India (RBI) infusing Rs 2.01 trillion on Monday, the highest in the current financial year. The liquidity deficit in the banking system widened to more than Rs 2 trillion on Monday on the back of advance tax outflows, market participants said. Around Rs 4 trillion worth of outflows are expected because of advanced tax and goods and services tax (GST) payments in December.
'If the portfolio growth rate is higher, take this loan. If it is lower, liquidate your investments.'
With the Dravida Munnetra Kazhagam and allies far ahead in all the 39 Lok Sabha constituencies in the state and 1 in neighbouring Puducherry, it appears the outcome, for the Stalin-led Dravidian party will be similar to the success of the popular flick Baahubali.
Banking services, insurance premium and investment management are likely to cost more.
Nirmala Sitharaman on Wednesday assumed charge as the Finance and Corporate Affairs Minister for the second consecutive term and is slated to soon present the final Budget for FY '25 that is going to set the tone for the Modi 3.0 government's priorities and direction for Viksit Bharat. Upon her reaching the North Block office, Sitharaman was greeted by Finance Secretary T V Somanathan and other top officials. Minister of State for Finance Pankaj Chaudhary was also present. Chaudhary assumed charge on Tuesday evening.
An increase in the farmer income support scheme PM Kisan Nidhi, the introduction of a 'robot tax' to fund reskilling of people who lose their jobs to artificial intelligence (AI), and a reduced income-tax (I-T) to bring relief to the middle classes - these are some of the items in the Budget wish list submitted by Sangh Parivar affiliates to Finance Minister (FM) Nirmala Sitharaman. Representatives of the affiliates of the Rashtriya Swayamsevak Sangh (RSS), such as the farmer organisation Bharatiya Kisan Sangh (BKS); trade union Bharatiya Mazdoor Sangh (BMS); Laghu Udyog Bharati, which works for micro and small industries; and Swadeshi Jagran Manch (SJM), which works on economic and policy issues, met the FM and other officials over the last couple of weeks as part of the pre-Budget consultations.
After adding 11.7 million workers in the October 2022-September 2023 period from the pandemic lows in April 2021-March 2022, total workers employed in the vast informal sector in India - at 109.6 million - still remains below the pre-pandemic period.
Gandhi claimed that Dalits, tribals, and Other Backward Classes were made bonded labourers and their participation was lacking in big companies, hospitals, schools, colleges and courts.
Apprehensions following the imposition of GST on sports equipment has forced the National Rifle Association of India (NRAI) to 'approach' the finance ministry and take up the cudgels on behalf of a very concerned shooting community.
"GST should not become a 'grossly scary tax'. It should be a 'good and simple tax'," Surjewala said.
Banks have been demanding a single centralised registration system, like at present, as they feel multiple registrations would create procedural and compliance problems.
The Centre is against giving any shock in the first year of the rollout by bringing in new services.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
Reform ideas do not occur overnight and evolve over the years.
'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.
Prime Minister Narendra Modi addressed the nation at the Central Hall of Parliament ahead of the GST launch at midnight. Here are highlights from the PM's speech
GST will lead to consolidation of multiple indirect taxes
Jaitley further said the country would eventually move to a two-tier GST, however, this depends on the revenue position of the government.
The Constitution should not encumber these choices, specially limiting them to second-best or third-grade options.
Fridge, washing machine, and paint makers are expected to cut prices shortly, while TV, aircon, and sanitary napkin makers are a disappointed lot
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
The next meeting of the GST Council on January 16 would discuss the issue of jurisdiction over assessees as well as try to reach a finality on taxation of territorial waters
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
GST implementation could happen in September itself, with the next meeting of the Union Cabinet likely to take up the matter.
The macro-economic situation has been brought under control: Godrej.
Rama Krishna Sangu, partner, Manohar Chowdhry & Associates, Chartered Accountants, and a member of the Indirect Tax Committee of ICAI, fielded readers' questions on GST on Rediff Chat.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
Jaitley has pledged to narrow the deficit to 3.9 per cent of GDP in this fiscal year from 4.0 per cent in 2014/15.
Gandhi said the debate would end after these two questions only, but he also wants to ask the prime minister why did he ask the public to bang plates and flash mobile phones when people were suffering from the Covid pandemic.
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