The Council also discussed process to make return filing simpler with just one return to be filed every month.
The BJP leadership is understandably mulling all options on the roll-out of the GST.
GST is intended to create a single market and boost commerce in India's $2 trillion economy
The GST will alter the very face of fiscal federalism in India.
The CBEC will itself be rechristened as the Central Board of Indirect Taxes and Customs and will supervise GST and Customs activities and provide the government policy inputs.
States are apprehensive of losing their rights to raise revenue during emergencies.
'GST will increase the volume of taxation, there is no tax on tax and therefore makes goods, commodities and services little cheaper and far more convenient.'
The transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories.
Finance Minister Pranab Mukherjee has said that the successful implementation of the Goods and Services Tax (GST) can give a trillion-dollar boost to the economy, taking the total output to $2 trillion in a short span of time.
"It is very dangerous in the 21st century to exclude people," said the Congress president.
The board of Nazara Technologies, a listed online gaming company, has approved the issue of shares worth Rs 100 crore to firms managed by Zerodha founders Nikhil and Nithin Kamath, the company said in a regulatory filing on Monday. The company is proposing to issue 1,400,560 equity shares at a face value of Rs 4 each, for Rs 714 per equity share. This will amount to Rs 99,99,99,840 and will be proportionately allotted to M/s Kamath Associates and M/s NKSquared.
'In a country like ours, people talk about wanting to be like Singapore, but when it comes to paying taxes, they start criticising.' 'The medicine is bitter, but the long term effect is good,' Senthil Natarajan, who runs Kovai Pazamudhir Nilayam, a one of its kind fruit and vegetable chain in Tamil Nadu, tells Rediff.com's Archana Masih.
The Constitution amendment bill for roll-out of GST is pending in Rajya Sabha for a long time.
The GoM will meet on Saturday to finalise single-stage, simplified, return filing under the GST; report will be placed before GST Council on March 10.
"There will be some challenges" in the switchover to GST in the short term, Finance Minister Arun Jaitley has warned.
The Opposition said that the government was 'bull-dozing'.
The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor V Anantha Nageswaran, said the 'substantial reforms' in India's taxation ecosystem post-2014 and policy reforms have removed the distortionary incentives from the economy. Reforms like GST, reduction in corporate taxes, exemption of sovereign wealth funds and pension funds from taxes, and removing Dividend Distribution tax have reduced the tax burden on individuals and businesses.
From a commercial standpoint, reducing the price of each SKU, particularly with a small MRP (Rs 5 or below) is often a challenge, including availability of legal tender below Re 1
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
Small scale and cottage industries which are labour intensive will be severely hit.
From the Sensex firms, Tech Mahindra, NTPC, Tata Steel, Maruti, Infosys, Power Grid, Larsen & Toubro, Axis Bank, Titan, Reliance Industries, Wipro and Mahindra & Mahindra were the biggest gainers. Sun Pharma, UltraTech Cement, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, State Bank of India and Nestle were among the laggards.
Ruptures in the opposition unity emerged barely a week after 17 parties joined hands to put up a joint candidate against the ruling National Democratic Alliance nominee for the July 17 presidential election.
Jaitley's concerns are unlikely to cut much ice with the Congress.
'GST gives a huge relief to small businesses of India and West Bengal.'
We have only three differences with the Bharatiya Janata Party on the GST, said the Congress vice president.
So far, 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses, who had registered in July, filed returns.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
Stocks and sectors impacted most by GST.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
There are also talks of branded garments being put under the luxury tax slab, which could be higher than 18 per cent.
"India is the best market right now in the world with the digital initiatives the government has implemented
Thomas Archer Bata says if the tax rate is kept above 20% it will be a very big hit.
Wipro was the biggest gainer in the Sensex pack, rising 4.34 per cent, followed by HCL Tech, UltraTech Cement, Tata Steel, Tech Mahindra, NTPC, Infosys, Power Grid, Tata Consultancy Services and State Bank of India. Mahindra & Mahindra, ITC, Axis Bank, Nestle, Kotak Mahindra Bank and Asian Paints were among the laggards.
Following are the highlights of the Economic Survey 2022-23 tabled in Parliament on Tuesday
The liquidity in the banking system could ease in the coming week due to an increase in government spending - a development that would be the key for the Reserve Bank of India (RBI) to decide whether to extend the incremental cash reserve ratio (I-CRR) mandate for banks. There are signs of improvement in the liquidity scenario as banks parked Rs 25, 833 crore with the RBI on Thursday. Market participants expect liquidity to gradually improve by the end of the month or during the first week of September, aided by government spending.
The services sector had slipped into contraction in July as confusion caused by the GST rollout triggered a dip in new business orders.
The benefits are common in many cases, but are also different in some other respects.
The affordable housing segment may be seeing an uptick which is a good sign of consumption momentum. This is the biggest-ticket purchase for middle income and lower income families. The current activity is at least partly driven by a pause in interest rate hikes.
With just eight days left for the winter session, Jaitley and Parliamentary Affairs Minster M Venkaiah Naidu held consultations with Leader of Opposition in Rajya Sabha Ghulam Nabi Azad and Deputy Leader Anand Sharma.
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