The government of India holds 24.5 per cent stake in GSTN while states together hold another 24.5 per cent
Thomas Archer Bata says if the tax rate is kept above 20% it will be a very big hit.
GSTN CEO Prakash Kumar tells Sudipto Dey how IT can improve service delivery of government departments.
'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.
Tax experts are nudging the authorities to figure out why so many assessees are not filing their returns.
Opposition politicians on Wednesday stalled a last minute attempt by Prime Minister Narendra Modi's government to pass the Goods and Service Tax bill.
As per norms, the returns have to be filed online on www.aces.gov.in.
The immediate concern for all companies is to prepare themselves - and their vendors and suppliers - for the new GST return filing mechanism, being test piloted from April 1.
'One way to deal with these is to address these quickly and have rapid reaction teams in New Delhi, the state capitals and wherever possible.'
Apart from the much-reported constitutional and political hurdles on a national Goods and Services Tax (GST), there is another basic one. Barely half of dealers in the country have a Permanent Account Number (PAN) from the tax department.
'The Manipur government is a government now ruled by the mob.'
GST mop-up likely to fall in May, June after touching record levels in April and March.
Bandhan Bank said on Monday that it has been empanelled by the Reserve Bank of India (RBI) to act as an agency bank to facilitate transactions related to government businesses. The RBI's decision will help Bandhan Bank in contributing to nation-building, its MD and CEO Chandra Sekhar Ghosh said. The announcement comes months after a RBI guideline that authorised scheduled private sector banks as agency banks of the regulator for the conduct of government business.
Prime Minister Narendra Modi Wednesday said the International Monetary Fund (IMF) sees India as a "bright spot" in the global economy and as per the World Bank, India is in a better position to deal with the global headwinds than many other countries. This is because of India's strong "macroeconomic fundamentals", Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh-Global Investors Summit in Indore. In the past eight years, the government has increased the speed of reforms and removed many hurdles in the way of investments.
The challenge before the government now is to use the factors that are favourable to its benefit.
Cash flow-based analysis should throw up businesses better able to survive the transient effects of a working capital crunch, says Devangshu Datta.
The protocol aims to "democratise" lending, reduce costs of credit, and ensure accessibility of credit to small companies and street vendors, according to Nandan Nilekani.
The council decided not to levy any additional tax on small petrol and diesel cars of up to 1200 cc as well as on hybrid ones.
Measures that quickly boost demand and increase employment are needed to push up growth. Moreover, without announcing new planss, the government should strengthen schemes such as PM KISAN, MNREGA and programmes to build rural roads.
GST, a much needed reform that widens the tax net, promises to strangle many legitimate businesses while they wait for the tax administration and systems to catch up, says Rahul Jacob.
Indian Oil Corporation (IOC), the nation's biggest oil firm, on Tuesday reported a 31.4 per cent drop in the fourth quarter net profit as record refining margins were wiped away by a margin squeeze in petrochemicals and losses on auto fuel sales. Standalone net profit of Rs 6,021.88 crore, or Rs 6.56 a share, in January-March, compared with Rs 8,781.30 crore, or Rs 9.56 per share, in the same period a year back, the company said in a stock exchange filing. Sequentially, the profit was higher than Rs 5,860.80 crore in the previous quarter.
'The revival of household savings and investment is the litmus test of whether we are on the road to recovery,' says Nitin Desai.
Both prime ministers believed in crafting schemes to help the common man. Modi used quite effectively the instruments Dr Singh introduced. In assessing Modi's success with many schemes, Dr Singh's fundamental work should not be ignored, points out A K Bhattacharya.
Traffic jams or bumpy roads? Spidey to the rescue!
The proposal may provide relief to the tune of Rs 9,000 crore to service providers.
The system has gone through three rounds of testing for its load-bearing capacity.
Gujarat and Karnataka have been ranked as the best performers in developing startup ecosystem for budding entrepreneurs, according to the ranking of states and Union territories by the Department for Promotion of Industry and Internal Trade (DPIIT). Among smaller states having population of less than one crore, Meghalaya has been adjudged as the best performer. The rankings are based on the initiatives taken to develop the startup ecosystem for promoting budding entrepreneurs.
It is time he stood up and assured the middle class that they can count on him as one of their own, says Dr Sudhir Bisht.
The GST Network's chairman Navin Kumar speaks to Dilasha Seth and Indivjal Dhasmana on various aspects of the new tax regime.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
From the roll-out of GST to H1B visa problems, the government needs to quickly deal with various disruptions.
'Gloom is nowhere in sight, with healthy foreign exchange reserves, a strong rupee, healthy tax collections, corruption and crony capitalism under check,' argues Gopal Krishna Agrawal.
With more than 10,000 stores under the various Reliance retail brands and over 2.5 million kirana stores already tying up with it, Jio's online marketplace would have the biggest hyperlocal logistics network in the country.
The empowered committee of state finance ministers has approved the position paper of the Centre on the information technology network for the proposed indirect tax regime.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
The cigarettes segment had a revenue of Rs 4,554.21 crore during the second quarter of the current fiscal, as against Rs 8,528.47 crore in the year-ago period, down 46.56 per cent.
Higher costs of car inventories, missing sales targets and manufacturer expectations, and soaring rentals, are eating into dealers' margins.
We should brace ourselves for more bad news in the coming quarters -- on economic output and growth, strains on the fiscal deficit, export slowdown, small and micro enterprises in distress, and further accumulation of NPAs in the banking sector, says Rahul Khullar.
Apart from physical stores, the company operates 2,700 digital touch points in the form of web pages, which is gaining good traction from tier-II and III centres.
Sector analysts opined that the northern, central and eastern markets were particularly hit
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