Modi said the Goods and Services Tax has within one year of its launch led to over 70 per cent jump in indirect taxpayer base, demolished check-posts and merged 17 taxes and 23 cesses into one single tax.
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
The GST bill is stuck in the Rajya Sabha where the ruling NDA govt does not have a majority as well as stiff opposition by the Congress
A well-established tax system would have a predictable buoyancy - how fast the collections grow as a proportion to the growth of the economy. But that is not the case with GST. It is still undergoing substantial changes as the government responds to structural as well as administrative glitches.
The Constitution should not encumber these choices, specially limiting them to second-best or third-grade options.
Negotiations near deadlock, as states oppose Constitution Amendment Bill.
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
Cars and two-wheelers attract 28% GST and a cess in the range of 3-22%, taking the effective tax rate to up to 50%.
Government originally planned to roll out GST from April 1 last year, but a consensus could not be reached on the introduction of the Bill.
The state has extended its full support, provided its revenues are protected.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
States will have exclusive control over all dealers up to a revenue threshold of Rs 1.5 crore in a year
The opposition parties vehemently criticised the new 'one nation, one tax' system having four different rates instead of a single rate adopted in some countries including the UK and Singapore.
The constitution amendment Bill on a national GST is likely to be tabled in the current session of Parliament. However, the government is not confident of passing the Bill this session.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
Direct tax collection, net of refunds, moderately exceeded the revised estimates (RE) for the financial year 2023-24 (FY24) on the back of personal income tax revenues, but corporation tax receipts fell short of the RE. Net direct tax collection stood at Rs 19.58 trillion in FY24, surpassing the RE of Rs 19.45 trillion by Rs 13,000 crore, or 0.7 per cent. The government had revised up FY24 projections for personal income tax by 13.5 per cent over the Budget estimates (BE) of Rs 9 trillion, at Rs 10.22 trillion.
The panel decided to omit the reverse charge mechanism (RCM) clause from the GST law under which registered taxpayers buying from unregistered taxpayers have to deposit the GST.
Relax fiscal consolidation, boost public capex and reduce cost of finance, industry tells Centre
The GST bill's draft says tax would be levied on Maximum Retail Price
Congress preparing a dissent note on the issue
Finance Minister Nirmala Sitharaman on Monday ruled out a cut in excise duty on petrol and diesel to ease prices, which have touched an all-time high, saying payments in lieu of past subsidised fuel pose limitations. Petrol and diesel as well as cooking gas and kerosene were sold at subsidised rates during the previous Congress-led UPA government. Instead of paying for the subsidy to bring parity between the artificially suppressed retail selling price and the cost that had soared because of international rates crossing $100 per barrel, the then government issued oil bonds totalling Rs 1.34 lakh crore to the state-fuel retailers. These oil bonds and the interest thereon are being paid now.
The USIBC has encouraged a streamlined implementation of the GST.
The GST Bill, seen as single biggest tax reform in a long time, needs to be ratified by at least 15 state legislatures before the President can notify the GST Council which will decide the new tax rate and other issues
Electricity has also been kept out of the GST ambit.
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
Modi on Friday invited the Congress leaders at his Race Course Road residence at 7 PM, sources said.
The GST Council, that includes representatives of all states, will meet again on November 3-4 to decide on the tax rates
We have only three differences with the Bharatiya Janata Party on the GST, said the Congress vice president.
It was better to first build a single-rate GST with a low rate, achieve full mastery of this, and then consider more complex possibilities such as high rates and multiple rates.
For supply rules, the location decides where goods or services will be taxed.
The challenges before the government, he said, is to put public sector banks back on track and continue to operationalise stalled infrastructure projects
The question that is being asked is: Does the GST campaign gain from his all-too-familiar face taking forward its message or will brand fatigue flatten the impact?
A reading above 50 indicates expansion, while a score below this mark means contraction
The change in the peak rate will not alter the 4-slab rate structure of 5, 12, 18 and 28 per cent agreed upon last year, but is only a provision being built into the model law to take care of contingencies in future, two officials in the know told PTI.
'GST is imperative for India's success.' 'Without GST India will be a less competitive country.'
Moody's has a 'positive' outlook on its 'Baa3' rating on India.
The alpona (artwork) on the steep, winding road leading to Makaibari bears testimony to the visit of G20 delegates for the second tourism working group meeting in April last year. The lush tea bushes, the delegates joining in for the moonlight plucking of Silver Tips Imperial first flush, a favourite of late Queen Elizabeth II, cut a picture of mystical magic. But it's not the Kurseong tea garden's only shining moment - the last few years have been busy for the estate and its bungalow.
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
Raghuram Rajan optimistic about passage of GST
India has been able to attract 40 global smartphone makers to the country -- creating at least 50,000 jobs. But GST could hurt that, discovers Ayan Pramanik.
