FM to meet states on Feb 14, approve key decisions.
Jaitley said the GST Composition Scheme, under which small traders and businesses pay a 1 per cent tax based on turnover, can be availed by businesses with a turnover of Rs 1.5 crore, against the earlier Rs 1 crore, with effect from April 1.
GST is intended to create a single market and boost commerce in India's $2 trillion economy
Jaitley says govt is open to scrapping 1% additional tax on GST
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
The government on Monday expressed its commitment to introduce a uniform indirect tax structure across the country, GST, from the next fiscal after consultation with states.
"We are willing to speak to any of their leaders," Jaitley was quoted as saying by Bloomberg News.
The police took action after cyber patrolling revealed that 60 fake lottery apps, 25 fake Facebook profiles and 20 websites are connected to the scam, the SPMC release said.
The goods and services tax is scheduled to be introduced from April 1, 2010. However, finance minister Pranab Mukherjee had recently said while the Centre and the states were serious over introducing the system as per schedule, he would not be surprised if there was slippage of a few months.
India opened up its economy to the private sector in 1991.
The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
A GST roll-out by April 1 looks difficult, giving the companies some succour.
For any proposal to be cleared, it has to get 75% of the vote.
Finance Minister Pranab Mukherjee said the Centre was willing to consider a phased approach to the introduction of Goods and Services Tax (GST), to reach a consensus on the issue. Mukherjee said he would expect the rollout of GST simultaneously with the Direct Taxes Code (DTC), scheduled for April, but there were some issues.
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.
The state has extended its full support, provided its revenues are protected.
The bill was taken up for consideration in the Lok Sabha after the Speaker rejected Opposition demands to refer the key reform measure to a parliamentary Standing Committee.
Prime Minister Narendra Modi's leash on foreign junkets of his ministers and bureaucrats seems to have trickled down to states as well.
He slammed those trying to stall passage of the Bill in Parliament saying they were attempting to 'stop progress of the country
Jaitley's concerns are unlikely to cut much ice with the Congress.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
It will also be new Revenue Secretary Sanjay Malhotra's first GST Council meeting. He will take charge after the incumbent Tarun Bajaj retires on November 30.
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The GST will subsume most of the indirect taxes like excise duty and service tax
The time is ideal for a 'Dream Budget' akin to the 1991 reforms that sparked high growth and unlocked significant gains in productivity, points out Rajeswari Sengupta.
Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
The Centre has recovered around Rs 95.86 crore from at least 11 crypto exchanges for evading goods and services tax (GST), according to data released by Parliament on Monday. The amount includes interest and penalty. The GST investigation department has detected a total tax evasion of Rs 81.54 crore by crypto exchanges that include WazirX, Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay, among other exchanges. In a written reply to Lok Sabha, minister of state (MoS) for finance Pankaj Chaudhary said 11 cases of GST evasion by cryptocurrency exchanges have been detected by central GST formations.
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
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.
GST implementation could happen in September itself, with the next meeting of the Union Cabinet likely to take up the matter.
The 41st meeting of the GST Council, to be held via video conferencing, has just one agenda for discussion -- making up for shortfall in states' revenues, sources said.
21-member parliament panel would review the bill.
Rates may be raised from 5 per cent to 8 per cent and 12 per cent to 15 per cent. The Council can explore possibility of merger of slabs to bring down the number of slabs to three. The Central GST collection fell short of the Budget Estimate by nearly 40 per cent during the April-November period of 2019-20
States also demanded that Budget for 2015-16 should make adequate provisions for central sales tax compensation for early roll out of Goods and Services Tax, a Constitutional Amendment Bill for which was tabled in the Lok Sabha last week.
The session will have 20 working days for now.
Call for fiscal autonomy to Union Territories with Assemblies may get louder with 'special status' to J&K in the Finance Commission, say experts.
The GST bill's draft says tax would be levied on Maximum Retail Price
The peak GST rate of 28 per cent as also the 5 per cent ad valorem cess will continue
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
Next meeting of the Council will be on June 18, when it will take up lottery taxes and e-way bill.
