FM to meet states on Feb 14, approve key decisions.
GST is intended to create a single market and boost commerce in India's $2 trillion economy
The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
Jaitley says govt is open to scrapping 1% additional tax on GST
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
"We are willing to speak to any of their leaders," Jaitley was quoted as saying by Bloomberg News.
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.
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.
India opened up its economy to the private sector in 1991.
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.
A GST roll-out by April 1 looks difficult, giving the companies some succour.
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.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
The state has extended its full support, provided its revenues are protected.
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.
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
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.
Jaitley's concerns are unlikely to cut much ice with the Congress.
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.
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The GST will subsume most of the indirect taxes like excise duty and service tax
The government should bring natural gas under the Goods and Services Tax (GST) regime to realise Prime Minister Narendra Modi's vision for a gas-based economy and raising the share of the environment-friendly fuel in India's energy basket, an industry body that represents the likes of Reliance Industries as well as state-owned firms, has said. Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT, central sales tax -- continue to be applicable on the fuel. In its pre-Budget memorandum to the finance ministry, Federation of Indian Petroleum Industry (FIPI), which boasts of members from across the oil and gas spectrum, also demanded rationalisation of GST on transportation of natural gas through pipeline as well as on re-gasification of imported LNG to help bring down cost of the environment friendly fuel.
Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
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
GST implementation could happen in September itself, with the next meeting of the Union Cabinet likely to take up the matter.
'Nirmalaji must consider herself a very lucky finance minister, partly because of the government's response to covid and partly because we as a nation have done very well as an economy, post pandemic.'
Call for fiscal autonomy to Union Territories with Assemblies may get louder with 'special status' to J&K in the Finance Commission, say experts.
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.
21-member parliament panel would review the bill.
Top Congress leaders from Karnataka led by Chief Minister Siddaramaiah on Wednesday held a protest in Delhi against the Centre over alleged injustice to the southern state in devolution of taxes, sparking a fierce slugfest between the party and the Modi government.
The focus will be on tackling the unfinished agenda requiring immediate attention like tax structure for solar projects, uniform tax rate on state-organised and state-authorised lotteries, taxing non-potable alcohol besides certain changes in the law, extension for NAA and rate rationalisation.
The session will have 20 working days for now.
The peak GST rate of 28 per cent as also the 5 per cent ad valorem cess will continue
'... the government provides adequate cash and kind support for the poorest of the poor for survival... ...conditional cash and skilling support for the economically poor to raise their incomes to adequate levels... ...and make functional arrangements for providing unemployment allowance to the vulnerable poor during disasters like the present one.'
Next meeting of the Council will be on June 18, when it will take up lottery taxes and e-way bill.
The GST bill's draft says tax would be levied on Maximum Retail Price
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
An area of worry relates to simplification of the refund procedure where the inverted duty structure prevails
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