Move seen as prelude to GST rollout; rules for Cenvat credit also likely to be simplified.
Common return for excise duty and service tax was envisaged when 119 services were taxed.
Amendments to RBI Act likely soon
GST collection in May rose 12 per cent to Rs 1.57 lakh crore, the finance ministry said on Thursday. The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore, Integrated GST is Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess is Rs 11,489 crore (including Rs 1,057 crore collected on import of goods).
The Reserve Bank of India's (RBI's) State of the Economy report for October acknowledged a slowdown in some high-frequency indicators but expressed confidence in a recovery, aided by consumption demand during the festival season. "In India, aggregate demand is poised to shrug off the temporary slowdown in momentum in the second quarter of 2024-25 as festival demand picks up pace and consumer confidence improves," said the report released on Monday.
The banking sector emerged as an outlier when the rest of India Inc witnessed a slowdown in earnings in FY23. The combined net profit of listed public and private sector banks was up 39.4 per cent year-on-year (YoY) last financial year and their share in India's gross value added (GVA) or gross domestic product (GDP) at factor cost rose to a record high of nearly 1 per cent up, from 0.8 per cent a year ago. Listed banks' combined net profit grew to Rs 2.36 trillion in FY23, from Rs 1.69 trillion a year ago. In comparison, India GVA at current prices was up 15.2 per cent YoY at Rs 247 trillion in FY23; it was around Rs 214 trillion a year ago.
Years of wait before DTC, GST are rolled out
After adding 11.7 million workers in the October 2022-September 2023 period from the pandemic lows in April 2021-March 2022, total workers employed in the vast informal sector in India - at 109.6 million - still remains below the pre-pandemic period.
The much-vaunted GST will reform India's complex indirect tax system, while maintaining the balance of power between the Centre and states. We bring you the key figures in its evolution. . .
Corporate India's struggle with subdued revenue and earnings growth persisted in the October-December quarter of 2024-25 (Q3FY25). The combined net sales (gross interest earnings for lenders) of listed companies grew in single digits for the seventh consecutive quarter, while their combined net profit rose by a single digit for the third straight quarter.
FM to meet states on Feb 14, approve key decisions.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
Jaitley says govt is open to scrapping 1% additional tax on GST
Floor rate with a narrow band to be fixed.
Two sub-committees, set up by the government to resolve the issues of compensation to states for revenue loss on account of a reduction in central sales tax and the final design of GST, are also likely to miss the December 31 deadline.
'Formation of the Cabinet Committee on Investment is very positive news.'
Centre, states clear first hurdle, agree on compensation formula for losses on account of reduction in Central Sales Tax rate.
April dealers with up to Rs 60-lakh (Rs 6-million) turnover could opt out with 1 per cent levy.
Officials said Mukherjee had proposed the name of Modi for the post, as an experienced person like him could have helped convince BJP-ruled states to move ahead on the Goods & Services Tax (GST).
The victory of the Congress and its allies in three out of five states may make it easier for the United Progressive Alliance government to move forward on the Goods and Services Tax.
A decision by P Chidambaram in his last days as finance minister has annoyed the revenue department.
Supporters say the new sales tax will add up to two percentage points to India's economic growth
The premium on insurance policies will get costlier by 3 per cent to 7 per cent, depending upon the rate fixed by the GST Council from April 1, 2017, says Harjot Singh Narula.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
Market benchmarks gave up intra-day gains to close in the red for the sixth session on the trot on Friday, capping a bruising week which saw a massive dash for safety amid rate hikes by global central banks and fears of slowing growth.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
Auto sector has nothing to look forward to in the Budget.
Excise duty on most products has been capped at 12.5 per cent
Introduction of GST would make Indian products competitive in the domestic and international markets.
Some experts had said the Budget did not have much in terms of big ideas.
The new Land Acquisition Act to provide just and fair compensation to farmers came into force from January 1, 2014.
Cricketer Harmanpreet Kaur, who hit a stunning 171 not out in the recent women's cricket World Cup propelling India into the finals, has been promoted as Officer on Special Duty (OSD) in the Western Railway.
The Empowered Committee of State Finance Ministers got its new chairman on Monday in Jammu and Kashmir's Abdul Rahim Rather.
Govt may not announce any new concessions in excise duty
The breadth, indicating strength of the market was strong
Growth is going to be an important factor in contributing high tax revenue and in containing the fiscal deficit.
Taxpayer satisfaction is a part of the matrix of key performance indicators of the administration.
The Indian economy will expand by 5.6 per cent during 2014-15 even as the Reserve Bank is not likely to cut interest rates this year, according to Ficci's latest Economic Outlook Survey.
Pradhan Mantri Jan Dhan Yojana and Make in India -- are not covered here.
Negotiations near deadlock, as states oppose Constitution Amendment Bill.
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