Investors must be prepared to believe that things will get better eventually, no matter how bad the current situation may look. If you don't possess this optimism, you will not possess the courage to invest and if you don't invest, you don't give yourself any chance to get wealthy, says Devangshu Datta.
The clarification comes amid reports that sweet shops have discontinued chocolate barfis and chocolate sandesh.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
At present, except Trai, all regulators and the Competition Commission of India (CCI) have powers to levy penalty in case of violation of any rule or law. The GST anti-profiteering authority will be the only institution which will not have the same.
According to government sources, frozen parota (layered flatbread) does not qualify as a staple item and is not eaten by the poor. It is consumed by a class that can afford to pay taxes, hence falls in the 18 per cent category with the likes of biscuits, pastries, and cakes.
With the total tax burden currently at 53 per cent, 19.5 per cent and 56 per cent, respectively for cigarettes, bidis and smokeless, tobacco taxation in India is much lower than the level recommended by the World Health Organisation.
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
The bidding for the two new Indian Premier League teams is set to take place on October 17. Interestingly, while the last day for queries in regards to bidding for the teams is September 21, the bids can be picked till October 5.
According to Mitra, items such as foodgrain, vegetables, leather goods, footwear, cottage cheese, puffed and flattened rice, books and entertainment tax, among several others, should be in the zero-tax bracket.
The council, headed by Finance Minister Arun Jaitley, will meet again on December 11 and 12 to hammer out the differences.
Agriculture implements that are currently taxed up to 18 per cent may come under the 12 per cent or the 5 per cent bracket.
GST rates would depend upon whether the commodity is used by a rich person or a common man
GST Council extends anti-profiteering authority's tenure, sends rate cut on EVs to fitment panel and also extended the date for filing annual returns under the GST by two months to August 30.
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.
'GST gives a huge relief to small businesses of India and West Bengal.'
The compensation would be met through levy of a cess called 'GST Compensation Cess' on luxury items and sin goods like tobacco, for the first five years.
Any residual amount left in the Compensation Fund after five year compensation period shall be shared equally between the Centre and the states.
Banerjee asked Modi not to allow "an insufferable blow to the federalist polity of the nation" by depriving the states of the GST compensation. "I am deeply anguished by the Goods and Services Tax imbroglio which tantamounts to a betrayal of the trust and moral responsibility of the Government of India towards the states, violating the very premise of federalism."
The GST Council also decided that a committee of officers will be constituted to examine the simplification of forms for annual return and reconciliation statement.
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
The tax, in lieu of local levies, will be imposed at the first point of a financial transaction.
The Cabinet on Wednesday approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
The central government wants to impose the levy; many states are opposed - at least, to the Centre doing so
The GoM will meet on Saturday to finalise single-stage, simplified, return filing under the GST; report will be placed before GST Council on March 10.
Since the present law threatens to unleash an avalanche of litigation over a period of time, it makes sense to replace it with a simpler law and build complexities as more experience is gained, says T N C Rajagopalan.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
The governor's approval came a day after the AAP government informed him about the issues to be taken up during the session.
Passage of the long-pending Goods and Services Tax bill and a unanimous resolution on Kashmir were the highlights of the "highly productive" Monsoon session of Parliament which was adjourned sine die on Friday after 20 sittings.
Group of ministers to review progress every fortnight.
'Significant reductions in the compliance obligations mean businesses earlier struggling to comply will now have enough time to prepare and comply within the extended timelines.'
The all-powerful GST Council on Friday decided to charge food delivery platforms such as Swiggy and Zomato a tax even as it extended concessional tax rates on certain COVID-19 drugs by three months till December 31. The Council, which comprises the Union finance minister and her state counterparts, decided to continue keeping petrol and diesel out of the GST purview as subsuming the current excise duty and VAT into one national rate would impact revenues. Briefing reporters on the decisions taken by the Council at a meeting here, Union Finance Minister Nirmala Sitharaman said GST has been exempted on muscular atrophy drugs like Zolgensma and Viltepso, which cost crores of rupees.
Other decisions piled up include rationalisation of GST rate slabs, correction of inverted duty on certain items and inclusion of petroleum products.
Elections may be a few months away, but the government may get into election mode much earlier than that, predicts A K Bhattacharya.
GST is a landmark reform considering the sweeping changes it brings about in the indirect tax regime in India.
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.
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.
Criticising various provisions in the proposed GST regime, Moily said it will be a "technological nightmare" and the anti-profiteering provisions in it are "far too draconian."
The shortfall in GST compensation payable to states in the current fiscal is estimated at Rs 2.69 lakh crore, of which Rs 1.58 lakh crore would have to be borrowed this year. The Centre expects to collect over Rs 1.11 lakh crore through cess on luxury, demerit and sin goods which will be given to the states to compensate them for the shortfall in revenue arising out of GST implementation. The remaining Rs 1.58 lakh crore would have to be borrowed to meet the promised compensation to states under the Goods and Services Tax (GST) regime.
"This rationalisation is 3-4 month exercise," he said, adding that the GST Council decided on the rate cut on the recommendation of a Fitment Committee.
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