Here's everything you need to know about the Goods and Services Tax Bill.
The Congress on Wednesday dismissed as "totally baseless" and "mischievous" reports that it had offered a deal to government under which it was ready to support passage of GST bill in Parliament if it axed External Affairs Minister Sushma Swaraj and Rajasthan Chief Minister Vasundhara Raje in the wake of the Lalitgate controversy.
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.
Services attract highest foreign direct investment, despite Make in India push.
In a first, Opposition-ruled states on Saturday got the Centre to delete from the records three minutes of the last GST Council meeting that provided for tweaking of agreed criteria for division of taxpayers under the Goods and Service Tax regime.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
The Sensex ended higher by 245 points at 27,372 mark and the Nifty gained 66 points at 8,225.
'A major thrust is required by the government to stimulate rural demand'.
It's an undeniable fact that after enactment of GST, buying insurance will become a little expensive impacting your term plans, health plans and motor insurance plans the most. But you should not ignore the importance of insuring your life, health, vehicle, says Harjot Singh Narula
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 prime minister is aware that whatever be its consequences, a new taxation regime cannot be launched closer to the general elections in 2019. Thus, any date after April 2017 for the launch of GST is risky, says A K Bhattacharya.
Pledging to alter the policy environment to accelerate economic growth, Prime Minister Manmohan Singh on Saturday promised to address concerns on GAAR and taxation of the IT sector along with giving high priority to finalisation of the Direct Taxes Code and Goods and Services Tax.
Any residual amount left in the Compensation Fund after five year compensation period shall be shared equally between the Centre and the states.
Central Board of Indirect Taxes and Customs said despite the electronic way or E-way bill mechanism there has been rampant evasion and there is a need to increase compliance.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
The BSE Mid-Cap index was currently up 0.81%.
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
For supply rules, the location decides where goods or services will be taxed.
Reform ideas do not occur overnight and evolve over the years.
In an attempt to get states to implement the Goods and Services Tax (GST) by next April, the Centre has softened its stance on most proposals in the draft Constitutional Amendment Bill that Finance Minister Pranab Mukherjee hopes to pilot in the monsoon session.
He will succeed Kerala Finance Minister K M Mani.
'If governments choose to spend our money on cow meat detection kits or hugely expensive statues, it is also a form of corruption.' 'A betrayal of our hopes and aspirations,' says Amit Mehra.
Chairman of the committee S S Ahluwalia has sought an extension.
GST collections touched a record high of over Rs 1.15 lakh crore in December, reflecting festive demand and reflating economy. The gross GST revenue collected in the month of December 2020 is Rs 115,174 crore and is the highest since the introduction of Goods and Services Tax from July 1, 2017, the finance ministry said in a statement.
The stormy monsoon session of Parliament came to an end on Thursday, becoming a virtual washout and delaying legislations which could not be passed because of continuous acrimony.
Markets closed in the red on domestic worries.
Implementation of GST is expected to increase the gross domestic product of the country.
Two years of the NDA government have instituted significant reforms, including the passing of the GST bill in India but "cultural issues and saffronisation" have resulted in a slow incremental change instead of big bang reforms, according to a top American think-tank.
The implementation of the GST will indeed be a landmark reform.
The government of India holds 24.5 per cent stake in GSTN while states together hold another 24.5 per cent
Under the GST regime, most manufactured goods will turn cheaper.
Info Edge (India) reported a good fourth quarter for the 2022-23 financial year (Q4FY23) given depressed conditions in the Key IT segment. The billing growth of 13.7 per cent year-on-year (YoY) in recruitment was well ahead of market expectations. There was solid growth in realisations (up 5.5 per cent) as well as unique customers (up 7.7 per cent).
Rama Krishna Sangu, partner, Manohar Chowdhry & Associates, Chartered Accountants, and a member of the Indirect Tax Committee of ICAI, fielded readers' questions on GST on Rediff Chat.
They will hold discussions on the requirement of a constitution amendment bill for rolling out the proposed GST, which is all set to miss even the revised deadline of April one, 2011.
The Opposition said that the government was 'bull-dozing'.
If GDP growth in Q2FY18 remains below 7%, the outlook for Samvat 2074 would remain uncertain at best, says Nitin Desai.
The BSE Mid-Cap index was currently down 1.25%
The productivity of the Lok Sabha was 91.58 per cent while that of Rajya Sabha was 56.29 per cent.
To improve compliance, govt may introduce lottery reward for filing GST. The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.
