They are now scaling or shutting down their businesses because they can't compete with untaxed grey market gold. India's gold smuggling has increased significantly since the import duty was increased in the Union Budget 2019 in contravention with the broader market expectations of a cut.
The land acquisition bill is a catalyst to investment and passing the bill will improve India's business environment.
Goods like chocolates, chewing gum, shampoo, deodorant, shoe polish, detergents, nutrition drinks and marble will now attract 18% GST>
In an apparent jibe at Prime Minister Narendra Modi for neglecting party veterans, BJP leader Yashwant Sinha has said the present regime has declared those above 75 as "brain dead" on assuming office.
Crisil said a complete phase out of CST is necessary.
'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
Arun Jaitley said he would put the DTC Bill in cold storage.
BJP leader Sushil Kumar Modi on Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states. Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021. The statement assumes significance in view of the rise in petrol price for the past over one year which even touched Rs 100 per litre in some states. In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
"If there is proper debate in parliament, followed by a vote, then even without the Congress' support, we have a chance to pass it," says Union Minister of State for Finance, Jayant Sinha.
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.
The discussions are at a very critical stage
Sushil Kumar Modi, who ceased to be Bihar Finance Minister following the JD (U)-BJP split, on Monday resigned as Chairman of the Empowered Committee of State Finance Ministers looking into the implementation of the proposed new indirect tax regime - Goods and Services Tax (GST).
There are two ways: Deliver a rapidly growing economic pie or reform GST and close corporate tax loopholes, suggests T N Ninan.
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
He also rejected all charges of alleged cheating and siphoning off money by Congress in the matter.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
Government on Thursday claimed that it had Congress "cornered" on the penultimate day of the Monsoon Session of the Parliament.
The Lok Sabha has already passed the Bill.
The finance minister could well be on her way to setting a record of achieving the biggest single-year reduction in the government's fiscal deficit, explains A K Bhattacharya.
Senior policymakers say it is a tough task and the finance ministry may resort to the time-tested method of carrying forward part of the subsidy payment burden to the next fiscal year.
The constitution amendment Bill on a national GST is likely to be tabled in the current session of Parliament. However, the government is not confident of passing the Bill this session.
Govt is mulling a special session to amend the constitution to enable a national goods and services tax. Kavita Chowdhury answers a few FAQs on the complexities
Congress preparing a dissent note on the issue
Custom duties, a major concern for the oil sector.
The Modi government could steer through Parliament 59 out of 75 Bills.
Some also demanded empowering of local bodies.
The shortfall in the Centre's GST collections has raised concerns over it meeting the fiscal deficit target of 3.3 per cent of GDP, reports Ishan Bakshi.
The Rajya Sabha approved 15 legislations during the session while the Lok Sabha passed 23 bills, including the GST bills.
Jaitley said a very large number of reforms have taken place over the last few years and that has helped in restoring the credibility of the Indian economy
Introduction of GST would make Indian products competitive in the domestic and international markets.
Although the June collections were higher than that in July, however, it is important to note that during the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19.
21-member parliament panel would review the bill.
The company will operate the IT system for five years.
Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
The government now ends its mandate with reaffirmation in the vote-on-account of the same goals, for which it claims to have a clear line of sight.
7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
GST collections in March touched a record high of over Rs 1.23 lakh crore, a 27 per cent growth over the year-ago period, the Finance Ministry said on Thursday. "GST revenues crossed above Rs 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic," the ministry said. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, income tax and customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months, it added.
These companies, the study said, will have to either dip into its cash balance or borrow in short term.
A well-functioning GST will enhance tax compliance and boost growth: IMF
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