Because from June 1, 2015, you will have to fork out 14 per cent service tax instead of 12.36 per cent
The Goods and Services Tax Bill was passed by the Lok Sabha in May.
Leader of Opposition in the Rajya Sabha Gulam Nabi Azad approached leader of the house Arun Jaitley, saying that he is accompanying Sonia Gandhi to Varanasi on Tuesday.
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The bench said if the governor decides to withhold assent to a bill, then he has to return the bill to the legislature for reconsideration.
The S&P BSE Sensex ended 274 points to trade at 25,036.
At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring petroleum goods under GST regime was opposed.
The Budget session of Parliament is set to start on a stormy note on Tuesday with issues like the Jawaharlal Nehru University row, Dalit scholar Rohith Vemula's suicide and Pathankot terror strike set to dominate the proceedings.
The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said. The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval. This represents a departure from the department's earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from the ministry of finance.
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The S&P BSE Sensex shed 119 points to close at 27,977 and the Nifty50 dropped 45 points to finish at 8,591.
By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which Opposition Congress has been blocking the Bill in the Upper House
Finance Minister Arun Jaitley on Wednesday drove over to Rahul Gandhi's 12 Tughlak Lane bungalow to personally invite the Congress vice-president to his daughter Sonali's wedding.
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The liquidity will move into deficit after advance tax payments and GST outflows. It will rebound in October because of government spending.
Opposition MPs in India's Rajya Sabha raised concerns about US President Donald Trump's tariff threats, demanding the government clarify its response and engage in discussions with opposition parties. Leaders like P Chidambaram and Sagarika Ghose warned of potential economic repercussions, including depressed exports, lower FDI, and a significant tariff burden. The debate also touched on other issues such as the government's economic policies, demonetization, and the impact of GST on common citizens.
In a bid to provide a level playing field, the government has decided not to levy 2 per cent digital service tax if goods and services are sold through Indian arm of foreign e-commerce players.
The S&P BSE Sensex rose 127 points to end at 27,942.
The USIBC has encouraged a streamlined implementation of the GST.
Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
Anticipating US action on tariffs, India seems to have made the first move by revamping its tariff structure by reducing the slabs to eight rates, points out Mukesh Butani.
Catch all the live debates from Parliament as the winter session begins
Catch all the live debates from Parliament as the winter session begins
Catch all the live debates from Parliament as the winter session begins
he Punjab government had also sought a judicial declaration that the assembly session held on June 19 and 20 was "legal and that the business transacted by the House is valid".
The "construct of the DPDP Act" cannot be changed at this stage, though there may be some minor tweaks in the language of the Rules and formats in certain legitimate cases.
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
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The stage is set for a showdown between the government and the Opposition over the GST or Goods and Services Tax Bill in the monsoon session of Parliament, which begins on Monday.
When the Centre collects money through cess, it can retain the entire fund for the particular scheme.
A firm opening in the European market uplifted the mood.
Might use it to counter Opposition campaign on land issue.
Kerala Finance Minister K N Balagopal has sought systemic changes in the GST structure, saying every state and consumer has lost because of its basically flawed architecture that has also led to rampant revenue leakage for the states. The Goods and Services Tax (GST) regime came into force in July 2017. Even though the framework is focused on having a one-nation-one-tax model, quite a few items, including petroleum products and liquor are still out of the GST purview.
'That way you're not hostage just to US sort of exports to India.'
The government introduced the 122nd Constitution amendment Bill.
Years of wait before DTC, GST are rolled out
The GST bill was earlier planned to be introduced from April 1.
The government last year introduced the Insolvency and Bankruptcy Code.
