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
'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 Sensex ended higher by 245 points at 27,372 mark and the Nifty gained 66 points at 8,225.
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.
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.
Any residual amount left in the Compensation Fund after five year compensation period shall be shared equally between the Centre and the states.
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.
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
The BSE Mid-Cap index was currently up 0.81%.
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).
Reform ideas do not occur overnight and evolve over the years.
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.
For supply rules, the location decides where goods or services will be taxed.
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.
The implementation of the GST will indeed be a landmark reform.
Markets closed in the red on domestic worries.
Implementation of GST is expected to increase the gross domestic product of the country.
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.
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 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.
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.
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.
If GDP growth in Q2FY18 remains below 7%, the outlook for Samvat 2074 would remain uncertain at best, says Nitin Desai.
The Opposition said that the government was 'bull-dozing'.
The BJP's challenge is whether it can again deflate a Congress, which now looks reinvigorated and has adopted sharper messaging around its 'guarantees', and several regional parties, especially in Bihar, Maharashtra and West Bengal.
The productivity of the Lok Sabha was 91.58 per cent while that of Rajya Sabha was 56.29 per cent.
The BSE Mid-Cap index was currently down 1.25%
The Rajya Sabha proceeding washed out completely on Wednesday and was adjourned for the day amid continued protest by the Opposition parties led by the Congress over price rise and levy of Goods and Services Tax (GST) on daily essentials.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
The Congress filed a dissent note on eight provisions.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
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