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.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
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.
Any residual amount left in the Compensation Fund after five year compensation period shall be shared equally between the Centre and the states.
The Sensex ended higher by 245 points at 27,372 mark and the Nifty gained 66 points at 8,225.
Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said.
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%.
Reform ideas do not occur overnight and evolve over the years.
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.
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.
The implementation of the GST will indeed be a landmark reform.
Chairman of the committee S S Ahluwalia has sought an extension.
Implementation of GST is expected to increase the gross domestic product of the country.
Markets closed in the red on domestic worries.
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
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.
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.
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.
The productivity of the Lok Sabha was 91.58 per cent while that of Rajya Sabha was 56.29 per cent.
If GDP growth in Q2FY18 remains below 7%, the outlook for Samvat 2074 would remain uncertain at best, says Nitin Desai.
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.
'Perhaps GST was too complex a system for the Indian economy at its present stage of development,' argues T N Ninan.
The BSE Mid-Cap index was currently down 1.25%
The Opposition said that the government was 'bull-dozing'.
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.
Experts have started giving comments on provisions that the govt must make in Budget 2016-17.
The Bill was introduced in the Lok Sabha in December.
The Congress filed a dissent note on eight provisions.
Utter confusion prevails in the ruling All India Anna Dravida Munnetra Kazhagam in Tamil Nadu.
GST revenue for the month of June stood at Rs 92,849 crore, a 2 per cent increase over the same month a year ago, the Finance Ministry said on Tuesday. The gross GST revenue collected in the month of June 2021 stands at Rs 92,849 crore of which central GST is Rs 16,424 crore, state GST Rs 20,397, Integrated GST Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods), the ministry said. The GST revenues for the month of June 2021 are 2 per cent higher than Rs 90,917 crore collected in June 2020.
It is likely to be a stormy affair with divergent views on market borrowing. Centre will likely press states to borrow to make up for the shortfall, but states want either the Centre or the GST Council to do so.
BSE Midcap and BSE Smallcap outperformed the frontline indices to gain 0.2% and 0.3%
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