Experts have started giving comments on provisions that the govt must make in Budget 2016-17.
'Perhaps GST was too complex a system for the Indian economy at its present stage of development,' argues T N Ninan.
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.
The Bill was introduced in the Lok Sabha in December.
Utter confusion prevails in the ruling All India Anna Dravida Munnetra Kazhagam in Tamil Nadu.
The challenges before the government, he said, is to put public sector banks back on track and continue to operationalise stalled infrastructure projects
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
BSE Midcap and BSE Smallcap outperformed the frontline indices to gain 0.2% and 0.3%
The Bills pertaining to the introduction of a new law and amendment to the Constitution will not be tabled in the coming Budget session of Parliament. finance minister Pranab Mukherjee and state finance ministers will meet in April to decide a new date for the GST rollout.
CAF Bill's fate to be decided on Monday
The GST Bill, seen as single biggest tax reform in a long time, needs to be ratified by at least 15 state legislatures before the President can notify the GST Council which will decide the new tax rate and other issues
With a focus on direct, indirect, and corporate tax structures, the Budget 2016-17 offers a balanced taxation structure
According to the draft, in the northeastern states the threshold is at Rs 500,000.
In a string of tweets and replies, Swamy also said that GST can be implemented only if the Supreme Court clears a petition on levy of entry tax
GST is intended to create a single market and boost commerce in India's $2 trillion economy
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.
The Congress will respond comprehensively only after specificity emerges in the proposals, reports Amit Agnihotri.
GST making you anxious? Here is a fact-check on how new tax will impact you.
The global economy is fragile now. It continues to face both long-term and short-term issues.
The session started on December 15 ended on January 5.
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.
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
Consensus seems a problem before the current session of Parliament ends.
Jaitley has pledged to narrow the deficit to 3.9 per cent of GDP in this fiscal year from 4.0 per cent in 2014/15.
The GST bill's draft says tax would be levied on Maximum Retail Price
Moody's expects macroeconomic policies to contribute to sustained robust growth.
The month-long winter session of Parliament, which begins on Wednesday, is expected to be a stormy one with opposition parties determined to corner the government on several issues, including the issue of demonetising Rs 500 and Rs 1,000 currency notes, which has caused massive outrage across the nation.
Jaitley said the government has created transparent environment.
At her first presser after party's victory, Banerjee termed the coming together of CPI-M and Congress as a blunder.
"Reform is not an end in itself. Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India," he said.
Nasscom president said moving from single to multiple points could be a challenge from the point of view of ease of doing business
"After the meeting which took place in Srinagar last week, it is safe to say that GST will be levied across the country starting July 1," Gangwar told ANI.
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
The guidelines, which have made service charge "totally voluntary and not mandatory", will be sent to states for necessary action
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
Companies are worried that any staggered roll-out of GST could result in cash flow issues with businesses not able claim tax credit due to breakage in the chain
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
It's difficult to understand if GDP growth has actually improved.
The FM has been making efforts to make the taxation laws simpler.
'Congress party's strategy is two fold -- to disturb and delay.'
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