The government has proposed to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related to the new indirect tax regime.
The UPA government has decided to introduce two contentious bills -- the Goods and Services Tax Bill and the Land Acquisition (Amendment) Bill -- in the budget session of Parliament that kicks off on Monday.
Provisions in the bill, titled Karnataka Public Examination (Measures for Prevention of Corruption and Unfair Means in Recruitment) Bill, 2023, also include confiscation of property.
The change in the peak rate will not alter the 4-slab rate structure of 5, 12, 18 and 28 per cent agreed upon last year, but is only a provision being built into the model law to take care of contingencies in future, two officials in the know told PTI.
The much-delayed insurance bill and the goods and services tax bill are among the 39 bills that are expected to come up during the month-long Winter Session of Parliament beginning next week.
According to reports, eight hours have been allocated by the speaker for discussion on the tax reform bill.
Following detailed questioning, journalist Mahesh Langa was arrested by the Crime Branch on Tuesday morning, Deputy Commissioner of Police (Crime) Ajit Rajian said. "The central GST had found some suspicious transactions in bogus firms floated in the name of Mahesh Langa's wife and father using forged documents. Langa has been arrested for further investigation," he said.
Government introduced two Bills in Lok Sabha on Friday -- one seeking to phase out central sales tax in four stages and eventually abolish it in three years and another to give more operational flexibility to the Reserve Bank of India.
'That way you're not hostage just to US sort of exports to India.'
While the capital spending is being maintained at 3.1 per cent of the GDP, a little more would have boosted economic growth even further, suggests Rajiv Memani.
Drabu said the GST regime will roll out in the state at midnight on Friday, making Jammu and Kashmir the last state to join the new tax regime.
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.
The bill was passed by LS last year and now it has to go back to the Lower House for incorporating the amendments approved by Rajya Sabha.
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.
Businesses across the country may soon be required to issue electronic invoices, or e-invoices, directly to consumers for the sale of goods and services. The Goods and Services Tax (GST) Council, in its forthcoming meeting on Monday, is expected to discuss extending the e-invoicing mandate to cover business-to-consumer (B2C) transactions. Currently, e-invoicing is compulsory for businesses with a turnover of Rs 5 crore and above, but only for their business-to-business (B2B) transactions.
If you are being over-charged, bring it to the notice of the staff and, if required, the tax authorities.
A 7:2 majority verdict by the apex court ruled that the tax legislation by the state does not require the consent of the President under Article 304 B of the Constitution
Important legislations like the Goods and Service Tax Bill, Land Acquisition bill, the Real Estate Regulation and Development Bill and Negotiable Instruments Arbitration Bill will be taken up.
GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aereated drinks to create a corpus for compensating states for any loss of revenue in the first five years
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.
The GST will alter the very face of fiscal federalism in India.
Supporters say the new sales tax will add up to two percentage points to India's economic growth
The government said it was willing to advance the upcoming Parliament session.
The Bill has already been passed by the Lok Sabha.
Catch all the live action from Lok Sabha and Rajya Sabha here.
The liquidity will move into deficit after advance tax payments and GST outflows. It will rebound in October because of government spending.
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 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.
A day after the constitution amendment bill that enabled mega reform Goods and Services Tax Bill or GST was unanimously passed, action continues in Monsoon session of Parliament.
Modi on Friday invited the Congress leaders at his Race Course Road residence at 7 PM, sources said.
Many online retail websites follow 'aggregator' model.
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The GST will subsume most of the indirect taxes like excise duty and service tax
The Sensex oscillated in a range of more than 300 points.
Because from June 1, 2015, you will have to fork out 14 per cent service tax instead of 12.36 per cent
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".
Catch all the action from the Monsoon session of Parliament, LIVE
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.
The S&P BSE Sensex ended 274 points to trade at 25,036.
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
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