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 S&P BSE Sensex shed 119 points to close at 27,977 and the Nifty50 dropped 45 points to finish at 8,591.
Catch all the latest action from the Lok Sabha and Rajya Sabha here.
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.
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
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
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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.
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.
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
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.
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
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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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.
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.
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.
A firm opening in the European market uplifted the mood.
When the Centre collects money through cess, it can retain the entire fund for the particular scheme.
In the face of tax blow, brokerages remain sanguine about the prospects of asset management companies (AMCs). A sharp correction in the shares of AMCs over the past three months factors in most of the negatives and turned valuations attractive, observe analysts. In its latest report, Kotak Institutional Equities (KIE) has upgraded HDFC AMC to 'add' (from 'reduce') and reprised 'add' and 'buy' ratings on the rest of the listed AMCs - Nippon, UTI, and Aditya Birla Sun Life.
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore. E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. "The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore," a senior official informed
Might use it to counter Opposition campaign on land issue.
The government introduced the 122nd Constitution amendment Bill.
Years of wait before DTC, GST are rolled out
Vivek Johri, the Chairman of Central Board of Indirect Taxes and Customs (CBIC) on Friday said that the cash recovery of approximately Rs 150 crore from searches in Kanpur at several locations related to Trimurti Fragrance is the 'biggest haul ever'.
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
'The expeditious enactment of labour codes and strategic measures to bridge the skills jobs gap are critical.'
The MPs suspended on Tuesday include National Conference's Farooq Abdullah and Congress leaders Shashi Tharoor and Manish Tewari.
The GST bill was earlier planned to be introduced from April 1.
Goods and Services Tax (GST) collections jumped to over Rs 1.31 lakh crore in November, the second highest since its implementation in July 2017, in line with the trend in economic recovery, the finance ministry said on Wednesday. "The gross GST revenue collected in the month of November 2021 is Rs 1,31,526 crore of which CGST is Rs 23,978 crore, SGST is Rs 31,127 crore, IGST is Rs 66,815 crore (including Rs 32,165 crore collected on import of goods) and Cess is Rs 9,606 crore (including Rs 653 crore collected on import of goods)," the ministry said in a statement. CGST refers to Central Goods and Services Tax, SGST (State Goods and Service Tax) and IGST (Integrated Goods and Services Tax).
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
The government last year introduced the Insolvency and Bankruptcy Code.
Others taxed at 5, 12, 18, 28%
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
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