Consensus seems a problem before the current session of Parliament ends.
In the video, Bachchan explains GST as an unifying force just like the three colours in the national flag.
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.
They've proposed a sub-committee under the proposed GST Council or the Empowered Committee of State Finance Ministers to resolve any disputes in the tax's implementation.
Only luxury and 'sin' items could be left in highest slab. 12 and 18 per cent slabs could be merged in the future
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.
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
Union Finance Minister Nirmala Sitharaman on Monday said GST compensation to some states is delayed due to non-availability of AG's authenticated certificate, and that Kerala has not sent even a single such certificate since 2017-18. Replying to a supplementary question, she also said that Rs 86,912 crore has been released for the Goods and Services Tax (GST) compensation payable to all states up to May 31, 2022. She said as per law, GST Council decides to whom the GST compensation is to be released, not by the central government.
Fast-moving consumer goods companies have begun assessing the impact of the rate structure declared on Thursday under the goods and services tax.
Amid an outcry over record high petrol and diesel prices, Union Finance Minister Nirmala Sitharaman on Saturday said the Centre and state governments will have to together work out a mechanism to bring retail rates to reasonable levels.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
The two leaders had a complex relationship yet formed a partnership and even after their parting of ways, the two admired each other in their efforts for India's freedom.
Experts said the rate hike would improve working capital position of the manufactures as it would correct the inverted duty structure but may lead to increase in price of the finished goods.
A future road map could be to work towards a single standard rate instead of two standard rates of 12 per cent and 18 per cent, he said.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
They are now scaling or shutting down their businesses because they can't compete with untaxed grey market gold. India's gold smuggling has increased significantly since the import duty was increased in the Union Budget 2019 in contravention with the broader market expectations of a cut.
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
"Of the structural reforms, the GST has been the most historic in our country. Its chief architect is not with us today. I pay homage to the visionary leader late Arun Jaitely. GST has been gradually maturing into a tax that has integrated the country economically," she said during her budget speech.
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.
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
The object of the government policy cannot be such that luxury items become cheaper, pointed out Jaitley.
The specter of how the Munambam issue was exploited during the November by-elections is proof of the price Kerala is paying for its emergent politics. Controversies become the stuff of slow-burn and brinkmanship. The former promises mileage; the latter searches for an advantage, notes Shyam G Menon.
Finance Minister Nirmala Sitharaman will present the much-awaited 2022-23 Union Budget on February 1. While there has been strong recovery in some sectors, touch services like hospitality, tourism and leisure continue to suffer after two Covid-19 waves. Household savings have been hit due to increased spending on health care. Consumption has still not reached pre-pandemic levels.
Under the GST regime, most manufactured goods will turn cheaper.
Shadow of elections may overshadow political consensus at GST Council meetings.
The cess collected on cars as also tobacco and coal will be used to compensate the revenue loss of states by implementing GST.
The council also cut GST rates on affordable housing to 1 per cent from the current 8 per cent.
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
Rs 14.5 lakh crore of Rs 500 and Rs 1,000 notes have been deposited as of 30/12.
Small and medium enterprises had complained of tedious compliance burden under the Goods and Services Tax
BJP leader Sushil Kumar Modi on Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states. Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021. The statement assumes significance in view of the rise in petrol price for the past over one year which even touched Rs 100 per litre in some states. In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
Jaitley promised the states that they would be fully compensated for any loss of revenue arising from implementation of GST.
Prime Minister Narendra Modi on Thursday asked his Council of Ministers to make extra efforts for effective implementation of public welfare schemes at the ground level and work on new ideas in their ministries ahead of the budget.
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.
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
Many states are open to the idea of petrol and diesel being brought under the goods and services tax (GST) regime - contrary to the perception that they are averse to it - but they want a concrete proposal, including a compensation mechanism, from the Centre. West Bengal Finance Minister Amit Mitra says while the issue can be discussed, the Centre may not be keen to bring the change because it earns "much more" from taxes on petrol and diesel. "(The peak rate of) GST is 28 per cent. Under the regime, the Centre would only get 14 per cent. "So, definitely, the Union government does not want GST on fuel. It is all lies. Currently, they are in a very cozy place," Mitra said.
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".
The USIBC has encouraged a streamlined implementation of the GST.
GST Council has also reached consensus on the definition of revenue to compensate states for revenue loss
