Fridge, washing machine, and paint makers are expected to cut prices shortly, while TV, aircon, and sanitary napkin makers are a disappointed lot
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods), informed the ministry of finance on Saturday. The government has settled Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states in the month of December 2021 after settlements is Rs 48,146 crore for CGST and Rs 49,760 crore for the SGST.
A well-functioning GST will enhance tax compliance and boost growth: IMF
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.
Party justifies total washout of day's proceedings in Rajya Sabha, citing Dalit atrocity, insult to Congress CMs and the GST bill.
ICICI Bank extended yesterday gains, rising 10% in two trading sessions
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.
Additional solicitor-general says extra-neutral alcohol liable to new tax
Penning a Facebook post on the second anniversary of GST rollout, Jaitley said as many as 20 states are already showing more than a 14 per cent increase in their revenues and do not require the Centre to compensate them for revenue loss arising out of GST implementation.
Once the GST is passed, the centre and states will have to adopt their own law.
Once implemented, customers making payments using Rupay card or BHIM UPI will get a cashback of 20 per cent of the total GST amount, subject to a maximum of Rs 100.
Sectors throw up a wishlist for the Finance Minister.
Besides urging the Centre for extension of loan moratorium, the hotel and travel industries have also demanded deferment of GST and advance tax payments and waiver of fees for all forthcoming licences and permits.
'Perhaps GST was too complex a system for the Indian economy at its present stage of development,' argues T N Ninan.
The government may roll out a new foreign trade policy (FTP) of a shorter term of two-three years in a bid to keep pace with the fast-evolving scenarios in international trade which have been triggered by recent disruptions, such as the pandemic and the Russia-Ukraine war. An FTP is an elaborate policy guideline and strategy to promote the export of goods and services, with a duration of five years usually. The existing policy came into force on April 1, 2015, and was valid for five years, before multiple extensions.
A moderate GST rate obviates the need for the two-rate structure.
'If because of El Nino, the monsoon is affected adversely in the current year, naturally it will affect income projections and consequently Budget numbers.'
This may leave those not opting for any of the two options offered by the Centre before the GST Council meet scheduled for October 5 in the lurch. It is clear from the present situation that these states will have to wait till June 2022 to get their compensation, subject to the council extending the cess collection period beyond June 30, 2022.
Following passage of the Constitution Bill, 2014, Dass and Finance Minister Himanta Biswa Sarma, who introduced it in the House, exchanged sweets.
He said, clothing, footwear and electronic sectors are large job creators and need big reforms.
While Union Finance Minister Nirmala Sitharaman reiterated her stand that the central government was committed to cooperative federalism, finance ministers of non-BJP ruled states such as Punjab and Kerala said she refused to give a categorical assurance that states will be paid compensation on time.
The peak GST rate of 28 per cent as also the 5 per cent ad valorem cess will continue
Samajwadi Party president Akhilesh Yadav on Friday attacked the Uttar Pradesh government over the death of a Kanpur businessman in a police raid, claiming that the case is linked to an extortion racket and "someone" is trying to save himself.
Experts said the builders will now factor in their losses arising from the removal of input tax credit when they pass on the benefits to end users while the latter may want the entire GST cut to be given to them.
In a letter signed by 16 of 17 committee members including two Indian-Americans Jhumpa Lahiri and Kal Penn, they said reproach and censure are necessary following Trump's "support of the hate groups and terrorists who killed and injured fellow Americans in Charlottesville."
The vice president met Leader of the party in Lok Sabha Mallikarjun Kharge, P Chidambaram and Deputy Leader of the party in Rajya Sabha Anand Sharma, among others and discussed various points regarding the key tax reform legislation.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
'The Modi government is trying hard to see if it could be sold to a private airline.' 'But it appears there are no takers.' 'If no buyer comes forward by June, the government will close down Air India,' predicts A K Bhattacharya.
'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.
The stock was the worst hit among Sensex and Nifty components.
Parrikar took a dig at Digvijaya Singh, saying the latter's incompetence led to the BJP forming the government in the state.
The forthcoming Budget, the last full one before the 2019 Lok Sabha elections, is expected to contain a number of sops and feel-good announcements, especially regarding social sector schemes.
The question on who should borrow from the market and whether the borrowing will be under two buckets should be decided by the GST Council, and not by the Centre. If there is no consensus, there has to be a vote, says A K Bhattacharya.
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
The heavy industries ministersaid that the proposal for the auto scrappage policy was ready and all stakeholders have provided inputs, therefore its announcement was likely very soon.
There is much work to be done to design a good GST.
Congress is opposing the GST bill in the current form.
Although the markets could see a knee-jerk reaction, they rule out a sharp fall.
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