There is much work to be done to design a good GST.
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.
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.
The Congress filed a dissent note on eight provisions.
With just eight days left for the winter session, Jaitley and Parliamentary Affairs Minster M Venkaiah Naidu held consultations with Leader of Opposition in Rajya Sabha Ghulam Nabi Azad and Deputy Leader Anand Sharma.
Introduction of GST would make Indian products competitive in the domestic and international markets.
'In a nation where safety standards are the lowest in the world, why make compliance expensive?' asks Aakar Patel.
'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
Simpler GST structure will be key poll plank, Congress sources tell Archis Mohan.
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.
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.
Since its rollout 13 months ago, the new indirect tax has yielded Rs 1 trillion only in in April 2018
The ministry of electronics and information technology is working on creating a software product council, including members from the government, academia and industry that will work on implementing a software products mission.
From Braille writers and Braille paper to wheelchairs, talking books, assistive listening devices and implants for the severely physically-challenged will attract a Goods and Services Tax of 5 per cent. But inputs and raw material for manufacturing of these assistive devices or equipment attract 18 per cent GST. Since the final consumer tax is lower than the tax on inputs, a domestic manufacturer can claim refund, an official statement said.
A corpus of Rs 20,000-30,000 crore is under consideration, to narrow the input tax credit cycle and facilitate their working capital requirements.
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.
The new form will only require a complainant to mention the product and GST identification number of the seller
Parliament on Thursday cleared the decks for the rollout of the historic Goods and Services Tax from July 1 as it approved four supporting legislations to usher in the one-nation-one-tax regime.
States are planning to pass resolutions in their legislative assemblies; however, such tactics will be used as the last resort if the Centre continues to stall allocations.
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
Sitharaman said the government understands that the contours and tone of issues for each sector varied from one to the other.
Jaitley said India needed to grow by additional 1-1.5%.
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.
Finance ministers from Congress-ruled states say they have alerted the Centre about the problems in GST for several months, but it is only now with the Gujarat assembly election around the corner that the Modi regime has started heeding these suggestions.
After the 2019 election, one thing is sure: GST will see a number of changes, explains Indivjal Dhasmana.
This meeting has led to the deferment of the Goods and Services Tax (GST) Council meeting by a day.
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
Response to Rahul yatras in Gujarat forced GST cuts, says Congress. It reflects Modi's willingness to listen, says BJP.
The system has gone through three rounds of testing for its load-bearing capacity.
The changes made in the revised GST draft throw up fresh issues but, overall, most of these look sensible, says T N C Rajagopalan.
For his first Budget in July 2014, Jaitley inherited a fiscal deficit target of 4.1 per cent of GDP. From 4.1 per cent, the fiscal deficit came down to 3.4 per cent by 2018-19, with two slippages from the budgeted targets, in 2017-18 and 2018-19, the former due to introduction of the GST, says Arup Roychoudhury.
Infosys had told the group of ministers that it would expand its 100-member team to speed up the bug fixes.
GST reform has been hanging fire since 2006-07.
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The Direct Taxes Code bill was introduced in Lok Sabha in 2010 and Standing Committee on Finance has given a report after its scrutiny.
Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
The Centre on Thursday placed before the GST Council two options for borrowing by states to meet the shortfall in GST revenues, pegged at Rs 2.35 lakh crore in the current fiscal.
'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 Rajya Sabha on Wednesday took up the four bills related to the GST, with the Opposition urging the government to insulate taxpayers from harassment and questioning how the new regime was "ideal" when 40 per cent of the revenue base of the GDP was kept out of its purview.
The price of ensuring no disruption after rolling out the GST seems to be an imperfect GST with many relaxations in its compliance norms, says A K Bhattacharya.
