Durable, automobile and real estate players have been lobbying hard for a tax cut, saying it will boost demand.
Retaining the GST rate assumes importance since states are under pressure to increase their revenues, hit hard by lockdown. Also, the Centre has not fully compensated states for their revenue losses on account of GST for 2019-20.
The proposed bullion bank can help settle gold loan accounts in gold terms, and promote existing gold schemes, along with launching schemes including gold-recurring deposits.
'A broad-based revival of private sector investment was likely in 2018-19 after businesses had successfully made the switch to the GST.'
The mandate will help further the development agenda in these states, with good governance and policy reforms taking centrestage
Govt doesn't buy restaurants' input tax excuse and has swing into action and looking into profiteering complaints on social media against prominent restaurant and franchise chains.
The GST Council last year imposed a cess of 15 per cent on hybrid vehicles, in addition to the 28 per cent GST, leading to a total tax burden of 43 per cent against a previous tax rate of 28 per cent.
Most say they will review their Make in India plans as prices may top pre-GST level
The industry alleges the government has been apathetic, despite their pleas for quick action. However, H2 may be different as The US-China trade war had opened a window for Indian exporters to ship more to America.
The broad trends of GST collections will make you wonder if indeed the biggest indirect tax reform in the country has led to a real improvement in revenues, notes A K Bhattacharya.
Facing a deepening slowdown, the auto sector is pinning hopes on the GST Council meeting on September 20 for a rate cut from 28 per cent to 18 per cent. However, states including Bihar, West Bengal, Kerala, and Punjab are of the view that the slowdown in the auto sector is not because of the GST rate but structural issues in the economy.
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
Sridevi and her husband Boney Kapoor made huge demands during the filming.
Panel formed to simplify return-filing process, take feedback from stakeholders, experts
The surge in export, domestic demand and public spending in infrastructure projects might revive private investment during 2017-18.
If the protected growth in GST revenue is reduced to 10 per cent, the Centre would save more than Rs 25,000 crore in 2020-21 if none of the states show any revenue growth. This would nearly amount to 0.1 per cent of the gross fiscal deficit and help the government in avoiding fiscal slippage to some extent in subsequent years.
With wages rapidly rising in China, all is still not lost. Wage costs in India are significantly lower and this fact could still help us turn the tide in our favour.
The Opposition said that the government was 'bull-dozing'.
A strong proponent of the GST, Adi Godrej has been saying for five years or more that it will add one per cent to India's gross domestic product (GDP).
Compliance requirements, valuation, input tax credit transfers are likely to lead to tax litigation, says Sayan Ghosal.
A GST roll-out by April 1 looks difficult, giving the companies some succour.
The central government, in its revised draft of the constitution amendment bill, had proposed that fuel and liquor should be brought under the ambit of GST.
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
Tax experts are nudging the authorities to figure out why so many assessees are not filing their returns.
S&P BSE Midcap index and S&P BSE Smallcap were down 2% and 1.3% respectively
'There is something fundamentally wrong with the GST -- whether be it the rates, compliance, or the GST Network itself.'
Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.
GSTN said those who do not want to give their Aadhaar numbers would have to undergo physical verification.
The finance minister is likely to announce the government's vision for a tax-friendly regime by raising the I-T exemption limit from the current Rs 250,000 per annum.
Demand bounces back but uncertainty over GST rate for jewellery casts a shadow over future.
The final rate will be worked out by the GST Council, Finance Minister Arun Jaitley said on Wednesday.
The Congress, however, said it wanted to see the final print on the wording of the dispute resolution mechanism before committing its support to the Bill
Concerned by GDP slowdown and unrealistic tax targets, the economists urged Finance Minister Nirmala Sitharaman to implement long-term structural steps like land and labour reforms. Warning against any off-Budget financing the economists said the government should prepare a statement of intent for its social, rural and welfare sector expenditure.
'Today the real issue facing the Modi government is not about investment, credit and money supply and all those things economists like to talk about.' 'It is whether your average citizen has confidence in the government not to do something utterly whacky,' says T C A Srinivasa-Raghavan.
There could be a strong incentive for tax payers to avoid the higher tax burden.
Modi said his critics were seeing slowdown in the last two quarters but were ignoring that the BJP government had brought down inflation from 10% to 2.5%.
Lupin was the top gainer after the USFDA cleared its Goa facility
With organisations like the Bharatiya Mazdoor Sangh, which is a front of the Rashtriya Swayamsevak Sangh, telling Finance Minister Nirmala Sitharaman they want OPS back, the government is in a bind, report Shiva Rajora and Aditi Phadnis.
General Budget is a terminology earlier used to differentiate between the Union Budget with the Railway Budget. Full-fledged budgets are titled "Union Budget", while interim Budgets are titled just that.
