Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
The GST bill's draft says tax would be levied on Maximum Retail Price
The Council also discussed process to make return filing simpler with just one return to be filed every month.
Chartered accountant and commentator M R Venkatesh on why the GST Bill will cost the BJP dear.
Here's a quick guide to navigating and ordering from global websites.
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
For the sake of transparency, and to reduce undesirable bond market volatility, clarity on these would be welcome, preferably before the budgets for the next fiscal year get finalised, says Neelkanth Mishra.
Although the markets could see a knee-jerk reaction, they rule out a sharp fall.
Consensus seems a problem before the current session of Parliament ends.
It's an undeniable fact that after enactment of GST, buying insurance will become a little expensive impacting your term plans, health plans and motor insurance plans the most. But you should not ignore the importance of insuring your life, health, vehicle, says Harjot Singh Narula
Lower revenue collection puts upward pressure on government borrowing, ensuring that it deviates from the glided path of debt reduction
The GST has been a great achievement, but it does suffer from weaknesses, says Chief Economic Adviser Arvind Subramanian.
A glance back at some important events that occurred in 2018.
Biju Janata Dal members had staged a walk-out while NDA ally Shiv Sena did not participate in the voting.
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