Nasscom president said moving from single to multiple points could be a challenge from the point of view of ease of doing business
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
Continued lack of consensus at next meeting could cast shadow on GST rollout by April 1.
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.
For the first eight months of the current financial year, the figure stood at Rs 7.17 trillion.
The consensus was reached after the Centre agreed to the demand of states to go in for horizontal split
'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
Feroze Azeez, deputy chief executive officer of Anand Rathi Private Wealth Management, appeared on Rediff Chat to answer readers' queries on GST.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
An area of worry relates to simplification of the refund procedure where the inverted duty structure prevails
'At the end of the day, we want to see maximum items out and only few items remaining in the 28 per cent slab.'
GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aereated drinks to create a corpus for compensating states for any loss of revenue in the first five years
Here's a quick guide to navigating and ordering from global websites.
These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
With certain quarters demanding privatisation of public sector banks in the aftermath of the alleged fraud at Punjab National Bank (PNB), Economic Advisory Council to the Prime Minister chairman Bibek Debroy tells Sanjeeb Mukherjee, Ishan Bakshi and Indivjal Dhasmana that reducing government equity even to zero would not mean giving up of government control over these banks.
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.
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.
'Gloom is nowhere in sight, with healthy foreign exchange reserves, a strong rupee, healthy tax collections, corruption and crony capitalism under check,' argues Gopal Krishna Agrawal.
The Council also discussed process to make return filing simpler with just one return to be filed every month.
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
No mention of cab aggregators in GST bills
The GST bill's draft says tax would be levied on Maximum Retail Price
Gujarat has around 3,000 licensees for allopathic drug manufacturing, apart from around seven homeopathic licensees, 500 ayuvedic and 600-700 cosmetics licensees
A summary of sports events and sports persons, who made news on Sunday
Lower revenue collection puts upward pressure on government borrowing, ensuring that it deviates from the glided path of debt reduction
The GST Network's chairman Navin Kumar speaks to Dilasha Seth and Indivjal Dhasmana on various aspects of the new tax regime.
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
The GST has been a great achievement, but it does suffer from weaknesses, says Chief Economic Adviser Arvind Subramanian.
Consensus seems a problem before the current session of Parliament ends.
Compliance requirements, valuation, input tax credit transfers are likely to lead to tax litigation, says Sayan Ghosal.
It is doubtful that our political masters are even aware of the features of the Model Law.
Biju Janata Dal members had staged a walk-out while NDA ally Shiv Sena did not participate in the voting.
A glance back at some important events that occurred in 2018.
"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."
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.
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
Although the markets could see a knee-jerk reaction, they rule out a sharp fall.
Chartered accountant and commentator M R Venkatesh on why the GST Bill will cost the BJP dear.
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