'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
'While the GST is structured to be an all-encompassing tax and to create a vastly expanded digital network of recorded transactions, no one knows how traders long used to avoiding taxes will apply their ingenuity,' says T N Ninan.
Reform ideas do not occur overnight and evolve over the years.
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
GST will create a single, unified Indian market to make the economy stronger.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
Lack of visibility on rates makes companies apprehensive.
It is doubtful that our political masters are even aware of the features of the Model Law.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
Neutrality and jurisdiction in international trade need to be discussed threadbare before GST is implemented in India.
GST making you anxious? Here is a fact-check on how new tax will impact you.
Small and medium enterprises had complained of tedious compliance burden under the Goods and Services Tax
Since the present law threatens to unleash an avalanche of litigation over a period of time, it makes sense to replace it with a simpler law and build complexities as more experience is gained, says T N C Rajagopalan.
'GST will increase the volume of taxation, there is no tax on tax and therefore makes goods, commodities and services little cheaper and far more convenient.'
The recent surgical strikes in Pakistan-occupied Kashmir are expected to grab limelight during the month-long session. Some parties have alleged that the government is trying to politicise it.
Though GST could mean complications in the short run, it will bring in undeclared revenues and streamline taxation across the value chain, the benefits should be worth the pain.
Options include raising both excise and service tax rates in FY16
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.
Currently, the five-year FTP aims to raise total exports to $900 billion but targets may be reduced
Some of the players in the GST race are Payworld, Dell, Tally Solutions
As and when the GST comes in, Budget projections will have to be unbundled and revised. In fact, the pragmatic decision would be to present another Budget! This makes the passage of the Finance Bill with its multiple unrelated amendments seem even more dubious, says Devangshu Datta.
GSTN is planning a disaster recovery drill and hence services will not be available for 12 hours, between 9am and 9pm, on July 1, and has requested the taxpayers to plan GST-related activities on the portal accordingly.
The implementation of the GST will indeed be a landmark reform.
Both Lok Sabha and Rajya Sabha did not see a debate on the Manipur violence, but Prime Minister Narendra Modi and Home Minister Amit Shah spoke on it during their addresses on the no-confidence motion.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
On one hand, South Indian states have been complaining about denial of a proportionate portion of the sharable funds from the Centre, based on population. On the other hand, they stand to lose Lok Sabha and Rajya Sabha seats that again are based on population, points out N Sathiya Moorthy.
Chartered accountant and commentator M R Venkatesh on why the GST Bill will cost the BJP dear.
Thomas Archer Bata says if the tax rate is kept above 20% it will be a very big hit.
The Opposition said that the government was 'bull-dozing'.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
Manipal Group chairman Ranjan Pai is in early discussions to invest in Byju's-owned Aakash Educational Services Limited (AESL). According to sources in the know, Byju's founder and chief executive officer Byju Raveendran, who owns a 30 per cent stake in Aakash, is expected to partially offload his holding to Pai for $80-90 million (about Rs 650-740 crore). Raveendran may use the money to repay a large part of the Rs 800 crore loan that Byju's raised from US-based investment firm Davidson Kempner Capital Management in May, after facing a 'technical default', the sources said.
The finance minister is "reasonably confident" that when it comes to the crunch, "it would be extremely difficult even for the Congress party to take a contrarian view" on the GST Bill.
The Delhi high court on Friday held as "unconstitutional", the imposition of Integrated Goods and Services Tax (IGST) by the Centre on import of oxygen concentrators by individuals for personal use. A bench of Justices Rajiv Shakdher and Talwant Singh quashed the May 1 notification issued by the ministry of finance which says that such oxygen concentrators imported for personal use, irrespective of whether they are a gift or otherwise, will be charged with an IGST of 12 per cent. The court said the individuals will have to give an undertaking to the authorities that the oxygen concentrator is being imported for personal use and not commercial use.
The govt will have to clear hurdles to push GST by March 2015.
Criticising various provisions in the proposed GST regime, Moily said it will be a "technological nightmare" and the anti-profiteering provisions in it are "far too draconian."
The 30-share barometer remained up throughout and hit a high of 29,070.20, powered by a rally in RIL and other blue-chips. The index ended 215.74 points up, or 0.75 per cent, at 29,048.19 -- its highest closing since March 5, 2015, when it had closed at 29,448.95.
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