The states have unanimously pitched for sole administrative powers to carry out assessment, scrutiny and enforcement for entities up to an annual turnover of Rs 1.5 crore.
The revised structure will help to keep airfares down, when airlines already face a triple challenge of rising crude oil prices, rupee depreciation and constrained airport capacity.
Enthused by the consensus in reaching four-tiered GST tax structure, particularly the unanimity achieved with Congress-ruled states, senior government sources were confident that the Central GST and Integrated GST Bills will be passed by both the Houses.
There is nothing specific announced for Chemicals Industry, however, reduction in customs duty
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.
Only 69 per cent of the assessees filed returns
Currently, the five-year FTP aims to raise total exports to $900 billion but targets may be reduced
'It is important to improve the quality of spending.'
To meet the yearly target, each of the next five months has to yield Rs 1.107 trillion GST collections.
'The first year of the Modi government's second term has laid the roadmap for the future and we will embark on it with gusto,' promises Gopal Krishna Agrawal, the BJP's national spokesperson on economic affairs.
Here's a quick guide to navigating and ordering from global websites.
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.
The Modi government's array of economic policy has been impressive.
Chartered accountant and commentator M R Venkatesh on why the GST Bill will cost the BJP dear.
States should have enough time. We still do not know the rules. There are a lot of operational difficulties, says Jammu and Kashmir Finance Minister Haseeb Drabu.
Apart from the much-reported constitutional and political hurdles on a national Goods and Services Tax (GST), there is another basic one. Barely half of dealers in the country have a Permanent Account Number (PAN) from the tax department.
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
The chief statistician feels there should be a rebound after companies integrate and adopt the GST system
'Overall, compared to the previous episode, we are in a better shape because the vaccine is already out there and vaccination drives are proceeding'
'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
Real estate sector cheers reforms in the Budget.
Lowering excise duty on petrol, diesel, and other fuels, branded fuels.
Lack of visibility on rates makes companies apprehensive.
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
Contentious issues such as the construction of a Ram Temple in Ayodhya, abrogation of Art 370 giving special status to Jammu and Kashmir and enactment of Uniform Civil Code have been included in the Bharatiya Janata Party's election manifesto with the party making promises on them.
Accounting for the first Advance Estimates for 2017-18, an additional planned borrowing of Rs 200 billion, the fiscal deficit could come in at 3.35 per cent of GDP.
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
Some of the players in the GST race are Payworld, Dell, Tally Solutions
States' demand of compensation from Centre for loss of tax revenue not on agenda.
Finance Minister Arun Jaitley revealed that the government wanted to give Hasmukh Adhia a post-retirement role, but Dr Adhia said he would not work for a single day after November 30.
After the April-July fiscal deficit data was released on August 31, several analysts hinted that the government may need to go for cuts in capital expenditure to meet the fiscal deficit target.
Regulated electronic platforms such as e-spot markets or spot exchanges may be deemed as authorised markets.
Indian Railways has tied up funds for the next two years for its ambitious modernisation programme.
The large drop was for export orders that were meant to be delivered until October.
Modi govt did decent job in its first year.
The govt will have to clear hurdles to push GST by March 2015.
With recent rate cuts, November collections could be even less
20 Indian CEOs and 350 companies are participating in the Hannover Fair.
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 boom in organised retail will set the tone for major economic overhaul. The ripple effect will be improved supply chains, volume output, integration into global commerce, and higher tax collection, notes T N Ninan.
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