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.
The Centre and states are likely to settle for this threshold.
As the liquidity crunch reaches crisis levels and getting tax refunds remain a big headache, exporters saw orders fall by 15 per cent till October.
Here's what could be ahead for India: A $10-trillion economy by 2030-32, a Sensex at 1,00,000 by 2025, monthly GST revenues at Rs 2 trillion by 2024-25, 100 new unicorns by 2025, and poverty below 5 per cent by 2030, predicts R Jagannathan.
The Sensex closed higher by 170 points at 26,128 and the Nifty rose 59 points to end at 7,943.
For the second year in a row, India has been recognised as the fifth-best performing nation in reforming the business environment. However, in the two categories that the government was banking on most - "Paying Taxes" and "Resolving Insolvency" - landmark reforms that were expected to yield better results have had the opposite effect. Under the circumstances should the country celebrate already or are there any reasons for worry, wonders Subhayan Chakraborty.
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.
'We have set out a timetable to reduce income tax rates for all incomes below Rs 50 lakh, and to progressively eliminate the surcharges on income above Rs 50 lakh, by 2024.' The Budget speech past CII president Naushad Forbes wants to hear.
India's Current Account Deficit rose to a record 6.7 per cent in the quarter ended December of 2012-13.
No mention of cab aggregators in GST bills
Even if the same party returns to power, what is important to debate is that having introduced an entitlement, how challenging it is to reverse such decisions, says Mukesh Butani.
Indian economy about to take-off
'Implementation of GST would lead to the growth story of India'.
'We have promised to ensure reduced tax rates.'
At present, the NMP states a series of fiscal incentives, including tax sops, will be offered but only to small and medium enterprises.
GSTN CEO Prakash Kumar tells Sudipto Dey how IT can improve service delivery of government departments.
Is the curated and limited data put out by the central government sufficient enough to pass a judgement on the trend in GST collections, particularly that of the Centre?
The Centre is likely to introduce the Central GST and integrated GST bills in late November or early December in the ongoing session in the form of money Bills.
Once heavily dependent on the cigarettes segment, corporate behemoth ITC has diversified over the past two decades into many businesses that now generates 58 per cent of its revenue. Sanjiv Puri, chief executive officer, ITC, shares his plans with Arnab Dutta.
SEZs account for just about a third of India's merchandise exports (and roughly the same proportion of services exports). Yet, the notion of creating global manufacturing centres of the kind that propelled China to superpowerdom retains a durable appeal within the Indian policy-making establishment, notes Kanika Datta.
'Non-separation of religion from politics is India's most daunting challenge'
The Opposition said that the government was 'bull-dozing'.
Singh asserted that the domestic challenges of India's economy were daunting in their complexity and devastating in their impact on the society.
"We see the Indian economy rebounding from our projected 6.1 per cent growth this fiscal year to something like 7 per cent in the next fiscal year (2020). We see the factors that will support growth, including monetary policy stimulus, working their way through the pipeline," Jonathan Ostry, Deputy Director, Asia Pacific Department at the IMF, told reporters.
Most of the changes have come about in the last four years and ITC is now reaping the dividends - standalone revenues from the non-cigarettes FMCG business have grown 40 per cent from FY17 to Rs 14,728.21 crore in FY21 and pre-tax profits 30 times to Rs 823.69 crore. The business accounted for 30.58 per cent of gross revenues and 4.85 per cent of pre-tax profits in FY21. "In the last four years, our margins in FMCG have gone up by 640 basis points (bps) and EBITDA margins have been moving up consistently. "We created levers that enabled a sustained growth trajectory," said ITC chairman and managing director Sanjiv Puri. Puri took charge as the chief executive officer in 2017; in 2018, he was redesignated managing director and effective May 2019, he became chairman.
Foreign Trade Policy: More incentives for exports, focus on ease of trading
There are no major announcements in the Union Budget 2014-15.
In July, IRS officers in Mumbai held an incendiary meeting where they criticised the alleged interference in 'operational matters' by the department of revenue.
'The hour is very late, and the choice between triumph and tragedy knocks at our door,' says Ajay Shah.
Thomas Archer Bata says if the tax rate is kept above 20% it will be a very big hit.
India improved its rank on six out of the 10 parameters relating to starting and doing business in a country.
'From our perspective, it will bring additional customers and from their perspective, it will get them younger customers.'
It is possible that the Centre has now become wiser and has decided to follow an allocation system which gives it more from Integrated GST and helps boost its revenues, says A K Bhattacharya.
Usually, the chair in the Upper House reads out obituary references before members rise as a mark of respect to the memory of the departed.
From crisis leaders to future Goliaths, India Inc saw them all in 2017, says Shailesh Dobhal.
Businesses need to get on board in 15 days, ahead of indirect tax roll-out
Pradhan Mantri Jan Dhan Yojana and Make in India -- are not covered here.
Experts said if the slowdown, and subsequent weakness in GST mobilisation, continued, it would curtail the Centre's resources to a considerable extent in the current financial year.
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