K M Mani was appointed the chairman of the panel in March this year.
'The time has come to have a relook at the Constitution as every document has a shelf life.'
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
GST is a landmark reform considering the sweeping changes it brings about in the indirect tax regime in India.
The sentence could go up to three years if the evasion exceeds Rs 50 lakh (5 million).
As auto major Mahindra & Mahindra (M&M) became the number two player in the retail passenger vehicle segment for the first time in February, powered by its new launches, the company is setting its sights on technology upgrades.
High frequency indicators, like vehicles sales, air traffic, steel consumption and GST E-way bills, point towards a sequential pickup in momentum of economic activity during the second half of the fiscal 2024-25 and sustain moving forward, RBI Bulletin said on Wednesday. However, a strong dollar, driven by US economic resilience and trade policy pivots, could exacerbate capital outflows from emerging economies, push risk premiums higher, and intensify external vulnerabilities, said an article on 'State of the Economy' published in RBI's February bulletin.
As the Centre tried to build consensus on its proposal on constitution amendment bill, required for the rollout of GST, and even floated revised draft to please states, some states came out with alternative model that would not require the amendment of constitution.
Proliferation of home chargers of around 7 KWh and above, which take six to seven hours to fully charge a car depending on the model, bring running costs down by a third or so. That, coupled with the increasing range of modern electric cars, can lead to a massive increase in sales.
18% cent GST on iPhones continues to weigh heavily on the final cost to Indian consumers, limiting the impact of price cuts.
Revised draft model Bill clearly says an agriculturist for the purpose of agriculture won't be liable for registration under GST.
Businesses across the country may soon be required to issue electronic invoices, or e-invoices, directly to consumers for the sale of goods and services. The Goods and Services Tax (GST) Council, in its forthcoming meeting on Monday, is expected to discuss extending the e-invoicing mandate to cover business-to-consumer (B2C) transactions. Currently, e-invoicing is compulsory for businesses with a turnover of Rs 5 crore and above, but only for their business-to-business (B2B) transactions.
Traversing from being just vehicle manufacturers to mobility solutions providers amid a raging debate over which eco-friendly technology must be incentivised, the Indian automobile industry is driving in the new year under the shadow of a slowdown in sales with the post-pandemic pent-up demand in distant memory. The shift in the auto industry -- where advanced technologies like autonomous driving, vehicle intelligence, connected features and electrification are quickly gaining traction -- will be reflected in the upcoming Bharat Mobility Global Expo in which India's flagship Auto Expo has been clubbed to be held from January 17-22, 2025 in Delhi-NCR.
Companies feel higher rates in India would not be justified.
Once the GST is passed, the centre and states will have to adopt their own law.
Kharge's remarks came after Modi on Friday said the Congress stands "badly exposed" in front of people for promising to them what the party knows it will never be able to deliver.
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
A GST roll-out by April 1 looks difficult, giving the companies some succour.
Maruti Suzuki chairman RC Bhargava has said that reducing carbon emissions does not require making a choice between hybrid and electric cars, and that both can play key and complementary roles if the government wants to achieve its aggressive emissions target. Responding to the fact that the sales numbers of hybrid cars have been higher than electric cars in the last quarter of 2024, Bhargava pointed out: "It has never been about electric versus hybrid. "Both have a clear role to play. By 2030 we expect electric car penetration to be around 20 per cent.
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
'I am very happy to see that the work is starting to bear some fruit now.'
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
The coaching-tuition-profiteering model built on the back of a broken education system is a scandal and an abomination, and must go, asserts Shekhar Gupta.
The stock of the country's largest passenger vehicle maker, Maruti Suzuki India (MSIL), has been hitting successive all-time highs over the past three trading sessions. The rally in the scrip has helped it notch over a 21 per cent gain since the start of February, outperforming the National Stock Exchange Nifty Auto Index. The gains for the leader of small passenger cars have been more recent, as the company still trails the Nifty Auto over one- and two-year periods.
The implementation of the GST will indeed be a landmark reform.
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
Tax collection at source would lock in Rs 400 crore of seller money, say Flipkart, Amazon, Snapdeal.
The FAQ also clarified that companies, including Titan, which supplies watches and jewels through their own websites will not be considered as e-commerce operators
Plug-in hybrids have two engines and the electric part has a much larger battery than in the regular hybrids. Car companies, led by the Japanese, are pushing the Indian government to look at hybrids in the interim if it wants to reduce carbon emission.
The government has extended the deadline for filing GST annual return and audit report for the 2018-19 fiscal year by a month, till October 31.
Kerala Finance Minister K N Balagopal has sought systemic changes in the GST structure, saying every state and consumer has lost because of its basically flawed architecture that has also led to rampant revenue leakage for the states. The Goods and Services Tax (GST) regime came into force in July 2017. Even though the framework is focused on having a one-nation-one-tax model, quite a few items, including petroleum products and liquor are still out of the GST purview.
Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
The government introduced the 122nd Constitution amendment Bill.
'Like every Budget, this time, too, there is chatter around tinkering with the long-term capital gains tax.' 'Investors may not want to jump into the markets until there is clarity on this front.'
'It is necessary to have a person at the top who can make strict decisions without hesitation. Modiji has done that.'
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
From filing 37 returns a year when the Goods and Sales Tax was first introduced in July last year, the process has undergone major changes as the GST Council considered and implemented various models to ease the pain for assessees. Here's a recap of how the process has changed in 10 months.
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