India Inc is encouraged by a determined Budget.
The Constitution amendment bill for roll-out of GST is pending in Rajya Sabha for a long time.
FM is likely to raise tax slabs.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
The GST bill was earlier planned to be introduced from April 1.
With most states on board to raise revenue so that they do not have to depend on Centre for compensation, the GST Council at its meeting next month is likely to consider a proposal to do away with the 5 per cent slab by moving some goods of mass consumption to 3 per cent and the remaining to 8 per cent categories, sources said. Currently, GST is a four-tier structure of 5, 12, 18 and 28 per cent. Besides, gold and gold jewellery attract 3 per cent tax. In addition, there is an exempt list of items like unbranded and unpacked food items which do not attract the levy.
Recently, the government had appointed former Chief Justice of India R C Lahoti as arbitrator in the tax dispute case.
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The GST Bill, introduced in Parliament in 2010, is being vetted by the Standing Committee on Finance. Now, the states and the Centre would together finalise the draft and bring it back to Parliament.
GST reform has been hanging fire since 2006-07.
The campaign will reach a high decibel level next week when BJP state chief K Annamalai is expected to take up a blitzkrieg campaign against the ruling DMK.
The police search comes just a couple of days after a group of SFI activists allegedly trespassed into the Kochi office of the news channel and intimidated the staff.
The government should not go in for an 'aggressive fiscal consolidation' in the upcoming Budget as global risks have not abated, RBI Monetary Policy Committee (MPC) Member Ashima Goyal said on Wednesday. Goyal further said subsidies are expected to come down as food and energy inflation moderates. WPI inflation in food articles in November was 1.07 per cent against 8.33 per cent in the previous month.
Policies to break down the business group format are far more likely to be effective, argues Simon Commander.
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