A shift appears underway in India's tax landscape. States with relatively smaller tax collections like Odisha and Telangana are emerging as the fastest-growing contributors to indirect and direct tax collections, respectively.
In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
Goods and services tax (GST) collections from mobile device companies, amounting to Rs 1.82 trillion between 2020-21 (FY21) and 2023-24 (FY24), have already generated more than five times the revenue for the government compared to the Rs 34,149 crore allocated under the production-linked incentive (PLI) scheme for mobile devices over six years ending 2025-26 (FY26). Currently, the GST on mobile devices stands at 18 per cent.
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Inching towards rolling out of GST, the GST Council on Saturday approved a law to compensate states for any loss of revenue from the implementation of the new national sales tax but deferred approval for enabling laws to next meeting.
If the items and services such selected subsequently pass the test from the fitment committee and the GST Council, this would be the first of such rate hikes, after a series of cuts in the process of rate rationalisation that started in November 2017.
The governments of Karnataka, Uttar Pradesh and Rajasthan want a lower limit of Rs 100,00,00 gross annual turnover.
The BSE 30-share index after a positive opening stretched to 31,772.41, but could not stay there for long buffeted by the selling pressure. It hit a low of 31,562.25 before settling lower by 79.68 points, or 0.25 per cent, at 31,592.03.
Data available from top six players - Maruti Suzuki, Hyundai, M&M, Tata Motors, Honda and Toyota - shows an average growth of about 42 per cent for the industry in June
India studied the Malaysian model, which was scrapped on Wednesday, before implementing the GST and borrowed the anti-profiteering clause to ensure GST benefits are passed on to the end-consumer by the industry
Jaitley says govt is open to scrapping 1% additional tax on GST
Singapore's single-rate GST structure cannot be India's model. But its practice of early announcement of rates much before their implementation should be emulated by India, says A K Bhattacharya.
GST Bill needs a two-thirds majority in each House.
It is worth reconsidering if this fascination with either having a single party majority or Modi's leadership or, indeed, both, is such a great idea for India, says Udit Misra.
The outgoing Chief Economic Advisor will always be remembered for his remarkable passion, his large imprint on policymaking and the high level of public debate he fostered
Aggressive rate hikes by the US Federal Reserve could result in a flight of capital from emerging markets like India, says B Gopkumar, chief executive officer, Reliance Securities.
Even the well heeled in metros find it difficult to go completely digital. Cash withdrawals from ATMs are back at the same level as they were before demonetisation
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
The Centre and states are likely to settle for this threshold.
The DMK combine has won 37 of the 38 LS constituencies in Tamil Nadu, and bagged 13 of the 22 assembly bypolls. What swept away the AIADMK-BJP alliance in the southern state was not dravidian ideology but job loss and graft bias, says N Sathiya Moorthy.
By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which Opposition Congress has been blocking the Bill in the Upper House
Experts share their views on the steps that will help businesses become GST-ready.
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