Catch all the live debates from Parliament as the winter session begins
Catch all the live debates from Parliament as the winter session begins
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.
Vivek Johri, the Chairman of Central Board of Indirect Taxes and Customs (CBIC) on Friday said that the cash recovery of approximately Rs 150 crore from searches in Kanpur at several locations related to Trimurti Fragrance is the 'biggest haul ever'.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
Mukherjee, however, did not roll back the hike in excise and customs duty on petrol and diesel.
'The expeditious enactment of labour codes and strategic measures to bridge the skills jobs gap are critical.'
Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
The MPs suspended on Tuesday include National Conference's Farooq Abdullah and Congress leaders Shashi Tharoor and Manish Tewari.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
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.
Catch all the latest debates and discussions from Parliament.
The stage is set for a showdown between the government and the Opposition over the GST or Goods and Services Tax Bill in the monsoon session of Parliament, which begins on Monday.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
A firm opening in the European market uplifted the mood.
Scrutiny of Google's code of conduct in the Indian Android ecosystem is far from over with several start-ups preparing to appeal against the company's revised policies of service fee on in-app purchases and subscriptions, according to sources in the know. This comes days after the National Company Law Appellate Tribunal (NCLAT) granted partial relief to the tech giant, reversing four of the 10 key non-monetary directives that would have forced Google to allow uninstalling of its pre-installed apps on Android devices. Paytm, BharatMatrimony, and ShareChat are among the start-ups that are likely to file grievances against the tech major for alleged non-compliance with the Competition Commission of India's (CCI's) cease-and-desist order on Play Store policies.
Enraged over a trenchant message printed on a restaurant's bill slamming United Progressive Alliance government for imposing service tax on AC restaurants, Congress workers forced closure of the Mumbai eatery.
The Union minister said it is "not fair" on Congress's part to set conditions for the passage of the GST bill and if the said clauses were so crucial, the UPA could have brought these in the original bill when it was in power.
Amid rising consumer complaints, the Central Consumer Protection Authority (CCPA) on Monday barred hotels and restaurants from levying service charge automatically or by default in food bills and allowed customers to file complaints in case of violation. The CCPA has issued guidelines for preventing unfair trade practices and violation of consumer rights with regard to levying of service charge. "No hotels or restaurants shall add service charge automatically or by default in the bill," CCPA chief commissioner said in the guideline.
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore. E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. "The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore," a senior official informed
Others taxed at 5, 12, 18, 28%
Years of wait before DTC, GST are rolled out
The GST bill was earlier planned to be introduced from April 1.
The GST Council on Tuesday approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones, officials said. The Council, chaired by Finance Minister Nirmala Sitharaman and comprising state counterparts, also cleared a host of compliance procedures for GST-registered businesses along with a GoM report on high-risk tax payers to check evasion. The discussion on the crucial issues of extension of compensation to states beyond June 2022 and the imposition of 28 per cent GST on casinos, online gaming and horse racing, will take place on Wednesday.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Vice President Kamala Harris, who is the Democratic presidential candidate, in an op-ed on Saturday, recollected her frequent visit to India as a child, and her mother's mission to cure cancer.
Have you ever faced terms such as 'service tax', 'VAT' and 'service charge' while eating out at a restaurant. However, instead of asking the restaurant authorities about these terms and their application, have you simply paid up to avoid any potentially embarrassing social encounter? Fear not, after reading this article, you won't face any such problems again.
Says govt is creating conditions for greater private investment
The specter of how the Munambam issue was exploited during the November by-elections is proof of the price Kerala is paying for its emergent politics. Controversies become the stuff of slow-burn and brinkmanship. The former promises mileage; the latter searches for an advantage, notes Shyam G Menon.
'In terms of incentives, if you think about it, hybrids are a 20-year-old technology.'
Jaitley promised the states that they would be fully compensated for any loss of revenue arising from implementation of GST.
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
The BSE Mid-cap index outperformed the benchmark indices.
GST rates would depend upon whether the commodity is used by a rich person or a common man
Why are financial-technology (fintech) players moving back to India, or doing the reverse-flipping?
The government last year introduced the Insolvency and Bankruptcy Code.
Expanding investigation into allegedly wrongful claims of input tax credit by insurance companies, the tax authorities are probing a section of automobile dealers who have supposedly generated fake invoices without providing any service, which is a punishable offence under goods and services tax (GST) law. The authorities are learnt to have questioned the car dealers to explain the services they provided general insurance companies. The investigators suspect car dealers pitched for insurance schemes that give them commissions in excess of those insurance regulations permit.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances