In a string of tweets and replies, Swamy also said that GST can be implemented only if the Supreme Court clears a petition on levy of entry tax
Senior policymakers say it is a tough task and the finance ministry may resort to the time-tested method of carrying forward part of the subsidy payment burden to the next fiscal year.
The Bill was introduced in the Lok Sabha in December.
BJP leader Sushil Kumar Modi on Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states. Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021. The statement assumes significance in view of the rise in petrol price for the past over one year which even touched Rs 100 per litre in some states. In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
GST collections touched a record high of over Rs 1.15 lakh crore in December, reflecting festive demand and reflating economy. The gross GST revenue collected in the month of December 2020 is Rs 115,174 crore and is the highest since the introduction of Goods and Services Tax from July 1, 2017, the finance ministry said in a statement.
Investors not comfortable investing directly may take the mutual fund route, where they get exposure to a diversified portfolio of bonds.
The implementation of the GST will indeed be a landmark reform.
The GST Council in its meeting next week is likely to consider a proposal for making changes in the monthly tax payment form -- GSTR-3B, which would include auto-population of outward supplies from sales return and non-editable tax payment table, officials said. The move would help curb the menace of fake billing, whereby sellers would show higher sales in GSTR-1 to enable purchasers to claim input tax credit (ITC), but report suppressed sales in GSTR-3B to lower GST liability. Currently, GSTR-3B of a taxpayer includes auto drafted input tax credit (ITC) statements based on inward and outward B2B supplies and also red flags any mismatch between GSTR-1 and 3B.
You telephone bills will become cheaper if the finance minister P Chidambaram heeds to the telecom operators' demand for a reduction in levies.
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
Jaitley also dismissed criticism that lower taxes were aimed at helping corporates.
'Congress party's strategy is two fold -- to disturb and delay.'
GST is intended to create a single market and boost commerce in India's $2 trillion economy
The Congress filed a dissent note on eight provisions.
The Modi government could steer through Parliament 59 out of 75 Bills.
The government now ends its mandate with reaffirmation in the vote-on-account of the same goals, for which it claims to have a clear line of sight.
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
The Rajya Sabha approved 15 legislations during the session while the Lok Sabha passed 23 bills, including the GST bills.
The month-long winter session of Parliament, which begins on Wednesday, is expected to be a stormy one with opposition parties determined to corner the government on several issues, including the issue of demonetising Rs 500 and Rs 1,000 currency notes, which has caused massive outrage across the nation.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
In addition to the negative sentiment as a consequence of changes announced in the Union Budget 2023-24 concerning tax treatment for debt repayment distribution, concerns about hiring slowdown and its leasing impact, as well as higher interest rates, could blight the sector in the near term.
In an apparent jibe at Prime Minister Narendra Modi for neglecting party veterans, BJP leader Yashwant Sinha has said the present regime has declared those above 75 as "brain dead" on assuming office.
The new 10 per cent dividend tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha.
"After the meeting which took place in Srinagar last week, it is safe to say that GST will be levied across the country starting July 1," Gangwar told ANI.
The Bills pertaining to the introduction of a new law and amendment to the Constitution will not be tabled in the coming Budget session of Parliament. finance minister Pranab Mukherjee and state finance ministers will meet in April to decide a new date for the GST rollout.
GST revenue for the month of June stood at Rs 92,849 crore, a 2 per cent increase over the same month a year ago, the Finance Ministry said on Tuesday. The gross GST revenue collected in the month of June 2021 stands at Rs 92,849 crore of which central GST is Rs 16,424 crore, state GST Rs 20,397, Integrated GST Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods), the ministry said. The GST revenues for the month of June 2021 are 2 per cent higher than Rs 90,917 crore collected in June 2020.
7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
He also rejected all charges of alleged cheating and siphoning off money by Congress in the matter.
It's difficult to understand if GDP growth has actually improved.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
BharatPe co-founder Ashneer Grover and his wife Madhuri Jain were stopped at the Delhi international airport following a look out circular issued against them in the alleged fraud at the fintech firm, sources said. The couple were to travel to New York late on Thursday for vacation when they were stopped at the airport on the basis of a look out circular issued by the Economic Offences Wing (EoW) of the Delhi police. EoW is investigating complaints of payments being made at BharatPe to fake human resource consultancies allegedly operated by Grover and family. They have also been accused of backdating invoices to use funds.
Government on Thursday claimed that it had Congress "cornered" on the penultimate day of the Monsoon Session of the Parliament.
Custom duties, a major concern for the oil sector.
Companies are worried that any staggered roll-out of GST could result in cash flow issues with businesses not able claim tax credit due to breakage in the chain
They are now scaling or shutting down their businesses because they can't compete with untaxed grey market gold. India's gold smuggling has increased significantly since the import duty was increased in the Union Budget 2019 in contravention with the broader market expectations of a cut.
The company will operate the IT system for five years.
These companies, the study said, will have to either dip into its cash balance or borrow in short term.
It is likely to be a stormy affair with divergent views on market borrowing. Centre will likely press states to borrow to make up for the shortfall, but states want either the Centre or the GST Council to do so.
Officially called the Border Security, Economic Opportunity and Immigration Modernisation Act, 2013, the Bill being pushed by the Obama administration gives the domestic IT professionals in the US a 60-day period to find a new job after they lose the existing one, among several other sweeping reforms.
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