Neutrality and jurisdiction in international trade need to be discussed threadbare before GST is implemented in India.
The output of eight core sectors grew by 16.8 per cent in May, mainly due to a low base effect and uptick in production of natural gas, refinery products, steel, cement and electricity, official data released on Wednesday showed. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 21.4 per cent in May 2020 due to the lockdown restrictions imposed to control the spread of the COVID-19 infections. In March this year, these key sectors had recorded a growth of 11.4 per cent, and 60.9 per cent in April.
His interaction was webcast live on Twitter.
On Wednesday, the rupee had dropped by 26 paise.
The session will have 20 working days for now.
The government is targeting export of goods and services worth $2 trillion by 2030.
State finance ministers' panel to decide on latest attempt at harmonising of views on Constitution amendment.
Traders are closely watching the progress of the monsoon.
The govt will have to clear hurdles to push GST by March 2015.
Opposition politicians on Wednesday stalled a last minute attempt by Prime Minister Narendra Modi's government to pass the Goods and Service Tax bill.
Donald Trump blamed the Democrats after the bill, which would have provided short-term funding for the Pentagon and other federal agencies, did not receive the required 60 votes.
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
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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.
GST council may propose a faster refund procedure, deferment of electronic way bill, further simplification of composition scheme
Jaitley said the geographical expansion of the BJP in Kerala, after Karnataka and Andhra Pradesh in the South, and the 11 per cent vote share in West Bengal were 'important milestones'.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
The panel might also decide on a new chairman.
Govt is keen to push reforms in the insurance sector.
On the eve of Winter session of Parliament, Rahul Gandhi on Wednesday said that the Congress "strongly" believed that the government should reach out to the Opposition on certain issues.
Sources in the Fifteenth Finance Commission said that they will implement the provisions after the bill is enacted and the President makes a reference to it.
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
Once the GST is passed, the centre and states will have to adopt their own law.
Analysts say markets to be impacted by monsoon, inflation trajectory.
Only three percent of Indians pay income tax; our tax-GDP ratio is among the lowest in the world. This must change. Our elites must realise that India's poverty has damaging consequences for them, and that they can help decrease it. The food security bill, with all its limitations, will hopefully contribute to generating such awareness, says Praful Bidwai.
The Securities and Exchange Board of India (Sebi) has just released a proposal to alter the regulations pertaining to the sponsor system for mutual funds. One of the reasons for the proposed changes is that there are two conflicting regulations that need to be clarified. The other reason is that the sponsor system may itself be outdated as it stands, and the proposed changes would allow new entities such as private equity funds and portfolio management services to enter this space.
The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods), informed the ministry of finance on Saturday. The government has settled Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states in the month of December 2021 after settlements is Rs 48,146 crore for CGST and Rs 49,760 crore for the SGST.
Jaitley increased the excise duty on most tobacco products by 10-15 per cent.
The disagreement between the Centre and states continued over administrative powers.
The Centre and states are likely to settle for this threshold.
The Budget loosened the reins on public spending to drive growth.
The winter session of Parliament beginning on Thursday is expected to be a stormy affair, with the opposition set to raise the 'intolerance' issue.
The IMG meeting will be convened shortly.
The very design of the GST will bring in revenue buoyancy.
The Economic Offences Wing of the Delhi Police has filed an FIR against former BharatPe co-founder Ashneer Grover, his wife Madhuri Jain Grover and family members Deepak Gupta, Suresh Jain and Shwetank Jain for an alleged Rs 81 crore fraud after a complaint by the fintech unicorn. The FIR, a copy of which has been seen by PTI, was filed under eight sections of the Indian Penal Code, including 406 that deals with criminal breach of trust, 420 (cheating and dishonesty), 467 and 468 (forgery). BharatPe in the complaint alleged that Grover and his family caused damages of about Rs 81.3 crore through illegitimate payments to bogus human resource consultants, inflated and undue payments through passthrough vendors connected to the accused, sham transactions in input tax credit and payment of penalty to GST authorities, illegal payment to travel agencies, forged invoices by Madhuri Jain and destruction of evidence.
Despite Uber facing a ban across many states, including Karnataka and Maharashtra, for Lingaraju, a driver employed by the company in Bengaluru, it is business as usual.
R Vignesh is a member of the Institute of Cost and Management Accountants of India in Chennai, appeared on Rediff Chat to answer readers' queries on GST.
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