The govt will have to clear hurdles to push GST by March 2015.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
Opposition politicians on Wednesday stalled a last minute attempt by Prime Minister Narendra Modi's government to pass the Goods and Service Tax bill.
Traders are closely watching the progress of the monsoon.
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.
Asserting that his government will implement the five poll 'guarantees' promised ahead of the assembly polls, Karnataka Chief Minister Siddaramaiah on Wednesday said officials have shared their inputs on financial implications, and the cabinet will meet on June 2 to decide on the implementation.
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
GST council may propose a faster refund procedure, deferment of electronic way bill, further simplification of composition scheme
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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.
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.
Tata Group-owned Air India has informed the Centre that aircraft lessors wish to set up their special purpose vehicles (SPVs) outside India since they aren't enthused about the Indian 'legal structure' and are loath to take risks. Indian airlines have a combined fleet of about 700 planes; over 85 per cent are on lease. A majority of lessors are based in Ireland due to its attractive tax policy, light-touch regulations, and swift legal system.
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'.
The panel might also decide on a new chairman.
Will Annamalai's attacks on the DMK revert the anti-BJP feeling in Tamil Nadu, asks N Sathiya Moorthy.
The broad trends of GST collections will make you wonder if indeed the biggest indirect tax reform in the country has led to a real improvement in revenues, notes A K Bhattacharya.
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
Govt is keen to push reforms in the insurance sector.
Once the GST is passed, the centre and states will have to adopt their own law.
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.
Any judgement on whether the March numbers reflect sustainable growth in GST collection should ideally await the numbers that will be out in May, points out A K Bhattacharya.
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.
Analysts say markets to be impacted by monsoon, inflation trajectory.
The disagreement between the Centre and states continued over administrative powers.
Jaitley increased the excise duty on most tobacco products by 10-15 per cent.
In her four-page resignation letter addressed to the prime minister, she said, 'In view of the decision of the government of India to go ahead with the Bill on the issue of marketing of agricultural produce without addressing and removing the apprehensions of farmers and decision of my party, Shiromani Akali Dal, not to be a part of anything that goes against the interest of farmers, I find it impossible to continue to perform my duties as a minister in the union council of ministers.'
The Centre and states are likely to settle for this threshold.
The Maharashtra CM said he doesn't think the Centre has a plan on settlement of Hindu immigrant from other countries.
Newly-elected Conservative Party leader and prime minister in waiting Liz Truss is among the senior British politicians known for championing deeper India-UK strategic and economic ties, describing them as a "sweet spot" of global trade dynamics.
The IMG meeting will be convened shortly.
The Budget loosened the reins on public spending to drive growth.
The very design of the GST will bring in revenue buoyancy.
The winter session of Parliament beginning on Thursday is expected to be a stormy affair, with the opposition set to raise the 'intolerance' issue.
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.
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.
Budget planners for now have been told to prepare with the assumption that GST will apply from April 1.
Britain's third female prime Minister, Liz Truss, was out of office on Thursday after the shortest tenure at 10 Downing Street in London and without a cherished India-UK free trade agreement (FTA) under her belt as a Brexit prize.
The confidence that GST Network is capable of handling the returns, payments, reconciliation, refunds, etc., has been badly shaken.
The government on Wednesday decided not to hold special session of Parliament to pass the constitution amendment bill for rolling out Goods and Services Tax and will recommend to the President to prorogue the Monsoon Session.
There was a "broad agreement" on five issues over which the 18 parties will target the government
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