This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark, despite the festival season.
The old India was economically fragmented. New India will create one tax, one market, one nation, said Jaitley.
Blocked working capital worth Rs 1,500 crore, in the almost-defunct job work diamond polishing units, is expected to be released even as diamantaires will issue fresh orders to such units following the GST relief.
The peak GST rate of 28 per cent as also the 5 per cent ad valorem cess will continue
He slammed those trying to stall passage of the Bill in Parliament saying they were attempting to 'stop progress of the country
Negotiations near deadlock, as states oppose Constitution Amendment Bill.
The Centre is against giving any shock in the first year of the rollout by bringing in new services.
Barely 10% of small businesses are in a GST-ready position, say experts
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
Continued lack of consensus at next meeting could cast shadow on GST rollout by April 1.
What is to be done to resist the twin thrusts of the BJP's ideology, majoritarian and a strong centripetal instinct against federalism? asks Aakar Patel.
Any residual amount left in the Compensation Fund after five year compensation period shall be shared equally between the Centre and the states.
The lack of clarity on who is next in line, when the time comes, as indeed it will one day some day, reflects poorly on the management of the world's largest political party. It scarcely need be said that a squabble between the contenders, Shah and Yogi, is exactly what the doctor ordered for the Opposition, notes Krishna Prasad.
In the video, Bachchan explains GST as an unifying force just like the three colours in the national flag.
It appears that things will crystallise on several aspects of the GST only by end 2008. This means that the country will only have a period of 15 months, from beginning 2009 to March 2010, to ensure that all the constitutional policy and legislative changes take place. It does seem increasingly a big challenge, says S Madhavan.
The Constitution should not encumber these choices, specially limiting them to second-best or third-grade options.
Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
Banks have been demanding a single centralised registration system, like at present, as they feel multiple registrations would create procedural and compliance problems.
States' demand of compensation from Centre for loss of tax revenue not on agenda.
As much as Rs 6,696 crore has been released to the states as GST compensation for the month of March 2018, as on May 29.
For the government to meet its GST roll-out deadline of April 1, 2017, the states will have to ratify the Bill before Parliament's winter session, starting November.
Assuming we still have a Modi-led majority government after May 2024, there is no guarantee that reforms will move at anything more than a snail's pace, though we must be thankful even for that, notes R Jagannathan.
The new government may also introduce a separate scheme for revival of stranded gas-based power projects
GST council may propose a faster refund procedure, deferment of electronic way bill, further simplification of composition scheme
Penning a Facebook post on the second anniversary of GST rollout, Jaitley said as many as 20 states are already showing more than a 14 per cent increase in their revenues and do not require the Centre to compensate them for revenue loss arising out of GST implementation.
The clarification comes amid reports that sweet shops have discontinued chocolate barfis and chocolate sandesh.
Its officers would wear black bands on Monday, which is also Martyrs day, the IRS Association (Customs and Central Excise) has said.
The GST Council, that includes representatives of all states, will meet again on November 3-4 to decide on the tax rates
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
There is much work to be done to design a good GST.
According to official sources, the number reflects pick up in consumption and improvement in compliance as well.
According to Mitra, items such as foodgrain, vegetables, leather goods, footwear, cottage cheese, puffed and flattened rice, books and entertainment tax, among several others, should be in the zero-tax bracket.
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
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
Central Board of Indirect Taxes and Customs said despite the electronic way or E-way bill mechanism there has been rampant evasion and there is a need to increase compliance.
'The 2024 election results will lead to much intense targeting of Modi, more intense debates, many more breakdowns in Parliament and many more movements on the streets.' 'The results have hit Modi's standing, and the politics of the Opposition parties will be sharply focused to ensure that Modi doesn't get back his charisma of being 'invincible' with help of State power.' Sheela Bhatt looks at the political situation through the prism of 2024 Lok Sabha election results.
At present, except Trai, all regulators and the Competition Commission of India (CCI) have powers to levy penalty in case of violation of any rule or law. The GST anti-profiteering authority will be the only institution which will not have the same.
The discussions are at a very critical stage
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
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