Although the markets could see a knee-jerk reaction, they rule out a sharp fall.
The GST's significance for the BJP's politics is as important as its implications for the Indian economy, says A K Bhattacharya.
The former Congress chief accused Modi of 'diverting public attention' through various means.
A future road map could be to work towards a single standard rate instead of two standard rates of 12 per cent and 18 per cent, he said.
The recent 'revelation' by TN fishers freed by Sri Lanka after they had paid up Lankan rupees 50,000 each in fines, that their hair was tonsured in prison and they were forced to remove their garments other than the underpants, and were also made to clean toilets, as if with vengeance, has touched a raw nerve this time, just as another issue or issues had done it ahead of the Jallikattu protests, observes N Sathiya Moorthy.
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The GST will subsume most of the indirect taxes like excise duty and service tax
There is a need to incentivise R&D investments, offer corporate tax concessions and establish an effective intellectual property rights regime in order to push the growth of domestic pharmaceutical industry, as per the industry bodies. Outlining the sector's wish list for the upcoming Union Budget, Organisation of Pharmaceutical Producers of India (OPPI) Director General Anil Matai urged the government to explore methods to incentivise R&D investments, such as deductions on R&D expenses, research-linked incentives for MNCs, and corporate tax concessions.
As the triangular political contest in Telangana intensifies, many believe that for the regional major BRS, it is a battle for survival after being routed in the assembly polls held late last year. What is haunting the party this time is the scams, the 10-year anti-incumbency factor, and family dominance in the party.
Experts said this will mean that companies, which have offices in multiple states, will have to raise Goods and Services Tax invoice for functions performed by employees in head office that has helped branches in other states.
The central government wants to impose the levy; many states are opposed - at least, to the Centre doing so
GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as the Covid-19 lockdown that shut most businesses compounded tax collection woes in an already sluggish economy. Goods and Services Tax (GST) mop-up in March recorded a 8.4 per cent decline over March 2019 collection of Rs 1.06 lakh crore. The collections were lower on account of dip in revenues from domestic transactions as well as imports.
The CAG audit and other data suggests it could be far from the efficient new alternative that was once conceptualised. A conclusive review remains elusive till the government begins to release more granular and comparable data on the complex backend of GST to a deeper scrutiny, by researchers, auditors and the public.
'Because of the COVID-19 pandemic situation today, the revenues of the states have gone down, the GST money is not coming and all the states combined have lost more than Rs 365,000 crore in revenue.' 'To make it worse, the Government of India is not compensating us for the shortfall, which it must as per its Constitutional obligations.'
For the sake of transparency, and to reduce undesirable bond market volatility, clarity on these would be welcome, preferably before the budgets for the next fiscal year get finalised, says Neelkanth Mishra.
With the Dravida Munnetra Kazhagam and allies far ahead in all the 39 Lok Sabha constituencies in the state and 1 in neighbouring Puducherry, it appears the outcome, for the Stalin-led Dravidian party will be similar to the success of the popular flick Baahubali.
Petroleum Minister Dharmendra Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
GST is a landmark reform considering the sweeping changes it brings about in the indirect tax regime in India.
The GST Council's agenda includes trimming the number of items in the 28 per cent slab by 75 per cent, easier compliance for assessees and small taxpayers, and a presentation on bringing real estate under GST.
A minimum levy of 12 per cent GST on tea will increase the cost, which will ultimately be passed on to consumers.
The National Anti-Profiteering Authority has ordered FMCG major Nestle to deposit Rs 73.15 crore with Consumer Welfare Fund for not passing GST rate reduction benefit to consumers. Refuting the charges, Nestle said the benefits largely have been passed on by way of reduction of MRP or by way of increase in grammage.
Businesses that are engaged in both taxable and non-GST supply have re-structured themselves into separate entities to avoid elaborate compliance, says Sudipto Dey.
He also said GST will take about a year to stabilise.
Will it benefit you? Or will it lead to an increase in inflation? Bipin Sapra believes it will be some time before GST's benefits reach consumers.
It is far from clear that this GST will have the silver bullet effect that the "pure" GST would have provided, says Mihir S Sharma.
The next meeting of the GST Council on January 16 would discuss the issue of jurisdiction over assessees as well as try to reach a finality on taxation of territorial waters
Dosa batter, custard powder, kitchen lighter may become cheaper under GST
GST will now apply to mutual funds, loan instalments and credit card dues.
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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.
Companies feel higher rates in India would not be justified.
The high court's order, which says refunds paid on service inputs can be restricted, runs contrary to Gujarat HC verdict and could complicate matters.
In the current financial year, the Centre released nearly Rs 1 lakh crore compensation to the states till September.
GST will yield 'better value for money' for car buyers, increasing automobile industry demand, says Sandip Neogi.
The price of aviation turbine fuel has increased by 50 per cent since January and the situation has adversely impacted IndiGo, its CEO Ronojoy Dutta said on Wednesday. He said the government should bring aviation turbine fuel (ATF) under the Goods and Services Tax (GST) and make flying affordable for consumers and viable for airlines. IndiGo is India's largest airline and with around 55 per cent share in the domestic passenger market.
Consensus seems a problem before the current session of Parliament ends.
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
The focus will be on tackling the unfinished agenda requiring immediate attention like tax structure for solar projects, uniform tax rate on state-organised and state-authorised lotteries, taxing non-potable alcohol besides certain changes in the law, extension for NAA and rate rationalisation.
Finance ministers from Congress-ruled states say they have alerted the Centre about the problems in GST for several months, but it is only now with the Gujarat assembly election around the corner that the Modi regime has started heeding these suggestions.
Negotiations near deadlock, as states oppose Constitution Amendment Bill.
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