The largest challenge for the gigantic exercise between the Centre and the 29 states was to keep the latter interested over the years.
He slammed those trying to stall passage of the Bill in Parliament saying they were attempting to 'stop progress of the country
India studied the Malaysian model, which was scrapped on Wednesday, before implementing the GST and borrowed the anti-profiteering clause to ensure GST benefits are passed on to the end-consumer by the industry
Reacting to the announcement, MSME Minister Nitin Gadkari said clearing GST dues within 30 days will be highly beneficial for the MSME sector and will also be instrumental in increasing job opportunities.
The peak GST rate of 28 per cent as also the 5 per cent ad valorem cess will continue
The old India was economically fragmented. New India will create one tax, one market, one nation, said Jaitley.
Barely 10% of small businesses are in a GST-ready position, say experts
GST rates on under-construction houses maybe reduced from 12 pc with input tax credit to 5 pc without ITC. Similarly, the rate for under-construction affordable houses could come down to 3 per cent without input tax credit, from the current 8 per cent.
The Centre is against giving any shock in the first year of the rollout by bringing in new services.
The GST rate on mobile phones will be hiked to 18 per cent while that on maintenance repair overhaul (MRO) services for aircraft will be lowered to 5 per cent with effect from April 1, Finance Minister Nirmala Sitharaman said on Saturday. The GST rate on handmade and machine-made matchsticks has been rationalised to 12 per cent from 5 per cent and 18 per cent respectively.
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.
'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.'
This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark, despite the festival season.
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.
Continued lack of consensus at next meeting could cast shadow on GST rollout by April 1.
Any residual amount left in the Compensation Fund after five year compensation period shall be shared equally between the Centre and the states.
The Constitution should not encumber these choices, specially limiting them to second-best or third-grade options.
States' demand of compensation from Centre for loss of tax revenue not on agenda.
In the video, Bachchan explains GST as an unifying force just like the three colours in the national flag.
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.
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.
GST council may propose a faster refund procedure, deferment of electronic way bill, further simplification of composition scheme
Amidst a severe water crisis, the Karnataka Water Supply and Sewerage Board banned the usage of drinking water for car washing, gardening, construction, water fountains and road construction and maintenance. It also imposed a fine of Rs 5,000, if the order is violated.
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.
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
The new government may also introduce a separate scheme for revival of stranded gas-based power projects
There is much work to be done to design a good GST.
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
'During times of adversity, a brick becomes better than a stone. That is how I look at the election season.'
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.
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.
'At present, hybrids emit lesser carbon despite using fuel than pure play electric cars.' 'That is because EVs have to be charged and 76 per cent of the country's electricity is still coal-based and not renewables.'
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.
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.
The real estate sector wants "high-impact" measures, like special schemes and tax breaks for developers, to revive the fortunes of the affordable housing segment in the country, multiple executives told Business Standard. This segment has been struggling since the Covid-19 outbreak, in contrast to larger and costlier homes which have been selling like hot cakes. The demand comes at a time when the government is taking suggestions from industry players before tabling the General Budget in the Parliament next month.
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.
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