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.
'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.'
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
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.
GST will now apply to mutual funds, loan instalments and credit card dues.
Companies feel higher rates in India would not be justified.
Tomato prices have been on the boil for more than a month. Data from major cities show that the spike has been between 125 and 150 per cent at the wholesale level. Soaring vegetable prices, including tomatoes, pushed the retail inflation rate to a nine-month high of 5.49 per cent in September, according to government data. Though reports say prices are expected to come down in the next few weeks after supplies improve from Madhya Pradesh and Himachal Pradesh, how long will the respite last is anybody's guess.
'Ranbir Kapoor has only one film as does Salman Khan.' 'Hrithik Roshan only has War 2.' 'Ranveer Singh has no film on floors today.'
Negotiations near deadlock, as states oppose Constitution Amendment Bill.
Leader of Canada's New Democratic Party (NDP) Jagmeet Singh has announced that he is withdrawing support to Prime Minister Justin Trudeau's government.
GST will yield 'better value for money' for car buyers, increasing automobile industry demand, says Sandip Neogi.
He slammed those trying to stall passage of the Bill in Parliament saying they were attempting to 'stop progress of the country
Consensus seems a problem before the current session of Parliament ends.
The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
The largest challenge for the gigantic exercise between the Centre and the 29 states was to keep the latter interested over the years.
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.
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.
For every rupee in the government coffer, the biggest pie of 63 paise will come from direct and indirect taxes, according to the Union Budget 2024-25 documents.
Barely 10% of small businesses are in a GST-ready position, say experts
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.
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
The Centre is against giving any shock in the first year of the rollout by bringing in new services.
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.
'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.'
In the current financial year, the Centre released nearly Rs 1 lakh crore compensation to the states till September.
Continued lack of consensus at next meeting could cast shadow on GST rollout by April 1.
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.
States' demand of compensation from Centre for loss of tax revenue not on agenda.
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 Constitution should not encumber these choices, specially limiting them to second-best or third-grade options.
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.
Traversing from being just vehicle manufacturers to mobility solutions providers amid a raging debate over which eco-friendly technology must be incentivised, the Indian automobile industry is driving in the new year under the shadow of a slowdown in sales with the post-pandemic pent-up demand in distant memory. The shift in the auto industry -- where advanced technologies like autonomous driving, vehicle intelligence, connected features and electrification are quickly gaining traction -- will be reflected in the upcoming Bharat Mobility Global Expo in which India's flagship Auto Expo has been clubbed to be held from January 17-22, 2025 in Delhi-NCR.
Any residual amount left in the Compensation Fund after five year compensation period shall be shared equally between the Centre and the states.
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
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.
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.
The liquidity in the banking system moved into surplus almost after three months as the Reserve Bank of India (RBI) absorbed over Rs 40,000 crore from the market on Monday, predominantly on the back of increased government spending. However, this situation may be short-lived given the higher demand for funds to pay taxes and year-end targets, treasury executives said. Meanwhile, two variable reverse repo rate (VRRR) auctions held on Tuesday received weak response.
