As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
The impact of GST is particularly stark in the highly fragmented synthetic textile industry, which attracts different GST rates at different stages of production and sale
Jaitley said the Congress may be upset with the government for 'political reasons'
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
The goods and services tax will level the playing field for different sectors of industry, including domestic manufacturing.
The spreads between state development loans and equivalent-maturity government papers have started widening, and market participants don't expect them to contract anytime soon. The rise in spreads is a direct measure of market displeasure than a rise in yields.
Indications are that the DMK combine will win more seats than the AIADMK and BJP, but is facing a tough fight in about half a dozen from the rest, predicts N Sathiya Moorthy of the electoral contest in Tamil Nadu.
The price of ensuring no disruption after rolling out the GST seems to be an imperfect GST with many relaxations in its compliance norms, says A K Bhattacharya.
The company will operate the IT system for five years.
Prime Minister Narendra Modi addressed the nation at the Central Hall of Parliament ahead of the GST launch at midnight. Here are highlights from the PM's speech
'GST is imperative for India's success.' 'Without GST India will be a less competitive country.'
These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said.
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
The Bills are primarily aimed at helping the MSME sector and small traders, Finance Minister Piyush Goyal said while introducing these in the Lok Sabha
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
GST Council has also reached consensus on the definition of revenue to compensate states for revenue loss
Introduction of GST would make Indian products competitive in the domestic and international markets.
Sushil Kumar Modi, who ceased to be Bihar Finance Minister following the JD (U)-BJP split, on Monday resigned as Chairman of the Empowered Committee of State Finance Ministers looking into the implementation of the proposed new indirect tax regime - Goods and Services Tax (GST).
Bengal Finance Minister Amit Mitra expressed confidence in GST.
On one hand, South Indian states have been complaining about denial of a proportionate portion of the sharable funds from the Centre, based on population. On the other hand, they stand to lose Lok Sabha and Rajya Sabha seats that again are based on population, points out N Sathiya Moorthy.
Though GST could mean complications in the short run, it will bring in undeclared revenues and streamline taxation across the value chain, the benefits should be worth the pain.
Neutrality and jurisdiction in international trade need to be discussed threadbare before GST is implemented in India.
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
India has allocated Rs 1.72 trillion, or 27.67 per cent of the total defence budget to cater to modernisation of the country's arsenal. Modern militaries spend up to 50 to 60 per cent of their total defence budget so that they go into combat with superior weaponry and equipment.
National Anti-profiteering Authority to be set up for ensuring that customers get the benefit of GST
A total of 35 persons have been arrested by the CGST authorities.
Fiscal federalism should not be sacrificed at the altar of GST.
Deadline ends, after two extensions and only 70% file detailed return for July
Options include raising both excise and service tax rates in FY16
Manufacturing taxes, VAT will come down, assures Jaitley
The cess collected on cars as also tobacco and coal will be used to compensate the revenue loss of states by implementing GST.
Response to Rahul yatras in Gujarat forced GST cuts, says Congress. It reflects Modi's willingness to listen, says BJP.
He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
Try to assess whether the broker has good knowledge of the prices prevailing in the area you are interested in, and is able to provide the pros and cons of various projects.
The state has extended its full support, provided its revenues are protected.
Inter-state supply may come under GST composition
'GST gives a huge relief to small businesses of India and West Bengal.'
A total of 25,446 Chinese made electronic and Fast Moving Consumer Goods (FMCGs) were seized from the warehouse on Old Airport Road during the recent raids.
Top Congress leaders from Karnataka led by Chief Minister Siddaramaiah on Wednesday held a protest in Delhi against the Centre over alleged injustice to the southern state in devolution of taxes, sparking a fierce slugfest between the party and the Modi government.
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