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
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.
Bengal Finance Minister Amit Mitra expressed confidence in GST.
Neutrality and jurisdiction in international trade need to be discussed threadbare before GST is implemented in India.
Introduction of GST would make Indian products competitive in the domestic and international markets.
GST Council has also reached consensus on the definition of revenue to compensate states for revenue loss
The former Congress chief accused Modi of 'diverting public attention' through various means.
Options include raising both excise and service tax rates in FY16
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.
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
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
Fiscal federalism should not be sacrificed at the altar of GST.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
National Anti-profiteering Authority to be set up for ensuring that customers get the benefit of GST
Manufacturing taxes, VAT will come down, assures Jaitley
Deadline ends, after two extensions and only 70% file detailed return for July
The state has extended its full support, provided its revenues are protected.
He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
The mop-up could have been much higher, but tax on imports fell 2 per cent y-o-y.
Indian food services sector is expected to grow at a CAGR (compounded annual growth rate) of 8.1 per cent between 2024 and 2028 on the back of rapid urbanisation, robust GDP growth, a rising younger population, and greater exposure among consumers, said a new report. The India Food Services Report-2024, brought out by the National Restaurants Association of India (NRAI), states that the sector contributes 1.9 per cent to India's GDP and is projected to grow to Rs 7.76 trillion by 2028 from Rs 5.69 trillion currently.
An article on 'State of the Economy' in the monthly Bulletin also said the improvement in the outlook for agriculture and the revival of rural spending have turned out to be the bright spots in the evolution of demand conditions. Consumer price inflation ticked up in June 2024 after three consecutive months of moderation as a broad flare-up in vegetable prices halted the overall disinflation that had been underway, it said.
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.
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.
The NCP said that all 3 MVA partners are united in running the coalition government in Maharashtra, but no decision has been taken so far on alliance for the 2024 assembly and Lok Sabha elections.
Assocham president Niranjan Hiranandani said his talks with government officials showed dues to industry and states were pending in the form of refunds of income tax, value-added tax, and GST, and compensation, payments to discoms in the power sector, fertiliser subsidies, etc.
Inter-state supply may come under GST composition
What Rajya Sabha can do for the states, no other House can do, the Prime Minister said.
'GST gives a huge relief to small businesses of India and West Bengal.'
Industry experts said the major pain point would be tax collection at source, which would create a rift between sellers and e-commerce companies.
Maharashtra Deputy Chief Minister Ajit Pawar, who heads the Nationalist Congress Party, has said that helming the NCP away from the shadows of his uncle and founder Sharad Pawar after the split is a huge responsibility.
The GST has been a great achievement, but it does suffer from weaknesses, says Chief Economic Adviser Arvind Subramanian.
Under the GST regime, most manufactured goods will turn cheaper.
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.
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.
GST will also make our exports more competitive and also provide a level playing field to domestic industry to compete with imports, the President said.
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.
A total of 35 persons have been arrested by the CGST authorities.
They are evaluating realignment of warehouses and supply chains, besides exploring locations to set up hubs and shutting down some distribution centres
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
