Options include raising both excise and service tax rates in FY16
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.
National Anti-profiteering Authority to be set up for ensuring that customers get the benefit of GST
Fiscal federalism should not be sacrificed at the altar of GST.
Deadline ends, after two extensions and only 70% file detailed return for July
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.
Most of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
Response to Rahul yatras in Gujarat forced GST cuts, says Congress. It reflects Modi's willingness to listen, says BJP.
The state has extended its full support, provided its revenues are protected.
'There was a strong undercurrent of deprivation, and also frustration against misuse of power and authority.' 'This election was an opportunity for the manifestation of this discontentment.'
A total of 35 persons have been arrested by the CGST authorities.
Inter-state supply may come under GST composition
'GST gives a huge relief to small businesses of India and West Bengal.'
What Rajya Sabha can do for the states, no other House can do, the Prime Minister said.
Industry experts said the major pain point would be tax collection at source, which would create a rift between sellers and e-commerce companies.
The GST has been a great achievement, but it does suffer from weaknesses, says Chief Economic Adviser Arvind Subramanian.
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.
Under the GST regime, most manufactured goods will turn cheaper.
They are evaluating realignment of warehouses and supply chains, besides exploring locations to set up hubs and shutting down some distribution centres
It has hiked prices of diesel variants of Ciaz and Ertiga models with smart hybrid technology
The problem is not GST itself, but the nature of an economy dominated by small businesses unable to cope with the complexities of the tax, points out T N Ninan.
"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."
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.
The GST will be a national sales tax that will be levied on consumption of goods or use of services
With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.
Assuming we still have a Modi-led majority government after May 2024, there is no guarantee that reforms will move at anything more than a snail's pace, though we must be thankful even for that, notes R Jagannathan.
Kharge accused PM Modi of inciting people over the issues "that the Congress will never do".
According to the draft, in the northeastern states the threshold is at Rs 500,000.
With a view to keeping inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.
India opened up its economy to the private sector in 1991.
Analysts believe the GST could boost India's economic growth by up to 2 percentage points
The Opposition said that the government was 'bull-dozing'.
What is to be done to resist the twin thrusts of the BJP's ideology, majoritarian and a strong centripetal instinct against federalism? asks Aakar Patel.
Jaitley further said the country would eventually move to a two-tier GST, however, this depends on the revenue position of the government.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
"There will be some challenges" in the switchover to GST in the short term, Finance Minister Arun Jaitley has warned.
The Lok Sabha has already passed the Bill.
'These provisions may even be seen to be a threat to burgeoning businesses, since they would view every announcement of a rate cut as a starter's pistol that triggers a long race to adjust prices and to justify the adjustment,' argue Rashmi Deshpande and Anjali Krishnan.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances