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.
It has hiked prices of diesel variants of Ciaz and Ertiga models with smart hybrid technology
India opened up its economy to the private sector in 1991.
The Opposition said that the government was 'bull-dozing'.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
The GST will be a national sales tax that will be levied on consumption of goods or use of services
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.
Analysts believe the GST could boost India's economic growth by up to 2 percentage points
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
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.
Gujarat and Karnataka have been ranked as the best performers in developing startup ecosystem for budding entrepreneurs, according to the ranking of states and Union territories by the Department for Promotion of Industry and Internal Trade (DPIIT). Among smaller states having population of less than one crore, Meghalaya has been adjudged as the best performer. The rankings are based on the initiatives taken to develop the startup ecosystem for promoting budding entrepreneurs.
The Lok Sabha has already passed the Bill.
Jaitley further said the country would eventually move to a two-tier GST, however, this depends on the revenue position of the government.
Parliamentary Standing Committee on Finance Chairman Yashwant Sinha wants the government to first introduce goods and services tax (GST) at the central level and set example for states to implement the indirect tax reform.
The GST will alter the very face of fiscal federalism in India.
Jaitley promised the states that they would be fully compensated for any loss of revenue arising from implementation of GST.
'In practice, GST will increase the pain of compliance, if not the cost, a lot.' 'It also has clauses that offer scope to create a single market for corruption,' warns Devangshu Datta.
States are apprehensive of losing their rights to raise revenue during emergencies.
"There will be some challenges" in the switchover to GST in the short term, Finance Minister Arun Jaitley has warned.
Chartered accountant and commentator M R Venkatesh on why the GST Bill will cost the BJP dear.
According to DBS, GST has growth, inflation and fiscal implications.
An area of worry relates to simplification of the refund procedure where the inverted duty structure prevails
"The industry is looking at a rate of 12-16 per cent. So, it entirely depends on how it gets. But the bigger concern is how the GST is applied," said R Chandrashekhar, president of Nasscom.
The panel, headed by the Union finance minister and comprising of representatives of all states and UTs, decided on tax rate based on recommendation of a group of ministers that looked at taxing casinos, horse racing and online gaming.
'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.
The transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories.
Sushil Kumar Modi tells Business Standard the spirit of collective federalism needs to be heeded by all sides if the key reform is to become a reality.
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 forthcoming Budget, the last full one before the 2019 Lok Sabha elections, is expected to contain a number of sops and feel-good announcements, especially regarding social sector schemes.
The Empowered Committee of State Finance Ministers got its new chairman on Monday in Jammu and Kashmir's Abdul Rahim Rather.
Rajya Sabha witnessed heated exchanges between the treasury and opposition benches after Congress leader Mallikarjun Kharge made remarks on the manner in which political parties select women candidates from weaker sections and raised the issue of 'delayed' GST payments to non-Bharatiya Janata Party ruled states.
To meet the yearly target, each of the next five months has to yield Rs 1.107 trillion GST collections.
The constitution amendment Bill on a national GST is likely to be tabled in the current session of Parliament. However, the government is not confident of passing the Bill this session.
The benefits are common in many cases, but are also different in some other respects.
Criticising various provisions in the proposed GST regime, Moily said it will be a "technological nightmare" and the anti-profiteering provisions in it are "far too draconian."
'In a nation where safety standards are the lowest in the world, why make compliance expensive?' asks Aakar Patel.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
Common items between Centre and states - bread, eggs, milk, vegetables, cereals, books and salt - will continue to be exempted.
The final rate will be worked out by the GST Council, Finance Minister Arun Jaitley said on Wednesday.
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
