BSE Auto index fell over 0.5% after reports that automobiles might get costlier post GST
21-member parliament panel would review the bill.
The Deutsche report said though India must move to a GST regime, the transition is likely to be disruptive for large sections of the economy and SMEs
The empowered committee on GST headed by West Bengal finance minister Asim Dasgupta has agreed to a dual structure of the proposed indirect tax regime, which is likely to be introduced from April 2010. The new tax regime would do away with most of the indirect taxes levied at the Centre like excise and services tax, and VAT and Octroi at the State level.
Life Insurance Corporation of India (LIC) February 8 for the first time ever crossed the Rs 7 trillion market capitalisation, as the stock price of state-owned insurer hit a new high of Rs 1,144,45, on rallying 10 per cent on the BSE. The board of directors of the Corporation are scheduled to meet today i.e. February 8, 2024, to consider a proposal for declaration of interim dividend for the financial year 2023-24 (FY24). The board will also consider and approve the unaudited financial results for the quarter and nine-month period ended on December 31, 2023.
GST is intended to create a single market and boost commerce in India's $2 trillion economy
Though the intent has been hailed as good for the economy, teething problems remain with a five-rate structure for various goods and services
The new tax rates will come into effect from January 1, 2019.
Most chief ministers are in favour of the new tax regime.
Dispute between Centre and states over CST set to upset April 2012 deadline.
The Goods and Services Tax Bill was passed by the Lok Sabha in May.
The finance minister is "reasonably confident" that when it comes to the crunch, "it would be extremely difficult even for the Congress party to take a contrarian view" on the GST Bill.
Ruptures in the opposition unity emerged barely a week after 17 parties joined hands to put up a joint candidate against the ruling National Democratic Alliance nominee for the July 17 presidential election.
The GST will subsume excise, service tax, value added tax, octroi etc.
India moving in right direction on GST, says Panagariya.
Experts share their views on the steps that will help businesses become GST-ready.
Modi said the Goods and Services Tax has within one year of its launch led to over 70 per cent jump in indirect taxpayer base, demolished check-posts and merged 17 taxes and 23 cesses into one single tax.
Work has to be done on a war footing from now to implement the GST regime.
Make In India and the reduction in barriers of trade will potentially create a growth environment.
The government is banking on help from regional parties and rejigged numbers in the Rajya Sabha.
Jaitley's concerns are unlikely to cut much ice with the Congress.
GST will create a single, unified Indian market to make the economy stronger.
There is mutual invoice matching which ensures reason why GST was brought in first place, says Adhia.
The central government, in its revised draft of the constitution amendment bill, had proposed that fuel and liquor should be brought under the ambit of GST.
'The manufacturing sector and the capital goods industry need all the support that the government can provide, because they are working in a global market where trade restrictions are coming down every day,' says Amar Kaul.
Modi must focus on other state-level reforms, such as those in labour laws, leasing of land and agriculture
The GST Council had given the option to real estate companies to either opt for old rates of 12% (for residential) and 8 per cent (affordable housing) with ITC benefits or the new tax rates of 5% for residential units and 1% for affordable housing without the benefit of adjusting the credit on inputs used during construction.
State finance ministers' panel to decide on latest attempt at harmonising of views on Constitution amendment.
Rationalisation of rates will be taken up for smaller items that do not have major revenue implications but are commonly consumed at the GST Council meet on Saturday
Calling Prime Minister Narendra Modi "Saheb" during a discussion on the government's resolution on good works in the Delhi assembly's special session, Kejriwal said the nation is not with him in his "theatrics".
Chief Economic Advisor Arvind Subramanian spoke on a wide range of issues -- from GDP growth and fiscal consolidation to job creation and GST.
In an attempt to get states to implement the Goods and Services Tax (GST) by next April, the Centre has softened its stance on most proposals in the draft Constitutional Amendment Bill that Finance Minister Pranab Mukherjee hopes to pilot in the monsoon session.
Among the Sensex firms, Asian Paints, Tata Steel, HCL Technologies, Nestle, Maruti, JSW Steel, NTPC and Larsen & Toubro were the major laggards. Sun Pharma, Bajaj Finserv, Reliance Industries, State Bank of India and Bharti Airtel were the gainers.
For supply rules, the location decides where goods or services will be taxed.
1.03 crore taxpayers have been registered under GST till February 25, of which 17.65 lakh are composition dealers who are required to file returns every quarter.
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