The tax would create a single market in India for the first time.
The average rating was seven out of 10.
Reflecting widespread recovery, the 50-share NSE Nifty too spurted by 91 points, or 0.92 per cent to close at 9,979.70.
'This government has always been fiscally conservative. It never resorted to fiscal profligacy.'
Modi must focus on other state-level reforms, such as those in labour laws, leasing of land and agriculture
After 17 tumultuous years, a nationwide Goods and Services Tax (GST) will rollout from midnight of June 30, overhauling India's convoluted indirect taxation system and unifying the $2 trillion economy with 1.3 billion people into a single market.
Amid long-pending dispute between the UK-based telecom giant Vodafone and the tax authorities in India, Finance Minister's advisor Parthasarathi Shome on Wednesday said the government should not use retrospective amendment of tax laws to raise revenues.
Listing out priorities for the Finance Ministry under Arun Jaitley and the Narendra Modi government as a whole, it said the growth rate can pick up to 6 per cent with the extent and pace of reform measures.
The government has changed arbitration laws, amended some 'provisions' of the Companies Act.
Domestic financial institutions and mutual funds on Wendesday pitched for rationalisation of tax provisions to improve ease of doing business in the country.
Growth, said HSBC, would be helped by higher public investment, bankruptcy code and direct transfer of subsidies
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
A month ahead of the Budget, Minister of State for Law Ravi Shankar Prasad on Wednesday favoured "moderate" tax rates and further simplification of procedures while speeding up reforms to push up growth.
The government on Monday indicated that it may tinker with the excise duties and service tax rates in the interim budget in an apparent bid to boost economy but may not pursue key reforms legislations due to lack of political consensus.
But there are fears that any reform could be reduced to tweaking because the tax is so lucrative.
Around 75 per cent of total returns are expected to be e-filed in current year.
Global oil prices have slumped and India has access to larger amounts of discounted Russian crude oil, yet refiners are not passing on their savings to consumers
Modi said the ease of doing business ranking improved because the government initiated reforms to end difficulties in the lives of people.
Spelling out practical problems it has encountered in implementing the Justice Lodha committee's reforms in the Board of Control for Cricket in India and its affiliates in totality, Mumbai Cricket Association said it already has in place measures that, by and large, jell well with the reform process.
Now, funds from Mauritius interested in India will have to weigh paying capital gains taxes that could range from zero to as much as 20 per cent
The Constitution amendment bill for roll-out of GST is pending in Rajya Sabha for a long time.
The Centre could better its fiscal deficit at 6.6 per cent of GDP in this financial year on stronger-than-expected revenue buoyancy, even if the budgeted disinvestment target is not met, Fitch Ratings has said. The international rating agency had last week kept the sovereign rating unchanged at 'BBB-' with a negative outlook, and said that the risks to India's medium-term growth outlook are narrowing with rapid economic recovery from the pandemic and easing financial sector pressures. In an email interview with PTI, Fitch Ratings Director (Asia-Pacific Sovereigns) Jeremy Zook said the two key positive triggers that could lead to a revision of the outlook to stable are implementation of a credible medium-term fiscal strategy to lower debt burden and higher medium-term investment and growth rates without the creation of macroeconomic imbalances, such as from successful structural reform implementation and a healthier financial sector.
The Goods and Services Tax Bill was passed by the Lok Sabha in May.
Monetary policy easing in India puts it out of step with the United States, the world's largest economy, where interest rates are expected to rise later this year
Mauritius and Singapore account for the bulk of the $278 billion in foreign equity investments since 2000
Introducing UCC is a challenging task for any government. The complexities are real and difficult to negotiate as it deals with sensitive religious and cultural sentiments. How can it strike an easy balance between individual rights and community interests?, asks Ramesh Menon.
Direct Taxes Code will make politically difficult changes feasible
GST is the biggest revenue shake-up since independence
'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
Fiscal consolidation is keenly awaited.
GST reform has been hanging fire since 2006-07.
There are high hopes that the Budget for 2014-15 to be presented in Parliament may actually not tinker with the threshold limit or the other tax slabs but could provide reliefs by incentivising savings.
The middle class is a big force to fulfil dreams of a prosperous and developed India and our government has taken many decisions to empower it, the prime minister said.
These are initiatives not commonly seen in economic administration.
'India is showing a reasonable amount of resilience, but we are still living in a world that is quite fragile.' 'That's why we hope that the government will continue to invest significantly in public capex so that we are able to ride through this cycle till the private sector is able to play its part in investing and adding to the capex cycle.'
Parliamentary Affairs Minister Ananth Kumar has already held telephonic talks with leader of the opposition in the Upper House Ghulam Nabi Azad.
Arun Jaitley is on a 10-day trip to the US.
To a question on switching loyalties between one party to another, she said she would stay put with the BJP for all time.
Agricultural incomes can be taxed without hurting farmers, as a substantial section - the small and marginal ones - will remain outside the tax net simply because their incomes are likely to be below the basic exemption limit of Rs 250,000 per annum that is extended to all taxpayers in India, finds out Ishan Bakshi.
The GST will alter the very face of fiscal federalism in India.
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