Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
The finance ministry has suggested forming a GST council, headed by the Union finance minister, to address disputes between the Centre and the states in the proposed GST regime.
The GST Council, that includes representatives of all states, will meet again on November 3-4 to decide on the tax rates
A day before unveiling the Budget, Finance Minister Pranab Mukherjee will table the Economic Survey in Parliament on Thursday which will take stock of the economy and also the impact of stimulus on industry.
The Trinamool Congress on Thursday dismissed that it has reached an understanding with the Bharatiya Janata Party in the Rajya Sabha where the National Democratic Alliance does not have a majority.
The new policy would create more vacancies at the Centre, as some who were denied promotions are thinking of returning to their home state, report Sahil Makkar and Ishan Bakshi.
The Supreme Court on Monday came down heavily on certain states for not implementing welfare legislation National Food Security Act, saying that why a state like Gujarat was not implementing the law passed by Parliament.
At present, the threshold prescribed for imposition of Value Added Tax -- which will be abolished when GST comes into effect -- differs from state to state.
The Supreme Court on Friday suggested to the woman, who was tailed by Gujarat police five years ago, to approach the high court against the state government-appointed probe after the Centre said it was not going ahead with its commission of inquiry into the issue.
Chief Minister O Panneerselvam wrote to Prime Minister Narendra Modi, saying "considering the groundswell of sentiment and support for the conduct of Jallikattu all over Tamil Nadu, this is an issue on which the government of India must act with maximum despatch."
Paper sector wants the aggregate GST levies by the Centre and State to not exceed 6 per cent.
'Implementation of GST would lead to the growth story of India'.
Prime Minister Manmohan Singh on Saturday said the Centre and states should not hesitate to take strong measures, including against hoarders and black marketeers, to check the spiraling prices of essential commodities in the wake of delayed and deficient monsoon."In short, the contingency plan for crops, drinking water, human and animal health, fodder, etc should be brought into operation without delay and a close watch kept on availability of foodgrains," he said.
Reaching out to the states, Prime Minister Narendra Modi on Sunday said the Centre and states should work together as 'Team India' to solve national problems like they have worked to resolve issues like the Indo-Bangla Land Boundary Agreement.
The Bills pertaining to the introduction of a new law and amendment to the Constitution will not be tabled in the coming Budget session of Parliament. finance minister Pranab Mukherjee and state finance ministers will meet in April to decide a new date for the GST rollout.
Introduction of GST would make Indian products competitive in the domestic and international markets.
Though power reforms are the most important item on the government's agenda, it often leads to face-offs between the Centre and states.
The goods and services tax is scheduled to be introduced from April 1, 2010. However, finance minister Pranab Mukherjee had recently said while the Centre and the states were serious over introducing the system as per schedule, he would not be surprised if there was slippage of a few months.
However, a healthy deposit mobilisation will help banks insulate themselves from liquidity pressure due to heavy government borrowing even if the credit demand picks up.
The Left and Congress said that the PM should have been more respectful and sensitive in his speech.
Following is the full text of Prime Minister Narendra Modi's address from the ramparts of the Red Fort on the 73rd Independence Day.
Voicing concern over incidents of intolerance, including the killing of Kannada thinker M M Kalburgi, a group of scientists has petitioned President Pranab Mukherjee, urging him to initiate "suitable actions".
Rijiju said the Congress must apologise to the people of Arunachal for failing to remain as united, corruption free and accountable to the people.
The combined share of customs and excise duties, service tax, and value-added tax in India's gross domestic product reached an all-time high of 10.5%.
"On one hand they eat 'biryani' in plate given by the same 'Nizam' and then criticise us on the other hand. They have got ministries at the Centre and state, enjoy perks of power only because of the favour of the same 'Nizam' and then curse BJP. This is called 'ungratefulness'," the article says.
India plans to keep its fiscal deficit within 3.9% of GDP.
The improvement in the fiscal health of particularly the states and the Centre led the high growth trajectory of the period FY'04 to FY'08, according to the pre-Budget Economic Survey, presented in Parliament on Thursday.
The newly-created NITI Aayog will be a think-tank having experts and representative on its board from states and the Centre.
NITI Aayog was set up as a think-tank for the Centre and states on January 1 replacing over six-decade old Planning Commission.
The UID number should have age, breed, sex, lactation, height, body, colour, horn type, tail switch and special marks details of the animal, the Centre said.
While Rajini said the protests by the students 'should be etched in golden letters', Haasan questioned police force on the students.
'While the GST is structured to be an all-encompassing tax and to create a vastly expanded digital network of recorded transactions, no one knows how traders long used to avoiding taxes will apply their ingenuity,' says T N Ninan.
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.
About 1,556 shares have advanced, 1,211 shares declined, and 182 shares are unchanged.
The TDP chief said he tried to speak to Prime Minister Narendra Modi as a 'courtesy' to inform him about the decision to quit but he did not come on line.
He said all necessary medical help should be given to the injured, including treatment in India, if required.
The need for co-ordinated policy between Centre and states was likewise foreseen and assigned.
The argument that existing rules do not apply to them will no longer hold ground.
For any proposal to be cleared, it has to get 75% of the vote.
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