As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
Nearly 3,500 staffers were working in the building in the Mazagon area in South Mumbai when the fire broke out around 12.30 pm, Maharashtra Deputy Chief Minister Ajit Pawar said. He assured a probe into the the fire, but clarified that no records were lost in the blaze due to digitisation of documents.
GST rate for petrol and diesel cars and hybrid vehicles is already at the highest bracket of 28 per cent plus cess.
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
At present, except Trai, all regulators and the Competition Commission of India (CCI) have powers to levy penalty in case of violation of any rule or law. The GST anti-profiteering authority will be the only institution which will not have the same.
Nirmala Sitharaman on Wednesday assumed charge as the Finance and Corporate Affairs Minister for the second consecutive term and is slated to soon present the final Budget for FY '25 that is going to set the tone for the Modi 3.0 government's priorities and direction for Viksit Bharat. Upon her reaching the North Block office, Sitharaman was greeted by Finance Secretary T V Somanathan and other top officials. Minister of State for Finance Pankaj Chaudhary was also present. Chaudhary assumed charge on Tuesday evening.
Since the legal changes in the draft laws would take some time, it was decided to postpone the November 25 meeting
'The Opposition will continue to be attacked through misuse of agencies, civil society will be force-marched towards extinction and India's plummeting on global indices will continue.' 'Minorities and especially Muslims will continue to have open season declared on them. Institutions will continue their decline,' predicts Aakar Patel.
Bihar Deputy Chief Minister Sushil Kumar Modi said, a hike in GST rates would have hampered consumption amid the economic slowdown. The revenue augmentation panel in the Council meeting recently recommended revisiting and restructuring the GST rate slabs, besides correcting the inverted duty structure. The panel listed 24 items, including mobile phones, footwear, fabrics, LED light, medical equipment, utensils, agri machinery, pharma, and renewable components, which have an inverted duty structure, resulting in refunds of close to Rs 20,000 crore annually.
Close to 202,000 new entities have registered under the GST Network
Steep taxes on petrol and diesel add to the cost of economic activity and reduce the Indian economy's competitiveness. The two fuels must be brought under GST's purview, suggests former IAS officer Ajay Shankar.
The largest challenge for the gigantic exercise between the Centre and the 29 states was to keep the latter interested over the years.
The Centre on Thursday placed before the GST Council two options for borrowing by states to meet the shortfall in GST revenues, pegged at Rs 2.35 lakh crore in the current fiscal.
Prime Minister Narendra Modi addressed the nation at the Central Hall of Parliament ahead of the GST launch at midnight. Here are highlights from the PM's speech
The clarification comes amid reports that sweet shops have discontinued chocolate barfis and chocolate sandesh.
Gandhi said farmers asked him during his Bharat Jodo and Bharat Jodo Nyay yatras about why they were not getting the benefit of loan waivers like billionaire industrialists or MSP (minimum support price) for farm produce.
GST will yield 'better value for money' for car buyers, increasing automobile industry demand, says Sandip Neogi.
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
"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 Centre has decided to keep ayurveda products in the mid-range of the goods and services tax
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
The CAG audit and other data suggests it could be far from the efficient new alternative that was once conceptualised. A conclusive review remains elusive till the government begins to release more granular and comparable data on the complex backend of GST to a deeper scrutiny, by researchers, auditors and the public.
Most of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
A total of 35 persons have been arrested by the CGST authorities.
'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.
Its officers would wear black bands on Monday, which is also Martyrs day, the IRS Association (Customs and Central Excise) has said.
National Anti-profiteering Authority to be set up for ensuring that customers get the benefit of GST
Companies feel higher rates in India would not be justified.
Feroze Azeez, deputy chief executive officer of Anand Rathi Private Wealth Management, appeared on Rediff Chat to answer readers' queries on GST.
The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime
The government is going all out to spread awareness about the new indirect tax regime, and training lawmakers is being seen as a necessary first step.
R Vignesh is a member of the Institute of Cost and Management Accountants of India in Chennai, appeared on Rediff Chat to answer readers' queries on GST.
The lack of clarity on who is next in line, when the time comes, as indeed it will one day some day, reflects poorly on the management of the world's largest political party. It scarcely need be said that a squabble between the contenders, Shah and Yogi, is exactly what the doctor ordered for the Opposition, notes Krishna Prasad.
A GST roll-out by April 1 looks difficult, giving the companies some succour.
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
GST reform has been hanging fire since 2006-07.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year, according to RBI's data on 'Sectoral Deployment of Bank Credit'. Experts from banking and real estate sectors attributed this growth in housing credit outstanding to a strong revival in the residential property market post-COVID pandemic on pent-up demand. According to the data of the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024, the credit outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
'GST is imperative for India's success.' 'Without GST India will be a less competitive country.'
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