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 GST Council, that includes representatives of all states, will meet again on November 3-4 to decide on the tax rates
Experts warn of over-interpreting the numbers and said their sustainability needed to be watched beyond November, says Indivjal Dhasmana.
'There is something fundamentally wrong with the GST -- whether be it the rates, compliance, or the GST Network itself.'
The Bill was introduced in the Lok Sabha in December.
Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
The peak GST rate of 28 per cent as also the 5 per cent ad valorem cess will continue
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
The government has proposed to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related to the new indirect tax regime.
The final rate will be worked out by the GST Council, Finance Minister Arun Jaitley said on Wednesday.
He slammed those trying to stall passage of the Bill in Parliament saying they were attempting to 'stop progress of the country
The cess collected on cars as also tobacco and coal will be used to compensate the revenue loss of states by implementing GST.
The high court's order, which says refunds paid on service inputs can be restricted, runs contrary to Gujarat HC verdict and could complicate matters.
Negotiations near deadlock, as states oppose Constitution Amendment Bill.
The government has decided to compensate states for any revenue loss on account of the implementation of the Goods and Services Tax (GST), a move that will encourage states to go in for the new tax structure scheduled to be implemented from April 1, next year.
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
States' demand of compensation from Centre for loss of tax revenue not on agenda.
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.
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
The prime minister is aware that whatever be its consequences, a new taxation regime cannot be launched closer to the general elections in 2019. Thus, any date after April 2017 for the launch of GST is risky, says A K Bhattacharya.
Once implemented, customers making payments using Rupay card or BHIM UPI will get a cashback of 20 per cent of the total GST amount, subject to a maximum of Rs 100.
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
Since its rollout 13 months ago, the new indirect tax has yielded Rs 1 trillion only in in April 2018
States will have exclusive control over all dealers up to a revenue threshold of Rs 1.5 crore in a year
The GST rate on mobile phones will be hiked to 18 per cent while that on maintenance repair overhaul (MRO) services for aircraft will be lowered to 5 per cent with effect from April 1, Finance Minister Nirmala Sitharaman said on Saturday. The GST rate on handmade and machine-made matchsticks has been rationalised to 12 per cent from 5 per cent and 18 per cent respectively.
The new government may also introduce a separate scheme for revival of stranded gas-based power projects
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
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.
Moody's expects tax to be lower than the multitude of taxes such as sales tax, excise duties, local taxes, and value-added taxes the automobile sector currently pays
The Opposition said that the government was 'bull-dozing'.
'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
Top Congress sources said they would not hold up the Bill.
The GST Council's agenda includes trimming the number of items in the 28 per cent slab by 75 per cent, easier compliance for assessees and small taxpayers, and a presentation on bringing real estate under GST.
Tax experts said historically in July and August indirect tax collections remain subdued and pick up with the onset of the festive season post Ganesh Chaturthi.
The GST Bill, seen as single biggest tax reform in a long time, needs to be ratified by at least 15 state legislatures before the President can notify the GST Council which will decide the new tax rate and other issues
'Like every Budget, this time, too, there is chatter around tinkering with the long-term capital gains tax.' 'Investors may not want to jump into the markets until there is clarity on this front.'
'If petro products are brought into GST, then there will be minor impact on the incidence of tax... and minor impact on prices. The price of petrol, diesel will continue to be driven by global factors'
