Top firms get GST notices on credit claims on Friday; replies sought within hours.
Following passage of the Constitution Bill, 2014, Dass and Finance Minister Himanta Biswa Sarma, who introduced it in the House, exchanged sweets.
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
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.
The GST has been a great achievement, but it does suffer from weaknesses, says Chief Economic Adviser Arvind Subramanian.
Here's what could be ahead for India: A $10-trillion economy by 2030-32, a Sensex at 1,00,000 by 2025, monthly GST revenues at Rs 2 trillion by 2024-25, 100 new unicorns by 2025, and poverty below 5 per cent by 2030, predicts R Jagannathan.
Beside flying squads from RTOs at different points on highways, challans are imposed without any reason. The situation is especially difficult in states like Uttar Pradesh, Rajasthan, Madhya Pradesh, Maharashtra, Gujarat, and Andhra Pradesh.
'Efforts to roll out GST from next fiscal'
"There will be some challenges" in the switchover to GST in the short term, Finance Minister Arun Jaitley has warned.
Some may lose competitiveness due to higher compliance costs
All eyes will be on whether Sitharaman will deliver a populist budget leaving more money in hands of the common man or push the reform agenda by staying on the fiscal glide path to lower the fiscal deficit to 4.5 per cent of GDP by 2025-26.
Chartered accountant and commentator M R Venkatesh on why the GST Bill will cost the BJP dear.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
'Nirmalaji must consider herself a very lucky finance minister, partly because of the government's response to covid and partly because we as a nation have done very well as an economy, post pandemic.'
The Rajya Sabha on Wednesday took up the four bills related to the GST, with the Opposition urging the government to insulate taxpayers from harassment and questioning how the new regime was "ideal" when 40 per cent of the revenue base of the GDP was kept out of its purview.
The Constitution should not encumber these choices, specially limiting them to second-best or third-grade options.
Criticising various provisions in the proposed GST regime, Moily said it will be a "technological nightmare" and the anti-profiteering provisions in it are "far too draconian."
States are apprehensive of losing their rights to raise revenue during emergencies.
The alpona (artwork) on the steep, winding road leading to Makaibari bears testimony to the visit of G20 delegates for the second tourism working group meeting in April last year. The lush tea bushes, the delegates joining in for the moonlight plucking of Silver Tips Imperial first flush, a favourite of late Queen Elizabeth II, cut a picture of mystical magic. But it's not the Kurseong tea garden's only shining moment - the last few years have been busy for the estate and its bungalow.
Since the present law threatens to unleash an avalanche of litigation over a period of time, it makes sense to replace it with a simpler law and build complexities as more experience is gained, says T N C Rajagopalan.
The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
The government on Thursday said it may not be possible to roll out the Goods and Services Tax (GST) from April next year, as the proposal needs consent from all the states. "...the (GST) legislation cannot be voted upon until the ratification is completed...there may be problem on the time factor (April 1, 2012)," Revenue Secretary Sunil Mitra said at a CII post-Budget conference.
The Centre and states are likely to settle for this threshold.
Aiyar has contended that this results in revenue loss, malpractices and even death of people consuming illicit liquor
'Sin tax' is a globally prevalent practice under which products like alcohol and tobacco attract higher rates of tax.
Only luxury and 'sin' items could be left in highest slab. 12 and 18 per cent slabs could be merged in the future
The finance ministry on Friday withdrew expenditure curbs on various departments and ministries imposed in June in the wake of the COVID-19 second wave, reflecting improvement in public finances and the urgency to step up growth.
Jaitley says govt is open to scrapping 1% additional tax on GST
Fiscal federalism should not be sacrificed at the altar of GST.
Pre-Budget excercise next month should scrupulously avoid adventurism of all types and refrain from making excessively ambitious projections on revenue and expenditure numbers for 2023-24, suggests A K Bhattacharya.
The finance minister said the government was open to suggestions.
The BJP leadership is understandably mulling all options on the roll-out of the GST.
'If the NDA comes to power with 320-330 plus seats, then we could see some correction. We could possibly see a level of 19,500 to 20,000.' 'If the NDA comes to power with a majority of 400-plus, we could see the markets going to about 23,500-24,000 levels.' 'And from there we could see some correction because markets are expensive at this point of time and a correction is overdue.'
Some of the players in the GST race are Payworld, Dell, Tally Solutions
The large drop was for export orders that were meant to be delivered until October.
The Central Sales Tax is imposed by the Centre but revenue goes to the states.
Some also demanded empowering of local bodies.
It will bear fruit in the next five years, which is why FDI is so strong. The foreigners clearly know what Indians don't, asserts T C A Srinivasa-Raghavan.
It was better to first build a single-rate GST with a low rate, achieve full mastery of this, and then consider more complex possibilities such as high rates and multiple rates.
Successful demonetisation will help in raising revenues on sustained basis as more and more people will come under the tax net, says a World Bank report.
