In another round of economic booster, Sitharaman announced steps to help homebuyers and push exports.
"GST should not become a 'grossly scary tax'. It should be a 'good and simple tax'," Surjewala said.
The next meeting of the GST Council on January 16 would discuss the issue of jurisdiction over assessees as well as try to reach a finality on taxation of territorial waters
Broader market underperformed with the BSE Midcap and the BSE Smallcap indices losing up to 0.2%
The clarification comes amid reports that sweet shops have discontinued chocolate barfis and chocolate sandesh.
Under GST, the small and medium industries would have to handle things on their own, says V S Krishnan.
The focus will be on tackling the unfinished agenda requiring immediate attention like tax structure for solar projects, uniform tax rate on state-organised and state-authorised lotteries, taxing non-potable alcohol besides certain changes in the law, extension for NAA and rate rationalisation.
Govt doesn't buy restaurants' input tax excuse and has swing into action and looking into profiteering complaints on social media against prominent restaurant and franchise chains.
'At the end of the day, we want to see maximum items out and only few items remaining in the 28 per cent slab.'
Infosys had told the group of ministers that it would expand its 100-member team to speed up the bug fixes.
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.
Market breadth turned negative with 1,779 declines over 884 advances on the BSE
GST council may propose a faster refund procedure, deferment of electronic way bill, further simplification of composition scheme
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.
The move will help address apprehensions as well as potential disputes on various computational and transitional issues such as the loss of input credits and pricing that were bound to arise on account of the change.
Deadline ends, after two extensions and only 70% file detailed return for July
The council also cut GST rates on affordable housing to 1 per cent from the current 8 per cent.
The new tax rates will come into effect from January 1, 2019.
'GST gives a huge relief to small businesses of India and West Bengal.'
The Nifty has gained 2.6% so far this week, while the Sensex has climbed 2.85%
Experts consider Sebi's takeover code in its present form to be on a par with any foreign code governing public mergers and acquisitions.
On Thursday, the Business Advisory Committee of the Lok Sabha, which allocates time for the Bills and discussions to be taken up for the forthcoming week, met, but the government strategists didn't ask the members to allocate time for the GST Bills for the next week.
S&P BSE Midcap index and S&P BSE Smallcap were down 2% and 1.3% respectively
Financials were the top losers after sharp gains in the previous session along with ITC
Modi laid the foundation stone of a four-lane cable-stayed bridge between Okha and Beyt Dwarka.
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
The budgeted indirect tax collection target is Rs 9.26 trillion, and the Centre has collected around Rs 5 trillion in the first 8 months. So it needs another Rs 4.2 trn in the last four months
'We have promised to ensure reduced tax rates.'
Its governing allies are not happy on the economy and complain of ignored concerns but find themselves unable to be assertive.
'Challenges will come but we will stay the course. No big step can be taken if one is afraid of criticism. We will not flinch from criticism,' says Railways Minister Piyush Goyal.
The council decided not to levy any additional tax on small petrol and diesel cars of up to 1200 cc as well as on hybrid ones.
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
Goods like chocolates, chewing gum, shampoo, deodorant, shoe polish, detergents, nutrition drinks and marble will now attract 18% GST>
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
Although the markets could see a knee-jerk reaction, they rule out a sharp fall.
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