"After the meeting which took place in Srinagar last week, it is safe to say that GST will be levied across the country starting July 1," Gangwar told ANI.
The new series claims GDP grew at seven per cent between April and June 2015, while gross value added (GVA) grew at 7.1 per cent.
Having faced a debacle in four Assembly elections recently, the UPA government is exploring ways to woo voters before the coming general elections - without deviating from the path of fiscal consolidation.
Excise duty hike for cigarettes could be lower.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
The obvious temptation for Mr Jaitley would be to achieve a better fiscal deficit figure than what he had promised in July.
Economy showing mixed signals, outlook challenging: FinMin
The states have unanimously pitched for sole administrative powers to carry out assessment, scrutiny and enforcement for entities up to an annual turnover of Rs 1.5 crore.
The government can argue the change targets only those residing abroad but the fact remains that it does affect the kin and friends in India of non-residents.
As much as Rs 8,000 crore worth of mobile phones in this segment - out of a total of Rs 15,000 crore - come into the country through the grey market. The government imposed the duty on these phones primarily to encourage domestic production but the strategy has failed as the bulk of high end mobile phones are currently imported.
The stock market, the Survey felt, had run away from underlying real economy indicators and asked if this indicated rational confidence or irrational exuberance.
Jaitley said growing at 8-10 per cent for a significant number of years will help India find an answer to poverty.
The agency had called him a hostile witness after he made the allegations.
Barely 10% of small businesses are in a GST-ready position, say experts
'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.'
.jpg)
The GST Bill, introduced in Parliament in 2010, is being vetted by the Standing Committee on Finance. Now, the states and the Centre would together finalise the draft and bring it back to Parliament.
Former prime minister Manmohan Singh said India is poised to take advantage of globalisation and engage in trade to finance its imports through exports.
Across 10 prominent services, revenue to the government reduced by 20 per cent in the first year of GST compared to the last year of the service tax regime. This happened despite tax liability against these services growing by 50 per cent in one year.
The ED has received documents from almost all banks that lent money to KFA.
The flow of economic news suggests that "good days" are not here as yet.
... if high oil prices persist or stock prices correct sharply.
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
Softening the demonetisation blow, the Budget for 2017-18 on Wednesday halved the tax to 5 per cent on incomes up to Rs 500,000 but proposed a new surcharge of 10 per cent on incomes between Rs 50 lakh and Rs 1 crore and raised duties on cigarettes and pan masala while stepping up allocations for infrastructure, rural, agriculture and social sectors.
Slight recovery in growth is expected only in July-September.
'GST is imperative for India's success.' 'Without GST India will be a less competitive country.'
In the last financial year, GDP growth was 7.3 per cent.
The challenges before the government, he said, is to put public sector banks back on track and continue to operationalise stalled infrastructure projects
From the roll-out of GST to H1B visa problems, the government needs to quickly deal with various disruptions.
India can be rated as among the best performing economies in the world
There will be a review of employee compensation arrangement in the light of the new rules.
Compliance requirements, valuation, input tax credit transfers are likely to lead to tax litigation, says Sayan Ghosal.
The very design of the GST will bring in revenue buoyancy.
A glance back at some important events that occurred in 2018.
The government was exploring options to secure higher dividend payment from state-run companies.
It is doubtful that our political masters are even aware of the features of the Model Law.
India's latest GDP numbers do not signal robust economic growth in near term.
Finance ministry's drive is meant to meet fiscal deficit target and improve overall efficiency in government spending.
The government has made its initial moves, good and not-so-good, while the roll-out in some cases has been slow.
The Centre is against giving any shock in the first year of the rollout by bringing in new services.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances