The implementation of the GST will indeed be a landmark reform.
Pitching for a non-adversarial tax environment, India Inc on Tuesday suggested reduction in tax rates on corporate as well as individuals to boost economic growth.
Early GST rollout to help create more jobs, boost output, says IMF.
Any business that makes inter-state supply is outside the ambit of the scheme
According to the NIPFP, there is the possibility that even if the banking system matures over time, some transactions could bypass the system so as not to pay the BTT.
Sushil Kumar Modi, who ceased to be Bihar Finance Minister following the JD (U)-BJP split, on Monday resigned as Chairman of the Empowered Committee of State Finance Ministers looking into the implementation of the proposed new indirect tax regime - Goods and Services Tax (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."
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The Union government's offer of settling the retrospective taxation case with Cairn Energy may hinge on Vedanta withdrawing the ongoing arbitration from the Singapore Tribunal on the same issue. The government has offered to refund Cairn Energy Rs 7,900 crore that it had collected under the retrospective tax demand on fulfilment of certain conditions, including withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., would be filed. This condition is also part of the Taxation Laws (Amendment) Bill, 2021, passed by Parliament recently.
'We had tremendous faith in honorable Modiji in his second term as he was well-settled. Sadly that has been belied.'
Stocks and sectors impacted most by GST.
The annual Finance Bill may soon become far less exciting as the government plans to lift the veil of secrecy surrounding tax proposals in Budget. Once the Direct Taxes Code (DTC) and Goods and Services Tax (GST) are in place, the finance ministry will adopt a public discussion approach for most future decisions, while confining the annual exercise to a few procedural changes.
The Narendra Modi government's alacrity in promoting ease of tax administration, a critical component in the ease of doing business index, has set in motion several incremental policy and administrative reforms, says Mukesh Butani.
Change in performance appraisal system will deter corruption and motivate officers to pass correct orders.
The Economic Survey states that the rationalisation and reprioritisation of subsidies through better targeting would play a vital role in fiscal consolidation and in targeting expenditure more towards inclusive development.
GST making you anxious? Here is a fact-check on how new tax will impact you.
After comments from the Parliamentary panel, the bill could have been placed in the winter session, and once passed in that session, GST legislation could have been tabled in the Budget session.
A well-functioning GST will enhance tax compliance and boost growth: IMF
The key now is expenditure control, but how much?
The much awaited new indirect tax regime Goods and Service Tax (GST) is unlikely to be implemented from the scheduled date of April 1, 2011, a top government official said on Tuesday.
He says current arrangement is working fine.
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 roadmap given by Finance Minister Pranab Mukherjee makes it clear that this budget will increase financial burden on common people," CPI(M) leader Sitaram Yechury told reporters outside Parliament.
Finance Minister Pranab Mukherjee on Wednesday proposed a three-rate structure for the Goods and Services Tax -- which will simplify the indirect tax regime -- under which goods will attract 20 per cent levy, services 16 per cent and essential items a concessional 12 per cent.
The Centre and the states are yet to reach at an agreement for goods and services to be included in the GST regime. The decision on a lower levy on food products and exemption to some of them is also yet to be taken.
Parliamentary Standing Committee on Finance Chairman Yashwant Sinha wants the government to first introduce goods and services tax (GST) at the central level and set example for states to implement the indirect tax reform.
For every rupee in the government coffer, 70 paise will come from direct and indirect taxes, while the government will spend 23 paise towards the states' share of taxes and duties.
Budget has already bombed at the box office and passing it without a revisit will be a mockery of the exercise though any modification may be short lived and perfunctory, observes V Ranganathan.
The government on Monday expressed its commitment to introduce a uniform indirect tax structure across the country, GST, from the next fiscal after consultation with states.
A few companies continue to pay taxes at 15-20%.
The only saving grace in indirect tax collection during the month was 29.6 per cent rise in service tax realisation.
According to DBS, GST has growth, inflation and fiscal implications.
Modi also reached out to traders, saying their past records will not be checked by the income tax department if they join the formal economy by getting themselves registered under the GST regime.
The removal of 10 per cent surcharge on direct taxes to cost Rs 10,034 crore.
GST will lead to consolidation of multiple indirect taxes
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
The author suggests eight reforms that all parties competing in this year's general elections should embrace.
The Indian stock markets may turn bearish after the US Fed decides to raise interest rates.
As corporate India gears up to be GST-ready, the ongoing litigation and tax dispute cases are something most businesses are cagey about.
The Union government may restate the roadmap or modify it, only after building a consensus with the states, sources said, adding this is not likely to be in the Budget, to be presented by finance minister Pranab Mukherjee on July 6. The Centre and state governments have still not agreed on the GST rate, even though consensus may be building for eight per cent at each level.
Goods and Services Tax would usher in an unified indirect tax regime.
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