Leading trade associations on Wednesday threatened to go on a 48-hour nationwide strike from March 31 to protest the introduction of value-added tax from the next fiscal.
The Congress will respond comprehensively only after specificity emerges in the proposals, reports Amit Agnihotri.
"There will be some challenges" in the switchover to GST in the short term, Finance Minister Arun Jaitley has warned.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Drabu said the GST regime will roll out in the state at midnight on Friday, making Jammu and Kashmir the last state to join the new tax regime.
The transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
Most chief ministers are in favour of the new tax regime.
Delivering the key mote address at the Citi's Investor Summit, Jaitley hoped that as a professional organisation the Reserve Bank will take 'the best decision'.
With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.
The old India was economically fragmented. New India will create one tax, one market, one nation, said Jaitley.
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
GST rates would depend upon whether the commodity is used by a rich person or a common man
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
While Union Finance Minister Nirmala Sitharaman reiterated her stand that the central government was committed to cooperative federalism, finance ministers of non-BJP ruled states such as Punjab and Kerala said she refused to give a categorical assurance that states will be paid compensation on time.
Stronger rupee likely to take a toll; Infosys results on April 13 to be keenly watched
In the quarter ended September 30, the Pirojsha Godrej-led firm recorded Rs 492 crore net sales, up 49% year-on-year
Fast-moving consumer goods companies have begun assessing the impact of the rate structure declared on Thursday under the goods and services tax.
Godrej group Chairman Adi Godrej describes in an interview to Viveat Susan Pinto the way forward for the conglomerate after the implementation of the GST.
Stock clearing to rain discounts on consumers in June ahead of GST rollout.
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.
"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.
A reading above 50 indicates expansion, while a score below this mark means contraction
The GDP slumped to a three-year low lagging China for the second straight quarter -- as manufacturing slowed ahead of the GST launch amid demonetisation effect.
Noting that there is a huge potential in the agricultural sector, he said value added production through processing could add considerably to the economic growth.
The state has extended its full support, provided its revenues are protected.
Campaigning for the third day in a row in the state that goes to the polls on November 9, he said the election was not being fought by his party, the Bharatiya Janata Party, but the people of the state who were out to "teach" a lesson to the Congress for corruption and poor law and order.
Sector analysts opined that the northern, central and eastern markets were particularly hit
Budget 2014 is a strong first step to slowly re-architecting and reviving our economy and transform India, says Rajeev Chandrasekhar.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
Currently, the five-year FTP aims to raise total exports to $900 billion but targets may be reduced
The new system would be especially beneficial for Qualified Foreign Investors.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
'One way to deal with these is to address these quickly and have rapid reaction teams in New Delhi, the state capitals and wherever possible.'
Budget planners for now have been told to prepare with the assumption that GST will apply from April 1.
Modi must focus on other state-level reforms, such as those in labour laws, leasing of land and agriculture
While good news from several quarters has been trickling in, El Nino might be a dampener, says T N Ninan.
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The GST will subsume most of the indirect taxes like excise duty and service tax
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