Many large companies to move Appellate Authority against GST demand notices
In recent days, an increasing number of GST notices have been sent to many companies mainly on account of alleged discrepancy in input tax credit (ITC).
Union Finance Minister Arun Jaitley on Thursday chaired a pre-Budget meeting with finance ministers of all states and union territories, officials said.
According to reports, the state finance ministers presented their wish list to Jaitley for budget 2018-19, the first after the implementation of the Goods and Services Tax (GST).
Jaitley will present the Union Budget on February 1 and has said that agriculture sector was a foremost priority for the government as it wants to ensure that the gains of economic growth also reaches the farmers so as to be equitable.
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Market analysts also point to polls coming up in major states this year and the general elections due in 2019, as factors that would weigh on the forthcoming budget in allocations for the farm sector.
Jaitley had on December 29 chaired a pre-Budget consultation meeting with Financial Stability and Development Council (FSDC) to discuss issues related to the fiscal position, external sector environment, financial sector reforms, rising non-performing assets (NPAs), or bad loans, in the banking system and regulatory matters.
The FSDC members include the Reserve Bank of India (RBI) Governor as well as heads of regulatory bodies like Sebi for the capital markets and IRDAI for the insurance sector.
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