Tag: GST

‘Incidence of indirect taxes won’t go up under GST’

The government would not allow increase of incidence of indirect taxes on manufacturing products under the Goods and Services Tax (GST) regime, Union Minister of State for Finance and Corporate Affairs Arjun Ram Meghwal said on Sunday. He also said that with the standard rate of GST, there would also be slab-based rates for different …

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September 18, 2016

Traders’ call to exempt tea from levy of GST

Tea traders here on Saturday appealed to the Centre to exempt tea from levy of the proposed Goods and Services Tax (GST) and remove it from the list of taxable items under the GST Act. If total exemption was not possible, at least tea should be exempted from GST at first point sale made in …

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September 17, 2016

GST may have multiple rates initially: Adhia

The goods and services tax (GST) may have multiple rates on the lines of some European countries and a revenue neutral rate will not be possible initially, Revenue Secretary Hasmukh Adhia said here on Friday. The uniform indirect tax is expected to be rolled out from April next year. Adhia, however, said the final decision …

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September 17, 2016

Modi reviews preparedness to roll-out GST

Prime Minister Narendra Modi has reviewed the preparedness for roll-out of the Goods and Services Tax (GST) from April 1, 2017, and asked departments and ministries concerned to take all steps to adhere to the timeline. An official statement issued on Thursday said the Prime Minister held a meeting to review the preparedness to roll …

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September 15, 2016

Ahead of time schedule: Revenue secretary on GST

Revenue Secretary Hasmukh Adhia on Monday clarified that the Goods and Service Tax (GST) will be implemented on time and the work procedure is ahead of the schedule.  "We are so far ahead of time schedule in implementing GST," Adhia said. "We are fully geared up for April 1, 2017, deadline for GST roll out," he added.  The …

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September 12, 2016

Karnataka Cabinet calls off special session

With GST already having become a law, Karnataka Cabinet on Saturday decided to call off the special session of the legislature to be convened on September 14 to ratify the Goods and Services Tax Constitution Amendment Bill. "Since the amendment has been approved by the President of India and has become law of the land, …

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September 10, 2016

President Pranab Mukherjee hopes Govt sets up GST Council soon

With landmark Goods and Services Tax (GST) now a law, President Pranab Mukherjee on saturday hoped the government will set up a GST Council soon and reduce cascading effect of indirect taxes. The GST, which will transform India’s $2 trillion economy and 1.3 billion consumers into a single market for the first time, has been …

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September 10, 2016

GST: Prez gives nod to Constitution Amendment Bill

President Pranab Mukherjee on Thursday gave assent to Constitution Amendment Bill on Goods and Services Tax (GST), a major step towards rolling out the new indirect tax regime which the Modi government wants to come into effect from April 1 next year. Mukherjee has given approval to the bill, official sources said on Thursday. The …

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September 8, 2016

‘India to grow 7.5% in FY17’

In view of reforms, better investment climate, improved ease of doing business and a normal monsoon so far, the Indian economy is expected to grow 7.5 percent in 2016-17 (FY17), global consultant Dun & Bradstreet said on Wednesday. "The sweeping reforms to rules on foreign direct investment, the clearance of bankruptcy code, GST, debt recovery …

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September 7, 2016

GST in power will lead to cascading effect on taxes: Ernst & Young

Though the power sector has been kept out of the ambit of the Goods and Services Tax (GST), technically it is within the purview, which will lead to a cascading of taxes, global consultants Ernst and Young (EY) said on Wednesday. "Worldwide electricity has been kept within the ambit of GST. But in India, it will …

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September 7, 2016

No bank privatisation, GST on target: Jaitley

Even as India is merging some state-run banks, Finance Minister Arun Jaitley on Wednesday said there was no move to privatise them. He also said the target date of April 1 next year to implement a pan-India goods and services tax regime will be met. "I don’t think that public or political opinion has converged …

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September 7, 2016

Meghalaya Assembly session on September 9 to ratify GST Bill

The Meghalaya government on Tuesday decided to adopt a resolution for ratifying the Constitution (122nd Amendment) (GST) Bill, 2014 in the upcoming Assembly session to begin from September 9. Addressing reporters after a cabinet meeting held here, Chief Minister Mukul Sangma said "We have decided to introduce the resolution for consideration of the House."  He …

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September 6, 2016

Rajasthan Assembly ratifies GST

The Rajasthan Assembly on Friday unanimously ratified the Goods and Services Tax (GST) Constitution (122nd) Amendment Bill 2016 here. The resolution in support of the bill was moved by Urban Development Minister Rajpal Singh Shekhawat amidst shouting of slogans by the opposition Congress and other party members who were demanding a debate on the death …

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September 2, 2016

GST will boost India’s growth, says IMF

Describing the Goods and Services Tax (GST) as an ‘important step’, International Monetary Fund (IMF) on Thursday said it would boost India’s tax buoyancy and growth. "India has recently taken important steps towards a national goods and services tax which, when fully implemented, promises to boost tax buoyancy and growth, including by enhancing the efficiency …

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September 1, 2016

‘Banks need to give top priority to supporting India’s growth’

Nudging the banks to show more progress in the coming year, Finance Minister Arun Jaitley here on Thursday said they need to make supporting the growth possibilities of the country their top priority. "Banks in India need to give top priority to support the growth possibilities in the country. The sector has, no doubt, performed …

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September 1, 2016

Haryana Assembly passes GST Bill

The Haryana assembly on Monday passed the Goods and Services Tax (GST) Bill. Finance Minister Abhimanyu, who had moved the motion to this effect, said that the passage of the GST Bill was a revolutionary step. The state, ruled by the BJP, became the 10th state to pass the bill after Mahrashtra die earlier on …

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August 29, 2016

BJP accuses Mamata of political opportunism

BJP on Monday accused West Bengal Chief Minister Mamata Banerjee of "political opportunism" after her government deferred its move to get the GST bill ratified in the state Assembly with her party TMC alleging that the Centre was crushing the federal structure. Rejecting the TMC charge, BJP National Secretary Sidharth Nath Singh, who is also …

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August 29, 2016