Tag: GST

GST Council to hold first meeting on Thursday

The all powerful GST Council, which will decide on tax rates, exempted goods and threshold, will meet for the first time on Thursday as it races against time to iron out issues between Centre and states for rolling out the new indirect tax regime from April 1, 2017. The Goods and Services Tax (GST) Council …

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September 21, 2016

LDF govt expresses discontent over GST proposals

With the CPI(M)-led LDF government in Kerala yet to ratify the GST constitutional amendment bill, state Finance Minister T M Thomas Isaac on Wednesday protested against the procedures adopted for the conduct of the GST council meeting to be held on September 22 and 23. In a Facebook post, he said Kerala has strong objections …

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September 21, 2016

Odisha seeks early compensation for CST loss

Odisha Chief Minister Naveen Patnaik on Tuesday reiterated the demand for an immediate decision by the Centre on compensation for loss of states’ share in the Central Sales Tax (CST) for 2013-14 to 2016-17. "As you are aware, the states are facing financial constraint due to a slowdown in the economy, and the loss of …

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September 20, 2016

Centre mulling to ‘advance’ Winter session for early GST roll out

In a bid to roll out the crucial Goods and Services Tax (GST) from April 1 next year, the Modi government is considering to prepone the Winter session of Parliament to pass the CGST and IGST bills, and pave way for implementation of the new sales tax regime. The Winter session of Parliament is generally convened in …

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September 18, 2016

‘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