Category: GST

The Cen­ter has agreed to include com­pen­sa­tion to be paid to states for Goods and Ser­vices Tax (GST) roll-out as part of the Con­sti­tu­tion Amend­ment Bill. The com­pen­sa­tion struc­ture would form a part of the Bill. It will be paid…

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A large num­ber of states have acced­ed to the Cen­tre’s pro­pos­al on a high­er annu­al turnover thresh­old of Rs25 lakh aimed at giv­ing relief to small and mar­gin­al traders and shop­keep­ers, rais­ing hopes for ear­ly final­i­sa­tion of the new tax…

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Union min­is­ter of state for com­merce and indus­try said that the Cen­tral Govt was close to resolv­ing the long pend­ing issue on Goods and Ser­vices Tax (GST). “The finance min­is­ter has held sev­er­al meet­ings with the chief min­is­ter and state finance min­is­ters. It…

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Prime Min­is­ter Naren­dra Mod­i’s plan to roll out a Goods & Ser­vices Tax (GST) by April 2016 could hit anoth­er hur­dle, as the finance min­istry wants to com­pen­sate states for only three years. States, on the oth­er hand, have been demand­ing that…

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The Cen­tre is learnt to have turned down a key demand from min­er­al-rich, grain-pro­duc­ing and man­u­fac­tur­ing states that they must be giv­en a por­tion of the Centre’s rev­enue from GST on inter­state trade to off­set their per­ceived rev­enue loss to “con­sump­tion states” in the GST regime. It has also reject­ed a pro­pos­al from all states that the man­date of dis­pute res­o­lu­tion should not be giv­en to the pro­posed GST Coun­cil, which is meant to have a con­sti­tu­tion­al role. These demands were made by respec­tive states as a pre­con­di­tion for their adop­tion of the supe­ri­or tax sys­tem that would avoid cas­cad­ing of tax­es and reduce the mul­ti­plic­i­ty of indi­rect taxes.

FE had ear­li­er report­ed that states like.….

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Prime Min­is­ter Naren­dra Modi has giv­en direc­tions for Goods and Ser­vices Tax to be rolled out by April 2016. Modi met finance min­is­ter Arun Jait­ley on Mon­day to judge how far the GST prepa­ra­tions have moved. Accord­ing to Jait­ley, the…

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The gov­ern­ment has pre­pared a revised Con­sti­tu­tion Amend­ment Bill for the Goods and Ser­vices Tax that large­ly accom­mo­dates the demands made by states. The gov­ern­ment has set a tar­get of 2016 for the launch of the pan-India indi­rect tax regime.…

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What type of GST is pro­posed for India? India is plan­ning to imple­ment a dual GST sys­tem. Under dual GST, a Cen­tral Goods and Ser­vices Tax (CGST) and a State Goods and Ser­vices Tax (SGST) will be levied on the taxable…

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The World Bank on Mon­day mar­gin­al­ly scaled  up its esti­mate of India’s eco­nom­ic growth to 5.6 per cent  for 2014–15 from its ear­li­er one of 5.5 per cent, made in June. How­ev­er, the mul­ti­lat­er­al insti­tu­tion advised the gov­ern­ment to go for struc­tur­al reforms,  includ­ing implementation…

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What is the polit­i­cal com­pul­sion for keep­ing GST on petro­le­um prod­ucts at zero ini­tial­ly? States are appre­hen­sive of los­ing their auton­o­my over rais­ing tax rev­enue by tweak­ing VAT on petro­le­um prod­ucts once the pro­posed new indi­rect tax regime is introduced.…

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