The ambitious Goods and Services Tax to be implemented from July 1 would help raise India's medium-term growth to above eight per cent, the IMF has said, but expressed concern over the health of the country's banking system. Observing that India is the "fastest growing emerging market economy" in the region, Tao Zhang, Deputy Managing Director of the International Monetary Fun
Finance Minister Arun Jaitley today promised not to spring any surprises in fixing tax rates under the new GST regime, saying they will not be "significantly different" from current levels. He, however, said companies should pass on to consumers the benefit of reduction in taxes under GST which will eliminate the current compounding effect of different central and state levies.
Traders body CAIT said it has joined hands with HDFC Bank, MasterCard and Tally Solutions to launch a national campaign for promoting digital payments to enable a seamless transition to the Goods and Service Tax (GST) regime, reported PTI. Confederation of All India Traders (CAIT) said through this association, "We aim to educate and equip non-corporate entities for successful adoption of
Godrej Group Chairman Adi Godrej on Thursday said that the rural demand for fast moving consumer goods (FMCG) will likely to have a double digit growth with a good monsoon.
He also said the real estate demand, particularly the residential segment, will start picking from July onward and the Group will focus on affordable housing segment.
"If the monsoon is good, the agr
The Travel Agents Federation of India (TAFI) on Thursday said it is hopeful that the Union government will keep the GST rate low for the tourism sector.
"Anything new that gets rolled out will have a teething problem. What we are looking at is the percentage which is going to be implemented. The lower the percentage, it is good for us because this tax component has to be bo
A Dun and Bradstreet report has said that upside risks to inflation persist despite prediction of a good monsoon and might deter the Reserve Bank from going in for a rate cut in the near future. According to the report, rise in global commodity prices, possibility of El Nino, increase in house rent allowance under 7th Pay Commission and the initial impact on prices due to GST will add to the up
The Indian Government has said that prices will not increase due to higher incidence of taxes and are likely to come down under the Goods and Services Tax (GST) regime.
Commenting on the issue, Revenue Secretary Hasmukh Adhia told the media, "Almost 60 per cent of the income of the Centre and states comes from items that attract 14 per cent value added tax and 12.5 per cent excis
Prices will not increase due to higher incidence of tax and, instead, are likely to come down under the Goods and Services Tax (GST) regime, the central government said on Tuesday.
"Almost 60 per cent of the income of the Centre and states comes from items that attract 14 per cent value added tax and 12.5 per cent excise duty. There will be a likely decrease in the tax
A body of tax advocates today asked Finance Minister Arun Jaitley to make procedures and paperwork related to the upcoming Goods and Services Tax (GST) regime simple and less cumbersome.
"The draft GST rules have prescribed detailed paperwork for maintenance of records for GST purposes, which are highly complex and cumbersome. This will cause immense problem and hardships to asse
The Prime Minister, Narendra Modi, has called upon State Governments to work with the Union Government, as “Team India,” to build the India of the dreams of our freedom fighters by 2022. Delivering the closing remarks at the third meeting of the Governing Council of NITI Aayog, he urged States, local Governments and all Government and Non-Government organizations to decide goals for
The goods and services tax (GST) can boost India's GDP growth by up to 4.2 per cent — double the previous estimate -- as lower taxes on manufactured goods will bump up output and make products cheaper, a US Federal Reserve paper said. GST, it said, could reduce inefficiencies in the production process while eliminating the current compounding effect of different central and state levi
NITI Aayog Vice Chairman Arvind Panagariya on Sunday presented a draft of the three-year action agenda for the nation's development at its Governing Council meeting here.
The (NITI National Institution for Transforming India) Vice Chairman noted that over 300 specific action points have been identified under the action agenda covering the whole gamut of sectors. He said that
The World Bank needs to decide the issues of Selective Capital Increase (SCI) to reflect the increasing weight of Developing and Transition Countries (DTCs) and General Capital Increase (GCI) to expand its annual lending, Finance Minister Arun Jaitley has said.
"We must fulfill our commitment to consider and reach a decision on SCI and GCI by annual meetings 2017 in line with the
Prime Minister Narendra Modi on Sunday applauded Chief Ministers of states for setting aside ideological and political differences for a consensus on the GST regime which he said will "go down in history as a great illustration of cooperative federalism".
In his opening remarks at the Niti Aayog Governing Council's third meeting here, Modi said the consensus on Goods and
The IMF has said that the ongoing Goods and Services Tax (GST) reform is as an act of courage and some positive outcome is expected as a result of the decision.
Commenting on the issue, IMF chief Christine Lagarde told the media, "The GST reform is really an act of courage.
It really means reforming in-depth in each of the Indian States in order to substitute the State
Shares of Vakrangee soared over 5 per cent, hitting 52-week high, on the Bombay Stock Exchange after the company said that its board has approved to provide the services of GST Registration, filing of returns, payment and other value added services thereunder through Vakrangee Kendra Outlets.
Following the announcement, shares of company gained as much as 5.44 per cent to hit 52-week
The Indian Government has said that services sector is likely to attract a higher tax rate of 18 per cent from the current 15 per cent under the Goods and Services Tax (GST) regime, thus making services slightly more expensive. Commenting on the issue, Revenue Secretary Hasmukh Adhia told the media, "Yes, for the services sector the standard rate may move to 18 per cent."
Industry chamber Assocham on Sunday asked the government to clearly define the scope of e-commerce under the Goods and Services Tax (GST) regime, as the current definition is wide enough to even cover commodity derivatives exchanges.
"E-commerce definition, as given in the Goods and Services Tax (GST) dispensation, has been left so wide that it could go well beyond Ama
Services sector is likely to attract a higher tax rate of 18 per cent from the current 15 per cent under the Goods and Services Tax (GST) regime, thus making services "slightly" more expensive, Revenue Secretary Hasmukh Adhia has said.
"Yes, for the services sector the standard rate may move to 18 per cent," Adhia told IANS in an interview here.
President Pranab Mukherjee has given his approval to four supporting legislations related to Goods and Services Tax (GST), paving the way for the roll out of one-nation-one-tax regime from July 1, reported PTI. The legislations were The Central GST Act, 2017, The Integrated GST Act, 2017, The GST (Compensation to States) Act, 2017, and The Union Territory GST Act, 2017, officials said today.
Finance Minister Arun Jaitley and his ministry officials presented to the Council of Ministers a blueprint for launch of the path-breaking GST from July 1 to transform the Indian economy, reported PTI. Revenue Secretary Hasmukh Adhia made a detailed presentation to the Council -- the supreme executive organ headed by Prime Minister Narendra Modi -- on how the Goods and Services Tax (GST) will b
NEW DELHI - India will launch the Goods and Services Tax (GST) as planned on July 1 to boost economic growth and state revenues, a finance ministry official said on Wednesday, despite calls from some businesses for a delay.
The central and state governments were ready to roll out the GST, said Revenue Secretary Hasmukh Adhia, adding that firms should not count on
India is looking for young entrepreneurs to build business houses and create more jobs, Commerce and Industry Minister Nirmala Sitharaman said today, asking business graduates to become fountainhead of commercially viable ideas. "India needs several entrepreneurs who can become fountainheads of commercially viable ideas that will make a difference to the economy and the country," Sith
Amid demands by industry and stakeholders to delay implementation of the Goods and Services Tax (GST) system, Union Finance Minister Arun Jaitley on Thursday said the government is still looking at July 1 date for rolling out the new indirect tax regime.
"We are looking at July 1 rollout. If any issues crop up, then the GST Council will address them," Jaitley told reporters
Rajya Sabha passed all four legislations to pave the way for roll out of the historic Goods and Services Tax (GST) from the target date of July 1, reported PTI. The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017 were returned by the Rajya Sabha after negation of a host of amendments moved by the oppositi