According to the Japanese financial services major, the MPC minutes suggest low inflation and growth concerns led to policy easing earlier this month, and going ahead the RBI is expected to stay on hold.
Also, the document called for taxing education and healthcare
The government has received a thumbs up for its competitive cooperative federalism policy from none other than Infosys Co-founder NR Narayana Murthy. He also lauded the government on demonetisation as well as GST.
"Within the framework of the GST Act each industry will be entitled to its own refund mechanism during this particular period (March 31, 2027)," he said after the Cabinet meeting headed by Prime Minister Narendra Modi.
In a notification, the Directorate General of Foreign Trade (DGFT) has said certain provisions of the foreign trade policy (2015-20) are "amended to allow export of gold jewellery (plain or studded) and articles containing gold of 8 carats and above up to a maximum limit of 22 carats only from domestic tariff area and export-oriented units, electronics hardware technology parks, software technology parks and bio technology parks".
Ambiguous treatment of exports and tax on certain exempted items main reason for poor response to composition scheme that allows concessional tax rates to businesses upto Rs 75 lakh annual revenue
Finance Minister Arun Jaitley's fifth Union Budget will sport a different look, starting with a lighter `Part B’ with fewer indirect tax changes because of GST
"The GST rate of 28 per cent is high for the leasing industry when compared to the earlier five to 15 per cent tax burden. Higher GST rates lead to requirement of higher working capital at any point of time. This results in increasing the cost of leasing an equipment," Finance Industry Development Council director general Mahesh Thakkar told PTI.
GST has removed inter-state barriers to convert India into a single market where goods and services can flow seamlessly.
Such a permit has to detail the goods being transported, the mode used, origin and destination besides details of the supplier, recipient and transporter.
The Council, the highest policy making body on Goods and Services Tax (GST), has received requests for changes in tax rates on as many as 133 different products from an array of stakeholders, official sources said.
The company, which witnessed de-stocking in trade channels due to migration to GST, said the new tax regime has brought a level playing field.
While the business environment is improving, which is also visible in the volume growth, certain business reorganisation impacted profitability. Despite overall 6% growth in consolidated revenues, the company reported flat net profit at Rs 63.57 cr
Amidst the GST-induced disruptions in Q1FY18, though India's leading retailers held on to their nerve, the jewellery majors weren't quite up to the mark.
The consumer price index, the main policy target of the Reserve Bank of India (RBI), likely rose 1.87 percent in July from a year earlier, according to a Reuters poll of economists, compared with an increase of 1.54 percent in June.
The CBEC said tax will have to be charged at 18 percent irrespective of from where the supply is made, first floor or second floor. "If any part of the establishment has a facility of air conditioning, then the rate will be 18 percent for all supplies from the restaurant," it said.
The industry has claimed that though the government has said GST would be applied to solar modules at a concessional rate of 5 percent, there is still no clarity on whether it will be extended to other equipment as well.
"Therefore, it is difficult for us to bring it under the GST as we need funds for running the government, development and to fulfil our social obligations," state finance minister, Jayant Mallaiya told reporters.
Meghwal said, while in pre-GST time only 80 lakh dealers were registered, another 13.2 lakh had been added post its introduction, of which 56,000 were from West Bengal only, the highest among the country.
The news highlights in the sector include first quarter results of Sun Pharma, Aurobindo Pharma, Cipla, Cadila Healthcare among others. The US pricing pressure looks more structural than a temporary event.
The GST has targeted black money which runs a parallel economy in the country, Das said while speaking at a workshop on GST here.
Large scale destocking and inventory clearance by companies ahead of GST's rollout in July may have brought down production
GST levies a tax rate of 18 percent on biodiesel that has enjoyed zero excise duty for ten years