Council to take up matter in its next meeting in Guwahati on November 10 to ease procedural irritants for small firms
In a letter to Union Finance Minister Arun Jaitley yesterday, Siddaramaiah said: "I am writing to raise a very critical issue that the GST council should take note of and decide on a priority basis."
The lack of liquid funds at a time when non-performing assets remain at high levels has incapacitated the banks' ability to lend and spur investments — the two major challenges confronting India, according to Finance Minister Arun Jaitley.
Options are derivatives which give a buyer the right but not the obligation to buy or sell an underlying asset or instrument at a specific price on or before a certain date.
The gold options will be launched tomorrow on Dhanteras in presence of Finance Minister Arun Jaitley in New Delhi, bourse officials said.
Economic Affairs Secretary Subhash Chandra Garg, who visited the US last week to attend the annual meetings of the International Monetary Fund and the World Bank, said the bilateral relationship received a boost with Jaitley's meetings with US Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross.
Finance minister, Arun Jaitley visiting the United States and was speaking at the International Monetary Fund (IMF), World Bank meet as well.
In a letter to Jaitley, Sisodia said if real estate comes under the new indirect tax regime, exorbitant hike in land prices could be checked and the flow of black money curbed.
The whole environment of doing business has changed in a matter of months, Jaitley told a Washington audience at an event organised by the US-India Strategic and Partnership Forum
In first public appearance at the IMF headquarters here after his arrival in the city, Jaitley echoed International Monetary Fund Managing Director Christine Lagarde and World Bank President Jim Yong Kim, who have said that the world is experiencing a strong economic recovery.
Jaitley said the relationship between India and the US had evolved into a very strong partnership in the last few years and goals like 'Mission-500' outline and re-emphasise the objective of the partnership.
Jaitley, who is on a week-long visit to the US, is leading a high-powered Indian delegation to attend the annual meeting of the International Monetary Fund and the World bank.
The matter will be discussed in the next meeting of the GST, which will be held on November 9 in Guwahati.
Jaitley, who is in the US to attend the annual meetings of the IMF and the World Bank, was responding to a question at the prestigious Columbia University on how the government is planning to handle Aadhar after the recent Supreme Court decision on the right to privacy.
"The situation of the country is turning from bad to worse under the (Narendra) Modi government. The economy is in a very bad shape. We feel that the best package for the Indian economy would be to pack off Arun Jaitley from the finance ministry and replace him with an economist. Jaitley has been a complete failure as a finance minister," Reddy said at a press conference here.
"Transparency is a very nice word. But transparency in this case (of demonetisation) would have been the greatest instrument of fraud,” Jaitley told students of the Columbia University in New York on Tuesday.
He also said that the body which Foreign Investment Promotion Board which sanctioned FDI proposals had outlived its purpose because of liberalisation in FDI rules.
India can become a much cleaner and bigger economy among the emerging economies as it has the capacity to implement bold decisions and scale them up efficiently, Finance Minister Arun Jaitley said.
Jaitley, who is on a week-long visit to the US to attend the annual meetings of the International Monetary Fund and World Bank, said under the GST the government has unveiled attractive schemes to ensure that the non-compliant in India become compliant.
Finance Minister Arun Jaitley is going to the US to attend the IMF-World Bank meeting this week.
During his three-day stay in Washington, Jaitley will hold bilateral meetings with US commerce secretary and participate in an interactive seminar organised by Ficci. He will also attend the G-20 finance ministers' and central bank governors' working dinner on October 12.
The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts as members, had on Friday last cut rates on 27 items. These included lowering rates on man-made yarn to 12 per cent from 18 per cent as well as zari job work to 5 per cent from the 12 per cent earlier.
News18, quoting sources, said that that Modi, Shah and Jaitley had discussed the state of the economy at the meeting, and that a major announcement can be expected before Diwali.
He then went on to recount his decision to quit the IAS 12 years before his retirement to join politics and added that he "voluntarily" decided not to contest Lok Sabha election in 2014 when he was "certain" of his win as he wanted to quit electoral politics.
Total GST collection for August touched Rs 90,669 crore (up to September 25, 2017), against Rs 94,063 crore mopped up in the first month of the new indirect tax regime rollout.