Urjit Patel said GST will reduce inefficiencies within states and broaden the tax base, making it an important part of the digital revolution.
The government is expected to roll out the GST, which will subsume 16 different taxes, from July 1, 2017. Next meeting of the GST Council is scheduled to be held on June 18, when it will take up lottery taxes and e-way bill.
Earlier, the dealers with less than Rs 20 lakh turnover were exempt from paying tax. But under GST, if they operate through e-commerce route they will have to pay one percent tax.
Compliance and technology costs for insurers are likely to increase by 15% for insurers and they are looking to pass it on to customers from FY19.
The respondents were not confident on preparedness of their partners, that is, vendors and customers to ensure business continuity and minimum disruption.
FundsIndia.com thinks any market turbulence on account of sluggish quarterly numbers in the September and December quarter could be opportunities to average, other things remaining the same.
The finance minister Arun Jaitley-headed GST Council has decided to place services under four slabs—5, 12, 18 and 28 percent— compared to the current uniform 15 percent levy on all eligible services
Here’s how prices of goods could move after the new GST rates kick-in from July 1, 2017
Here’s a summary of rates charged in different countries and the years when GST kicked in across the world
GST is billed as India’s most ambitious reforms move, will stitch together a common national market, dismantle fiscal barriers among states and consolidate a patchwork of local and central duties into a single levy
The Goods and Services Tax (GST) council Thursday fixed tax rates on 1211 items, most of which will likely become cheaper.
The two-day meeting of the Council, headed by Union Finance Minister Arun Jaitley and comprising representatives of all states, is working on fitting most of the items in the 5, 12, 18 and 28 per cent template.
The decision, taken at a meeting chaired by the MSME Secretary K K Jalan recently, will be implemented after two months of the Goods and Services Tax coming into operation.
The Goods and Services Tax (GST) is, beyond doubt, the most revolutionary tax-related reform to be seen in India in several decades. It will eliminate the conflicting and cascading taxation structures, which have confounded R
Niti Aayog Vice Chairman Arvind Panagariya will make a presentation on roadmap for rapid transformation of India by outlining key aspects of the document, comprising a seven-year strategy paper and a three-year action plan, an official statement had said yesterday.
In the International Finance Discussion Paper (IFDP), the US Fed researchers said GST is an 'inclusive policy' that is also expected to bring down overall domestic and international trade barriers.
To help these MSMEs, FISME along with Small Industries Development Bank of India (SIDBI) has plans to launch a helpline, which will be operational soon.
The term 'e-commerce' may get misinterpreted in the Goods and Services Tax (GST) law, industry chamber Assocham said.
Around 81,500 companies from the city have already migrated to the GST portal so far and the service tax department is hopeful that the remaining ones will be doing so by the April 30 deadline.
Approximately 65,000 firms, out of around one lakh, in Mumbai zone have already migrated to the GST so far, a senior Service Tax department official said.
GST will not be charged on completed apartments or on rental income received by a landlord from a tenant for a residential unit. In case of commercial properties on rent, a service charge of 15% is currently levied as service tax. This will be replaced by GST.
The revenue department has already made public the set of rules required to be followed by the industry in the Goods and Services Tax (GST) regime and companies will have to ensure that the supply chain ecosystem is in place to avail input tax credit, they said.
Parliament today passed four legislations to pave the way for roll out of the historic Goods and Services Tax (GST) from the target date of July 1
"For 2017-18, inflation is projected to average 4.5 per cent in the first half of the year and 5 per cent in the second half," said the RBI's first bi-monthly monetary policy statement for 2017-18.