The higher cess is unlikely to come into effect before September 9, the next date for the GST Council’s meeting in Hyderabad
The growth of the GVA at basic prices, excluding agriculture, forestry and fishing, public administration, defence and other services, is likely to be at 4.8 percent in the first quarter.
Economic activity in the country, which had lost some momentum in the run up to the Goods and Services Tax (GST) rollout, has started to recover, according to Nomura.
As much as Rs 22,000 crore has come in as Central-GST and State-GST alone.
Clarifying issues on GST on gems and jewellery through Frequently Asked Questions (FAQs), the Central Board of Excise and Customs said banks did not pay any VAT on import of precious metals previously. They only paid customs duty.
The GST (Goods and Services Tax) Council had recommended an increase in the cap on cess of SUVs, large, mid-sized and luxury cars to 25 percent from 15 percent now.
Of the six, 2-3 projects are being planned to come up in the megapolis, two in Pune and one in the National Capital Region (NCR), he said, adding that the company already has 40 million sq ft land bank across the country.
As GST return forms did not have a column for claiming transitional input credit, the government yesterday gave some breather to such taxpayers by giving them an extra week till August 28 to file returns.
The letter by Finance Minister highlights a concern being raised by the manufacturing sector regarding the rise in input costs of petroleum products taking place on account of transition to Goods and Services Tax regime.
GST in flat panel and many electronics items is at 28 per cent, which is higher than the previous taxation regime.
While a search committee has been set up to appoint a new chairman, Kumar may be given another extension given that GST is at a crucial stage of implementation.
The move comes against the backdrop of surge in gold imports from South Korea. India and South Korea implemented a comprehensive free trade agreement (FTA) in January 2010.
In comparison, foreign portfolio investors (FPIs) bought equities worth 21,000 crore during the period under review.
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.