In its study, titled: “Ideate, Innovate, Implement: the apex industry body said: “While there has been a temporary slowdown after GST implementation (in July 2017), a consensus view is that India is poised for a sustainable growth in the near future.”
The Associated Chambers of Commerce and Industry of India (Assocham) said the Centre is certainly in favour of realty under the Goods and Services Tax (GST) but the states have to be brought on board because there are revenue implications.
Inaugurating the 37th India International Trade Fair (IITF) at Pragati Maidan here, he said the country is recognised as a bright spot of the global economy and the world has acknowledged the change in its business environment.
The opposition is baying for the government’s blood over demonetisation and GST. The first is done and over with. But its effects are not yet over. The second has been modified to assuage large sections of the population.
The Central Board of Excise and Customs (CBEC) has shared the zone-wise data of businesses under the Goods and Services Tax (GST) with regional commissioners to handhold them in case they are facing difficulty while filing returns under the new indirect tax regime.
The 23rd GST Council Meeting on Friday revised the rates of the earlier 28-percent levied 178 items to 5-15 percent.
In the biggest Goods and Services Tax rejig yet, tax rates on over 200 items were cut on November 10 to provide relief to consumers and businesses. As many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants.
The government plans to streamline the current rates and have only two to three rates instead of multiple rates.
A look at top cues from domestic and international cues that could have a bearing on D-Street.
CAIT also sent a letter to Ram Vilas Paswan, Union Consumer Affairs Minister, to allow pasting of revised price stickers on the current stocks held with the Traders and Manufacturers across the Country for the packaged goods.
As many as 178 items of daily use were shifted from the top tax bracket of 28 percent to 18 percent while a uniform 5 percent tax was prescribed for all restaurants, both air-conditioned and non-AC
In the next meeting the GST Council will discuss ways to give relief to the handloom and handicraft sector
The GST Council on Friday overhauled the indirect tax regime reducing the 28 percent tax levied on 178 items to 18 percent or lesser.
"This is a disappointment for the entire industry as cement is integral to the government's key schemes such as housing for all, Swachh Bharat-related constructions and building of other key infrastructure projects," he said in a statement.
In in an interview to CNBC-TV18's Shereen Bhan spoke a host of tax experts and political figures to gauge the sentiment on the GST.
There are over 10,000 chartered accountancy firms which use ClearTax software to file GST for their customers.
Extending the verbal duel, he took a jibe at Arun Jaitley saying, "those who says I am seeking job at 80 must know I never presented budget sitting in the parliament."
The tax cuts will have a revenue implication of about Rs 20,000 crore
All eyes are on the GST Council meet that is underway in Guwahati today. CNBC-TV18's Shereen Bhan learns from sources that the rate fitment committee proposes only 62 items to continue in 28 percent bracket.
"The facility to revise Form GST TRAN-1 declaration has been introduced on the GST Portal for taxpayers who had already filed it prior to November 9, 2017," GSTN said in a statement.
The minister of state for coal and mines said that adequate time should be given to the central government to work and people should evaluate its performance after that.
The high-powered committee headed by Union Finance Minister Arun Jaitley is meeting in the Assam city to discuss GST rates.
Punjab, Karnataka and Puducherry, where the Congress is in power, jointly voiced their reservations over glitches with the GST tax-filing network, demanding that real estate and petroleum products be brought under the new regime and the tax rate be kept at no more than 18 per cent.
Four months after the Goods and Services Tax (GST) was rolled out, the panel headed by Union Finance Minister Arun Jaitley will look at the most comprehensive overhaul of rates, easing returns filing and providing more relief to small and medium enterprises.