The council, which will meet on January 18, will also look at the provisions for the proposed e-wallet facility to enable speedy refunds to exporters
Moneycontrol brings to you select pictures that grabbed attention in 2017.
In many ways, 2017 was a landmark year for the Indian economy
Garment exporters have been demanding that the duty reimbursement to them be retained at the pre-GST (Goods and Services Tax) drawback rate of 7.5 per cent, amid declining outbound shipments. India's apparel exports declined 39 per cent in value terms in October.
While demonetisation helped drive digital adoption for financial tech firms in 2017, GST implementation helped spawn companies in the accounting software space.
The year 2017 started on a mixed note with the bullish outcome of the annual Bengal Global Business Summit and prolonged strike taking a toll on the tea industry.
Addressing the issue of Triple Talaq, he appealed the opposition to help pass the Bill in the Parliament
In an interview to CNBC-TV18's Shereen Bhan, Mauvin Godinho, Member of the GST Council and Suresh Rohira of Grant Thornton shared their views on the GST and the current sentiment surrounding it.
The revenue number for November indicates collection as of December 25.
By utilizing the reach of PCs and digital technologies, businesses can easily and efficiently perform multiple functions and gain incremental growth.
West Bengal state finance minister Amit Mitra had slammed the Centre about GST refund problem for exporters and SMEs
The Centre may try to bring up inclusion of natural gas at the next GST Council meeting in January
Among several aspects which affected the markets this year were GST, IBC and bank recap programme, IPO frenzy, rate hikes by the US Federal Reserve along with Donald Trump becoming the new President of United States.
The Goods and Services Tax (GST) regime would get stabilised in the next 18 months, Niti Aayog Vice Chairman Rajiv Kumar said on Friday.
Last few days have seen a lot of noise around the inclusion of natural gas under the GST tax regime. With keen interest from oil ministry in support for the proposal, it seems like the next big topic for the GST council meeting.
Finance Minister Arun Jaitley told Rajya Sabha on December 19 that the Centre favoured bringing them under GST but it would want a consensus with the states before taking such a step.
Due to lack of interface in place between the Goods and Services Tax network with the customs electronic date interchange (EDI) and the Directorate General of Foreign Trade (DGFT), the Centre is using ledger for manual records for refunds, Mitra said.
"My take on what looks like a cyclical downturn on exports has to do with the disruption that the GST caused," the John Zwaanstra professor of international studies and economics at the Harvard University said here this evening.
In a written reply, the minister said that some traders are missing and the dues with the GST department (sales tax) stood at Rs 2,860.18 crore.
"It is not a fact that Rs 65,000 crore (dues) are to be refunded to exporters during the July-October quarter as per available refund claims lodged with the government," Minister of State for Commerce C R Chaudhary said in a written reply to a question in the Rajya Sabha.
"SMEs could not make sense of the whole GST regime. The written guidelines were complicated for an average businessman," says Tally Solutions' Founder Bharat Goenka.
In addition to these two cases, the government is also in the process of issuing notices to seven-eight more firms in the next few days, including an FMCG company
The overall growth of the Indian economy is dependent on many factors, including the rate of capital formation and savings and utilisation of technology, among others, said Minister of State for Finance P Radhakrishnan in a written reply to the Rajya Sabha.
“Government is in favour of bringing petroleum products under GST. We would like to await consensus of the states and hope states at some stage soner or later agree to the consensus,” said Jaitley.