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.
More than a dozen of item would not be a part of the fiscal math as these levies have been subsumed into the new indirect tax system
With the streamlining of the process after GST implementation behind them, the companies feel that prospects of good economic growth coupled with a revival in demand and consumption will help them overcome the hit they took on volumes and profits in 2017.
The investigation will mean that the real estate firms who will now come under the scanner will have to give explanation for their actions including any increase in price following the introduction of GST
Taxpayers with annual aggregate turnover up to Rs 1.5 crore in the previous financial year or anticipated in the current financial year can avail the option of filing quarterly returns.
“The rules for implementation of nationwide e-way bill system for inter-state movement of goods on a compulsory basis will be notified with effect from February 1, 2018. This will bring uniformity across states for seamless inter-state movement of goods,” the finance ministry said in a statement.
Under GST rules, ferrying goods worth more than Rs 50,000 within or outside a state will require securing an electronic-way bill by prior online registration of the consignment
Ensuring price stability through monetary policy and current account deficit at sustainable levels have enabled us the build-up of “buffers” against unforeseen shocks, according to Reserve Bank of India Governor Urjit Patel.
In a research report on Economic Outlook in 2018, it said the worst is over for India's GDP growth, while forecasting a growth rate of 6.5 per cent for the current fiscal and 7.2 per cent in the year thereafter.
Wholesale inflation rate, measured by WPI, is a marker for price movements in bulk buys for traders and broadly mirrors trends in shop-end prices.
"A new functionality has been introduced on the GST portal for ease of the taxpayers under which questions will be posed as soon as the taxpayer enters the Returns dashboard and only relevant tiles will be displayed to the taxpayers based on the answers to the questions posed," the GST Network said in a statement.
This will, in turn, result in increase in the cost of power, AISIA general secretary Gyanesh Chaudhary said in letters to Revenue Secretary and other senior government officials.
The elections for the 182-seat Gujarat assembly are being closely watched because it is PM Narendra Modi’s home state.
The application form requires pre and post-GST details on sale prices and taxes as well as benefits of input credits.
"Let revenue stabilise and tax buoyancy come, then the Council will look into rationalising or merging tax slabs of 12 and 18 per cent," Modi, who is also the Deputy Chief Minister of Bihar, said in his address to Bharat Chamber of Commerce members here.
The shipping ministry, which was previously asking for an exemption from GST, was now looking at a “standard GST rate of 12 percent” across the entire cruise industry to maintain revenue inflow
Amid issues like implementation of the Goods and Services Tax (GST) and demonetisation, apart from the 'Patidar' factor, it is to be seen for whom the large trading community of this diamond and textile hub will vote, when the city goes to polls in the first phase on Saturday.
The six-member panel set up by the government last month, he said, has made over 100 recommendations regarding GST.
“In terms of the taxation requirement, if we see corporate taxes across the world, the trend is that people are reducing corporate taxes. India is among the highest.,” Confederation of Indian Industries (CII) President Shobhna Kamineni said after the pre-budget meeting with the Finance Minister and top ministry officials.
"EEPC compliments the commerce ministry for a pragmatic mid-term review of the Foreign Trade Policy with the objective of improving ease of doing business for the exporters," EEPC chairman T S Bhasin said in a statement.