Sanyal was referring to the soaring inflation, widening fiscal and current account deficit and massive lending from the banks that were ailing India's economy under the UPA regime
Over the past month, the NAA has issued notices to about 10 of Patanjali’s biggest distributors for not reducing prices in line with the cut in GST
The GST Council has approved the composition scheme for services and hiked annual composition limit to 1.5 crore effective from April 1
The adoption of the GST could help raise India's medium-term GDP growth to over eight per cent and create a single national market for enhancing the efficiency of the movement of goods and services, the IMF said today.
"The industry faced a number of challenges in transitioning to the emerging, structurally transparent system-be it the PAN card requirement, the excise on jewellery, demonetisation or the publicity around income disclosure schemes," said Somasundaram PR, Managing Director, India, World Gold Council.
As much as Rs 4.17 lakh crore of suspicious cash was deposited by about 18 lakh people post demonetisation of high value currency notes, CBDT Chairman Sushil Chandra said today.
Demonetisation, series of structural reforms and the implementation of Goods and Service Tax will propel the retail sector into the modern economy, and help attract significant foreign investment, Walmart India CEO, Krish Iyer said today.
The three-year-old state is seeking special allocation of funds to compensate any initial revenue loss under Goods and Service Tax regime, people in the know of the developments told CNBC-TV18.
In an interview with CNBC-TV18, Agarwal said that the company has a 40 percent market share in the direct tax compliance and presumes to have the same estimation in the GST space as well.
Lack of consensus on the issue of how the new tax, having central and state elements, would be collected and administered is holding up the supporting legislations on the Goods and Service Tax (GST), which the government is keen on introducing from April 1 next year.
Consensus on dual control eluded the second day of the GST Council meeting as states and the Centre failed to stitch together a deal. The Council, headed by Finance Minister Arun Jaitley, will now meet on December 11 and 12 to try and hammer out an agreeable model.
"India started out with a good year. First quarter was excellent, 25 percent up (for the company in terms of sales), year-over-year," Member of the Board of Management Daimler AG, responsible for Daimler Trucks and Buses, Wolfgang Bernhard told reporters here.
The House adopted a resolution tabled by Chief Minister V Narayanasamy for ratification of the bill, seen as the single biggest tax reform in decades. He asserted that steps had been taken to ensure that the new tax regime did not affect the Union Territory.
"Currently the sector enjoys almost zero tax structure in most of the states with VAT reimbursement by the state governments and other tax relaxation on solar power plants," said Surender Pal Singh, Chairman, Solar Energy Equipment Manufacturers' Association of Telangana.
In his meeting with the members of the visiting US CEOs Forum, Jaitley said the trade between the two nations will get a boost due to business-to-business, business-to-government and government-to-government interaction.
The bill was tabled by Law and Legislative Affairs Minister Rampal Singh for ratification by the House following which Congress' acting Leader of Opposition raised the demand for discussion on alleged Simhastha scam and the grim flood situation in the state.
"The state cabinet has already granted its nod to the GST. We will summon one-day special session on August 31 to ratify the Bill which is already passed in Parliament," Chief Minister Laxmikant Parsekar told reporters here yesterday.
Passed by Parliament recently, the bill needs to be ratified by at least 15 state legislatures before the President can notify the GST Council which will decide the new tax rate and other issues.
Sources said the government is of the view that the Budget exercise should ideally be over by March 31 every year as against the present practice of it being carried in two phases spread between February and May.
In its 3rd bi-monthly monetary policy review, RBI said the momentum of growth is "expected to be quickened" by the normal monsoon raising agricultural growth and rural demand, as well as by the stimulus to consumption spending that can be expected from the 7th Central Pay Commission's award.
Setting a target of April 1, 2017 for rollout of the Goods and Services Tax, the government today unveiled a detailed roadmap for its implementation and said it is aiming for an optimal rate of taxation though the final decision will be taken by the GST Council.
The political parties set aside their differences to pass the long-pending GST Bill in the Rajya Sabha on Wednesday. All parties barring the AIADMK voted in favour of the Bill in the Upper House of Parliament.
In an interview with CNBC-TV18, market expert SP Tulsian gave his views on public sector undertaking (PSU) bank stocks and told why he is bullish on logistic stocks.
In an interview with CNBC-TV18, market expert, SP Tulsian gave his views on the much awaited JP associates and UltraTech Cement deal and told why he is confident that the goods and service tax (GST) will go through in this session.
The Indian market is a "good place to be" but valuations are at a 50 percent premium besides the economy facing some problems with policy execution and some sectors facing deep stress, says Archie Hart of Investec.