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.
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.