Goods and Services Tax (GST)

Parliament today passed four legislations to pave the way for roll out of the historic Goods and Services Tax (GST) from the target date of July 1

The new rules cleared on Friday revolve around input tax credit, valuation norms, composition and transition provisions, Jaitley said at a press conference.

Speaking to CNBC-TV18, Hasmukh Adhia said that the biggest challenge while rolling out the tax reform will be reaching out to the industry in the next 3 month.

The passage of the Bills marks a big step forward in India’s plans to rollout GST from July 1.

The Lok Sabha will take up the GST Bill today for discussion, consideration and passage.

Watch CNBC-TV18's Shereen Bhan in conversation with panel of experts where they discussed the road ahead for GST after Finance Minister, Arun Jaitley, tabled the GST legislations in parliament today.

The legislation, which has broad support and is expected to pass parliament with ease, is part of the biggest tax reform the government has undertaken since India's independence in 1947.

The bills introduced are the Central GST Bill, the Integrated GST Bill, the Union Territory GST Bill, and the GST (Compensation to States) Bill.

Ashwani Gujral of ashwanigujral.com felt that the Nifty, although capped at 9,220 points in the short-term, will continue on its upward trend as long as it manages to remain above 9,000.

Speaking to CNBC-TV18, Roy said the rate of cess decided upon tobacco products at Rs 4,170 per 1,000 sticks or 290 percent ad valorem and a cess on pan masala at 135 percent ad valorem is the highest cap proposed and that the actual rate of cess levied can be lower.

The GST Council will be meeting again on March 16 to discuss the two crucial bills – State GST and Union Territory GST. The council is also likely to discuss issue of rates in the meeting.

In an interview to CNBC-TV18's Latha Venkatesh, Sonia Shenoy and Anuj Singhal, Sanjiv Bhasin of IIFL shared his reading and outlook on the market and also gave recommendations on various stocks.

Ajay Srivastava, CEO at Dimensions Consulting, is of the opinion that the rally that led to the 52-week high is purely due to liquidity in the market.

According to Asian Paints CEO KBS Anand, Goods won't create a disruption which will last for more than a quarter. He added that GST will enable the organised sector to perform better depending upon tax rates on paints.

MS Mani, Senior Director, Deloitte, said the clause will also help curb inflationary pressures on the economy when GST is implemented.

Going ahead, remonetisation will spur the company‘s earnings in the fourth quarter ending March 2017, Godrej Group Chairman Adi Godrej said, adding that GST rollout will fuel the company‘s and India's growth in FY18.

Indian markets valuations are quite challenging at the moment pushed higher by the global market performance after the Budget and don‘t have a leg to stand up, if there is a downturn in the global market, says Andrew Holland of Avendus Capital.

Indian stocks have "climbed the wall of worry" over the past few weeks, overcoming nervousness over demonetisation impact, RBI policy and the political situation, says Sanjay Dutt of Quantum Securities.

The market went for a strong run after the shift in stance by RBI from accommodative to neutral but UR Bhat of Dalton Capital says he is unsure if this can be sustained. According to him, US President Donald Trump‘s policies pose a huge risk for the market.