Goods and Services Tax (GST)

In a country the size of India, there cannot be a goods and services tax (GST) rate higher than 18-20 percent, says Harishanker Subramaniam, Partner, Ernst & Young. India being such a vast nation, compliance is certainly going to be an issue.

The larger issue on GST according to R Seshasayee, Chairman of Infosys Board is how the country manages development of states in a manner that some states aren't left behind as laggards.

DBS Bank sees GST likely to be more positive for the Central government compared to State governments when it comes to the fiscal.

The party wants petroleum products, crude oil and tobacco to be exempt from the GST.

The Parliament has passed the GST Constitutional Amendment Bill. We captured the developments in real time.

GST will not affect the markets for the next 3-6 months, Rahul Singh of Ampersand Capital Investment, adding that the earnings will also not be affected till atleast the second half of next fiscal.

Speaking exclusively to CNN-NEWS18 the union minister said, "The one-nation, one-tax regime will reduce taxation levels. We have already addressed the concerns of the state governments and I am hopeful of a rollout early next year."

In an interview with CNBC-TV18, Tushar Pradhan shared his views on the implementation of GST and various sectors.

To discuss the nitty-gritty of the Constitutional Amendment Bill CNBC-TV18‘s Shereen Bhan spoke to Haseeb Drabu, Finance Minister of Jammu And Kashmir, Satya Poddar, Partner, EY and Naushad Forbes President CII.

The Bill is likely to be implemented from April 1, 2017, and revenue loss in FY18 is indicated to be less than Rs 30,000 crore with GST rate at 18 percent, reports CNBC-TV18's Sapna Das.

Mahantesh Sabarad of SBICap Securities believes various sectors will be impacted by the rate of Goods and Services Tax (GST), expected to be around 18 percent.

If the GST is passed, it would give a good opportunity for short-term traders to sell, says UR Bhat, Managing Director, Dalton Capital Advisors.

Government sources have told CNBC-TV18 that apart from the 4-5 key amendments in the GST Constitutional Bill, the government will move some amendments related to the consolidation fund of India.

In the first official confirmation, Congress Spokesperson Abhishek Manu Singhvi has said the party will support its passage when the Bill is tabled in Parliament Wednesday.

The meeting is the Centre's last attempt to convince Congress in favour of the bill. "The problem is that Jaitley wants to divide the opposition and wants to corner others. They are delaying the matter. Our leaders are ready to pass the bill," Congress leader Mallikarjun Kharge said.

CNBC-TV18 learns from sources that an acceptable GST rate could be 20 percent, in which case the Central government's compensation towards the states would be Rs 50-60,000 crore.

Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi, while making a statement regarding government business for the week starting August 1 in the Upper House, said the Constitution (122nd Amendement) Bill, 2014 will be taken up for consideration and passage.

The government and Congress will be meeting on Monday to discuss GST Bill, which has been hanging fire owing to opposition in the Rajya Sabha.

Sources said the Bill will be brought in the Rajya Sabha early next week with the leaders of Trinamool Congress, Samajwadi Party and the Left parties meeting Finance Minister Arun Jaitley and expressing their approval.

While the Centre is willing to incorporate changes and show flexibility towards Opposition for the passage of GST Bill, concerns still remain if this week will see a clearance to the GST Bill, reports CNBC-TV18‘s Sapna Das.