GST will create a semblance of a common market where all goods and services will have a common treatment and a common rate
With the Lok Sabha passing four bills related to goods and services tax (GST) on 29 March, the stage is set for the rollout of GST.
While we may argue the design and structure is not flawless, in my personal view, in a complex democracy like India with its federal structure and states’ divergent needs, this is a pragmatic beginning. This will evolve into something ideal for India over the next few years. Click to read more
Will the multiple rate structure go against the very idea of GST? How controversial will the proposed anti-profiteering authority be? How will unutilised money in the compensation fund be shared?
The Goods and Services Tax (GST) framework operates on a handful of key principles. The Centre will levy and collect the Central GST. States will levy and collect the State GST on supply of goods and services within a state. The Centre will levy the Integrated GST (IGST) on inter-state supply of goods and services, and apportion the state’s share of tax to the state where the good or service is consumed. The 2016 Act requires Parliament to compensate states for any revenue loss owing to the implementation of GST. Click to read more
The anti-profiteering clause in the GST Bill has India Inc worried, even as finance minister Arun Jaitley, in various interactions, has said that there would be no witch-hunt.
Clause 171(1) of the GST Bill provides that any reduction in rate of tax on any supply of goods or services, or the benefit of input tax credit shall be passed on to the recipient (consumer) by way of a commensurate reduction in prices. Click to read more
The Lok Sabha cleared four bills related to the Goods and Services Tax (GST) on Wednesday, setting the stage for 28 states, along with Delhi and Puducherry, to enact state laws over the next three months to roll out the new tax regime from July.
The four bills — Integrated GST, Central GST, Union Territory GST and Compensation Bill — will be followed by work in the GST council, comprising FM Arun Jaitley and state finance ministers, to finalise rules and product- and service-wise rates by the end of April. Click to read more
Macquarie Securities’ Sandeep Bhatia feels one large cap stock to benefit from GST and stable taxation could be ITC. Meanwhile, Asian Paints, Voltas and Crompton Greaves Electricals could be looked at.
Equity benchmark indices have been witnessing a steady run in the past few sessions, driven by banks as well as favourable developments due to GST.
With the passage of GST, the focus now moves to domestic stories, which could give good returns on the back of better business environment for such firms. Click to read more
Continuing its rising streak, the benchmark BSE Sensex rose over 63 points to 29,594.84 in early trade on Thursday after the Lok Sabha approved four legislations to give shape to the historic GST amid short-covering in view of March series expiry.
Sentiments got a leg up after the much-awaited tax reform, Goods and Services Tax (GST), inched closer to its July 1 rollout date with the Lok Sabha approving four supplementary legislations on Wednesday, brokers said. Click to read more
There is no information available with the Ministry of Housing and Urban Poverty Alleviation about the impact of GST on the prices in the real estate sector, the government today said.
In a written reply to Lok Sabha, Minister of State for Housing and Urban Poverty Alleviation (HUPA) Rao Inderjit Singh said “No such information (about the impact of GST on the real estate sector) is available with the Ministry”. Click to read more
The Brihanmumbai Municipal Corporation on Wednesday tabled its most realistic budget in a decade, with a total outlay of Rs25,414 crore — or 32.14% lower than last year.
The roll out of the Centre’s uniform Goods and Services Tax (GST) from July 2017, which will merge several taxes and phase out BMC’s biggest revenue source — octroi — seems to have pushed the country’s richest civic body to take a harder look at how much it can spend. Click to read more
India moved another step closer to the launch of a nation-wide sales tax regime when the lower house of parliament approved supporting legislation on Wednesday night.
The development will boost confidence that the wide-ranging tax reform — which was proposed a decade ago and since then has been refined to win bipartisan support under Prime Minister Narendra Modi — will meet the government’s latest target of July 1. Click to read more
The BJP cost India 12 lakh crores by forcing a delay in the crucial Goods and Services Tax reform, the Congress alleged today in parliament. Now, however, it is the Congress which is critical of what is being described as India’s biggest tax reform since independence, with Veerappa Moily describing it as ” not a game-changer but only a baby step.” Click to read more