Will GST exacerbate India’s income divergence?
In another decade from now, it is likely that the per capita income of the richest state will be more than four times the per capita income of the poorest state
“Finance minister Arun Jaitley wants to roll out the Goods and Services Tax (GST) on 1 June. Growing income inequality among India’s large states should be disconcerting especially in a complex federal polity such as India” Click to read more
All you need to know about GST
As the name suggests, it is a tax levied when a consumer buys a good or service. It is meant to be a single, comprehensive tax that will subsume all the other smaller indirect taxes on consumption like service tax, etc. This is how it is done in most developed countries.
While the BJP hopes to pass Goods & Services Tax Bill in RS in this session, it is getting strong opposition. Why? Click to read more
The Impact of GST (Goods and Services Tax) in India
The Lok Sabha has finally Passed the Goods and Services Tax Bill and it is expected to have a significant impact on every industry and every consumer. Apart from filling the loopholes of the current system, it is also aimed at boosting the Indian economy. This will be done by simplifying and unifying the indirect taxes for all states throughout India. Click to read more
GST deadlock ends: All set for 1 July roll out; uncertainty clears for India Inc
In a significant breakthrough on GST front, the Centre and the states reached a consensus on the contentious dual control issue on Monday preparing ground for the rollout of the biggest tax reform from 1 July, said Ginance Minister Arun Jaitley.
The Centre would assess 50 percent of the assessees under Rs 1.5 crore annual turnover and the states the other 50 percent. As much as 90 percent of the assessees with less than Rs 1.5 crore annual turnover will come under the states and the balance 10 percent under the Centre. Click to read more