Search Result for : Hasmukh Adhia

By Ranjeet Mahtani & Stella Joseph Till date, eight States have already passed the State Goods and Services Tax (SGST) Act in their respective State Assemblies, including Telangana, Bihar, Rajasthan, Jharkhand, Chhattisgarh, Uttarakhand, Madhya Pradesh and Haryana. There are indications that the other States are likely to pass their State GST enactments by end of this month or beginning of the next month.  Rates The GST Council’s rate fitment committee is said to have deliberated for three days starting May 4, 2017, to align all goods and services to different slabs and decide on bringing more items currently out of indirect taxation at central and state levels into the unified tax net. This fitment is then stated to be approved by the GST ...

PTI  Finance Minister Arun Jaitley and his ministry officials on Wednesday presented to the Council of Ministers a blueprint for launch of the path-breaking GST from July 1 to transform the Indian economy. Revenue Secretary Hasmukh Adhia made a detailed presentation to the Council -- the supreme executive organ headed by Prime Minister Narendra Modi -- on how the Goods and Services Tax (GST) will be implemented and the challenges before it is rolled out. The biggest tax reform since Independence, GST has been in the works for more than a decade. It will transform the $2 trillion economy and market of 1.3 billion people into a single economic zone with a single national sales tax. GST will subsume central taxes ...

PTI President Pranab Mukherjee has given his assent to the Finance Bill 2017 to give effect to provisions like bar on cash transactions above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax returns. "The President was kind enough to give his assent to the Finance Bill before he left for official visit to Assam yesterday," Revenue Secretary Hasmukh Adhia told PTI here. With this, the provisions of the Finance Bill come into effect from today, he said. This is the first-time ever the annual Budget together with taxation proposals have come into effect from the first day of the financial year. Scrapping a colonial-era tradition of presenting the Budget at the end of February, ...

Sheela Mamidenna  There has been this confusion over the Amendment of Entry 84 of the Union List following which the Centre can levy excise only on petrol, natural gas, crude petroleum, high-speed diesel. The Finance Ministry clarified with a notification saying there is ‘no legal infirmity’ in the notifications issued by the Govt with regard to the GST Constitution Amendment Act.  While experts have raised apprehensions about the legality of levying excise duty by the Centre on various goods till the implementation of the GST from April 1, 2017, after the government on Sept 16 notified certain provisions of the Act.  The tweet by the Revenue Secretary Hasmukh Adhia put to rest all doubts with regard to the legality of levying the excise ...