Search Result for : Indirect Tax

By Sheela Mamidenna As the Chairman of the Empowered Group of State Finance Ministers which was instrumental in the formulation of GST Laws in 2009, Dr Asim Kumar Dasgupta can be rightly called as the ‘architect of GST’. A reformer by heart he set out to mastermind the most ambitious tax reform in Indian history by introducing the Value Added Tax (VAT). He was the man who was instrumental in doing away with many draconian tax levies such as octroi and highway toll in West Bengal and was fondly referred to as ‘my US-trained finance minister’ by the then Chief Minister of West Bengal, Jyoti Basu.  Dr Dasgupta, an MIT graduate continues to inspire the new generation as he lectures at various ...

The Dollar Business Bureau The Confederation of Indian Industry recently said that most traders and businesses in India are ready for GST implementation from July 1. Most of them approve the Government’s decision of GST as it would contribute significantly towards economic growth, trade expansion and increase in employment in the country. Speaking to the media, CII Director General, Chandrajit Banerjee said, "GST has been finalised after a collaborative and consultative approach and we look forward to its introduction. It is the most significant indirect tax reform introduced in the country since Independence.” CII has been organising over 100 workshops across the country to enable traders and businesses to comply with the new regulations. A helpline has been established where participants can request for ...

The Dollar Business Bureau The Goods and Services Tax (GST) legislation is fast gaining momentum as the Union Cabinet approved all the four draft GST bills on Monday. The final draft will be presented in the parliament later this week. The four supporting GST laws – CGST (Central GST), SGST (State GST), IGST (Integrated GST) and UTGST (Union Territory GST) passed the big test of cabinet approval with flying colours, emerging successful in bringing the law one step closer to implementation. The Union Cabinet headed by Prime Minister Narendra Modi has approved the bills. Earlier, the given four bills have been cleared by the GST Council after thorough discussion in 12 meetings of the Council, which were held in the past six months. The compensation bill, drafted to ...

Ranjeet Mahtani and Sweta Rajan The Goods and Services Tax Council (Council) met on 3rd and 4th January, 2017. Though some progress has been made at the meeting, various points continue to remain open to discussion. The possibility of missing the 1stApril, 2017 deadline seems greater, even though the next meeting of the Council is scheduled for 16th January, 2017.  During the meetings of the Council, the provisions of the model IGST law were discussed, and ten out of eleven chapters were approved. A consensus on the issues of dual control, cross empowerment and jurisdiction (by the Centre or States) over territorial waters (especially in the context of coastal States) continues to prove elusive. On the issue of who (Centre or States) should ...

The Dollar Business Bureau Calling the 42 percent increase in the indirect tax revenues during the month of April, ‘a good sign’, Arun Jaitley, Union Minister of Finance said that India can grow better and faster in the wake of world recovery from recession and good monsoon. Finance Minister said that though the growth rates in major economies of the world were faltering between minus 2 percent and 2 percent and predictions were still being lowered, India is witnessing a growth rate of 7.5 to 7.6 percent in spite of obstructionist environment across the globe. Jaitley said, “India is a fastest growing economy in the world. The entire world is watching us. If the growth returns to the world, then India can grow ...

Source: PTI Prime Minister Narendra Modi and the German Chancellor Angela Merkel with other members at the Indo-German Summit 2015, organised by the NASSCOM & Frauenhofer Institute, in Bengaluru on Monday.   Prime Minister Narendra Modi on Tuesday expressed the hope that Goods and Services Tax (GST) will be rolled out next year. Addressing Indian and German business leaders in Bengaluru, Modi said, “We have introduced GST bill in Parliament and hope to roll it out in 2016.” The Bill has already been approved by the Lok Sabha and is pending in the Rajya Sabha, where the ruling NDA does not have a majority. After its approval by Parliament, half of the state legislatures too need to approve the Constitutional Amendment ...

Source: PTI The government panel set up to suggest a uniform rate of indirect tax under the GST regime will submit its report by this month-end and the roll out of the reform measure is possible any time next fiscal, a senior CBEC official said on Wednesday. CBEC has also suggested to Finance Minister Arun Jaitley to set up consultative bodies in each state in the form of GST Secretariat for better coordination between the Centre and states for the roll out. On the uniform tax rate, CBEC member GST V S Krishnan said: “A very high rate could dilute the advantages of GST. There is a committee which has been set up under the Chief Economic Advisor, which is likely ...

Sai Nikesh | The Dollar Business The Central government is yet to decide tax rate under the proposed Goods and Services Tax (GST), a Finance Ministry official said, adding that the rate will be fixed by the GST Council. “No decision has been taken yet…let me emphatically say…the rate will be decided by the GST Council to be chaired by the Finance Minister and comprising state finance ministers..So, whether it is going to be 25-27%, that discussion should end,” said Revenue Secretary Shaktikanta Das at an event of the Associated Chamber of Commerce and Industry (ASSOCHAM) in New Delhi, on Thursday. As per the existing taxation norms, the Central and the State governments levy taxes at different level of transaction of goods across ...