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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 ...

The Dollar Business Bureau Tax reforms and various other measures taken by the government will boost investment in India and the country will achieve 9-10 % growth in the coming years, Finance Minister Arun Jaitley said on Friday. “The cumulative impact of these (initiatives), I believe, will increase our capacity to grow is more than 9%, it is 10%,” he said in an interview to the DD News. According to the World Bank and International Monetary Fund, the Indian economy is expected to grow at 8 to 8.5% during the current fiscal, up from 7.4 per cent estimated in previous financial year. He said that his government has been making special efforts to tackle farmers’ issues and boost infrastructure and agriculture. ...

The Dollar Business Bureau It seems the stage is set for the introduction of Goods and Services Tax (GST) by the next financial year. As the Union Finance Minister, Arun Jaitley said that there is a consensus among state governments on the issue, those involved in manufacturing and exports of goods and services are upbeat that the new regime will boost global trade. According to experts, the comprehensive tax regime - aimed at replacing central excise, VAT, entertainment tax, octroi and purchase tax on goods and services - is expected to boost the country’s economic growth up to 2% by removing restrictions at state level on various transactions. The Finance Minister on Wednesday said that a constitution amendment bill for the ...

Compensation for States for loss of revenue due to GST for five years; narrow tax band allowed over GST for both States and the central government for fiscal autonomy The Dollar Business Bureau The World Bank estimates that the delay in movement of goods in India could be cut by around 25% with the implementation of GST   In a much needed boost to reforms, Indias Finance Minister Arun Jaitley introduced the Amendment Bill on Goods and Service Tax (GST) in the Parliaments Lok Sabha yesterday. If everything goes well, GST will replace several taxes in the transit of goods within India from April 2016. Jaitley introduced the Bill after it received the Cabinets approval last week following unrest among industry leaders that nothing ...