The 2009 GST framework had only two rates, 5% & 14%, Asim Dasgupta
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 ...
Odisha supports GST, claims Rs.2755 cr for CST loss
The Dollar Business Bureau Offering its support for the Goods and Services Tax (GST) implementation, Odisha government on Tuesday claimed Rs.2,755.36 crore from the Centre as compensation for loss due to reduction in Central Sales Tax (CST). The claim was made by the state government at a meeting of Empowered Committee of State Finance Ministers on GST, held in Kolkata. With the implementation of GST, several central and state level taxes will be subsumed by a single nationwide tax. The Odisha government has demanded Rs.2,755.36 crore as compensation towards the loss due to reduction in CST from 2007-08 to 2011-12, but got Rs 2,201.40 crore for the given period, an official release said. In addition, the state has claimed compensation of Rs.2908.82 crore ...
Oil companies slash jet fuel price by 11.7%
Source: PTI ATF or jet fuel price was on Tuesday slashed by a steep 11.7% while rates of non-subsidised cooking gas LPG were reduced by Rs.25.5 per cylinder in line with dip in international prices. Aviation Turbine Fuel (ATF) price in Delhi was cut by Rs.5,469.12 per kilolitre (kl), or 11.7%, to Rs.40,938.24 per kl, oil companies announced on Tuesday. This is one of the steepest reductions, the biggest being a cut of Rs.7,520 per kl, or 12.5%, on January 1. Prior to Tuesday's reduction, jet fuel rate was cut by 9.4% to Rs.46,407.36 on August 1 and by Rs.2,086.56 per kl to Rs.51,267.36 on July 1. ATF, just as fuel in aeroplanes, on Tuesday costs 33% less than petrol that ...
Govt yet to decide tax slab under GST: Revenue Secretary
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 ...
Parliamentary panel on GST Bill to submit report by next month: Jaitley
The Dollar Business Bureau A parliamentary panel set up to review GST (Goods and Services Tax) Bill is likely to submit its report next month. The GST Bill which has already been approved by the Lok Sabha will be presented for discussion in the Rajya Sabha in the coming Monsoon Session, according to reports. The panel is expected to submit its report in the second week of July, Finance Minister Arun Jaitley is reported to have said on Friday. The government says that the proposed legislation will streamline the tax rules by abolishing VAT (Value Added Tax), sales taxes, Octroi and other indirect taxes. According to the new law, there will be a uniform tax regime to be implemented over the ...
