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 ...
Odishas VAT reduction on pulses to benefit customers
Aamir H Kaki The approval of Odisha government to reduce Value Added Tax (VAT) on pulses from 5% to 1% is welcomed by the industry as it will directly benefit the customers. Anil Agarwal, Owner, Trupti Dal & Floor Mill, which deals in pulses, said that the traders welcome the government’s decision and the benefit of the VAT reduction will directly go to the customers. “If we take into account the VAT on pulses, we have to pay extra Rs.8-10 as tax on a kg of tur dal. After tax reduction, this benefit will directly go to customers in terms of reduced prices,” he added. “The central government has been taking measures to regulate the prices of the pulses, which are at a peak of ...
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 ...
India's handicrafts exporters welcome increase in drawback duty rates
Sachin Manawaria | The Dollar Business The Jodhpur Handicraft Exporters’ Association (JHEA) has welcomed the recent increase in drawback duty, saying that it could help boost India’s overall handicrafts exports. In a recent notification, the Department of Revenue increased the drawback duty rates for agarbathi (incense), wooden frames, tableware and kitchenware of wood, wood marquetry, artware of wood, embroidery of silk, handicraft/artware of Iron & Steel, handicrafts/artware of stainless steel, handcut crystal glassware, musical instruments and lamps. The move comes after India’s handicrafts industry that is centered in Rajasthan said that returns had declined due to higher input and logistics costs. Industry representatives say that they face growing competition from countries like Indonesia and China, and the government’s ...
