Search Results for: arun jaitley

15th Finance Commission to assess GST impact on tax revenues, allocate more resources to states, says Arun Jaitley

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The Cabinet on Wednesday approved the setting up of the 15th Finance Commission which will assess the tax resources of the nation and suggest a formula for their devolution among states. The members of the Commission and its terms of reference will be notified in the due course of time, Finance Minister Arun Jaitley said after the Union Cabinet meeting. Its recommendations will have to be in place before April 1, 2020, he said. “Normally, it takes 2 years for…

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Finance minister Arun Jaitley hints at further trimming of GST

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Finance minister Arun Jaitley on Monday hinted at further rationalisation of goods and services tax (GST) rates, while slamming opponents who have been advocating a shift to a single-rate regime, in what was seen as a rebuff to Congress vice-president Rahul Gandhi. “Rationalisation process in a transition (phase) will continue… Such rationalisation in future will depend on revenue buoyancy,” the finance minister said. On Friday, the GST Council, led by Jaitley, slashed rates of over 200 items with the levy…

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Note ban, GST impact behind us, growth in sight: FM Arun Jaitley

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Finance Minister Arun Jaitley said today that the impact of structural reforms is “behind us” and the early economic indicators point to an improvement. Structural reforms like demonetisation and the rollout of the Goods and Services Tax  (GST) would have had some consequences but they will help the economy, in the long run, he said. “Having undertaken two major structural changes which are extremely important for the Indian economy, I think the impact being substantially behind us, the early indications…

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‘Attempts to derail’ GST have failed: Arun Jaitley

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Jaitley was responding to a question on the biggest challenges for GST during a conversation with Dan Schulman, president and CEO of Paypal and Chandrajit Banerjee of the Confederation of Indian Industry (CII).   Despite “attempts to derail” the recently introduced Goods and Services Tax (GST), the states are adopting the new regime at a fast pace, Finance Minister Arun Jaitley has said. Jaitley was responding to a question on the biggest challenges for GST during a conversation with Dan…

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Scope for reducing GST slabs with more revenue, says Arun Jaitley

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Finance minister Arun Jaitley says there’s scope to reduce slabs for Goods and Services Tax (GST). Reducing the tax slabs does make perfect sense. It would simplify the tax system: make it transparent, efficient and tax payer-friendly. We currently have four slabs fixed for GST, a low rate of 5 per cent, two standard rates of 12 per cent and 18 per cent, and a high rate of 28 per cent. It would make sense to drop middling 12 per…

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Arun Jaitley To Hold Key Meet On GST Glitches Today: 10 Points

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Finance Minister Arun Jaitley will meet the chief of the Goods and Services Tax (GST) Network AB Pandey today to discuss fixing glitches in the implementation of the mega tax reform. Also present will be meet industry bodies and exporters to discuss problems they are facing in filing tax returns and on refunds under the new national tax regime. Prime Minister Narendra Modi on Wednesday asked the country’s top bureaucrats to “handhold” traders to resolve their problems relating to GST….

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GST to have 1 less slab? FM Arun Jaitley hints so; see what may change

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The Goods and Services Tax (GST) Council might consider converging the current standard GST rates of 12% and 18% into a single rate after the new indirect tax regime settles down, finance minister Arun Jaitley said on Thursday. The Goods and Services Tax Council might consider converging the current standard GST rates of 12% and 18% into a single rate after the new indirect tax regime settles down, finance minister Arun Jaitley said on Thursday. Speaking at the India summit organised…

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GST brings macro-economic stability: FM Arun Jaitley

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The Financial Stability & Development Council (FSDC) has promised to keep a “constant vigil” and be in a state of “preparedness” to manage any external and internal vulnerability that may affect the economy. Besides discussing the challenges faced by the economy, the FSDC, chaired by Finance Minister Arun Jaitley, which met on Tuesday, noted that the country today enjoyed “macro-economic stability” on the back of an improvement in its macro-economic fundamentals and structural reforms with the launch of the Goods…

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There is scope for rationalisation of GST rates: FM Arun Jaitley

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With several parties raising the issue of overall taxes increasing on certain commodities and there being too many slabs after the advent of GST, Finance Minister Arun Jaitley said Wednesday that with time GST rates could be rationalised. He said random criticism of GST rates was not fair as the rates had been decided by a council of experts and economists and not arrived at casually. The minister was speaking in Lok Sabha during the discussion over two bills to extend GST…

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GST Council to finalise anti-profiteering clause in next meet, says Arun Jaitley

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The GST Council, at its next meeting later this week, will finalise a mechanism to operationalise anti-profiteering clause which seeks to protect consumers interest, Finance Minister Arun Jaitley told the Lok Sabha on Tuesday. The all-powerful GST Council comprising state finance minister will meet on 5 August to take stock of the implementation of Goods and Service Tax  which was rolled from 1 July. The anti-profiteering law simply states that the businesses have to pass on the benefits arising out…

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