Finance Minister Arun Jaitley on Tuesday released a case study on the birth of the Goods and Services Tax (GST) in India titled “The GST Saga: A Story of Extraordinary National Ambition”, an official statement said. “In view of the successful roll-out of the GST on 1 July 2017, it was felt that there was a need for the public to know of the story of how GST evolved, its timeline, the different stakeholders involved and how it eventually culminated…
Calling GST a win-win deal, finance minister Arun Jaitley on Wednesday said the new tax regime will smoothen business operations, augment revenue and end ‘inspector raj’ while eventually bringing down prices for the common man. Speaking at the BJP parliamentary party meeting, Jaitley said prices of goods had come down between 4-8% since the rollout of GST from July 1. He said the real effect could be felt after three months. The FM said there was no longer ‘tax on tax” and transport of…
Finance Minister Arun Jaitley today promised not to spring any surprises in fixing tax rates under the new GST regime, saying they will not be “significantly different” from current levels. He, however, said companies should pass on to consumers the benefit of reduction in taxes under GST which will eliminate the current compounding effect of different central and state levies. The GST Council, headed by Jaitley and comprising representatives of all the states, is scheduled to meet in Srinagar on…
India continues to be the fastest growing major economy in the world and its growth will accelerate further due to factors like implementation of GST, Finance Minister Arun Jaitley said. The minister also said the scrapping of old Rs 500 and Rs 1,000 notes will increase tax compliance and reduce threat of counterfeit currency. “India continues to be the fastest growing major economy in the world.The currency reform initiative will move the Indian economy to a less cash trajectory, increase…
Finance Minister Arun Jaitley today tabled a batch of supplementary Goods and Services Tax (GST) legislations in Lok Sabha. The discussion on the four bills – C-GST, I-GST, UT-GST and the compensation law – could be taken up on Tuesday. The S-GST has been prepared as a model of the central GST (C-GST), with each state incorporating state-specific exemptions. The integrated GST (I-GST) deals in taxation of inter-state movement of goods and services, while the Union Territory GST (UT-GST) Bill…
Union Minister Arun Jaitley is likely to chair the 33rd meeting of the GST (Goods and Services Tax) Council on February 20, which among other things will consider slashing tax on under-construction flats. The meeting could be the last one before the code of conduct for the general elections comes into effect. Jaitley, who has just returned from the US after treatment, is expected to resume work soon. Meanwhile, officials in the Finance Ministry said the agenda for February 20…
Finance Minister Arun Jaitley on Tuesday said to bring petrol and diesel under GST is on agenda in GST council. He said the Centre’s moves on GST and demonetisation were in public interest. “The Central government is in its favour but needs a consensus of all states to include petrol and diesel in GST. Till then we are trying our best,” he told a press conference at the release of BJP manifesto here. “GST council does not want to thrust…
The Finance Ministry on Monday said GST has reduced the rate at which people have to pay tax, helped increase compliance and doubled taxpayer base to 1.24 crore. In a series of tweets, on the first death anniversary of former Finance Minister Arun Jaitley, the ministry said before goods and services tax ( GST), the combination of value-added tax (VAT), excise, sales tax and their cascading effect resulted in high standard rate of tax up to 31 per cent. “It is now widely acknowledged that GST is both consumer and…
Finance commission chairman N K Singh on Friday called for major changes in the GST structure, including reducing the cumbersome compliance procedures and also doing away with frequent rate changes, to improve collection. He also pitched for a rationalisation in centrally sponsored schemes, and blamed the government for not clearly defining the role of the Niti Aayog which, as of now, does not have any powers to take financial decisions. The comments from the chief of the commission — which…
The Economic Advisory Council to the Prime Minister (EAC-PM) has recommended a GST Council-like mechanism for the Centre and states to oversee public expenditure. This is not the first time such a call has been made. Earlier, former finance minister Arun Jaitley had highlighted the need for such a body. He had made a case for setting up such federal institutions to promote healthcare, rural development and agriculture sectors by optimally utilising resources of the Centre and states. According to…