So far the government is following the road map for implementation of GST as per schedule
GN Bureau | September 30, 2016
Finance Minister Arun Jaitley on Friday said that the government is working on a target date of April 1, 2017 for the roll out of the Goods and Services Tax (GST) in the country.
He said that till September 16, 2017, that is one year after the provisions of the Constitution (101st Amendment) Act, 2016 being brought into force, the Constitution empowers the central government to levy excise duty on manufacturing; and service tax on the supply of services. He added that the Act also empowers the state governments to levy sales tax or Value Added Tax (VAT) on the sale of goods till September 16, 2016.
Speaking at a meeting of Parliamentary Consultative Committee attached to the finance ministry, Jaitley said that so far the government is following the road map for implementation of GST as per schedule.
During the meeting, some of the major suggestions include need for absolute clarity and transparency with regard to where taxes will be collected, assessed and where the appeal will be filed in case of GST regime.
The members said that it will be challenging task to tackle complex situation arising-out of implementation of GST law in a federal system. Some of the members suggested there is a need for launching a large scale awareness campaign especially for the small traders as most of them are still unaware about the complex procedures and processes under GST regime including for registration and filing of returns. Some of the members suggested that availability of IT network in all parts of the country, especially in small towns and rural areas, must be ensured as GST system will work only online.
In a big leap aimed at diversifying its crude oil sources and boosting the country’s energy security, IndianOil Corporation has begun crude oil imports from the US. The first cargo of high-sulphur ‘Mars’ crude oil was loaded recently from St. James Port on ‘Bergitta`
When prime minister Narendra Modi spoke about action against benami properties while delivering the I-Day address from the Red Fort ramparts, he was in fact fulfilling a promise he made during the last Mann ki Baat of 2016. “The law against benami property was lying i
Rural Electrification Corporation (REC) Limited’s, total income, as on June 30, has risen to Rs 34,614 crore as against Rs 29,952 crore in the previous corresponding quarter. The profit before tax (PBT) for the quarter is Rs 1,890 crore. The enterprise is focused on financing power pr
Indian Railway Catering and Tourism Corporation Ltd. (IRCTC), an Indian Railways’ PSU, has come up with an International tour package based on leisure and pilgrimage theme. IRCTC is one of the biggest e-commerce website across Asia. There is Ramayana Yat
Steel Authority of India Ltd (SAIL) clocked a turnover of Rs 12,860 crore in the first quarter of 2017-18 FY, registering a growth of 26 percent over the turnover of Rs 10,180 crore achieved in corresponding period last year (CPLY). In the same quarter, the total sales volume at 3.028 milli
ONGC has granted Rs 100 crore to turn the vision of affordable world class cancer care facilities in central India into reality. The National Cancer Institute’s (NCI) first phase at Nagpur was unveiled on August 13, 2017 in the presence of Maharashtra chief minister Devendra Fadnavis.