The countdown to the implementation of Goods and Services Tax (GST) has begun with Bihar becoming the second state to clear State GST (SGST) bill today after Telangana. The Parliament has already passed the centre GST (CGST) and Inter-state GST (IGST) late last month. A look at the bill and various complexities attached to it.. GST … Continue reading Understanding GST (Part I)…
The finalisation of tax rates by the GST Council yesterday marks probably the most critical milestone towards implementation of GST. Contrary to apprehension of deadlock, decision over tax rates turned out to be relatively smooth with a pragmatic give-and-take approach adopted by both Centre and the states. The decision also paves the way for passage … Continue reading Understanding GST – Part III..
GST will have two components – Central GST and State GST and would be collected separately by Centre and State. Each item would be subject to both the taxes barring exempted categories and the seller would have to file separate online returns. For goods moving from one state to another, the originating state would reimburse the SGST … Continue reading Goods & Service Tax – Part II
- Eight Core Industries have recorded growth of 5.2 % in June’16, a rebound from 2.8% growth in May. Its cumulative growth for Q1’FY17 stands at 5.4%, much higher than the growth of 2.5% in Q1’FY16. The growth remains constrained by performance of crude oil and natural gas which continue to record decline in production. The core sectors are the building blocks and provide input to the rest of the industrial sector and its improved growth indicates expected improvement in the performance of other segments also.
Passage of constitutional amendment bill related to Goods & Services Tax by Rajya Sabha today is a historic event for the Indian economy and is the culmination of years and years of hard work by probably the largest set of stakeholders. The tax, first announced in the Budget Speech in 2006, was proposed to be implemented … Continue reading GST – Towards a National Market.. (Part I)