The GST law provides for as many as 21 kinds of penalties for various offences.
Bangles, sindoor and bindis are now tax-free while 12 per cent taxes are still being levied on sanitary pads. Is it fair?
Cheaper raw material is the key for the country to achieve a 300-MT steel production target from around 126 MT now.
Compared with the economic policies of the previous UPA government, Jaitley said that the current government has ushered in reforms and clarity.
Parrikar also added that GST, once implemented, will put an end to all marketing gimmicks and provide a level playing field to traders in Goa and those from other states.
Steel Minister Chaudhary Birender Singh has said that India is heading towards becoming the second largest steel producer in the world.
Under GST, the entertainment tax has been subsumed, and hence only the taxes levied by a panchayat or municipality on entertainments and amusements will continue.
Adhia said that the issue of transition stock provision is still under consideration and the GST Council will finalise the provision in June 3 meeting.
Analysts have also raised concerns about the multi-tier tax structure for both goods and services under GST that is expected to add to complexities.
Adhia said that anti-profiteering provision in GST laws was essential to ensure that the benefits of reduction in tax incidence is passed on to consumers.
The three-day special session was held to pave way for the national roll-out of GST on July 1.
CGST law provides that any reduction in taxes shall be passed on to consumers
July-August sales will get impacted and the effect will get neutralised by the festive season and demand will be back: CEAMA President
GST will be a single nation-wide sales tax replacing a string of central and state levies. That is how we have managed to keep our inflation basket under control: Hasmukh Adhia
“BJP needs Shiv Sena’s votes for the President’s election, hence it does not want to hurt its sentiments,” Patil said.