Speaking at the Global Investors Meet in Indore, he said petroleum is currently under 'state list' for the the purpose of taxation under GST.
As per the GST Constitutional Amendment Bill, petroleum products like LPG, kerosene and naptha would attract GST.
"You need not open account in banks of government. Even if you have account in a private bank you can transfer money and it will reach the government," Revenue Secretary Hasmukh Adhia said.
The next GST Council meeting is scheduled for November 3-4.
The finance minister said the country was maintaining a respectable growth and that the pace of public investment has picked up.
Countering comments by Gopichand Hinduja, Arun Jaitley said, in usual circumstance the industry is ahead of the government but in India the private sector is little behind the government.
The objective of the EDFC-III Project is to augment rail transport capacity, improve service quality and enhance freight carriage throughput on the 401 km Ludhiana-Khurja section of the Eastern Dedicated Freight Corridor.
Vijay Kelkar, former finance secretary and Chairman of the 13th Finance Commission on Friday said the recent proposal of the government to have a four rate slab for the Goods and Services Tax (GST) rate was “disappointing” as it “robs the GST of its efficiency enhancing potential”. Kelkar said with the tax rate fixed by […]
“In order to expedite the arbitration, cut down the cost and therefore incentivise people from arbitrating in India ...,” Jaitley said.
These subsidised fares will be funded through a levy or fee on departure flights on major routes, a plan opposed by major airlines.
Successive Finance Commissions have been recommending a key role for the CAG in the governance and accountability mechanism of the local bodies.
“I think stage is now set for banks to take effective action in some cases so that people realise that indefinitely you cannot hold on public money because bank money is also at the end of day is public money itself,” Union Finance Minister said.
A rise in the dollar on Friday to touch a seven-month high against a basket of currencies driven by buoyant expectations of a US interest rate hike this year mainly weighed on the forex trade.
A trade body has ascertained that there has been a 30-40 per cent impact on goods like decorative lights which records huge sales during Diwali, whereas a slight impact has also been felt on China-made electronic goods.
The rupee had ended lower by 13 paise at 66.81 in yesterday's trade on fresh bouts of dollar demand from banks and importers.
The notification, however, did not specify the sectors which have been opened up for automatic route.
In case of a higher GST rate, the Centre will have to impose a much higher rate so that it is able to retain the compensation amount even after 42 per cent devolution to states.
Union Minister Nitin Gadkari said India was one of the fastest growing economies in the world and the present government had substantially improved the ease of doing business.
Moody's said India's economy is set to grow at the fastest pace among major economies in 2016 and 2017 although GDP growth remains constrained by various factors, including inadequate infrastructure investment.
The rupee had closed 5 paise higher at 66.68 against the US dollar on sustained selling of the American currency by banks and exporters.
The Council discussed that GST rate should not be regressive in nature and be such that the existing revenues of the states and the Centre are protected and the impact on CPI inflation is minimal.
Once the GST rates are decided, the Council will meet again on November 9-10 to finalise the draft legislations.
Names of the firms have been withheld because of the confidentiality clause under the IDS.
The Beige Book is based on anecdotal reports from businesses and will be considered along with other data when Fed policymakers meet in November.
A committee headed by Chief Economic Adviser Arvind Subramanian had last year mooted 17-18 per cent standard rate for majority of goods and services.
"We have converged towards a consensus, announcement will be made after next GST Council meeting. Two standard rates of 12 per cent and 18 per cent under discussion," said Jaitley.
The rupee had gained 15 paise to end at 66.73 yesterday on fresh bout of dollar selling amid weak overseas sentiment.
The GST Council finalised the compensation formula for states for potential revenue loss, converging at an assumption of 14 per cent revenue growth rate over the base year of 2015-16
According to the minutes, RBI Governor Urjit Patel said indicators of economic activity pointed to a subdued outlook, though it was gradually improving.
Jaitley said that five option on GST rate structure were presented to the GST Council.
The finance ministry last month released a draft bill to set up a resolution corporation to address similar issues among financial firms.
A tax evasion amnesty scheme, led by the NDA government, that closed in September disclosed nearly $10 billion in undeclared income.
The local currency received a shot in the arm after stocks started the day on a positive note.
GST: Centre will try to push CGST & IGST legislation in Winter Session starting Nov 16
The upcoming meeting is significant as it will decide on the most crucial aspect of tax rate that will have a bearing on the common man.
According to the global financial services major DBS, the widening of the trade deficit will be "watched closely", especially at a time when the services sector receipts and private transfers are under pressure.