In FY18, farm loan waivers touched 0.32 per cent of the GDP as against budget estimates of 0.27 per cent, the RBI said, adding that more such moves are pending for the fiscals ahead.
The GST Council had, in its meeting in January 2018, decided to slash the GST rate on 54 services and 29 items.
As per the proposed amendments, employers will be able claim input tax credit on facilities like food, transport and insurance provided to employees under any law.
The finance ministry has expressed its intention to include natural gas and aviation turbine fuel within the purview of the goods and services tax soon.
The revenue officials will soon visit colleges and universities in Kolkata to persuade students, especially those pursuing commerce, to help MSMEs in filing their GST returns and earn, the panelists said.
For boosting economic efficiency and investor confidence, it must move towards fewer rates, a simpler and stabler regime.
Mayawati asked what happened to the central government’s intention and their policies and “big promises” in the matter and how this increase in Swiss bank accounts happened.
When JD(U)’s national executive — its highest decision making body — meets in Delhi on July 8, the BJP’s top leadership will be assessing messages coming out of the meeting.
In the run-up to the polls, the GST Council shifted 178 items of daily use from the top 28 per cent tax bracket to 18 per cent.
Chidambaram said the GST’s design, structure, rates and implementation were so flawed that it has become a “bad word” among business persons, traders, exporters and common citizens.
The minister said that the first year of (Goods and Services Tax) GST was very successful, as people had apprehensions of price rise after the launch of the new indirect tax regime, but that did not happen.
J N Singh Singh said that the GST Council had shown tremendous flexibility while implementing GST by bringing in lots of changes in the tax structure. “To some extent, Gujarat elections is also responsible (for this),” Singh said amid laughter from the audience
“So, when our friends in Congress say that they will have just one GST rate, they are effectively saying they will tax food items and commodities, which are currently at zero or 5 per cent, at 18 per cent,” PM Modi said.
GST Day HIGHLIGHTS: The Goods and Services Tax, which was rolled out in the intervening night of June 30 and July 1, was aimed at simplifying the tax system by bringing together a slew of indirect taxes under it.
On the eve of the first anniversary of the introduction of the GST, The Indian Express speaks to Shrikant Paranjape, president, CREDAI Pune Metro, to understand the journey so far.