"The two successive shocks of demonetisation and the GST had a serious impact on growth in India. Growth has fallen off interestingly at a time when growth in the global economy has been peaking up," Rajan said.
When the GST regime had kicked in last July, the government had adopted a uniform rule to compensate urban bodies for loss of income suffered due to the subsuming of various local body taxes, including the entry tax, local body tax, octroi and various development cesses, among others.
Congress spokesperson Pawan Khera questioned the government's claim of oil prices being deregulated, saying they depend upon the electoral calendar as they remained unchanged for 17 days during the Karnataka assembly polls, and a similar pattern was seen during the Gujarat polls.
In its ruling, the NAA observed that Lifestyle International and Mahagun Metro Mall, Vaishali, Ghaziabad, have not lowered the prices of ‘Maybelline FIT ME foundation’ despite a cut in GST rate from 28 per cent to 18 per cent with effect from November 15, 2017.
The issue relates to remittances by migrants from urban pockets to their homes in rural areas. The tax department feels the bank has violated norms and under-paid the tax, while the bank feels the opposite.
Surat, Feb 09 (ANI): The diamond industry in Surat has picked up steam after it witnessed a slump in business last year. More than 5,000 Surat polishers had lost their jobs since June 2015, as Chinese consumers pulled back luxury purchases, leaving jeweller with stocks of unsold jewellery and gems. However, Surat Diamond Association President Dinesh Navdiya said business was slowly picking up pace in the ‘Diamond city of the world’. He added that the return of workers has given a boost to the industry. Navdiya feared that the passage of Goods and Services Tax (GST) bill in the Parliament would have a negative impact on the industry.