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GST Council meet LIVE: 60 items may get cheaper; no discussion on tax rate cut?

BusinessRajesh PandathilOct, 06 2017 18:06:28 IST
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GST Council meet LIVE: 60 items may get cheaper; no discussion on tax rate cut?

  • 18:06 (IST)

    World Bank says GST will have positive impact

    World Bank president Jim Yong Kim said that the Goods and Services Tax is going to have a hugely positive impact on the Indian economy.

    "There's been a deceleration in the first quarter, but we think that's mostly due to temporary disruptions in preparation for the GST, which by the way is going to have a hugely positive impact on the economy," Kim told a group of reporters during a conference call ahead of the annual meeting of the International Monetary Fund and the World Bank in Washington.

  • 17:59 (IST)

    Union Finance Minister Arun Jaitley, Minister for State for Finance Shiv Pratap Shukla and Revenue Secretary Hasmukh Adhia at the 22nd meeting of the Goods and Services Tax (GST) council, in New Delhi on Friday. PTI

  • 17:55 (IST)

    Composition scheme threshold to go up?

    According to moneycontrol.com, Telangana finance minister says that composition scheme threshold likely to be raised to Rs 1 crore to 1.5 crore; expect full consensus on it.

  • 17:53 (IST)

    Goa chief minister Manohar Parrikar, Puducherry chief minister V Narayanasami, Bihar deputy chief minister Sushil Kumar Modi, Delhi deputy chief minister Manish Sisodia at the 22nd meeting of the Goods and Services Tax (GST) council, in New Delhi on Friday. PTI 

  • 17:48 (IST)

    Composition scheme limit hiked?

    Sources say GST Council has decided to raise composition scheme limit to Rs 1 crore from Rs 75 lakh, reports CNBC-TV18’s Shereen Bhan

  • 17:44 (IST)

    Discussions on economy, GST good for democracy: Naidu
     
    Vice President M Venkaiah Naidu on Tuesday said discussions on the economy and GST should carry on, stressing that such debates were always good for democracy.
     
     
    In the long run, GST would be beneficial for all, the vice president asserted. 
     
     
    "Discussions are going on about the country, its economy and also GST - its effects, after-effects and side-effects. Let the discussions go on. It is always good for democracy," Naidu said at the International Conference on Technological Advancements in Railway and Metro Projects.
     
    PTI

  • 17:36 (IST)

    No discussion on cutting tax rates? 

    A Financial Express report said: "The GST Council, in its 22nd meeting today in New Delhi, has apparently skipped the discussion on cutting tax rates on the remaining 60 of the 100 items under review, and has instead chosen to focus on straightening out administrative and procedural issues to make the implementation of the tax reform simpler for business owners."

  • Political consensus for GST a big success

    The political consensus generated for the passage of GST Bill was a major success of the Narendra Modi the government to push the reform agenda. GST has been stuck in Parliament for more than a decade. But, with small companies increasingly feeling the heat of GST rollout, this political consensus is on a shaky ground now. Opposition parties have escalated the attack on the government citing the hardship faced by small entrepreneurs in the GST regime. If necessary adjustments are not made to ease this pain, the government will have to prepare for tougher days ahead.

  • 17:16 (IST)

  • 17:15 (IST)

  • 17:04 (IST)

  • Hiccups inevitable for GST in the short-term

    Short-term hiccups are inevitable during the implementation of GST. But, the government must work on models to help small and medium companies operate smoothly during the transition period. Prime Minister Narendra Modi shouldn’t let the opposition demonetise the GST giving an excuse of a faulty rollout. As the World Bank has said, despite the temporary pain, GST is certain to have a positive impact on the economy in the long-term. The immediate task for the government is to cushion small industrial units from the transition pain by addressing inefficiencies in the implementation while taking political consensus ahead.

  • Comparing GST with other economic steps of the Modi government is wrong

    It is wrong to compare the GST with Modi’s other economic moves such as demonetisation. This is a much-needed, long-awaited tax reform while note ban was a risky adventure, that later turned out to be a misadventure for the economy. Unlike this, GST is a progressive step India has taken to elevate the economy to the next orbit of development.

  • 16:46 (IST)

    Cheaper restaurants, cab services 

    According to moneycontrol.com, restaurants, cab services are among the 60 items for which rates are likely to come down.

  • 16:42 (IST)

The all-powerful GST Council is meeting on Friday amid rising clamour for changes in the new tax regime that has inflicted considerable pain on the small and medium enterprises.

The 22nd meeting of the council comes soon after Prime Minister Narendra Modi, BJP president Amit Shah and Finance Minister Arun Jaitley held an emergency meeting on Thursday, where the topic of discussion was reportedly the state of the economy and the ways to affect a course correction.

Small and medium-sized enterprises, crucial to Modi’s plans to create millions of more jobs, have been hurt by a massive tax overhaul launched in July that added layers of extra bureaucracy for firms and hit exports.

Finance Minister Arun Jaitley is now chairing the meeting of the council. Officials with knowledge of the meeting and industry bodies told Reuters that they expected the government to simplify the filing of tax returns under GST to ease the burden on smaller businesses.

Many companies also want the government to increase the size of turnover imposed before they must start filing returns. Ajay Sahai, head of the Federation of Indian Export Organisation, told the news agency that he expected the government to allow its 25,000 small and medium-sized members to file tax returns quarterly.

However, it is not only the MSMEs that will get a hand-holding. Read here about the four key steps the GST Council is likely to take on Friday.


Published Date: Oct 06, 2017 05:37 pm | Updated Date: Oct 06, 2017 06:06 pm


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