Skip to main content

GST to hit shadow economy: Das

By

Economic Affairs Secretary Shaktikanta Das on Thursday said the goods and services tax (GST) would hurt the shadow economy.
The indirect tax regime would also raise gross domestic product (GDP) growth by 1.52 percentage points.
The Lok Sabha on Wednesday passed the four GST Bills —relating to the Centre, Union territories, intersale movement and compensation.
Being money Bills, these do not require Rajya Sabha approval.
The GST Council will now discuss rules on Friday andacommittee of officers will discuss specific rates next month.
The GST is likely to be rolled out from July 1.
Das said the GST Council would get into action mode now.
He said that states might lose revenue in initial years, but he did not expect the losses to go beyond the first three years of the GST being rolled out. In any case, he said, there wasacompensation mechanism for the first five years.
States will get full compensation to offset the losses.
For this purpose,acess will be imposed on sin and luxury goods over the peak rate of 28 per cent.
It is estimated that the compensation of Rs.50,000 crore is neededayear.
He said the focus would now be on building robust firewalls for securing GST networks.

Business Standard New Delhi,31st March 2017

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more