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One of the most reputed economist and policymaker, Vijay Kelkar, offered the fifth C.D. Deshmukh lecture organised by National Council of Applied Economic Research. Kelkar, while speaking upon Reflections on the Art and Science of policy making, introduced a case for the promotion of competition driven market economy in India.
Yesterday, Revenue Secretary Hasmukh Adhia suggested the proposed Goods and Services Tax (GST) as a merger to subsume all cesses except those on petroleum.
The Healthcare Federation of India (NATHEALTH) has suggested a 5% GST rate on the healthcare supply chain like medical equipment supply to hospitals. Presuming that the GST rate on the sale of diagnostic services by the hospitals to the patients will likely to be kept exempted from the indirect taxes.
While exhibiting the Union Budget 2017-18 in the Lok Sabha, Finance Minister Arun Jaitley Today said the government is ready for implementation of the Goods and Services Tax (GST) and will start reaching out to the industry very shortly by April 1 to spread awareness about the GST regime.
Speaking at a state-level tax advisory committee meeting for the preparation of the state budget, Rajasthan chief minister Vasundhara Raje on Tuesday said Goods and Services Tax (GST) will simplify the tax structure and boost the revenue model of the state. Holding the discussions with representatives of the industry bodies, tax experts and briefed suggestions for the state budget.
Indian banks have approached the government to amend the draft Goods and Services Tax (GST) law so that the transactions between two branches of a bank could engage tax. In the present structure, transactions between two branches of the same bank will involve a tax, which could become a mess on a later stage after the GST rollout.
As the Government is preparing to present the Union Budget for 2017-18 on Feb 1, some of the major IT manufacturers and tech companies are bracing the upcoming GST regime and also demand that the excise duty should be restructured in a more feasible manner.
Finance minister Arun Jaitley may likely look into the service tax rate hike to 16-18% from the current 15% in the upcoming budget session, scheduled on February 1, as an effective measure for the GST roll-out.
A senior official said that the Goods and services tax will benefit the warehousing sector with ongoing taxation issues in logistics and transportation expected to be sorted out.
