The Goods and Services Tax (GST) is awfully complex and has confused not only businesses and the public, but also the government.
Vinod Dua discusses how the inefficient implementation of the GST is hurting the Indian economy and the clean Ganga campaign.
To restore confidence, better governance, rather than any additional fiscal push, is the need of the hour.
Recyclable plastic, an item commonly sold by ragpickers, was taxed 5.5% before but is now in the 18% bracket.
Shah’s statement came at a time when messages critical of the ‘Gujarat model of development’ in the poll-bound state were being circulated on social media.
Demonetisation as a means of tackling the black economy was destined to fail. What’s worse is that its ripple effects are having severe adverse effects on India’s economy.
Finance minister Arun Jaitley asserted that the government over the last two-three years has made tax evasion difficult and that has come as a “rude shock” to many.
Have drug prices gone up or down? How will you know how much to pay? The Wire breaks it down.
In its mid-year economic survey, chief economic adviser Arvind Subramanian said there were downside risks to the official growth forecast of 6.75-7.5% for the fiscal year to March 2018.
Millions of companies are still not ready to file their first GST returns before the August 20 deadline, a top official said.
Surging prices caused by the tax dented demand for services and pushed the sub-index on new business to 45.2 in July, its lowest in nearly four years.
Ambiguous rules under the new, multi-rate sales tax that went into effect on July 1 have left firms confused on how to price their products.
“My belief in socialism comes out of my belief in human beings.”
Vinod Dua talks about the JNU VC’s request to install a military tank on campus and how funds meant to fight climate change have now been diverted to the GST regime.
The Goods and Services Tax (GST) on gold has jumped to 3% from 1.2% previously, with traders and buyers saying the move will likely force more transactions into the black market.
While the government can justify various anti-profiteering measures based on socialist principles, the rules and methodology need to be clearly stated.
The opposition opposes extending the 101st amendment of the constitution to J&K, which would hand over powers of tax collection to the Centre and threaten the state’s autonomy.
In the seventy-fourth episode of Jan Gan Man Ki Baat, Vinod Dua talks about the sharp rise in mob lynchings across India in the past three years and the goods and services tax.
Ruling out any further slippage in the timeline, finance minister Arun Jaitley said Indian small business has been given enough time to prepare.
The GST’s complexities run the risk of derailing the service sector’s growth and even slowing India’s economic growth, according to experts.
The prime minister also urged states, local governments and NGOs to decide goals for 2022 and work towards achieving them.
The Nikkei Manufacturing Purchasing Managers’ Index rose to 52.5 in March, from 50.7 in February, the third month in a row that is has been above the 50 mark.
Global experience shows that implementing GST caused severe short to medium term disruption in countries’ economies – we shouldn’t expect better from India’s half-baked version either.
Despite the strong mandate, Modi still faces a struggle to implement reforms to boost growth and jobs.
The Goods and Services Tax (GST) has missed several launch dates. On Saturday, Finance Minister Arun Jaitley said the measure is on track for a rollout from July 1 with the bills set to be discussed in parliament after it reconvenes next week.
The consensus was reached after the Centre agreed to the demand of the states to go in for a horizontal split with regard to taxpayers based on annual turnover.
Large companies have begun their ground work, but small and medium enterprises don’t seem ready for the new tax regime.
Direct tax reform is necessary to ensure that implementation of the GST doesn’t contribute to stagflation.
A refusal to change our traditional adversarial approach to governance has the potential to hold GST reform hostage. This should not be allowed.
An early winter session would help get the Central GST and Integrated GST legislations approved, that will pave way for the GST, to be approved within November or latest by early December, government officials said.
There has been no attempt so far to design a comprehensive tax policy for medium and small enterprises, which would take all direct and indirect taxes into account and provide a clear, low-compliance-cost, fair policy option.
The bill was easily passed, with the Congress Party coming on board, after the government made about six changes including scrapping of 1 per cent manufacturing tax and incorporating clearer provisions for the compensation of states.
The passage of the GST bill through the Rajya Sabha will be a political, and not economic, success. The real task of implementing it still awaits us.
If the Centre needs to adopt a sensitive and reflective approach, the states too need to realise that they are not just competing amongst each other but also face global competition.
In its current form, the GST will have a negligible positive impact on growth, may be negative for the business environment, and may not even be revenue neutral.
A poorly implemented GST could be politically counter-productive. Which is why we should not treat it as a panacea, but as an instrument that may have to be refined in the coming years.
The countries are far beyond poised for partnership as matters stand today. Perhaps a more apt title could have been Poised for Alliance, which would be eye-opening and more forward-looking.
The fear of losing the Bihar elections is such that the government has dropped one of its key pieces of legislation. But will this impress the voters?
Some aspects of GST could well accentuate the miseries of taxpayers if the present problems plaguing our dispute resolution mechanisms continue
How do we reconcile the improvement in the macroeconomic numbers with a certain discontent on the state of the economy?