Following presidential assent last week to the GST Bill, the Union Finance Ministry on September 12 notified the provisions of the Constitution Amendment Act that allows for setting up the Goods and Services Tax (GST) Council. “The Central Government hereby appoints the 12th day of September, 201…
Tag: Rajya Sabha
Assam now the fore-runner among Indian states to implement GST
The BJP led state of Assam made headlines by being the first state ever to pass the Goods and Service (GST) tax Bill. The GST is the biggest reform in the country’s indirect tax structure. The 122nd Constitutional Amendment was recently passed by the Rajya Sabha, and was passed by the Lok Sabha o…
Logistics sector could save $200b annually post GST
Logistics sector, which accounts for nearly 14 percent of the GDP, could see savings to the tune of USD 200 billion annually on implementation of GST, which will ensure faster movement of goods and less idle hours, say experts. With the introduction of Goods and Services Tax, many taxation proced…
GST & MSMEs | Impact assessment
On August 3, 2016 Rajya Sabha has finally passed the much awaited 122nd Constitutional Amendment bill which allows GST to be implemented. It took around 16 years, since GST first got conceptualized by Vajpayee govt, but better late than never. Finally the Bill has been passed unanimously in the R…
All India MSME Forum lauds GST; calls it a remarkable Bill
All India MSME Association (AIMA MSME), one of the representation body recognized by the MSME Ministry for the small and medium enterprises has appreciated the passage of GST Bill by Rajya Sabha on August 03, 2016. “Not just the MSME, but across the industries, I am sure this will give a positive…
GST to cut red tape, help SME sector, says West Bengal Finance Minister
The uniform Goods and Services Tax (GST) is going to benefit Small and Medium Enterprises (SME) the most by way of cutting down bureaucracy and the existing layered tax structure, West Bengal Finance Minister Amit Mitra said. Mitra said SMEs feed large industries and that this is the most labour-…
All parties except AIADMK supporting GST; voting remains
August 3, 2016: As the debate on GST Bill continues in Rajya Sabha with voting likely to be held late into the night, all parties supported it except for AIADMK. Today in the Rajya Sabha session on GST, main opposition Congress and most other parties, except AIADMK, expressed support, with certai…
India to utilize China’s decline in textile export; unveils unique package
The government is planning to announce a special package of Rs 6,000 crores to achieve the target of USD 48.5 billion in current financial year, informed an official press release. The Minister of State for Textiles, Ajay Tamta has said, “Government is planning to achieve the target of USD …
Centre promoting Khadi use by Air India and Railways
To revive the khadi industry, Indian Railways and Air India are being encouraged to use products made up of the fabrics in trains and aeroplanes even as the KVIC’s sales grew 24 per cent in 2015-16, Parliament was informed. “Indian Railways and Air India are being encouraged to use kh…
StartUp India: 16 entities incorporated, tax sops rejected for 2
Only 16 applicants have been incorporated under the Start Up India programme after April 1 this year making them eligible for tax sops out of which two have already been disallowed, Parliament was informed. A total of 728 applications have been received till July 18, 2016 for Start Up recognition…