While the lower Goods and Services Tax (GST) rates may lead to a decline in inflation, economic growth may not improve significantly in the short term even though it will benefit both India Inc and the government in the medium term, experts say. Most economists forecast inflation to come down as …
Tag: Arun Jaitley
India sets $45 b textiles exports target for FY18
The government has set a target of $45 billion exports from the country’s textile and garment sector in 2017-18, lower than the $48 billion set for the last fiscal which was missed by a huge margin. The country’s overall textiles and garments exports during 2015-16 stood at $40 billion, mainly be…
Amidst the digital push, GST transition may be painful for SMEs
India’s biggest tax reform in history is also set to make its small-to-medium businesses more transparent. On July 1, as India rolls out its landmark national sales tax, businesses that make less than 100 million rupees — which the government refers to as micro, small and medium enterprises…
Defence Ministry approves policy to create vibrant defence manufacturing ecosystem with MSMEs
New Delhi: The Defence Ministry on May 20 broadly finalised a much-awaited policy under which select private firms will be roped in to build military platforms like submarines and fighter jets in India in partnership with foreign entities. Seen as a major initiative, the ‘strategic partners…
GST Council’s next step: Ensuring tax benefits are passed on to consumers
New Delhi: After having fixed the rates of the goods and services tax (GST) on almost all commodities and services, the powerful federal tax body GST Council is trying to ensure that businesses pass on any tax reduction benefit to consumers when the new indirect tax regime comes into force on 1 J…
Services won’t pinch much, healthcare and education exempted from GST list
The Goods and Services Tax Council broadly agreed on 4 tax brackets for services (5%, 12%, 18% and 28%), though they are yet to decide on a tax bracket for gold. Finance Minister Arun Jaitley, at a presser in Srinagar, listed out the details, which were: 1) All services have been fitted into four…
81% items to be taxed below 18% rate under GST: Govt
The Goods and Services Council on May 18 finalised tax rates for 1,211 items with a majority of items being kept at under 18 per cent rates. “GST Council today approved 7 GST rules in a meeting held in Srinagar, while legal committee is looking at remaining 2 GST rules ( return, transition …
GST Council finalises tax rates on 80-90% goods & services; Keeps essential items in lowest bracket
The GST Council on May 18 finalised tax rates on 80-90 per cent of goods and services under the four-slab structure with essential items of daily use being kept in the lowest bracket of 5 per cent. The Council, headed by Union Finance Minister Arun Jaitley and comprising representatives of all st…
Traders demand a trial period of nine months under GST
Traders body CAIT has demanded that the first nine months of GST implementation in the current fiscal should be treated as a trial period and no penal action should be levied against traders except for habitual offenders. The Confederation of All India Traders (CAIT) has asked Finance Minister Ar…
रक्षा क्षेत्र में घरेलू विनिर्माण को प्रोत्साहन देने पर जोर, इंसेंटिव्स भी देगी सरकार
रक्षा मंत्री अरुण जेटली ने कहा है कि सरकार लड़ाकू विमानों, जहाजों और पनडुब्बियों के लिए आयात पर निर्भरता को कम करने के लिए रक्षा क्षेत्र में घरेलू विनिर्माण को प्रोत्साहन देने पर जोर रही है। साथ ही जेटली ने कहा है कि इसके लिए देश में डिफेंस मैन्युफैक्चरिंग बेस के निर्माण के लिए विदेशी कंपनियों को…