GST is critical for economy's revival: ASSOCHAM
With the GST Bill still stuck in the Parliament, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) has appealed to the ruling and opposition parties to pass the Bill in the current session. Stating that GST is critical for the revival of the economy, ASSOCHAM’s newly-elected President, Sunil Kanoria has appealed to political parties to call for a special session if required, but ensure the Bill is passed.
Source: The New Indian Express dated 22 December 2015
Infosys at work on GST tech framework
Infosys is going ahead with the project to develop a state-of-the-art technology platform for the proposed GST despite the delay in the Bill getting passed. “If not this session, there's every chance that the Bill will get passed in the next session. And in such a scenario, the technology framework for the GST has to be ready. So, as of now, the project is still going ahead at full steam” said an Infosys executive.
Source: The Times of India dated 22 December 2015
Traders protest against Congress for blocking GST Bill passage
Members of various trade unions took to the streets on Monday against the Congress for blocking the passage of the crucial GST Bill in Parliament. The traders gathered at Jantar Mantar (New Delhi) and marched to the Congress headquarters where they shouted slogans against the party leadership.
Source: The New Indian Express dated 21 December 2015
Government may bring intra-company deals under GST to increase transparency
The government is considering GST on self-supply of goods and services in a bid to increase transparency and bring barter transactions between two companies - which often escapes taxation currently - under the tax net, said at least two people close to the development.
Source: The Economic Times dated 19 December 2015
Delayed GST better than a flawed one: Finance Minister Arun Jaitley
The much-awaited Constitution Amendment Bill for GST, may not be passed in the Rajya Sabha in the remaining three days of the winter session of Parliament, Finance Minister Arun Jaitley hinted on Saturday. “I think a delayed GST is better than a flawed GST,” Jaitley said at the annual general meeting of industry body FICCI.
Source: Business Standard dated 19 December 2015
Draft GST Bill to be floated soon
"The government will roll out the final GST draft paper in the public domain very soon," said Rashmi Verma, special secretary in the Revenue Department. Verma added that the government would drastically prune the list of exemptions, now being enjoyed by businesses.
Source: Business Standard dated 17 December 2015
Did you know?
In New Zealand, prior to GST’s introduction in 1985, the government believed GST (10 percent) would contribute 17 percent to annual taxation revenues. In 1991, GST (12.5 percent) actually contributed 23.8 percent of taxation revenues and was expected to contribute 25.1 percent in 1992.