Thu, Jun 29, 2017 | updated 11:18 AM IST

Cabinet approves draft GST bills

Updated: Mar 20, 2017 12:48 IST      
Cabinet approves draft GST bills

New Delhi [India], Mar. 20 (ANI): The Union Cabinet on Monday gave its nod to four legislations of the much-awaited Goods and Services Tax (GST) bill, namely Central, State, Union Territory and Integrated GST, along with the Compensation Bill.

The aforementioned legislations are reported to be taken up for discussion in the Parliament later this week.

The meeting held earlier today was chaired by Prime Minister Narendra Modi, exclusively to discuss the outcomes of the above legislations, subsequently enabling the GST to be rolled out as per schedule on July 1, 2017.

The Central, State, Union Territory and Integrated GSTs were earlier approved by the GST Council after multiple discussion over 12 meetings of the Council held in the last six months.

The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Centre.

The UTGST Bill makes provisions for levy on collection on tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both.

The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the GST for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.

The incorporation of the GST is believed to ease the collection and payment of indirect taxes. Additionally, industry experts have revealed that tax payment can be monitored efficiently by the concerned authorities.

Earlier this year, Finance Minister Arun Jaitley, while presenting the Union Budget 2017-18, stated that country-wide outreach efforts are underway to explain the provisions of GST to various sectors of the society. (ANI)

fiscal autonomy Srinagar [India], June. 28 (ANI): Jammu and Kashmir Minister of Finance Haseeb A Drabu today said the state government will factor in constitutional, legislative, administrative and institutional issues distinct to the state, while implementing the Goods and Services Tax (GST) Bill in the State.

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New Delhi [India], June 28 (ANI): Finance Minister Arun Jaitley on Wednesday said that all decisions in connection with the Goods and Services Tax (GST) Bill were taken after building consensus with states and political parties.

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New Delhi [India], June 28 (ANI): Airbnb democratizes tourism by bringing its economic benefits to communities that typically haven't shared in these benefits in the past.

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New Delhi [India], June 28 (ANI): World's largest player for South-Asian content, YuppTV on Wednesday announced its partnership with Fox Star Studios, one amongst the leading production houses of today.

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New Delhi [India], June 28 (ANI-NewsVoir): SBI Mutual Fund, the fifth largest (by AAUMs) asset management company in the country would be the first Indian Mutual Fund Company to complete 30 years of successful operations on Thursday, June 29, 2017. SBI Mutual Fund was the first bank sponsored Mutual Fund to have been registered under SEBI.

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FreeCharge crosses 500 mn transactions

Updated: Jun 28, 2017 16:52 IST     

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Marico appoints Ananth Narayanan to its Board of Directors

Updated: Jun 28, 2017 16:31 IST     

New Delhi [India], June 28 (ANI): India's leading Consumer Products Group Marico on Wednesday announced appointment of Ananth Narayanan on its Board of Directors as an Additional (Independent) Director.

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Fin Min setups special cell for smooth GST roll-out

Updated: Jun 28, 2017 16:29 IST     

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New Delhi [India], June 28 (ANI): India's leading e-commerce giant, Amazon.in today announced the setting up of 16 'GST Cafes' across 11 cities to help sellers understand the nuances of GST and transition seamlessly through the entire process. In line with Amazon.in's continuous efforts to enable its sellers be GST-compliant, these cafes, available from June 26th, 2017 will be available for a duration of two weeks to train and empower sellers on the implications of the new GST tax.

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New Delhi [India], June 28 (ANI-NewsVoir): Aeries Financial Technologies Pvt. Ltd., a fin-tech company promoted by serial entrepreneur and private equity investor V. Raman Kumar, today announced that CASHe, India's fastest growing loan giving app for young salaried professionals has reached a phenomenal milestone of disbursing loans worth Rs. 100 crore to over 25,000 of its loyal customers.

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New Delhi [India], June 28 (ANI): SAIC Motor Corporation Ltd. on Wednesday announced its plan to enter the Indian automobile market through a fully-owned car manufacturing facility in the country.

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New Delhi [India], June 28 (ANI-NewsVoir): HDFC ERGO General Insurance Company, India's third largest non-life insurance provider in the private sector and Utkarsh Small Finance Bank on Tuesday signed a corporate agency agreement for the distribution of general insurance products through the bank's network of branches across the country.

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Tapp Me's on demand service model in expansion mode

Updated: Jun 27, 2017 18:44 IST     

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i2iFunding emerges as first P2P lending player

Updated: Jun 27, 2017 18:38 IST     

New Delhi [India], June 27 (ANI-Newsvoir): The Indian P2P lending industry is in the nascent stage of development.

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