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Deputy Chief Minister Mallu Bhatti Vikramarka said that the proposal of rate rationalisation and reduction of tax burden is always welcome, but at the same time, it must be balanced by ensuring that the revenues of the states are protected.
India is set to witness major reforms in the Goods and Services Tax (GST) regime this year. These “next-generation” reforms would drop by before Diwali, Prime Minister Narendra Modi promised this morning, assuring a massive reduction in taxes on common-use items.
Prime Minister Shri Narendra Modi, on the occasion of 79th Independence Day, highlighted how Goods and Services Tax (GST), implemented in 2017, is a significant reform which has benefited the nation.
India Inc is beginning to invest and urban consumption is not a worry, finance minister Nirmala Sitharaman told ET, maintaining that there would be no holding back on economic reforms.
Lok Sabha Speaker Om Birla on Tuesday stressed that India has the best taxation system in the world, characterized by transparency, rule of law, and stability in tax policies.
Reserve Bank Governor Shaktikanta Das on Thursday said the fundamental drivers of the Indian economy are gaining momentum and the country is moving on a sustainable growth path. In the inaugural address at FIBAC 2024, the governor said that massive changes are taking shape in various economic sectors and markets, and the country is geared for orbital shifts.
Ahead of the GST Council’s meeting on June 22, legal experts who spoke with Moneycontrol said that certain key issues such as rate rationalisation may be pushed to the back burner while issues such as placing checks and balances on the powers of tax officers may come back to focus.
GST is often described as independent India’s most pathbreaking indirect tax reform. Here, India had the latecomer’s advantage of learning from the experience of others — preceded as it was by about 160 countries in the implementation of a GST/value added tax (VAT).
After almost six years of implementation, the GST seems to be settling in. There has been a steady improvement in…