A 4-tier GST tax structure of 5, 12, 18 and 28 per cent, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess, was decided by the all- powerful GST Council today. With a view to keeping inflation under check, essential items including food, […]

Multiple GST tax slabs are “perhaps necessary” in India given the wide disparity in consumption levels and they are likely to have limited impact on most sectors. A large number of tax slabs agreed upon by the GST Council may however dilute some of the benefits of the GST system, but preliminary understanding of the […]

The multi-layered structure along with a large number of exemptions could mean that the goods and services tax may not be inflationary as some feared. Nearly half of the items in consumer price index (CPI) basket, including cereals, will not be taxed under the new levy that will replace a plethora of indirect taxes. Besides […]

India Inc, which will possibly benefit the most from the introduction of Goods and Services Tax, welcomed the rapid progress on this key reform even as it pointed out certain shortcomings that it hoped would be addressed over a period of time. Industry has called for a centralised registration system under GST, while flagging concerns […]

The country witnessed a momentous occasion after the Rajya Sabha today passed the historic Goods and Services Tax Constitutional Amendment Bill. The tax, upon rollout, will replace almost all state and central indirect taxes and levies such as excise, service tax, sales tax, VAT and octroi. The most vocal proponent of the bill, Adi Godrej, […]

India’s financial condition and market environment showed a healthy improvement in the quarter to June, according to industry body CII and Indian Bank Association’s latest Financial Conditions Index. The index stood at 61.1during the quarter, up from 47.8 in the previous quarter. The reading shows that a majority of respondent banks and financial institutions reported […]

Indian economy is expected to witness a growth of 7.8 per cent in the current financial year on account of likely recovery in agriculture and private consumption, says a Credit Suisse report. According to Swiss financial major, while the first six months of 2016-17 would see growth consolidating at current levels, the improvement in economy […]

Indian economy will continue to see robust growth at 7.4 per cent in the next financial year even as only modest recovery is expected in advanced economies, Paris-based think tank OECD said today. The Organisation for Economic Cooperation and Development (OECD) has raised India’s growth forecast compared to 7.3 per cent expansion projected in November […]

Indian economy, which expanded at 7.7 per cent between 2003 and 2014 has the potential to clock 8 per cent growth in the near future, Planning Commission’s former deputy Chairman Montek Singh Ahluwalia today said. He also said that for India to grow at 7.7-8 per cent, implementation of reforms like Goods and Services Tax […]