The Union finance ministry, he said, has not mooted any proposal to bring petrol and diesel or even natural gas under GST but took up the issue at the last GST Council meeting on August 4 based on media reports.
The credit disbursal to the MSME sector has, however recovered a tad since the lows of 2017 to reach the mid-2015 level, notes an RBI report called the Mint Street Memo.
The government's motto is reform, perform and transform. Red tape has been replaced with 'red carpet', propelling India on the ease of doing business ranking, PM said.
The prime minister highlighted the loopholes of the GST model, which was earlier proposed by Chidambaram and clarified the BJP’s stance on opposing GST during UPA regime.
Goyal was speaking in the Lok Sabha after moving four bills seeking to amend the Goods and Services Tax (GST) laws for consideration and passage.
Growth is forecast to rise to 7.3 per cent in fiscal year 2018/19 and 7.5 per cent in 2019/20 on strengthening investment and robust private consumption, the report said.
The government has yet not invoked relevant provisions of the Integrated Goods and Services Tax Act, the ministry said.
“We have decided to undertake a pilot project. A broad framework has been worked out so that users of Rupay debit card, BHIM, Aadhaar, UPI, USSD transactions can be given the incentives because these are mostly used by poor people,” Goyal said.
For the month of July, the total number of sales return GSTR 3B filed is 66 lakh compared to 64.69 lakh filed in June.
Akhilesh, while interacting with traders at the party headquarters here, said demonetisation and GST, along with raids conducted against the traders, had harassed them, the SP said.
Last year, the Finance Ministry had asked telecom companies to rejig costs and lower prices to pass on the benefits of GST to customers.
A GST calculator can be used to calculate taxes on various items. GST has certainly impacted small businesses all throughout the country.
Jaitley said the revenue burden was entirely borne from the share of the Central government since state governments had been guaranteed a 14 per cent increase over their pre-GST revenues for the first five years.
"I am confident, as economists predict that in the next two-three years, India's economy will be among the top five. With this pace of GDP growth, by 2030 we will break into the world's top three economies," he said.
The council has exempted various products including sanitary napkins, deities made of stone, marbles and woods, commemorative coins circulated by the RBI or the government, fortified milk etc from the GST.
At its meeting on Sunday, the panel has decided to wait for stabilisation of revenues under GST and the new return filing systems in the current financial year, before considering differential GST rates for people making payments using the digital mode.
Jaitley added while there would be scope to merge some of the mid-category tax slabs depending on the collections going up, but a single-slab system will not work for India.
"It would have been very simple to have just one slab but it would have meant we could not have food items at zero per cent tax rate. Can we have milk and Mercedes at the same rate?," Modi asked.
The total number of GSTR-3B returns filed for the month of May up to June 2018 is 64.69 lakh, the finance ministry said in a statement.
The senior Congress leader said beginning with the GST Constitution Amendment Bill, every step taken by the BJP government with regard to GST was deeply flawed.
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