Posts Tagged ‘GST’

BUDGET OUTCOMES COMMODITIES :)

Finance minster reaffirms commitment to introduce GST along with DTC in April, 2011. 馃檪

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路A Nutrient Based Subsidy policy for the fertiliser sector聽has since been approved by the Government and will聽become effective from April 1, 2010.

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路To extend the green revolution to the eastern region of聽the country & propose to provide Rs.400 crore for this聽initiative.

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路Propose to organize 60,000 “pulses and oil seed villages” in rain-fed areas during 2010-11 and provide an聽integrated intervention for water harvesting, watershed聽management and soil health, to enhance the productivity聽of the dry land farming areas.

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路Propose an allocation of Rs.200 crore for launching this聽climate resilient agriculture initiative.

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FCI has been hiring godowns from private parties for a聽guaranteed period of 5 years. This period is now being聽extended to 7 years.

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路Targets set for agriculture credit flow has been raised to聽Rs.3,75,000 crore from Rs.3,25,000 crore in the current year.

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路Propose to extend by six months the period for repayment聽of the loan amount by farmers from December 31, 2009 to聽June 30, 2010.

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路Provided an additional one per cent interest subvention聽as an incentive to those farmers who repay their聽short term聽crop loans as per schedule.

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路External Commercial Borrowings will henceforth be聽available for cold storage or cold room facility.

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路Customs duty on聽silver raised to 1,500 rupees from 1,000聽rupees per kg.

Stay Tuned聽for More updates聽:)

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Note : For More Latest Industry, Stock Market and Economy News and Updates, please聽click here

GST Introduction in April to Reduce Indirect Tax Burden

GST Introduction to Reduce Indirect Tax Burden

The Finance Ministry maintained that the net burden of indirect taxes on the people would reduce by 25-30% when the proposed Goods and Services Tax (GST) is introduced from April 1, 2010.

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However, it is said that real estate would also be brought under the GST scanner and deliberations in this regard between the Centre and the States were almost conclusive.

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The draft legislation on GST had been referred to legal experts and would be finalized in order to facilitate the government to achieve target of implementation of Goods and Services Tax as has been promised by April, 1, 2010.

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Meanwhile, it is said that there were divergent views expressed by the Empowered Committee of State Finance Ministers and the Thirteenth Finance Commission (TFC) on certain issues relating to GST, but noted that these were on the verge of finding a solution.

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On the other hand, according to the implementation programme, the government plans to introduce the GST regime from the new fiscal to replace excise duty and service tax at the Central level and the VAT at the State level, apart from others levies like cess, surcharges and local taxes as currently applicable on good and services.

馃檪

GST set to reduce the burden of Indirect Taxes on people.

GST set to reduce the burden of Indirect Taxes on people

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The Finance Ministry maintained that the net burden of indirect taxes on the people would reduce by 25-30% when the proposed Goods and Services Tax (GST) is introduced from April 1, 2010.

.

However, it is said that real estate would also be brought under the GST scanner and deliberations in this regard between the Centre and the States were almost conclusive.

.

The draft legislation on GST had been referred to legal experts and would be finalized in order to facilitate the government to achieve target of implementation of Goods and Services Tax as has been promised by April, 1, 2010.


Meanwhile, it is said that there were divergent views expressed by the Empowered Committee of State Finance Ministers聽聽聽 and the Thirteenth Finance Commission (TFC) on certain issues relating to GST,聽 but noted that these were on the verge of finding a solution.

On the other hand, according to the implementation programme,

the government plans to introduce the GST regime from the new fiscal to replace excise duty and service tax at the Central level

and the VAT at the State level, apart from others levies like cess, surcharges and local taxes as currently applicable on good and services.

.

馃檪

PM asks states to work for GST implementation

PM Manmohan Singh has asked the states to work towards speedy execution of the new indirect tax system

PM Manmohan Singh has asked the states to work towards speedy execution of the new indirect tax system

Prime Minister Manmohan Singh asked the states to work towards speedy execution of the new indirect tax system as the deadline of April 1, 2010, for introduction of proposed goods and services tax is nearer.

馃檪

However, the Centre and states have not yet reached an agreement for goods and services to be included in the GST regime.

Moreover, the decision on a lower charge on food products and exemption to some of them is still to be taken.

馃檪

Further, GST will do away with most of central indirect taxes like excise and service tax level and VAT as well as subsume local levies like octroi and purchase tax at the state level.

On the other hand, the Empowered Group of State Finance Ministers decided about the levy having a dual structure, one at the Centre and the other at the state level.

States also decided to have 2 main rates for GST along with a special rate for precious metals but the Centre is yet to take a call on it.

However, many states are not willing to subsume the local levy and also have a fear of losing financial autonomy.

馃檪

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Where are we heading to? Part 1

Growth in Indian Industry

The Indian economy’s business sentiment has improved indicating a path of recovery.

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Let’s see, why do we say this?

A surprise improvement was witnessed in the IIP numbers for June 2009 at 7.8%.

The WPI based inflation has softened to below zero level.

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However, the prices of items of mass consumption (food articles) show no signs of softening and have risen substantially due to supply side constraints.

馃槮

The performance of inward investments has been fairly well.

The Foreign Direct Investment flows surged 13% at $4.3 bn for April-May 2009-10.

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Painting a picture of a resilient economy, Finance Minister believes the economy will grow by more than 6% despite a fear of drought and the decline in the sowing of the kharif crop, such as rice.

The strength of the economy in the slowdown is the large services sector, which has, historically, been less affected by cyclical downturns than manufacturing, a strong farm sector, robust savings rate, ambitious infrastructure development programme and upbeat foreign investors.

馃檪

The 224-million-tonnes cement industry is yet again set to strike a growth of 10 per cent in June.

The production numbers from the top cement makers are anything to go by, the continuous robust growth will be maintained.

馃檪

The Rs 82,000 crore Indian FMCG industry primarily seeking the implementation of the GST (Goods & Services Tax) by April 1, 2010 in the upcoming Union Budget, expects fiscal measures will spur growth of the FMCG sector in rural as well as urban India.

馃檪

Further, in a sign of confidence in the Indian markets, Foreign Institutional Investors pumped in over $6 billion, or about Rs. 29,940 crore this year, with over $1 billion coming in July alone.

An analysis of FIIs activity shows that overseas investors are the net purchasers of Indian stocks worth $6.18 billion (Rs 29,940.30 crore) from January to July this year.

馃檪

Also, with the India-Asean (Association of South-East Asian Nations)聽 that inked the long awaited Free Trade Agreement (FTA) for duty-free import and export of 4,000 products over a period of eight years at the Asean economic ministers meeting held in Thailand, the India-Asean trade is likely to surpass $50 billion by 2010.

The Indian economy’s business sentiment has improved indicating a path of recovery. Let’s see, why do we say this?

A surprise improvement was witnessed in the IIP numbers for June 2009 at 7.8%. The WPI based inflation has softened to

below zero level. However, the prices of items of mass consumption (food articles) show no signs of softening and have

risen substantially due to supply side constraints. The performance of inward investments has been fairly well. The

Foreign Direct Investment flows surged 13% at $4.3 bn for April-May 2009-10.

Painting a picture of a resilient economy, Finance Minister believes the economy will grow by more than 6% despite a fear

of drought and the decline in the sowing of the kharif crop, such as rice. The strength of the economy in the slowdown is

the large services sector, which has, historically, been less affected by cyclical downturns than manufacturing, a strong

farm sector, robust savings rate, ambitious infrastructure development programme and upbeat foreign investors.

The 224-million-tonnes cement industry is yet again set to strike a growth of 10 per cent in June. The production

numbers from the top cement makers are anything to go by, the continuous robust growth will be maintained.

The Rs 82,000 crore Indian FMCG industry primarily seeking the implementation of the GST (Goods & Services Tax) by

April 1, 2010 in the upcoming Union Budget, expects fiscal measures will spur growth of the FMCG sector in rural as well

as urban India

Further, in a sign of confidence in the Indian markets, Foreign Institutional Investors pumped in over $6 billion, or about

Rs.29,940 crore this year, with over $1 billion coming in July alone. An analysis of FIIs activity shows that overseas

investors are the net purchasers of Indian stocks worth $6.18 billion (Rs 29,940.30 crore) from January to July this year.

Also, with the India-Asean (Association of South-East Asian Nations) Free Trade Agreement (FTA) that inked the longawaited

Free Trade Agreement (FTA) for duty-free import and export of 4,000 products over a period of eight years at the

Asean economic ministers meeting held in Thailand, the India-Asean trade is likely to surpass $50 billion by 2010.