GST Launch On June 30 With Special Midnight Session In Parliament

GST Launch On June 30 With Special Midnight Session In Parliament

NEW DELHI: Finance Minister Arun Jaitley said that India’s largest tax reform since independence will launch the national tax on goods and services or GST at midnight on June 30

Mr. Jaitley said that President Pranab Mukherjee, Prime Minister Narendra Modi and two of his predecessors, Dr. Manmohan Singh SA Deve Gowda, will take place in the central hall of parliament for launch.

PM Modi speak at the special meeting of parliamentarians. All major ministers will be invited to the inauguration, said Jaitley, who has repeatedly stated that the launch of the GST would not be delayed, as requested by some states such as West Bengal.

“When it comes to reforms, it never blinks. If it blinked, it has derailed,” the finance minister said today.

The GST, India’s most ambitious fiscal reform, replaces strong tariffs Mosaic creates a single economic zone with common indirect taxes – something that the European Union or the United States can not presume.

Firms will be able to submit final delays over the first two months to enable them to adapt to a new online submission system. The strict GST deposit schedule will apply from September.

The government said the GST could add two percentage points to economic growth.
There will be four tax planks – 5, 12, 18 and 28 percent.

There have been concerns about the preparation of the GST system, the IT system that marks a technological leap for India: it is controlled through an IT backend that can process up to 5 billion invoices per month. The tax reform also poses a major challenge for collectors who must be trained and companies are aware of a levy that, according to experts, will force them to review business processes from front to back.

More than 6.5 million companies have already registered for GST, M. Jaitley said earlier this week, noting that more than four-fifths of those already registered are to pay old Indian trade taxes.

With business owners who use their personal tax numbers to comply with the GST, the government expects the Dodgers to have income tax on duty. Only about 3 percent of people in India pay income taxes.

The GST was proposed by the previous government led by Dr. Manmohan Singh’s Congress, but was blocked by political stalemate based on the proposal, including how tax revenue is collected and distributed between states and the center.


Market Live: Consolidation continues on D-Street as indices trade flat; Tata Group stocks gain

Market Live: Consolidation continues on D-Street as indices trade flat; Tata Group stocks gain

12: 45 Meet: BNP Paribas Mutual Fund has appointed Ritesh Jain as investment director with immediate effect, according to the statement from the fund house.

Jain will report directly to CEO and Deputy Director of Investments Anand Shah and will be in charge of running a professional investment team that manages a range of funds in different asset classes.

Prior to joining BNP Paribas, Jain was the mutual fund’s investment director at Tata.

12:25. Check Market: Consolidation continues on D Street Tuesday, with benchmark indices trading almost flat during the afternoon.

The Sensex rose 10.22 points to 31.321.79, while Nifty rose 4.20 points to 966.75. The market amplitude was negative with only 1,195 stocks advanced against a decrease of 1234 shares, while stocks of 147 remained unchanged.

Tata Motors, Tata Motors DVR and Tata Power won most of both indices while HDFC and Lupine lost most.

12 hours HPP on the cards? The Tata group may consider an initial public offering (IPO) for Jaguar and Land Rover, according to a Bloomberg report.

Jaguar Land Rover is a subsidiary of Tata Motors.

The report cited people familiar with the situation saying that Tata officials have held preliminary internal talks in the last month on the inclusion of the luxury automaker, bought there for almost a decade to 2.4 billion dollars in an international exchange. London and New York are considered as potential sites, the report added.

11:50 am stock buzz: Stocks of non-bank financial companies (NBFCs) rose by 2 to 4% intraday on Tuesday after events related to farm loan exemptions.

Satén Creditcare Bharat Financial Inclusion, Equitas Holdings, Mahindra and Mahindra Financial Services and Bajaj Finance have responded positively to the possibility of toppling Rs 1 lakh agricultural loan in Maharashtra and Rs 2 lakh in Punjab. The observations of the management of these companies show little or no success in their finances.

Bharat’s financial inclusion has also increased due to the merger of its merger. Its management to CNBC-TV18 that the announcement of the merger would likely occur in the coming months.

11.12h Checking benchmark indices continued to consolidate in the morning trade, with skilled trade in a range of 20 points due to the lack of global and domestic signals.

The BSE Sensex 30 shares rose 38.98 points to 31 350.55 and the NSE Nifty 50 shares gained 9.25 points 9,666.80.

HDFC, HDFC Bank, Kotak Mahindra Bank, Lupine and TCS were under pressure, while Infosys and Tata Motors continued to be the main contributors to Sensex earnings.

10:50 am View of the FII: Credit Suisse does not feel. “I am not suggesting that earnings will improve during the 3 to 4 quarters. The momentum is weak and the economy in general should take steam,” Neelkanth Mishra, MD equity strategist and India at Credit Suisse told CNBC-TV18. He added that the economy was undergoing structural transitions and this period could last longer.

However, Mishra said that market movements were largely motivated by the EP ratio. Any correction in that market would be that if there is a decline in global liquidity, he added.

10:17 am buzz: Tata Power shares have gained up to 4 percent in morning trading as the company is expected to dilute its stake in the India Energy Exchange through the initial public offering.

The company is one of the shareholders of Energy Exchange India has submitted a draft leaflet on the smoke curtain with the capital markets SEBI regulator to launch an initial public offering.

Existing shareholders, including Tata Power Company, private equity group Aditya Birla Group, Madison India capital and Renuka Ramnath lead multiple alternative asset management vendreont 60.65 lakh shares of the company through the IPO.