Finance Minister Arun Jaitley is unwell and has cancelled a visit to London next week for annual economic talks, two government officials said on Thursday.

Jaitley has been advised to rest, the two officials at the finance ministry said. They did not identify the nature of his illness.&nbsp

"He will not visit London next week as he is not keeping well," one of the officials said, speaking on the condition of anonymity in line with government policy.&nbsp

Jaitley was due to meet UK Chancellor of the Exchequer Philip Hammond at the India-UK economic dialogue and deliver a talk on "Looking Ahead to 2022: India`s Global Vision" at Chatham House, a policy think tank.&nbsp

The organisers of the talk said the programme has been cancelled without assigning any reason.

Finance Ministry spokesman D.S. Malik was not immediately available for a comment.&nbsp

Jaitley, 65, skipped a meeting of finance ministers from the Group of 20 countries in Argentina last month. He told Reuters at the time he was not in a position to take a long flight.&nbsp

In 2014 he had a gastric bypass operation to keep his diabetes in check. 
&nbsp

Jaitley has been advised to rest, the two officials at the finance ministry said. They did not identify the nature of his illness.

Finance Minister Arun Jaitley is unwell and has cancelled a visit to London next week for annual economic talks, two government officials said on Thursday. Jaitley has been advised to rest, the two officials at the finance ministry said. They did not identify the nature of his illness. "He will not visit London next week as he is not keeping well," one of the officials said, speaking on the condition of anonymity in line with government policy. Jaitley was due to meet UK Chancellor of the Exchequer Philip Hammond at the India-UK economic dialogue and deliver a talk on "Looking Ahead to 2022: India`s Global Vision" at Chatham House, a policy think tank. The organisers of the talk said the programme has been cancelled without assigning any reason. Finance Ministry spokesman D.S. Malik was not immediately available for a comment. Jaitley, 65, skipped a meeting of finance ministers from the Group of 20 countries in Argentina last month. He told Reuters at the time he was not in a position to take a long flight. In 2014 he had a gastric bypass operation to keep his diabetes in check.

Finance Minister Arun Jaitley unwell, cancels foreign travel

Union Finance Minister Arun Jaitley today filed his nomination papers for the Rajya Sabha election from Uttar Pradesh.

Jaitley filed his nomination papers at the Tandon Hall of the Uttar Pradesh Assembly complex in the presence of UP BJP chief Mahendra Nath Pandey, deputy chief ministers Keshav Prasad Maurya and Dinesh Sharma, UP cabinet ministers Shrikanth Sharma and Anupama Jaiswal, and party leader Hero Bajpai.

Apart from Jaitley, the other Rajya Sabha candidates announced by the BJP from Uttar Pradesh are Ashok Bajpai, Vijay Pal Singh Tomar, Sakal Deep Rajbhar, Kanta Kardam, Anil Jain, Harnath Singh Yadav and GVL Narasimha Rao.

UP Chief Minister Yogi Adityanath was not present during Jaitley&#39;s nomination as he was in Varanasi and Mirzapur for Prime Minister Narendra Modi&#39;s visit.

Today is the last day for filing of nomination for the Rajya Sabha election. Voting, if needed, will be held on March 23.

Later speaking to reporters, UP deputy chief minister Dinesh Sharma said, &quot;If you see our list of Rajya Sabha candidates, all the regions have got representation on the basis of merit. This is the speciality of the BJP.&quot;

Today is the last day for filing of nomination for the Rajya Sabha election

Union Finance Minister Arun Jaitley today filed his nomination papers for the Rajya Sabha election from Uttar Pradesh. Jaitley filed his nomination papers at the Tandon Hall of the Uttar Pradesh Assembly complex in the presence of UP BJP chief Mahendra Nath Pandey, deputy chief ministers Keshav Prasad Maurya and Dinesh Sharma, UP cabinet ministers Shrikanth Sharma and Anupama Jaiswal, and party leader Hero Bajpai. Apart from Jaitley, the other Rajya Sabha candidates announced by the BJP from Uttar Pradesh are Ashok Bajpai, Vijay Pal Singh Tomar, Sakal Deep Rajbhar, Kanta Kardam, Anil Jain, Harnath Singh Yadav and GVL Narasimha Rao. UP Chief Minister Yogi Adityanath was not present during Jaitley's nomination as he was in Varanasi and Mirzapur for Prime Minister Narendra Modi's visit. Today is the last day for filing of nomination for the Rajya Sabha election. Voting, if needed, will be held on March 23. Later speaking to reporters, UP deputy chief minister Dinesh Sharma said, "If you see our list of Rajya Sabha candidates, all the regions have got representation on the basis of merit. This is the speciality of the BJP."

Jaitley files nomination for Rajya Sabha polls from Uttar Pradesh

The Sensex gained 330.45 points Thursday to close at 34,413.16.&nbsp;

The Nifty also jumped 100.15 points to close at 10,576.85.&nbsp;

The stock markets have <a href="http://www.wionews.com/business-economy/day-after-budget-sensex-nifty-nosedive-31587" target="_blank">taken a hammering</a> in recent days -- the Sensex fell for for seven consecutive sessions -- Finance Minister Arun Jaitley announced a 10% long-term capital gains tax on the sale of shares.&nbsp;

Jaitley&#39;s raising of the fiscal deficit target to 3.3% from the earlier 3% added to the markets nosediving.&nbsp;

Thursday was the first day the Sensex gained rather than having dropped points at the closing bell.&nbsp;

The Nifty also jumped 100.15 points to close at 10,576

The Sensex gained 330.45 points Thursday to close at 34,413.16. The Nifty also jumped 100.15 points to close at 10,576.85. The stock markets have taken a hammering in recent days -- the Sensex fell for for seven consecutive sessions -- Finance Minister Arun Jaitley announced a 10% long-term capital gains tax on the sale of shares. Jaitley's raising of the fiscal deficit target to 3.3% from the earlier 3% added to the markets nosediving. Thursday was the first day the Sensex gained rather than having dropped points at the closing bell.

Sensex breaks 7-day losing streak, gains 330.45 points to close at 34,413

The electoral bonds mechanism is a substantial improvement in transparency over the present system and the government is open to suggestions to further cleanse political funding, Finance Minister Arun Jaitley said today.

In a Facebook post, Jaitley said the conventional practice of funding the political system was to take donations as well as undertake expenditures in cash.

The sources are anonymous or pseudonymous. The quantum of money was never disclosed and the system ensures unclean money coming from unidentifiable sources.

&quot;It is a wholly non-transparent system. Most political groups seem fairly satisfied with the present arrangement and would not mind this status-quo to continue.

&quot;The effort, therefore, is to run down any alternative system which is devised to cleanse up the political funding mechanism,&quot; Jaitley said.

The finance minister had last week announced the contours of the electoral bonds, which will be sold by country&#39;s latest lender SBI and will have a tenure of just 15 days.

The bonds are being pitched as an alternative to cash donations made to political parties.

Jaitley said the choice has now to be &quot;consciously&quot; made between the existing system of substantial cash donations involving unclean money and other transparent options like cheque, online transactions or electoral bonds.

&quot;While all three methods involve clean money, the first two are totally transparent and the electoral bonds scheme is a substantial improvement in transparency over the present system of no-transparency,&quot; he said.

&quot;The government is willing to consider all suggestions to further strengthen the cleansing of political funding in India. It has to be borne in mind that impractical suggestions will not improve the cash denominated system. They would only consolidate it,&quot; Jaitley wrote.

He said India, despite being?the largest democracy in the world,?has not been able to evolve a transparent political funding system in the last seven decades.

&quot;The round the year functioning of the political parties involves a large expenditure...?These expenditures run into hundreds of crores. Yet there has not been a transparent funding mechanism of the political system,&quot; he said.&nbsp;

The finance minister had last week pitched electoral bonds as an alternative to cash donations

The electoral bonds mechanism is a substantial improvement in transparency over the present system and the government is open to suggestions to further cleanse political funding, Finance Minister Arun Jaitley said today. In a Facebook post, Jaitley said the conventional practice of funding the political system was to take donations as well as undertake expenditures in cash. The sources are anonymous or pseudonymous. The quantum of money was never disclosed and the system ensures unclean money coming from unidentifiable sources. "It is a wholly non-transparent system. Most political groups seem fairly satisfied with the present arrangement and would not mind this status-quo to continue. "The effort, therefore, is to run down any alternative system which is devised to cleanse up the political funding mechanism," Jaitley said. The finance minister had last week announced the contours of the electoral bonds, which will be sold by country's latest lender SBI and will have a tenure of just 15 days. The bonds are being pitched as an alternative to cash donations made to political parties. Jaitley said the choice has now to be "consciously" made between the existing system of substantial cash donations involving unclean money and other transparent options like cheque, online transactions or electoral bonds. "While all three methods involve clean money, the first two are totally transparent and the electoral bonds scheme is a substantial improvement in transparency over the present system of no-transparency," he said. "The government is willing to consider all suggestions to further strengthen the cleansing of political funding in India. It has to be borne in mind that impractical suggestions will not improve the cash denominated system. They would only consolidate it," Jaitley wrote. He said India, despite being?the largest democracy in the world,?has not been able to evolve a transparent political funding system in the last seven decades. "The round the year functioning of the political parties involves a large expenditure...?These expenditures run into hundreds of crores. Yet there has not been a transparent funding mechanism of the political system," he said.

Government open to proposals to further clean up political funding: Jaitley

The BJP stuck to its stand Monday on the meeting between Congress leaders and Pakistani officials.&nbsp;

&quot;Congress must come out with detailed facts what transpired in that meeting and what was the necessity of having it in present circumstances,&quot; Finance Minister Arun Jaitley said.&nbsp;

&quot;Yesterday they were in denial about it and today instead of accepting it as a misadventure, they try to blame those raising the issue,&quot; he added.&nbsp;

He also added that &quot;Those like Mani Shankar Aiyar always had an inconsistent position.&quot; That &quot;They maintained a parallel line of dialogue, underplayed Pakistan&#39;s role in instigating terrorism in India and continued to engage with them (Pak).&quot;

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Those like Mani Shankar Aiyar always had an inconsistent position. They maintained a parallel line of dialogue, underplayed Pakistan&#39;s role in instigating terrorism in India &amp; continued to engage with them (Pak) : FM Arun Jaitley <a href="https://t.co/pACCscylnq">pic.twitter.com/pACCscylnq</a>
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He also added that &quot;Former PM Manmohan Singh has <a href="http://www.wionews.com/india-news/no-one-can-lamely-question-my-public-service-manmohan-to-modi-on-pak-meddling-allegations-26463" target="_blank">issued a statement</a> asking PM Modi to apologise for what he said in an election rally with regard to a meeting involving Pakistani delegations. It is surprising that (the) Congress party expect the Prime Minister of India to apologise for it.&quot;&nbsp;

Prime Minister Modi had referred to the meeting while campaigning in Gujarat. He said the meeting had been attended by Mani Shankar Aiyar, former Prime Minister Manmohan Singh, and former Vice-President Hamid Ansari.&nbsp;

He said that the day after the meeting former Congress leader Mani Shankar Aiyar had called him a &quot;neech&quot; person, and alleged that <a href="http://www.wionews.com/india-news/modi-claims-pakistan-trying-to-influence-gujarat-elections-26391" target="_blank">Pakistan was interfering</a> in the Gujarat elections.&nbsp;

News reports however have since said that the dinner meeting, hosted by Aiyar, was also attended by, among other, a former Indian Army chief.&nbsp;

The former Army chief, Deepak Kapoor, has said on record that the only thing discussed at the dinner was India-Pak relations.&nbsp;

And that Gujarat was not brought up.&nbsp;

Prime Minister Narendra Modi had alleged, while referring to the meeting, that Pakistan was meddling in the Gujarat elections

The BJP stuck to its stand Monday on the meeting between Congress leaders and Pakistani officials. "Congress must come out with detailed facts what transpired in that meeting and what was the necessity of having it in present circumstances," Finance Minister Arun Jaitley said. "Yesterday they were in denial about it and today instead of accepting it as a misadventure, they try to blame those raising the issue," he added. He also added that "Those like Mani Shankar Aiyar always had an inconsistent position." That "They maintained a parallel line of dialogue, underplayed Pakistan's role in instigating terrorism in India and continued to engage with them (Pak)." Those like Mani Shankar Aiyar always had an inconsistent position. They maintained a parallel line of dialogue, underplayed Pakistan's role in instigating terrorism in India & continued to engage with them (Pak) : FM Arun Jaitley pic.twitter.com/pACCscylnq — ANI (@ANI) December 11, 2017 × He also added that "Former PM Manmohan Singh has issued a statement asking PM Modi to apologise for what he said in an election rally with regard to a meeting involving Pakistani delegations. It is surprising that (the) Congress party expect the Prime Minister of India to apologise for it." Prime Minister Modi had referred to the meeting while campaigning in Gujarat. He said the meeting had been attended by Mani Shankar Aiyar, former Prime Minister Manmohan Singh, and former Vice-President Hamid Ansari. He said that the day after the meeting former Congress leader Mani Shankar Aiyar had called him a "neech" person, and alleged that Pakistan was interfering in the Gujarat elections. News reports however have since said that the dinner meeting, hosted by Aiyar, was also attended by, among other, a former Indian Army chief. The former Army chief, Deepak Kapoor, has said on record that the only thing discussed at the dinner was India-Pak relations. And that Gujarat was not brought up.

BJP sticks to guns, Jaitley says Congress must come out with detailed facts on Pakistani meeting

Direct tax collections for the financial year 2017-18 have gone up by 14.4%, the Central Board of Direct Taxes said Saturday.&nbsp;

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Direct Tax Collections for Financial Year 2017-18 shows growth of 14.4% up to November 2017: Central Board of Direct Taxes <a href="https://t.co/yG6rcPo0oG">pic.twitter.com/yG6rcPo0oG</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/939442592801894400?ref_src=twsrc%5Etfw">December 9, 2017</a></blockquote>
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The figures are up to November 2017.&nbsp;

The provisional figures of direct tax collections up to November 2017 show net collections are at Rs 4.8 lakh crore which is a 14.4% increase over the corresponding period the previous year.&nbsp;

Direct tax collections for the financial year 2017-18 have gone up by 14.4%, the Central Board of Direct Taxes said Saturday. Direct Tax Collections for Financial Year 2017-18 shows growth of 14.4% up to November 2017: Central Board of Direct Taxes pic.twitter.com/yG6rcPo0oG — ANI (@ANI) December 9, 2017 × The figures are up to November 2017. The provisional figures of direct tax collections up to November 2017 show net collections are at Rs 4.8 lakh crore which is a 14.4% increase over the corresponding period the previous year.

Direct tax collections for FY 2017-18 up 14.4%

India&#39;s economic slowdown has bottomed out and now it should start moving upwards after recovering from the &quot;temporary blip&quot; seen during the recent structural changes, Finance Minister Arun Jaitley said on&nbsp;Thursday.

Addressing investors at the Morgan Stanley annual conference here on &#39;India: Structural Reforms and Growth Path Ahead&#39;, Jaitley talked about the &quot;massive&quot; economic reforms undertaken by India.

He acknowledged that there was a &quot;temporary blip&quot; as a result of structural changes that were initiated by the government.

&quot;I think the bottoming out of the economy is complete and now it should start moving upwards. The global economy is also moving up,&quot; said Jaitly.

As part of the summit, Jaitley met the senior management of Morgan Stanley and addressed a gathering of senior fund managers and key financial institutional investors.

&quot;How do I see the economy moving? our basic parameters are quite stable. And we grew between 7-8 per cent over the last three years,? he said.

&quot;Therefore, we need over the next, at least, a decade, if not more, significantly higher growth rates in order to go ahead with expansion plan of the Indian economy,? Jaitley said.

The finance minister also assured investors of a strong banking sector in India.

&quot;The combination of the IT scheme and now the large-scale recapitalisation we have announced should be put into motion expeditiously,&quot; he said.

The combination of these two steps are likely to improve the capacity of the banks, and even lend their surplus, particularly to the small and medium-scale industries which need those funds in abundance because they are the ones that are the big job creators and keep the Indian economy going, he elaborated.

He also clarified the often over-stated labour issues, saying these were no longer there as the negative environment of disruption of industrial activity is long over.

He said the labour laws are being fortified by taking the unions into consultation, and there has not been any significant labour resistance in recent times, whether it is disinvestment or privatisation, he said.

&quot;We haven?t encountered trade union resistance as that is concerned,&quot; he pointed out, adding that there are already various kinds of reforms.

Responding to questions from investors, he said among the privatisation of public sector units (PSUs), Air India is in a very advanced stage while some of the PSUs will be kept as they are.

The state enterprises in the oil and some in the power sectors will be kept as PSUs.

&quot;But there are many which will be privatised,? he added, pointing to a list prepared by the NITI Aayog.

&quot;In any case, we are going with the divestment programme very actively,? said the minister.

He also gave the investors an update on the ongoing business reforms and called for investments for changing the landscape of India at an accelerated pace.

Jaitley, who is on a two-day visit to Singapore, held meetings with Singapore ministers and investors.&nbsp;

"I think the bottoming out of the economy is complete and now it should start moving upwards. The global economy is aalso moving up," said Jaitly.

India's economic slowdown has bottomed out and now it should start moving upwards after recovering from the "temporary blip" seen during the recent structural changes, Finance Minister Arun Jaitley said on Thursday. Addressing investors at the Morgan Stanley annual conference here on 'India: Structural Reforms and Growth Path Ahead', Jaitley talked about the "massive" economic reforms undertaken by India. He acknowledged that there was a "temporary blip" as a result of structural changes that were initiated by the government. "I think the bottoming out of the economy is complete and now it should start moving upwards. The global economy is also moving up," said Jaitly. As part of the summit, Jaitley met the senior management of Morgan Stanley and addressed a gathering of senior fund managers and key financial institutional investors. "How do I see the economy moving? our basic parameters are quite stable. And we grew between 7-8 per cent over the last three years,? he said. "Therefore, we need over the next, at least, a decade, if not more, significantly higher growth rates in order to go ahead with expansion plan of the Indian economy,? Jaitley said. The finance minister also assured investors of a strong banking sector in India. "The combination of the IT scheme and now the large-scale recapitalisation we have announced should be put into motion expeditiously," he said. The combination of these two steps are likely to improve the capacity of the banks, and even lend their surplus, particularly to the small and medium-scale industries which need those funds in abundance because they are the ones that are the big job creators and keep the Indian economy going, he elaborated. He also clarified the often over-stated labour issues, saying these were no longer there as the negative environment of disruption of industrial activity is long over. He said the labour laws are being fortified by taking the unions into consultation, and there has not been any significant labour resistance in recent times, whether it is disinvestment or privatisation, he said. "We haven?t encountered trade union resistance as that is concerned," he pointed out, adding that there are already various kinds of reforms. Responding to questions from investors, he said among the privatisation of public sector units (PSUs), Air India is in a very advanced stage while some of the PSUs will be kept as they are. The state enterprises in the oil and some in the power sectors will be kept as PSUs. "But there are many which will be privatised,? he added, pointing to a list prepared by the NITI Aayog. "In any case, we are going with the divestment programme very actively,? said the minister. He also gave the investors an update on the ongoing business reforms and called for investments for changing the landscape of India at an accelerated pace. Jaitley, who is on a two-day visit to Singapore, held meetings with Singapore ministers and investors.

Indian economy recovering from 'temporary blip': Jaitley

Union Finance Minister Arun Jaitley on Saturday said that countries across the world are lauding India for having the guts to bring in major structural reforms like demonetisation and Goods and Services Tax (GST).

In an exclusive interview with ANI, the Finance Minister, who was in US to attend annual meeting of the IMF and World bank, said that the comments made by the experts worldwide on India&#39;s structural reforms underline the country&#39;s confident image.

&quot;The comments made by the experts here in US and other countries, on India&#39;s structural reforms, highlight our countries self-confidence. The economy of various countries was going through recession since past three years and that time India was comparatively in a better state. So, we took advantage of this and introduced various structural reforms including Insolvency and Bankruptcy Code, demonetisation and GST. It needs a lot of courage and guts to bring in structural reforms in the economy. What I gather here and what people from all parts of the world are saying is that &#39;it is laudable that India has courage to bring in such structural reforms,&quot; Jaitley said.

<a href="http://www.wionews.com/world/us-world-divide-spills-out-at-imf-world-bank-meetings-22450" target="_blank">Also read:&nbsp;Divide between US &amp; rest of world spills out at World Bank-IMF meetings in Washington</a>

The Finance Minister slammed the Congress party for criticizing the structural reforms introduced by the government and said that the opposition&#39;s criticism has no weightage.

&quot;The aim of demonetisation was to crack the backbone of shadow economy, which was running on black money. To curb the menace of black money was never Congress&#39; priority. So now they are tensed, and it is justified. Talking about GST, it was Congress&#39; proposal and now they are trying to change their stand. Finance ministers of all Congress run states back the GST but Congress being an opportunist party is opposing the uniform tax reform. So I think Congress&#39; criticism has no strength,&quot; he added.

Ever since the Centre has introduced demonetisation and GST, the Congress party has been critical of the reforms.(ANI)

'It needs a lot of courage and guts to bring in structural reforms in the economy,' the finance minister added

Union Finance Minister Arun Jaitley on Saturday said that countries across the world are lauding India for having the guts to bring in major structural reforms like demonetisation and Goods and Services Tax (GST). In an exclusive interview with ANI, the Finance Minister, who was in US to attend annual meeting of the IMF and World bank, said that the comments made by the experts worldwide on India's structural reforms underline the country's confident image. "The comments made by the experts here in US and other countries, on India's structural reforms, highlight our countries self-confidence. The economy of various countries was going through recession since past three years and that time India was comparatively in a better state. So, we took advantage of this and introduced various structural reforms including Insolvency and Bankruptcy Code, demonetisation and GST. It needs a lot of courage and guts to bring in structural reforms in the economy. What I gather here and what people from all parts of the world are saying is that 'it is laudable that India has courage to bring in such structural reforms," Jaitley said. Also read: Divide between US & rest of world spills out at World Bank-IMF meetings in Washington The Finance Minister slammed the Congress party for criticizing the structural reforms introduced by the government and said that the opposition's criticism has no weightage. "The aim of demonetisation was to crack the backbone of shadow economy, which was running on black money. To curb the menace of black money was never Congress' priority. So now they are tensed, and it is justified. Talking about GST, it was Congress' proposal and now they are trying to change their stand. Finance ministers of all Congress run states back the GST but Congress being an opportunist party is opposing the uniform tax reform. So I think Congress' criticism has no strength," he added. Ever since the Centre has introduced demonetisation and GST, the Congress party has been critical of the reforms.(ANI)

World praising India for reforms like demonetisation, GST: Arun Jaitley

Three months after the rollout of the new indirect tax regime, the GST Council today made sweeping changes to give relief to small and medium businesses on filing and payment of taxes, eased rules for exporters and cut tax rates on more than two dozen items.

Businesses with annual turnover of up to Rs 1.5 crore, which constitute 90 per cent of the taxpayer base but pay only 5-6 per cent of total tax, have been allowed to file quarterly income returns and pay tax instead of the current provision of monthly filings.

Also, the turnover threshold for businesses to avail of the composition scheme that allows them to pay 1-5 per cent tax without going through tedious formalities, was raised to Rs 1 crore from current Rs 75 lakh.

&quot;Compliance burden of medium and small taxpayers in GST is being reduced,&quot; Finance Minister Arun Jaitley told reporters after the 22nd meeting of the Council.

Small and medium enterprises had complained of tedious compliance burden under the Goods and Services Tax (GST) that was supposed to be a simple indirect tax regime which replaced over a dozen Central and state taxes.

Jaitley said the Council also decided to cut GST rate on 27 common use items.

GST on unbranded namkeen, unbranded ayurvedic medicine, sliced dried mango and khakra has been cut to 5 per cent from 12 per cent, while the same on man-made yarn used in textile sector has been reduced to 12 per cent from 18 per cent.

Tax on stationery items, stones used for flooring (other than marble and granite), diesel engine parts and pump parts has been cut to 18 per cent from 28 per cent. GST on e-waste has been slashed to 5 per cent from 28 per cent.

Food packets given to school kids under Integrated Child Development Scheme (ICDS) will attract 5 per cent tax instead of 12 per cent.

Job works like zari, imitation, food items and printing items would attract 5 per cent tax instead of 12 per cent. Government contracts involving high amount of labour will be levied 5 per cent GST instead of 12 per cent in order to contain cost of those programmes, he said.

Exporters, who have been facing sluggish growth due to global slowdown, will get refunds for the tax paid by them on exports during July and August by October 18, he said.

For the remainder of the fiscal, they will operate under an exempted category paying a nominal 0.1 per cent GST, he said, adding from April 1 attempt would be made to launch an e-wallet facility for the exporters to provide liquidity.

Jaitley said big taxpayers, who contribute 94-95 per cent of the total taxes, will continue to file monthly returns and pay taxes on a monthly basis.

Also, a group of ministers has been asked to go into the issue of extending the composition scheme on inter-state sales as well as rationalising taxes on restaurants.

The switchover to quarterly tax filing for small and medium businesses would happen from October 1 and they will have to file monthly returns for the first three months of GST, which was implemented from July 1, he said.

With small businesses and traders complaining about the compliance burden the new Goods and Services Tax (GST) regime has put on them, the panel decided to give the option to taxpayers to avail of the so-called Composition Scheme if their turnover is less than Rs 1 crore as against the previous limit of Rs 75 lakh.

So far, over 15 lakh out of the 90 lakh registered businesses have opted for the composition scheme.

The tax rate for traders of goods in the composition scheme is 1 per cent, while it is 2 per cent for manufacturers and 5 per cent for suppliers of food or drinks for human consumption (without alcohol).

Service providers cannot opt for the composition scheme.

The scheme allows small businesses, including eateries, to pay 1-5 percent tax without having to deal with the three- stage filing process.

It allows small taxpayers to pay GST at a fixed rate of turnover and not go through the tedious GST formalities.

The scheme cannot be opted by supplier of services other than restaurant related services; manufacturer of ice cream, pan masala, or tobacco; casual taxable person or a non- resident taxable person; and businesses which supply goods through an e-commerce operator.

No input tax credit can be claimed by those opting for composition scheme.

Also, the taxpayer can only make intra-state supply (sell in the same state) and cannot undertake inter-state supply of goods. PTI&nbsp;

Small & medium traders, those with annual turnovers of less than Rs 1.5 crore, were earlier expected to file monthly returns

Three months after the rollout of the new indirect tax regime, the GST Council today made sweeping changes to give relief to small and medium businesses on filing and payment of taxes, eased rules for exporters and cut tax rates on more than two dozen items. Businesses with annual turnover of up to Rs 1.5 crore, which constitute 90 per cent of the taxpayer base but pay only 5-6 per cent of total tax, have been allowed to file quarterly income returns and pay tax instead of the current provision of monthly filings. Also, the turnover threshold for businesses to avail of the composition scheme that allows them to pay 1-5 per cent tax without going through tedious formalities, was raised to Rs 1 crore from current Rs 75 lakh. "Compliance burden of medium and small taxpayers in GST is being reduced," Finance Minister Arun Jaitley told reporters after the 22nd meeting of the Council. Small and medium enterprises had complained of tedious compliance burden under the Goods and Services Tax (GST) that was supposed to be a simple indirect tax regime which replaced over a dozen Central and state taxes. Jaitley said the Council also decided to cut GST rate on 27 common use items. GST on unbranded namkeen, unbranded ayurvedic medicine, sliced dried mango and khakra has been cut to 5 per cent from 12 per cent, while the same on man-made yarn used in textile sector has been reduced to 12 per cent from 18 per cent. Tax on stationery items, stones used for flooring (other than marble and granite), diesel engine parts and pump parts has been cut to 18 per cent from 28 per cent. GST on e-waste has been slashed to 5 per cent from 28 per cent. Food packets given to school kids under Integrated Child Development Scheme (ICDS) will attract 5 per cent tax instead of 12 per cent. Job works like zari, imitation, food items and printing items would attract 5 per cent tax instead of 12 per cent. Government contracts involving high amount of labour will be levied 5 per cent GST instead of 12 per cent in order to contain cost of those programmes, he said. Exporters, who have been facing sluggish growth due to global slowdown, will get refunds for the tax paid by them on exports during July and August by October 18, he said. For the remainder of the fiscal, they will operate under an exempted category paying a nominal 0.1 per cent GST, he said, adding from April 1 attempt would be made to launch an e-wallet facility for the exporters to provide liquidity. Jaitley said big taxpayers, who contribute 94-95 per cent of the total taxes, will continue to file monthly returns and pay taxes on a monthly basis. Also, a group of ministers has been asked to go into the issue of extending the composition scheme on inter-state sales as well as rationalising taxes on restaurants. The switchover to quarterly tax filing for small and medium businesses would happen from October 1 and they will have to file monthly returns for the first three months of GST, which was implemented from July 1, he said. With small businesses and traders complaining about the compliance burden the new Goods and Services Tax (GST) regime has put on them, the panel decided to give the option to taxpayers to avail of the so-called Composition Scheme if their turnover is less than Rs 1 crore as against the previous limit of Rs 75 lakh. So far, over 15 lakh out of the 90 lakh registered businesses have opted for the composition scheme. The tax rate for traders of goods in the composition scheme is 1 per cent, while it is 2 per cent for manufacturers and 5 per cent for suppliers of food or drinks for human consumption (without alcohol). Service providers cannot opt for the composition scheme. The scheme allows small businesses, including eateries, to pay 1-5 percent tax without having to deal with the three- stage filing process. It allows small taxpayers to pay GST at a fixed rate of turnover and not go through the tedious GST formalities. The scheme cannot be opted by supplier of services other than restaurant related services; manufacturer of ice cream, pan masala, or tobacco; casual taxable person or a non- resident taxable person; and businesses which supply goods through an e-commerce operator. No input tax credit can be claimed by those opting for composition scheme. Also, the taxpayer can only make intra-state supply (sell in the same state) and cannot undertake inter-state supply of goods. PTI

GST rates on 27 items cut, exporters get relief, small & medium traders to file quarterly returns

Indian home minister Rajnath Singh today downplayed senior BJP leader Yashwant Sinha&#39;s criticism of the finance minister Arun Jaitley, saying India&#39;s economy is the fastest growing in the world, and the country&#39;s credibility has been established in the international arena.

Singh, who was responding to a question on Sinha&#39;s remarks over the state of the economy, said no one should forget these facts about the country.

&quot;The whole world admits that India is the fastest growing economy in the world. No one should forget this fact. In the matter of economy, in the international arena, India&#39;s credibility has been established,&quot; he told reporters here.

<a href="http://www.wionews.com/india-news/will-power-admit-the-truth-chidambaram-on-yashwant-sinhas-attack-on-arun-jaitleys-economic-mess-20728">In an opinion piece in Indian Express, </a>&#39;I need to speak up now&#39;, Sinha criticised Arun Jaitley over what he called the &quot;mess the finance minister has made of the economy&quot;.&nbsp;

The senior BJP leader said he would &quot;fail in my national duty if I did not speak up even now against the mess the finance minister has made of the economy.&quot;&nbsp;

Sinha, a former finance minister in prime minister Atal Bihari Vajpayee-led NDA government, who has been sidelined in the party, claimed a revival by the time of the next Lok Sabha election was &quot;highly unlikely&quot; and a &quot;hard landing&quot; appeared inevitable.&nbsp;

Sinha pointed out that the growth rate of 5.7&nbsp;per cent&nbsp;was actually 3.7&nbsp;per cent&nbsp;or less by the old method of calculation. He attributed the misleading growth rate to the government&#39;s decision to change the methodology for calculation of the&nbsp;GDP &nbsp;in&nbsp;2015 as a result of which the growth rate recorded earlier increased statistically by over 200 basis points on an annual basis.&nbsp;&nbsp; 
&nbsp; 
In a series of Twitter posts, senior Congress leader and former finance minister P Chidambaram asked the government to admit that Yashwant Sinha was speaking the truth.&nbsp;

&quot;Will Power now admit the Truth that economy is sinking?&quot; the former finance minister wrote.&nbsp;&nbsp;

Chidambaram asked the BJP government to respond to their senior party leader Yashwant Sinha&#39;s scathing attack on the central government&#39;s economic policies, particularly the &quot;mess&quot; that finance minister&nbsp;Arun&nbsp;Jaitley had made of the economy.&nbsp;

Rajnath Singh responded to former finance minister Yashwant Sinha's comment on economy

Indian home minister Rajnath Singh today downplayed senior BJP leader Yashwant Sinha's criticism of the finance minister Arun Jaitley, saying India's economy is the fastest growing in the world, and the country's credibility has been established in the international arena. Singh, who was responding to a question on Sinha's remarks over the state of the economy, said no one should forget these facts about the country. "The whole world admits that India is the fastest growing economy in the world. No one should forget this fact. In the matter of economy, in the international arena, India's credibility has been established," he told reporters here. In an opinion piece in Indian Express, 'I need to speak up now', Sinha criticised Arun Jaitley over what he called the "mess the finance minister has made of the economy". The senior BJP leader said he would "fail in my national duty if I did not speak up even now against the mess the finance minister has made of the economy." Sinha, a former finance minister in prime minister Atal Bihari Vajpayee-led NDA government, who has been sidelined in the party, claimed a revival by the time of the next Lok Sabha election was "highly unlikely" and a "hard landing" appeared inevitable. Sinha pointed out that the growth rate of 5.7 per cent was actually 3.7 per cent or less by the old method of calculation. He attributed the misleading growth rate to the government's decision to change the methodology for calculation of the GDP in 2015 as a result of which the growth rate recorded earlier increased statistically by over 200 basis points on an annual basis. In a series of Twitter posts, senior Congress leader and former finance minister P Chidambaram asked the government to admit that Yashwant Sinha was speaking the truth. "Will Power now admit the Truth that economy is sinking?" the former finance minister wrote. Chidambaram asked the BJP government to respond to their senior party leader Yashwant Sinha's scathing attack on the central government's economic policies, particularly the "mess" that finance minister Arun Jaitley had made of the economy.

World knows India's economy is the fastest growing: Rajnath

Finance minister Arun Jaitley has said the GST will be launched exactly at midnight on June 30.&nbsp;

He said a programme would be organised late on June 30 in the Central Hall of Parliament, and the GST launch would take place after that exactly at midnight. &nbsp;

GST or the Goods and Services Tax will replace India&#39;s many different indirect taxes with one single tax.&nbsp;

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<a href="https://twitter.com/hashtag/WATCH?src=hash">#WATCH</a> : Finance Minister Arun Jaitley addresses the media in Delhi <a href="https://t.co/GgDfYxEIoO">https://t.co/GgDfYxEIoO</a>
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Jaitley said that revenues would grow once GST is introduced because it is a more efficient system which helps check evasion.&nbsp;

An increase in revenues, said Jaitley, would increase the spending capacity of the central and state governments.&nbsp;

A number of economies that have moved to GST have seen a 1-2 per cent&nbsp;increase in their GDPs.&nbsp;

Jaitley added that the president, prime minister, vice president, state chief ministers and opposition leaders have been invited to be part of the GST launch. &nbsp;

Finance minister Arun Jaitley made the announcement on Tuesday

Finance minister Arun Jaitley has said the GST will be launched exactly at midnight on June 30. He said a programme would be organised late on June 30 in the Central Hall of Parliament, and the GST launch would take place after that exactly at midnight. GST or the Goods and Services Tax will replace India's many different indirect taxes with one single tax. #WATCH : Finance Minister Arun Jaitley addresses the media in Delhi https://t.co/GgDfYxEIoO — ANI (@ANI_news) June 20, 2017 × Jaitley said that revenues would grow once GST is introduced because it is a more efficient system which helps check evasion. An increase in revenues, said Jaitley, would increase the spending capacity of the central and state governments. A number of economies that have moved to GST have seen a 1-2 per cent increase in their GDPs. Jaitley added that the president, prime minister, vice president, state chief ministers and opposition leaders have been invited to be part of the GST launch.

GST to launch exactly at midnight, June 30

Union Finance Minister Arun Jaitley on Monday tabled the Central Goods and Services Tax (GST) Bill 2017 in the Lok Sabha.

Looking forward to a consensus on GST Bill, Union Parliamentary Affairs Minister Ananth Kumar earlier in the day expressed hope that the above legislation is passed in the ongoing Budget Session of Parliament.

Kumar told the media here that all parties have been consulted on the GST.

&quot;Hope everyone will support the government on it. The government is committed to ensure the passage of GST in the ongoing Budget Session,&quot; he added.

The GST Council and Union Cabinet have already given their nod to the Central GST, Integrated GST, Union Territory GST and Compensation Bill.Along with these four bills, amendments to the Excise and Customs Act to abolish various cess as well as furnishing bills for exports and imports under the new GST regime will be placed before the Parliament.

The Business Advisory Committee of the Lok Sabha is likely to meet on Monday to decide on the duration of discussion on the Bills. States cabinet too will need to approve the State GST and then need the same to be passed by respective state assemblies to roll out the new tax regime.&nbsp;

(ANI)

Parliamentary affairs minister Ananth Kumar told reporters that all parties had been consulted on the bill

Union Finance Minister Arun Jaitley on Monday tabled the Central Goods and Services Tax (GST) Bill 2017 in the Lok Sabha. Looking forward to a consensus on GST Bill, Union Parliamentary Affairs Minister Ananth Kumar earlier in the day expressed hope that the above legislation is passed in the ongoing Budget Session of Parliament. Kumar told the media here that all parties have been consulted on the GST. "Hope everyone will support the government on it. The government is committed to ensure the passage of GST in the ongoing Budget Session," he added. The GST Council and Union Cabinet have already given their nod to the Central GST, Integrated GST, Union Territory GST and Compensation Bill.Along with these four bills, amendments to the Excise and Customs Act to abolish various cess as well as furnishing bills for exports and imports under the new GST regime will be placed before the Parliament. The Business Advisory Committee of the Lok Sabha is likely to meet on Monday to decide on the duration of discussion on the Bills. States cabinet too will need to approve the State GST and then need the same to be passed by respective state assemblies to roll out the new tax regime. (ANI)

GST bill tabled in Parliament by finance minister Arun Jaitley