Congress President Rahul Gandhi has said that he will change the structure of the Goods and Services Tax&nbsp; (GST)&nbsp;if his party comes to power in the centre.&nbsp;&nbsp;

While addressing an election campaign in poll-bound state Meghalaya he said: &quot; If we come to power in the centre, we are going to change the structure of GST and simplify it&quot;.

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If we come back to power in the centre, we are going change the structure of <a href="https://twitter.com/hashtag/GST?src=hash&amp;ref_src=twsrc%5Etfw">#GST</a> &amp; simplify it: Rahul Gandhi in Shillong <a href="https://t.co/mkBu4fg3hJ">pic.twitter.com/mkBu4fg3hJ</a>
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He also invited women from the state to join his party.

Gandhi said &quot; One of the most important&nbsp;things to be done in the Congress is to balance the number of men we put to fight election and the number of women. I would&nbsp;like to invite women to join the party in Meghalaya so that we have more and more women to choose from&quot;.

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One of the most important thing to be done in the Congress is to balance the number of men we put to fight election &amp; the number of women. I would like to invite women to join the party in <a href="https://twitter.com/hashtag/Meghalaya?src=hash&amp;ref_src=twsrc%5Etfw">#Meghalaya</a> so that we have more &amp; more women to choose from: Rahul Gandhi in <a href="https://twitter.com/hashtag/Shillong?src=hash&amp;ref_src=twsrc%5Etfw">#Shillong</a> <a href="https://t.co/otBarDiYSI">pic.twitter.com/otBarDiYSI</a>
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He also hit out at the BJP-RSS claiming that their idea is to&nbsp;dis-empower women.&nbsp;

He said &quot; RSS idea aimed at dis-empowering women. Does anyone know how many leadership positions are with women in RSS? Zero. If you see picture of Mahatma Gandhi you will find women on his side, but if you see picture of Mohan Bhagwat, he &#39;ll be alone.&nbsp;

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RSS idea aimed at dis-empowering women. Does anyone know many leadership positions are with women in RSS? Zero. If you see pix of Mahatma Gandhi you&#39;ll find women on this side (right), this side (left) but if you see pix of Mohan Bhagwat, he&#39;ll be alone or surrounded by men: RG <a href="https://t.co/52xSDReDLc">pic.twitter.com/52xSDReDLc</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/958638837076512768?ref_src=twsrc%5Etfw">January 31, 2018</a></blockquote>
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Gandhi said &quot; We are fighting RSS ideology across the nation. Idea is that one form of thinking is imposed on the country. What BJP and RSS are doing in all over India and particularly in North-east is attempting to undermine your culture, language and way of life&quot;.

<a href="http://www.wionews.com/india-news/congress-announces-candidateslist-for-tripura-meghalaya-30935" target="_blank">Polling in Meghalaya and Nagaland </a>will take place on February 27.

&nbsp;

While addressing an election campaign in poll-bound state Meghalaya he said: 'If we come to power in the centre, we are going to change the structure of GST and simplify it'

Congress President Rahul Gandhi has said that he will change the structure of the Goods and Services Tax (GST) if his party comes to power in the centre. While addressing an election campaign in poll-bound state Meghalaya he said: " If we come to power in the centre, we are going to change the structure of GST and simplify it". If we come back to power in the centre, we are going change the structure of #GST & simplify it: Rahul Gandhi in Shillong pic.twitter.com/mkBu4fg3hJ — ANI (@ANI) January 31, 2018 × He also invited women from the state to join his party. Gandhi said " One of the most important things to be done in the Congress is to balance the number of men we put to fight election and the number of women. I would like to invite women to join the party in Meghalaya so that we have more and more women to choose from". One of the most important thing to be done in the Congress is to balance the number of men we put to fight election & the number of women. I would like to invite women to join the party in #Meghalaya so that we have more & more women to choose from: Rahul Gandhi in #Shillong pic.twitter.com/otBarDiYSI — ANI (@ANI) January 31, 2018 × He also hit out at the BJP-RSS claiming that their idea is to dis-empower women. He said " RSS idea aimed at dis-empowering women. Does anyone know how many leadership positions are with women in RSS? Zero. If you see picture of Mahatma Gandhi you will find women on his side, but if you see picture of Mohan Bhagwat, he 'll be alone. RSS idea aimed at dis-empowering women. Does anyone know many leadership positions are with women in RSS? Zero. If you see pix of Mahatma Gandhi you'll find women on this side (right), this side (left) but if you see pix of Mohan Bhagwat, he'll be alone or surrounded by men: RG pic.twitter.com/52xSDReDLc — ANI (@ANI) January 31, 2018 × Gandhi said " We are fighting RSS ideology across the nation. Idea is that one form of thinking is imposed on the country. What BJP and RSS are doing in all over India and particularly in North-east is attempting to undermine your culture, language and way of life". Polling in Meghalaya and Nagaland will take place on February 27.

If we come back to Centre, we will change GST structure: Rahul Gandhi

India&#39;s government will unveil its budget for the 2018-19 fiscal year on Thursday, with investors expecting increased investment in key areas such as agriculture, and a slew of incentives for businesses.

After the roll out of the Goods and Services Tax (GST) last year, India&#39;s economy is expected to post growth of 6.75 per cent in the 2017-18 fiscal year ending in March, which would be the slowest in three years.

The government is widely expected to increase spending to ensure growth recaptures momentum, but most investors expect it to be prudent as loosening fiscal deficit targets by too much would likely spark a sell-off in the bond market.

However, speculation is rife in different sectors for tax sops. Everyone is putting forward its wishlist for Finance Minister Arun Jaitley as he geats ready to present Modi government&#39;s last full Budget.

Leading health insurance company Aviva wants the government to increase the income tax slabs exemption &quot;leaving more money in people&#39;s hands&quot;.

&quot;The insurance industry has always played a significant role in the economic development of nations and society. Predominantly, what we should look forward following the upcoming budget would be increase in the number of people having adequate insurance cover. To attain the same, there should be an increase in the income tax slabs exemption leaving more money in people&#39;s hands to channelise the funds well,&quot; said Karni S Arha, Chief Financial Officer, Aviva India.

We should expect to promote a separate dedicated insurance premium exemption limit as the current composite limit u/s 80c (Rs 1.5lac) is already overcrowded and exhausted, he added.

As per the IRDA, the insurance penetration (percentage of insurance premium to the GDP) in India is currently at 3.42 per cent, significantly lower than the global average of 6.2 per cent. The industry believes this is one of the aspects which needs to be looked into on priority.

The growing recognition of India&#39;s healthcare crisis has led to urgency for increased public funding of healthcare, which, the industry believes, can be taken up in the Union Budget.

After the roll out of the Goods and Services Tax (GST) last year, India's economy is expected to post growth of 6.75 per cent in the 2017-18 fiscal year ending in March, which would be the slowest in three years.

India's government will unveil its budget for the 2018-19 fiscal year on Thursday, with investors expecting increased investment in key areas such as agriculture, and a slew of incentives for businesses. After the roll out of the Goods and Services Tax (GST) last year, India's economy is expected to post growth of 6.75 per cent in the 2017-18 fiscal year ending in March, which would be the slowest in three years. The government is widely expected to increase spending to ensure growth recaptures momentum, but most investors expect it to be prudent as loosening fiscal deficit targets by too much would likely spark a sell-off in the bond market. However, speculation is rife in different sectors for tax sops. Everyone is putting forward its wishlist for Finance Minister Arun Jaitley as he geats ready to present Modi government's last full Budget. Leading health insurance company Aviva wants the government to increase the income tax slabs exemption "leaving more money in people's hands". "The insurance industry has always played a significant role in the economic development of nations and society. Predominantly, what we should look forward following the upcoming budget would be increase in the number of people having adequate insurance cover. To attain the same, there should be an increase in the income tax slabs exemption leaving more money in people's hands to channelise the funds well," said Karni S Arha, Chief Financial Officer, Aviva India. We should expect to promote a separate dedicated insurance premium exemption limit as the current composite limit u/s 80c (Rs 1.5lac) is already overcrowded and exhausted, he added. As per the IRDA, the insurance penetration (percentage of insurance premium to the GDP) in India is currently at 3.42 per cent, significantly lower than the global average of 6.2 per cent. The industry believes this is one of the aspects which needs to be looked into on priority. The growing recognition of India's healthcare crisis has led to urgency for increased public funding of healthcare, which, the industry believes, can be taken up in the Union Budget.

Budget 2018: What the insurance sector wants

The all-powerful GST Council today veered around the idea of making the GST return filing process simpler to ease compliance burden for small businesses.

The panel, headed by Finance Minister Arun Jaitley and comprising representatives of all states, at its 25th meeting today decided to reduce tax rate on 29 items and 54 categories of services with effect from January 25.

Briefing reporters after the meeting, Jaitley said the next meeting of the Council may consider bringing items like crude oil, natural gas, petrol, diesel, ATF and real estate within the GST purview.

In a bid to ease compliance burden, the Council veered around to the idea of registered entities continuing to file the return in GSTR 3B Form while moving to a system where supplier invoice captures details of the transaction.

The new process would be finalised in the next meeting of the GST Council after a written formulation is circulated to the states, he said.

The date of the next meeting of the Council has not yet been decided, he said.

Jaitley said the GST provision requiring transporters to carry an electronic waybill or e-way bill, when moving goods of over Rs 50,000 in value between states, will be implemented from February 1 to check rampant tax evasion.

As many as 15 states have decided to implement the provision for intra-state movements as well, he said.

After implementation of the Goods and Services Tax (GST) from July 1, the requirement of carrying e-way bill was postponed pending IT network readiness.

Once the e-way bill system is implemented, tax avoidance will become extremely difficult as the government will have details of all goods above the value of Rs 50,000 moved and can spot the mismatch if either the supplier or the purchaser does not file tax returns.&nbsp;

It also veered around to the idea of making the GST return filing process simpler

The all-powerful GST Council today veered around the idea of making the GST return filing process simpler to ease compliance burden for small businesses. The panel, headed by Finance Minister Arun Jaitley and comprising representatives of all states, at its 25th meeting today decided to reduce tax rate on 29 items and 54 categories of services with effect from January 25. Briefing reporters after the meeting, Jaitley said the next meeting of the Council may consider bringing items like crude oil, natural gas, petrol, diesel, ATF and real estate within the GST purview. In a bid to ease compliance burden, the Council veered around to the idea of registered entities continuing to file the return in GSTR 3B Form while moving to a system where supplier invoice captures details of the transaction. The new process would be finalised in the next meeting of the GST Council after a written formulation is circulated to the states, he said. The date of the next meeting of the Council has not yet been decided, he said. Jaitley said the GST provision requiring transporters to carry an electronic waybill or e-way bill, when moving goods of over Rs 50,000 in value between states, will be implemented from February 1 to check rampant tax evasion. As many as 15 states have decided to implement the provision for intra-state movements as well, he said. After implementation of the Goods and Services Tax (GST) from July 1, the requirement of carrying e-way bill was postponed pending IT network readiness. Once the e-way bill system is implemented, tax avoidance will become extremely difficult as the government will have details of all goods above the value of Rs 50,000 moved and can spot the mismatch if either the supplier or the purchaser does not file tax returns.

GST Council cuts tax rates on 29 items, 54 services

The middle class can hope for a big relief in 2018-19 Budget, which will also be the last regular Budget of the NDA government, as the finance ministry is contemplating to hike personal tax exemption limit and tweak the tax slabs, according to sources.

The proposals before the ministry are to hike the tax exemption limit from the existing Rs 2.5 lakh per annum to at least Rs 3 lakh if not 5 lakh, they said.

Besides, the tinkering of tax slab is also being actively considered by the ministry to give substantial relief to middle-income group, especially the salaried class, to help them tide over the impact of retail inflation, which has started inching up.

In the last Budget, Finance Minister Arun Jaitley left the slabs unchanged but gave marginal relief to the small taxpayer by reducing the rate from 10 per cent to 5 per cent for individuals having an annual income between Rs 2.5-5 lakh.

In the next Budget to be unveiled on February 1, the government could lower tax rate by 10 per cent on income between 5-10 lakh, levy 20 per cent rate for income between Rs 10-20 lakh and 30 per cent for income beyond Rs 20 lakh.

At present, there is no tax slab for income between 10-20 lakh.

&quot;Considering the steep rise in the cost of living due to inflation, it is suggested that basic limit for exemption and other income slabs should be enhanced to give benefit to low-income group. The income trigger for peak rate in other countries is significantly higher,&quot; industry chamber CII said in its pre-Budget memorandum to the finance ministry.

Although the industry chambers want the government to reduce peak tax slab to 25 per cent, it is unlikely that the ministry will agree to that due to pressure on fiscal deficit.

The subdued indirect tax collection the following rollout of Goods and Services Tax from July 1 last year has put pressure on the fiscal deficit, which has been pegged at 3.2 per cent of the GDP for 2017-18.

The government recently raised borrowing target by additional Rs 50,000 crore for the current fiscal to meet the shortfall.

According to industry body FICCI, there is a likelihood that demonetisation effects may linger on for some more months and hence there is a need to further boost demand and therefore, the government should consider revision of income tax slabs, by raising the income level on which peak tax rate would trigger.

&quot;This would improve purchasing power and create additional demand. For individual taxpayers, 30 per cent tax rate should be applied only if the income is above Rs 20 lakh. Additionally, interest rates should be lowered to enable affordable finance for conducting business operation and expansion,&quot; it said.

Among other things, chambers have suggested reintroduction of the standard deduction for salaried employees to at least Rs 1 lakh to ease the tax burden of them and keeping in mind the rate of inflation and purchasing power of the salaried individual, which is dependent on salary available for disbursement.

Standard deduction, which was available to the salaried individuals on their taxable income, was abolished with effect from the assessment year 2006-07.

The finance ministry is contemplating to hike personal tax exemption limit and tweak the tax slabs

The middle class can hope for a big relief in 2018-19 Budget, which will also be the last regular Budget of the NDA government, as the finance ministry is contemplating to hike personal tax exemption limit and tweak the tax slabs, according to sources. The proposals before the ministry are to hike the tax exemption limit from the existing Rs 2.5 lakh per annum to at least Rs 3 lakh if not 5 lakh, they said. Besides, the tinkering of tax slab is also being actively considered by the ministry to give substantial relief to middle-income group, especially the salaried class, to help them tide over the impact of retail inflation, which has started inching up. In the last Budget, Finance Minister Arun Jaitley left the slabs unchanged but gave marginal relief to the small taxpayer by reducing the rate from 10 per cent to 5 per cent for individuals having an annual income between Rs 2.5-5 lakh. In the next Budget to be unveiled on February 1, the government could lower tax rate by 10 per cent on income between 5-10 lakh, levy 20 per cent rate for income between Rs 10-20 lakh and 30 per cent for income beyond Rs 20 lakh. At present, there is no tax slab for income between 10-20 lakh. "Considering the steep rise in the cost of living due to inflation, it is suggested that basic limit for exemption and other income slabs should be enhanced to give benefit to low-income group. The income trigger for peak rate in other countries is significantly higher," industry chamber CII said in its pre-Budget memorandum to the finance ministry. Although the industry chambers want the government to reduce peak tax slab to 25 per cent, it is unlikely that the ministry will agree to that due to pressure on fiscal deficit. The subdued indirect tax collection the following rollout of Goods and Services Tax from July 1 last year has put pressure on the fiscal deficit, which has been pegged at 3.2 per cent of the GDP for 2017-18. The government recently raised borrowing target by additional Rs 50,000 crore for the current fiscal to meet the shortfall. According to industry body FICCI, there is a likelihood that demonetisation effects may linger on for some more months and hence there is a need to further boost demand and therefore, the government should consider revision of income tax slabs, by raising the income level on which peak tax rate would trigger. "This would improve purchasing power and create additional demand. For individual taxpayers, 30 per cent tax rate should be applied only if the income is above Rs 20 lakh. Additionally, interest rates should be lowered to enable affordable finance for conducting business operation and expansion," it said. Among other things, chambers have suggested reintroduction of the standard deduction for salaried employees to at least Rs 1 lakh to ease the tax burden of them and keeping in mind the rate of inflation and purchasing power of the salaried individual, which is dependent on salary available for disbursement. Standard deduction, which was available to the salaried individuals on their taxable income, was abolished with effect from the assessment year 2006-07.

Middle class 'can hope for tax relief' in upcoming Budget

The Lok Sabha passed the Goods and Services Tax (Compensation to States) Amendment Bill 2017 on Wednesday.

The bill was introduced by Arun Jaitley in the lower house last week.&nbsp;

The approval would allow increasing the maximum rate at which the Compensation Cess can be levied from 15 to 25 per cent&nbsp; on motor vehicles for transport of not more than 13 persons, including the driver [falling under sub-headings 870210, 8702 20, 8702 30 or 8702 90]; and motor vehicles falling under headings 8703.

On Wednesday another bill was passed by the Lok Sabha, providing protection to unauthorised colonies and slums from punitive action for three more years.

Today both the houses were adjourned after Opposition leader Ghulam Nabi Azad stalled the house over Union Minister Ananth Kumar Hegde&#39;s statements on secularism and changing the constitution.&nbsp;

(With inputs from ANI)

The bill was introduced by Arun Jaitley in lower house, last week

The Lok Sabha passed the Goods and Services Tax (Compensation to States) Amendment Bill 2017 on Wednesday. The bill was introduced by Arun Jaitley in the lower house last week. The approval would allow increasing the maximum rate at which the Compensation Cess can be levied from 15 to 25 per cent on motor vehicles for transport of not more than 13 persons, including the driver [falling under sub-headings 870210, 8702 20, 8702 30 or 8702 90]; and motor vehicles falling under headings 8703. On Wednesday another bill was passed by the Lok Sabha, providing protection to unauthorised colonies and slums from punitive action for three more years. Today both the houses were adjourned after Opposition leader Ghulam Nabi Azad stalled the house over Union Minister Ananth Kumar Hegde's statements on secularism and changing the constitution. (With inputs from ANI)

Lok Sabha passes GST amendment bill

<a href="http://www.wionews.com/india-news/rupani-sworn-in-as-gujarat-chief-minister-modi-shah-in-attendance-27723">Vijay Rupani&nbsp;</a>is back in the chief minister&#39;s chair after having survived the incumbency factor and a violent quota stir by the Patidars.

Born in Rangoon (now Yangon, Myanmar) Rupani, 61, joined an RSS shakha as a schoolboy, before graduating to the BJP via the Sangh&#39;s students wing--the Akhil Bharatiya Vidyarthi Parishad (ABVP).

Though Prime Minister Narendra Modi was the BJP&#39;s face in the high-octane election campaign in his home state, Rupani, belonging to the relatively small Jain community, steered the party machinery in Gujarat, neutralising the incumbency factor against his government and surviving quota stir by the Patidar community, the bedrock of the party&#39;s support base.

Also read:<a href="http://www.wionews.com/india-news/know-the-gujarat-ministers-who-took-oath-along-with-vijay-rupani-today-27731"> Know the Gujarat ministers who took oath along with Vijay Rupani today</a>

Rupani also successfully contained disenchantment with the government over farm distress in some parts of the state, and economic slowdown due to demonetisation and roll out of the Goods and Services Tax (GST), also stood him in good stead.

Also read: <a href="http://www.wionews.com/india-news/newly-elected-gujarat-cabinet-to-hold-first-meeting-tomorrow-27747">Newly-elected Gujarat cabinet to hold first meeting tomorrow</a>

Despite the BJP&#39;s tally falling below 100 in a long time, Rupani&#39;s selection also suggested that the top party leadership wanted continuity before the 2019 Lok Sabha polls.

Though only a second-time MLA, he made a mark as an able administrator.

Rupani, who worked mostly in the party organisation in Gujarat, fought his first Assembly election in 2014, winning a bypoll from Rajkot West. This time he won from the same seat with an impressive margin of over 53,000 votes.

A bachelor of law, Rupani was a Rajya Sabha member between 2006 and 2012.

It was under him as chairman of the Gujarat Tourism Development Corporation in 2006 that the hugely successful advertisement campaign &#39;Khushboo Gujarat Ki&#39;, featuring megastar Amitabh&nbsp;Bachchan, was launched to promote the state as a tourism hotspot.

He was also the chairman of the Gujarat Municipal Finance Board in 2013.

When the Rajkot West seat fell vacant in October 2014 after Speaker of the Assembly Vajubhai Vala was appointed the Karnataka Governor, Rupani won the bypoll.

On February 19, 2016 he was appointed the chief of the Gujarat BJP. It was seen as a victory for the Amit Shah camp in the state unit.

When the state&#39;s first and only woman chief minister Anandiben Patel resigned in August 2016 following allegations of inept handling of the Patidar and Dalit agitations, Rupani was catapulted to the hot seat.

Rupani honed his political skills in the crucible of the Gujarat Navnirman agitation, a socio-political movement in 1974 by students and the middle-class against economic crisis and corruption in public life.

It soon spread elsewhere, particularly in Bihar, where socialist legend Jayaprakash Narayan gave a call for &#39;Total Revolution&#39;.

The movement finally led to the fall of Indira Gandhi government and installation of the first non-Congress dispensation at the centre under Morarji Desai.

Rupani, who was then with the ABVP, was jailed for nearly a year during Emergency.

As the mayor of Rajkot in 1996-97, he endeared himself to people of the city with his initiatives for improvement of the civic infrastructure.

Rupani&#39;s mettle as a politician will be tested again in the 2019 Lok Sabha polls when Modi bids for a second shot at power.

Delivering Gujarat to the BJP is the least he would expect from Amit Shah&#39;s man in Gandhinagar.&nbsp;

Born in Rangoon (now Yangon, Myanmar) Rupani joined an RSS shakha as a schoolboy

Vijay Rupani is back in the chief minister's chair after having survived the incumbency factor and a violent quota stir by the Patidars. Born in Rangoon (now Yangon, Myanmar) Rupani, 61, joined an RSS shakha as a schoolboy, before graduating to the BJP via the Sangh's students wing--the Akhil Bharatiya Vidyarthi Parishad (ABVP). Though Prime Minister Narendra Modi was the BJP's face in the high-octane election campaign in his home state, Rupani, belonging to the relatively small Jain community, steered the party machinery in Gujarat, neutralising the incumbency factor against his government and surviving quota stir by the Patidar community, the bedrock of the party's support base. Also read: Know the Gujarat ministers who took oath along with Vijay Rupani today Rupani also successfully contained disenchantment with the government over farm distress in some parts of the state, and economic slowdown due to demonetisation and roll out of the Goods and Services Tax (GST), also stood him in good stead. Also read: Newly-elected Gujarat cabinet to hold first meeting tomorrow Despite the BJP's tally falling below 100 in a long time, Rupani's selection also suggested that the top party leadership wanted continuity before the 2019 Lok Sabha polls. Though only a second-time MLA, he made a mark as an able administrator. Rupani, who worked mostly in the party organisation in Gujarat, fought his first Assembly election in 2014, winning a bypoll from Rajkot West. This time he won from the same seat with an impressive margin of over 53,000 votes. A bachelor of law, Rupani was a Rajya Sabha member between 2006 and 2012. It was under him as chairman of the Gujarat Tourism Development Corporation in 2006 that the hugely successful advertisement campaign 'Khushboo Gujarat Ki', featuring megastar Amitabh Bachchan, was launched to promote the state as a tourism hotspot. He was also the chairman of the Gujarat Municipal Finance Board in 2013. When the Rajkot West seat fell vacant in October 2014 after Speaker of the Assembly Vajubhai Vala was appointed the Karnataka Governor, Rupani won the bypoll. On February 19, 2016 he was appointed the chief of the Gujarat BJP. It was seen as a victory for the Amit Shah camp in the state unit. When the state's first and only woman chief minister Anandiben Patel resigned in August 2016 following allegations of inept handling of the Patidar and Dalit agitations, Rupani was catapulted to the hot seat. Rupani honed his political skills in the crucible of the Gujarat Navnirman agitation, a socio-political movement in 1974 by students and the middle-class against economic crisis and corruption in public life. It soon spread elsewhere, particularly in Bihar, where socialist legend Jayaprakash Narayan gave a call for 'Total Revolution'. The movement finally led to the fall of Indira Gandhi government and installation of the first non-Congress dispensation at the centre under Morarji Desai. Rupani, who was then with the ABVP, was jailed for nearly a year during Emergency. As the mayor of Rajkot in 1996-97, he endeared himself to people of the city with his initiatives for improvement of the civic infrastructure. Rupani's mettle as a politician will be tested again in the 2019 Lok Sabha polls when Modi bids for a second shot at power. Delivering Gujarat to the BJP is the least he would expect from Amit Shah's man in Gandhinagar.

Vijay Rupani back as Gujarat's CM: The man who beat incumbency factor and Patidar stir

The BJP is on course to take Gujarat, and most of Surat with it.&nbsp;

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Congratulations to all candidates in Surat for winning 12/12 seats! The people of Gujarat have rejected those who tried to divide us in the name of caste! The vision of Shri <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> ji &amp; Shri <a href="https://twitter.com/AmitShah?ref_src=twsrc%5Etfw">@amitshah</a> ji will march ahead! <a href="https://twitter.com/hashtag/BJPWinsGujarat?src=hash&amp;ref_src=twsrc%5Etfw">#BJPWinsGujarat</a> <a href="https://twitter.com/hashtag/GujaratVerdict?src=hash&amp;ref_src=twsrc%5Etfw">#GujaratVerdict</a> <a href="https://t.co/JOeQnkWEis">pic.twitter.com/JOeQnkWEis</a>
&mdash; Darshana Jardosh (@DarshanaJardosh) <a href="https://twitter.com/DarshanaJardosh/status/942671566835367936?ref_src=twsrc%5Etfw">December 18, 2017</a></blockquote>
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Surat was being closely watched because of the trader protests there against the GST.&nbsp;

They had not been happy with the Goods and Services Tax.&nbsp;

(It is important to note though that counting is still underway in Surat and the results of all 16 assembly seats in Surat have not yet been declared.)&nbsp;

But the Election Commission, which has declared leads, is at the moment giving the BJP the lead in at least 12 seats in Surat.&nbsp;

Surat is the hub of the baniya or trader community, which makes up 14% of Gujarat&#39;s population.&nbsp;

The protest that really got the BJP&#39;s attention was the one by Surat&#39;s textile traders. Surat is the country&#39;s largest man-made fabric hub.&nbsp;

The BJP was quick to act on the disenchantment.&nbsp;

It cut the GST rate on yarn from 18% to 12%, increased the customs duty on fabric by 25% to curb imports from China, and offered relief in the filing of GST returns.&nbsp;

It also cut the tax rate on khakhra, a popular Gujarati snack, and some namkeens.&nbsp;

And announced a number of relief measures for exporters.&nbsp;

&nbsp;

Surat was being closely watched because of the trader protests there against the GST

The BJP is on course to take Gujarat, and most of Surat with it. Congratulations to all candidates in Surat for winning 12/12 seats! The people of Gujarat have rejected those who tried to divide us in the name of caste! The vision of Shri @narendramodi ji & Shri @amitshah ji will march ahead! #BJPWinsGujarat #GujaratVerdict pic.twitter.com/JOeQnkWEis — Darshana Jardosh (@DarshanaJardosh) December 18, 2017 × Surat was being closely watched because of the trader protests there against the GST. They had not been happy with the Goods and Services Tax. (It is important to note though that counting is still underway in Surat and the results of all 16 assembly seats in Surat have not yet been declared.) But the Election Commission, which has declared leads, is at the moment giving the BJP the lead in at least 12 seats in Surat. Surat is the hub of the baniya or trader community, which makes up 14% of Gujarat's population. The protest that really got the BJP's attention was the one by Surat's textile traders. Surat is the country's largest man-made fabric hub. The BJP was quick to act on the disenchantment. It cut the GST rate on yarn from 18% to 12%, increased the customs duty on fabric by 25% to curb imports from China, and offered relief in the filing of GST returns. It also cut the tax rate on khakhra, a popular Gujarati snack, and some namkeens. And announced a number of relief measures for exporters.

Gujarat election results: Hub of trader protests, BJP on course to winning most seats in Surat

The all-powerful GST Council will meet on Saturday to discuss early implementation of e-way bill as well as ways to plug tax evasion.

Headed by Finance Minister Arun Jaitley, the meeting will be held via video conferencing and deliberate on cementing gaps in the system as well as curbing evasion, sources said.

The meeting assumes importance as there has been Rs 12,000 crore revenue decline in the Goods and Services Tax (GST) in October over the preceding month and tax evasion is considered one of the reasons for this, they said.

This would be the 24th meeting of the Council. The last meeting was held in Guwahati in November where taxes on 178 items were slashed.

In an earlier meeting, the council had decided that e-way bill - an electronic document generated on the GST Network portal - would be introduced in a staggered manner from January 1 and subsequently nation-wide from April 1.

However, the need to review the rollout timeline stems from revenue shortfall registered last month.

The GST revenue for October stood at Rs 83,346 crore, the lowest compared to the first three months since the implementation of GST from July 1. It was significantly down from the September figure of Rs 95,131 crore.

Jaitley had said on Thursday that the council has prepared schedule with regard to e-way bill to check evasion.

&quot;I think Council has already taken decision with regard to time schedule, with regard to e-way bill itself. That will help in enhancing collection,&quot; he had said.

Besides, sources said, invoice matching is also something that the council will deliberate on Saturday.

An e-way bill is required for movement of goods worth more than Rs 50,000. When goods are transported for less than 10 km within the state, the supplier or the transporter need not furnish details on the portal.

&nbsp;

The meeting assumes importance as there has been Rs 12,000 crore revenue decline in the Goods and Services Tax (GST) in October over the preceding month and tax evasion is considered one of the reasons for this, they said.

The all-powerful GST Council will meet on Saturday to discuss early implementation of e-way bill as well as ways to plug tax evasion. Headed by Finance Minister Arun Jaitley, the meeting will be held via video conferencing and deliberate on cementing gaps in the system as well as curbing evasion, sources said. The meeting assumes importance as there has been Rs 12,000 crore revenue decline in the Goods and Services Tax (GST) in October over the preceding month and tax evasion is considered one of the reasons for this, they said. This would be the 24th meeting of the Council. The last meeting was held in Guwahati in November where taxes on 178 items were slashed. In an earlier meeting, the council had decided that e-way bill - an electronic document generated on the GST Network portal - would be introduced in a staggered manner from January 1 and subsequently nation-wide from April 1. However, the need to review the rollout timeline stems from revenue shortfall registered last month. The GST revenue for October stood at Rs 83,346 crore, the lowest compared to the first three months since the implementation of GST from July 1. It was significantly down from the September figure of Rs 95,131 crore. Jaitley had said on Thursday that the council has prepared schedule with regard to e-way bill to check evasion. "I think Council has already taken decision with regard to time schedule, with regard to e-way bill itself. That will help in enhancing collection," he had said. Besides, sources said, invoice matching is also something that the council will deliberate on Saturday. An e-way bill is required for movement of goods worth more than Rs 50,000. When goods are transported for less than 10 km within the state, the supplier or the transporter need not furnish details on the portal.

GST Council to meet on Saturday; discuss roll out of e-way bill

As many as 25 pending bills and 14 new ones, including Goods and Services Tax (GST) and Muslim women rights, will be picked up in the session spread over 22 days during the winter session that is all set to begin on Friday.

&quot;Main issues in the session will be supplementary demand for grants, Constitutional amendment Article 123 (Constitutional status to backward classes), Muslim women Right on Marriage 2017 bill. We will also discuss three ordinances including GST compensation to states,&quot; said Parliamentary Affairs Minister Ananth Kumar on Thursday.

Among the 25 Bills, few crucial Bills expected to be taken up are:

The Goods &amp; Services Tax (Compensation to States) Ordinance, 2017, Muslim Women (Protection of Rights on Marriage) Bill, Insolvency &amp; Bankruptcy Code (Amendment) Ordinance, 2017, Indian Forest (Amendment) Ordinance, 2017, Surrogacy (Regulation) Bill, 2016, Prevention of Corruption (Amendment) Bill, 2013 and Transgender Persons (Protection of Rights) Bill, 2016 are some the bills will be taken up during the session.

Earlier the Opposition alleged that the BJP led government at the Centre delayed the Winter Session to avoid questions on GST and other key issues ahead of the Gujarat and Himachal Assembly polls.&nbsp;

Gujarat polls were held in two phases on December 9 and 14, Himachal elections on November 9. The counting for both the states will be held on December 18.

Meanwhile, Prime Minister Narendra Modi chaired an all-party meet to chalk out the strategy of the winter session of Parliament. He requested for cooperation by all parties in order to make the Parliament session a fruitful one.

&quot;The Prime Minister appealed to everyone for a successful Parliament winter session. He also appealed to everyone for a peaceful session following the high-pitched election,&quot; Kumar added.

Parliament Winter Session which begins on December 15, 2017, and lasts till January 5, 2018, is expected to witness heavy fireworks as the Congress would try to corner Prime Minister Narendra Modi-led government over a range of issues.

Earlier, Leader of Opposition in Lok Sabha Mallikarjun Kharge had asserted that the Congress party would raise various issues in the Parliament session including Goods and Services Tax (GST), demonetisation, Rafael deal and economic condition.

Earlier the Opposition alleged that the BJP led government at the Centre delayed the Winter Session to avoid questions on GST and other key issues ahead of the Gujarat and Himachal Assembly polls.?

As many as 25 pending bills and 14 new ones, including Goods and Services Tax (GST) and Muslim women rights, will be picked up in the session spread over 22 days during the winter session that is all set to begin on Friday. "Main issues in the session will be supplementary demand for grants, Constitutional amendment Article 123 (Constitutional status to backward classes), Muslim women Right on Marriage 2017 bill. We will also discuss three ordinances including GST compensation to states," said Parliamentary Affairs Minister Ananth Kumar on Thursday. Among the 25 Bills, few crucial Bills expected to be taken up are: The Goods & Services Tax (Compensation to States) Ordinance, 2017, Muslim Women (Protection of Rights on Marriage) Bill, Insolvency & Bankruptcy Code (Amendment) Ordinance, 2017, Indian Forest (Amendment) Ordinance, 2017, Surrogacy (Regulation) Bill, 2016, Prevention of Corruption (Amendment) Bill, 2013 and Transgender Persons (Protection of Rights) Bill, 2016 are some the bills will be taken up during the session. Earlier the Opposition alleged that the BJP led government at the Centre delayed the Winter Session to avoid questions on GST and other key issues ahead of the Gujarat and Himachal Assembly polls. Gujarat polls were held in two phases on December 9 and 14, Himachal elections on November 9. The counting for both the states will be held on December 18. Meanwhile, Prime Minister Narendra Modi chaired an all-party meet to chalk out the strategy of the winter session of Parliament. He requested for cooperation by all parties in order to make the Parliament session a fruitful one. "The Prime Minister appealed to everyone for a successful Parliament winter session. He also appealed to everyone for a peaceful session following the high-pitched election," Kumar added. Parliament Winter Session which begins on December 15, 2017, and lasts till January 5, 2018, is expected to witness heavy fireworks as the Congress would try to corner Prime Minister Narendra Modi-led government over a range of issues. Earlier, Leader of Opposition in Lok Sabha Mallikarjun Kharge had asserted that the Congress party would raise various issues in the Parliament session including Goods and Services Tax (GST), demonetisation, Rafael deal and economic condition.

Winter session of Parliament begins today, Centre seeks to pass 25 bills

Each time you watched Rahul Gandhi take to the stage during his Gujarat election campaigns and explain before a waiting crowd that the GST is nothing but &#39;Gabbar Singh Tax&#39;, you must have wondered what&#39;s wrong with the man. You must have got curious to know which school Rahul Gandhi got his economics lessons from.

However, let me tell you he is perfectly all right and that he is got his lessons from the best school of a politician - the dusty by-lanes of Indian politics.

Politics is all about reaching out to the masses and making an everlasting connect with them; it&#39;s a bonding made stronger with deft communication, apt vocabulary and noisy rhetoric. The greater your ability to connect with the rank and file of the profanum vulgus, the better is your chances in politics. Add a bit of theatrics and voila! You&#39;ve got what it takes.

After 17 or so defeats in successive elections, Rahul Gandhi now seems to have learnt the ropes. Many political observers and analysts believe that Rahul has found his tongue. He&#39;s discovered the art of communication, at least to the best of his limitations. &#39;Gabbar Singh Tax&#39; serves the best example.

GST brought with it two &#39;miseries&#39; to the common people; the first, disruption in normal economic activities of the small traders and second, complexities. Close on the heels of demonetisation, GST brought another commotion in the life of the common man, especially small traders and businessmen. They&#39;ve their experiences to believe GST is bad but the government has its data to prove it&#39;s good. In the scenario, a clever politician knows that theoretically speaking, GST can&#39;t be opposed. It can be defeated only through canards and polemics.

A polemic of lies and derision is the best anecdote to constructive ideas.

&#39;Gabbar Singh Tax&#39; invented that polemic of lies which the disgruntled aam aadmi was looking for and Rahul Gandhi made the most of it. The masses were exhilarated at the description. Each time Gandhi twisted the microphone and uttered the phrase &#39;Gabbar Singh Tax&#39;, the crowd went berserk in jubilation. He knew he had given expression to the anger of the millions. He didn&#39;t know himself what it exactly meant. He need not, either. His job was done.

No amount of pedantic discourse or academic description can destroy the effects of a &#39;Gabbar Singh Tax&#39; narrative. Today, no one remembers what Arun Jaitley said to counter the Gabbar Singh jibe, though he said all those academically correct things. Yet, people only remember what Rahul said. And that&#39;s the art of making a connect.

A good many people are disenchanted in some way or other and a section of media has worked overtime to prove that the government policies are anti-people. Mainstreaming the cash economy and forcing people to live in transparent glasshouses has its own challenges.

The political wisdom says a politician must use the situation to the best of his abilities. Hence, the Congress has exploited the disenchantment of the masses to the best of its ability and fed on the ignorance of the people. Gandhi knows that the aam aadmi, like him, has no appetite for facts or analysis nor it believes in lengthy explanations. The common man needs off-the-shelf concepts, and few catchphrases, to describe his pent up emotions. The &#39;Gabbar Singh Tax&#39;, fits the bill precisely. In this political campaign, the government hit the hustings with facts, figures and analysis and it lost audience. The Congress hit the campaign with polemic and lies and it struck an instant chord with the masses. The media, always hungry for the catchphrases, multiplied the effect.

In the post-truth politics, what matters more is perception and catchphrases do wonderful jobs in shaping perception. It may be a lie or bullshit is another matter. Politics, anyway, is never about teaching the truth. Nor it&#39;s about accountability. Misleading the masses is intelligent so long it fetches votes. And, Gandhi needs votes.

So, you thought &#39;Gabbar Singh Tax&#39; is a sheer bullshit. But then you thought of university economics. For politics, &#39;Gabbar Singh Tax&#39; is an intelligent theorem. It fetches votes. As I said earlier, economics is the best means to harness politics. Hence, no wonder if the &#39;Gabbar Singh Tax&#39; catchphrase enables the Congress and its new chief recover some of the lost grounds in Gujarat.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Each time you watched Rahul Gandhi take to the stage during his Gujarat election campaigns and explain before a waiting crowd that the GST is nothing but 'Gabbar Singh Tax', you must have wondered what's wrong with the man.

Each time you watched Rahul Gandhi take to the stage during his Gujarat election campaigns and explain before a waiting crowd that the GST is nothing but 'Gabbar Singh Tax', you must have wondered what's wrong with the man. You must have got curious to know which school Rahul Gandhi got his economics lessons from. However, let me tell you he is perfectly all right and that he is got his lessons from the best school of a politician - the dusty by-lanes of Indian politics. Politics is all about reaching out to the masses and making an everlasting connect with them; it's a bonding made stronger with deft communication, apt vocabulary and noisy rhetoric. The greater your ability to connect with the rank and file of the profanum vulgus, the better is your chances in politics. Add a bit of theatrics and voila! You've got what it takes. After 17 or so defeats in successive elections, Rahul Gandhi now seems to have learnt the ropes. Many political observers and analysts believe that Rahul has found his tongue. He's discovered the art of communication, at least to the best of his limitations. 'Gabbar Singh Tax' serves the best example. GST brought with it two 'miseries' to the common people; the first, disruption in normal economic activities of the small traders and second, complexities. Close on the heels of demonetisation, GST brought another commotion in the life of the common man, especially small traders and businessmen. They've their experiences to believe GST is bad but the government has its data to prove it's good. In the scenario, a clever politician knows that theoretically speaking, GST can't be opposed. It can be defeated only through canards and polemics. A polemic of lies and derision is the best anecdote to constructive ideas. 'Gabbar Singh Tax' invented that polemic of lies which the disgruntled aam aadmi was looking for and Rahul Gandhi made the most of it. The masses were exhilarated at the description. Each time Gandhi twisted the microphone and uttered the phrase 'Gabbar Singh Tax', the crowd went berserk in jubilation. He knew he had given expression to the anger of the millions. He didn't know himself what it exactly meant. He need not, either. His job was done. No amount of pedantic discourse or academic description can destroy the effects of a 'Gabbar Singh Tax' narrative. Today, no one remembers what Arun Jaitley said to counter the Gabbar Singh jibe, though he said all those academically correct things. Yet, people only remember what Rahul said. And that's the art of making a connect. A good many people are disenchanted in some way or other and a section of media has worked overtime to prove that the government policies are anti-people. Mainstreaming the cash economy and forcing people to live in transparent glasshouses has its own challenges. The political wisdom says a politician must use the situation to the best of his abilities. Hence, the Congress has exploited the disenchantment of the masses to the best of its ability and fed on the ignorance of the people. Gandhi knows that the aam aadmi, like him, has no appetite for facts or analysis nor it believes in lengthy explanations. The common man needs off-the-shelf concepts, and few catchphrases, to describe his pent up emotions. The 'Gabbar Singh Tax', fits the bill precisely. In this political campaign, the government hit the hustings with facts, figures and analysis and it lost audience. The Congress hit the campaign with polemic and lies and it struck an instant chord with the masses. The media, always hungry for the catchphrases, multiplied the effect. In the post-truth politics, what matters more is perception and catchphrases do wonderful jobs in shaping perception. It may be a lie or bullshit is another matter. Politics, anyway, is never about teaching the truth. Nor it's about accountability. Misleading the masses is intelligent so long it fetches votes. And, Gandhi needs votes. So, you thought 'Gabbar Singh Tax' is a sheer bullshit. But then you thought of university economics. For politics, 'Gabbar Singh Tax' is an intelligent theorem. It fetches votes. As I said earlier, economics is the best means to harness politics. Hence, no wonder if the 'Gabbar Singh Tax' catchphrase enables the Congress and its new chief recover some of the lost grounds in Gujarat. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Anatomy of the 'Gabbar Singh Tax'

Surat is the heart of diamond industry in India. An industry which remained politically inert in the past suddenly woke up to new tax regime succeeded by demonetisation exercise. Industry supports the reform goal but not the implementation process. Many say that Centre should have surveyed the diamond industry before making new rules for them. 
&nbsp; 
Unlike other industries, diamond sector is workers led industry as skill set remains central to the manufacturing process. On an average, a worker can start from 15,000 rupees and end up making 5 lakh a month all depending upon skill set he possesses. It is this skill set which revolted against demonetisation. Most of the workers preferred cash. It meant less taxes and no compliance. Owners were left baffled and sore. Many workers changed their master leading to closures. Those who could manage the cash retained the best and those who couldn&rsquo;t had to stop work on the floor. An industry where workers choose the owners, demonetisation tested the resolve of the owners to keep the talent in their nest. 
&nbsp; 
&ldquo;For the first-time owner worker conflict erupted in our industry. It was unprecedented. We had to run from pillar to post to manage the business,&rdquo; said Dinesh Navadiya, known diamond merchant. 
&nbsp; 
The workers had to be convinced of the benefits of the measure Prime Minister had undertaken. The mindset changed very slowly. Most of the workers come from rural areas with no personal history of banking. It also meant they had no knowledge of paperwork required for opening a bank account. With money going through the banking system and papers in place, they became eligible for loans. Many applied for Awas Yojans schemes too. It eventually benefitted them. 
&nbsp; 
But heartburn remains. Many owners privately admit that government banks did a bad job during demonetisation. &ldquo;Private banks did a better job. Infrastructure should have been in place for demonetisation,&rdquo; said Dinesh Navadiya. 
&nbsp; 
Surat&rsquo;s diamond industry is the processing centre of the precious stones in India. It imports 100 per cent of the raw material and exports 94 per cent of it. Only 6 per cent of the polished diamonds are sold domestically. It also does not enjoy a high profit margin. At maximum owners enjoy profit margins between 1 to 2 per cent. 
&nbsp; 
The pinch increased after GST. Unlike demonetisation whose effect was temporary, GST changed the way industry operated. It understood its benefits but was appalled at its implementation. It was this shock which provided muscle to the Congress in South Gujarat. 
&nbsp; 
Textile sector was even hit harder. Demonetisation had decreased their sales in the rural areas shrinking both production and consumption leading to jobless in small and medium scale industry. It was this combined resentment which streets witnessed in succeeding months. Diamond industry escaped the full wrath of GST as it was only manufacturing locally and exporting abroad whereas Textile Industry was not only manufacturing locally but also traded the rural areas where economy entirely depended on the cash. 
&nbsp; 
Even then there are major irritants. Industry wants B2B form to be done away with. It allows the government to impose interstate GST when goods are moved from one state to another independent of whether they are being sold or not. Traders crib that it adds to the cost. They argue that two other biggest hubs of diamond manufacturing, Israel and Belgium do not have such limitations. Traders also want 3 per cent GST done away on local consumption. On an average 25 per cent of the material has to be moved locally for processing and polishing because every owner doesn&rsquo;t possess all the high skill set workers. For example, if the import has a stock of 20 per cent of raw diamond which can only be shaped in oval and the owner has masters of squares and circle, the rest has to be processed in someone else&rsquo;s unit. On this government decided to levy 3 percent tax. Traders find it very unfair. With low percentage of profit, it adds to the cost. 
&nbsp; 
More than paper work adjustment, industry&rsquo;s major battle is with attitude. It is about compliance and taxation. Most of the owners are willing to give their share of Provident Fund and Employee Welfare Fund but the workers aren&rsquo;t. Many say that it becomes difficult to impose such policies on workers as they tend to move away. 
&nbsp; 
Though no one denies that GST has opened the gates for new export schemes, subsidies for machinery and better-priced loans but attitudes are a slow change. Implementation does remain a concern but they want the government to remember that it is a small and medium industry which generates jobs for a big chunk of Indian population and their convenience must be kept in mind. 
&nbsp; 
Modi has taken a risk to implement GST but no reforms are without risk. The results will show whether economic issues will remain on top or Gujarati asmita appropriated by Modi. Jury is still out on it.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

The Surat diamond industry which remained politically inert in the past suddenly woke up to new tax regime succeeded by demonetisation exercise

Surat is the heart of diamond industry in India. An industry which remained politically inert in the past suddenly woke up to new tax regime succeeded by demonetisation exercise. Industry supports the reform goal but not the implementation process. Many say that Centre should have surveyed the diamond industry before making new rules for them. Unlike other industries, diamond sector is workers led industry as skill set remains central to the manufacturing process. On an average, a worker can start from 15,000 rupees and end up making 5 lakh a month all depending upon skill set he possesses. It is this skill set which revolted against demonetisation. Most of the workers preferred cash. It meant less taxes and no compliance. Owners were left baffled and sore. Many workers changed their master leading to closures. Those who could manage the cash retained the best and those who couldn’t had to stop work on the floor. An industry where workers choose the owners, demonetisation tested the resolve of the owners to keep the talent in their nest. “For the first-time owner worker conflict erupted in our industry. It was unprecedented. We had to run from pillar to post to manage the business,” said Dinesh Navadiya, known diamond merchant. The workers had to be convinced of the benefits of the measure Prime Minister had undertaken. The mindset changed very slowly. Most of the workers come from rural areas with no personal history of banking. It also meant they had no knowledge of paperwork required for opening a bank account. With money going through the banking system and papers in place, they became eligible for loans. Many applied for Awas Yojans schemes too. It eventually benefitted them. But heartburn remains. Many owners privately admit that government banks did a bad job during demonetisation. “Private banks did a better job. Infrastructure should have been in place for demonetisation,” said Dinesh Navadiya. Surat’s diamond industry is the processing centre of the precious stones in India. It imports 100 per cent of the raw material and exports 94 per cent of it. Only 6 per cent of the polished diamonds are sold domestically. It also does not enjoy a high profit margin. At maximum owners enjoy profit margins between 1 to 2 per cent. The pinch increased after GST. Unlike demonetisation whose effect was temporary, GST changed the way industry operated. It understood its benefits but was appalled at its implementation. It was this shock which provided muscle to the Congress in South Gujarat. Textile sector was even hit harder. Demonetisation had decreased their sales in the rural areas shrinking both production and consumption leading to jobless in small and medium scale industry. It was this combined resentment which streets witnessed in succeeding months. Diamond industry escaped the full wrath of GST as it was only manufacturing locally and exporting abroad whereas Textile Industry was not only manufacturing locally but also traded the rural areas where economy entirely depended on the cash. Even then there are major irritants. Industry wants B2B form to be done away with. It allows the government to impose interstate GST when goods are moved from one state to another independent of whether they are being sold or not. Traders crib that it adds to the cost. They argue that two other biggest hubs of diamond manufacturing, Israel and Belgium do not have such limitations. Traders also want 3 per cent GST done away on local consumption. On an average 25 per cent of the material has to be moved locally for processing and polishing because every owner doesn’t possess all the high skill set workers. For example, if the import has a stock of 20 per cent of raw diamond which can only be shaped in oval and the owner has masters of squares and circle, the rest has to be processed in someone else’s unit. On this government decided to levy 3 percent tax. Traders find it very unfair. With low percentage of profit, it adds to the cost. More than paper work adjustment, industry’s major battle is with attitude. It is about compliance and taxation. Most of the owners are willing to give their share of Provident Fund and Employee Welfare Fund but the workers aren’t. Many say that it becomes difficult to impose such policies on workers as they tend to move away. Though no one denies that GST has opened the gates for new export schemes, subsidies for machinery and better-priced loans but attitudes are a slow change. Implementation does remain a concern but they want the government to remember that it is a small and medium industry which generates jobs for a big chunk of Indian population and their convenience must be kept in mind. Modi has taken a risk to implement GST but no reforms are without risk. The results will show whether economic issues will remain on top or Gujarati asmita appropriated by Modi. Jury is still out on it.

Diamonds are forever: Inside Surat's diamond industry

The police detained Congress workers&nbsp;today who were protesting against the Goods and Services Tax(GST) in Surat for carrying out a rally without official permission.

The workers were dressed as characters from the Bollywood movie &quot;Sholay&quot;.

They were detained by police for carrying air guns and not taking &quot;necessary permission&quot;&nbsp;from the authorities.

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<a href="https://twitter.com/hashtag/Gujarat?src=hash&amp;ref_src=twsrc%5Etfw">#Gujarat</a>: Members of Congress took out a protest against GST in Surat by dressing up as characters from &#39;Sholay&#39;; detained by police for carrying air guns, which resembled rifles &amp; carrying out rally without permission. <a href="https://t.co/wNR06HWZ3L">pic.twitter.com/wNR06HWZ3L</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/935445482955948032?ref_src=twsrc%5Etfw">November 28, 2017</a></blockquote>
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Police Inspector VJ Chaudhary of Salabatpura said: &quot;We are taking us with them and a team is also coming to take stock of the situation.&quot;

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They took out the rally without permission &amp; were also carrying air guns. We are taking us with them, we have also informed RO, a team is coming to take stock of the situation &amp; take further action: VJ Chaudhary, Salabatpura inspector <a href="https://t.co/ASlCdGqT1L">pic.twitter.com/ASlCdGqT1L</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/935446019252264960?ref_src=twsrc%5Etfw">November 28, 2017</a></blockquote>
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Congress vice-president Rahul Gandhi&#39;s had recently called GST &#39;Gabbar Singh Tax&#39; referring to the villain &quot;Gabbar&quot;&nbsp;in the 70s hit Bollywood film &quot;Sholay&quot;.

The police detained Congress members today who were taking out a rally to protest against Goods and Services Tax in Surat for having a rally without permission

The police detained Congress workers today who were protesting against the Goods and Services Tax(GST) in Surat for carrying out a rally without official permission. The workers were dressed as characters from the Bollywood movie "Sholay". They were detained by police for carrying air guns and not taking "necessary permission" from the authorities. #Gujarat: Members of Congress took out a protest against GST in Surat by dressing up as characters from 'Sholay'; detained by police for carrying air guns, which resembled rifles & carrying out rally without permission. pic.twitter.com/wNR06HWZ3L — ANI (@ANI) November 28, 2017 × Police Inspector VJ Chaudhary of Salabatpura said: "We are taking us with them and a team is also coming to take stock of the situation." They took out the rally without permission & were also carrying air guns. We are taking us with them, we have also informed RO, a team is coming to take stock of the situation & take further action: VJ Chaudhary, Salabatpura inspector pic.twitter.com/ASlCdGqT1L — ANI (@ANI) November 28, 2017 × Congress vice-president Rahul Gandhi's had recently called GST 'Gabbar Singh Tax' referring to the villain "Gabbar" in the 70s hit Bollywood film "Sholay".

Congress workers protest against GST dressed as 'Gabbar' in Surat

GST collections fell over 9% in the month of October.&nbsp;

Data put out by the government said GST collections fell to Rs 83,346 crore in October from over Rs 90,000 crore in each of the first three months since the tax was rolled out on July 1.&nbsp;&nbsp;

A finance ministry statement said the lower collections were because of the release of state and central GST from integrated GST (IGST), GST rate cuts, and the payment of GST based on self-declared tax returns.&nbsp;

News reports quoted industry sources as saying GST taxpayers may have expected the rate cuts and could therefore have &quot;staggered&quot; despatches to take advantage of the cuts.

GST collections&nbsp;date released by the government on Monday revealed that 95.9 lakh taxpayers had registered under GST till now and 50.1 lakh had filed returns in October till November 26, while 15.1 lakh were composition dealers who have been allowed to file returns on a quarterly basis. 
&nbsp;

Data put out by the government said GST collections fell to Rs 83,346 crore in October from over Rs 90,000 crore in each of the first three months since the tax was rolled out on July 1

GST collections fell over 9% in the month of October. Data put out by the government said GST collections fell to Rs 83,346 crore in October from over Rs 90,000 crore in each of the first three months since the tax was rolled out on July 1. A finance ministry statement said the lower collections were because of the release of state and central GST from integrated GST (IGST), GST rate cuts, and the payment of GST based on self-declared tax returns. News reports quoted industry sources as saying GST taxpayers may have expected the rate cuts and could therefore have "staggered" despatches to take advantage of the cuts. GST collections date released by the government on Monday revealed that 95.9 lakh taxpayers had registered under GST till now and 50.1 lakh had filed returns in October till November 26, while 15.1 lakh were composition dealers who have been allowed to file returns on a quarterly basis.

GST collections fall over 9% in October

The ratings agency Moody&#39;s upgraded India&#39;s sovereign credit rating from a BAA3 to a BAA2 on Friday.&nbsp;

The two-rung upgrade came after 13 years.&nbsp;

India was earlier upgraded to a BAA3 in 2004 -- the lowest investment grade.&nbsp;

Moody&#39;s said Friday&#39;s upgrade came about because of the Modi government&#39;s economic and institutional reform.&nbsp;

It cited the Goods and Services Tax, which turns India&#39;s 29 states into a single customs entity.&nbsp;

The GST is expected to push up productivity by removing barriers to inter-state trade.&nbsp;

Moody&#39;s also cited Aadhar, which it is hoped will lead to more effective direct-benefit transfers.&nbsp;

So what will the upgrade bring about?&nbsp;

A credit rating is a barometer of a country&#39;s monetary and regulatory environment.

The higher a country&#39;s rating, the greater the investment in that country should be.&nbsp;

So, simple -- the upgrade should lead to greater FDI inflow into the country.&nbsp;

And greater FDI inflow should lead to a lowering of the cost of capital.&nbsp;

Which in turn should lead to higher growth, since easier access to capital allows companies to borrow and transact more, and therefore grow more.&nbsp;

The upgrade should also push up sentiment in equity markets, thereby pushing up the sensex.&nbsp;&nbsp;

Remember also that the upgrade comes just after ratings agencies Standard &amp; Poor&#39;s and Moody&#39;s downgraded China&#39;s credit rating.&nbsp;

Which means that the money that left China after the downgrade could find its way to India.&nbsp;

The upgrade should lead to greater FDI inflow into the country

The ratings agency Moody's upgraded India's sovereign credit rating from a BAA3 to a BAA2 on Friday. The two-rung upgrade came after 13 years. India was earlier upgraded to a BAA3 in 2004 -- the lowest investment grade. Moody's said Friday's upgrade came about because of the Modi government's economic and institutional reform. It cited the Goods and Services Tax, which turns India's 29 states into a single customs entity. The GST is expected to push up productivity by removing barriers to inter-state trade. Moody's also cited Aadhar, which it is hoped will lead to more effective direct-benefit transfers. So what will the upgrade bring about? A credit rating is a barometer of a country's monetary and regulatory environment. The higher a country's rating, the greater the investment in that country should be. So, simple -- the upgrade should lead to greater FDI inflow into the country. And greater FDI inflow should lead to a lowering of the cost of capital. Which in turn should lead to higher growth, since easier access to capital allows companies to borrow and transact more, and therefore grow more. The upgrade should also push up sentiment in equity markets, thereby pushing up the sensex. Remember also that the upgrade comes just after ratings agencies Standard & Poor's and Moody's downgraded China's credit rating. Which means that the money that left China after the downgrade could find its way to India.

Moody's upgrades India's sovereign credit rating: What does that mean??

Stating that structural changes are needed in the Goods and Services Tax, Congress vice-president Rahul Gandhi on Saturday said he will reduce GST rate to just one slab of 18 per cent in 2019.

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India does not need a Gabbar Singh Tax. We want a true GST. Congress, along with the people of India, fought for and ensured reduction in items in 28% bracket. Next we will fight for one rate, with a cap at 18%. If BJP doesn&rsquo;t do it, Congress will.
&mdash; Office of RG (@OfficeOfRG) <a href="https://twitter.com/OfficeOfRG/status/929311443605864448?ref_src=twsrc%5Etfw">November 11, 2017</a></blockquote>
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Speaking at a rally in Gandhinagar, Raul Gandhi said, &quot;It`s a good thing that the Bharatiya Janata Party (BJP) government has slashed the tax rate from 28 percent to 18 percent for many products due to the pressure made by the Congress party and the people of India.&nbsp;

&quot;We are still not happy and won`t stop here. India doesn`t want five different types of taxes, we want one. There`s a need to make structural changes in the Goods and Services Tax (GST). In 2019, we will reduce GST rate to just one slab of 18 per cent,&#39;&#39; Gandhi said.

Earlier on Wednesday, while interacting with traders in Gujarat`s Surat, Congress vice-president said they (Congress) will reassess and restructure the Goods and Service Tax (GST), if they come to power at the Centre in the 2019 general elections.

&quot;We were against the implementation of GST because the Government`s version was not right. Eventually when Modi ji realised it was a mistake, he said Congress was also a part of it,&quot; Rahul said.

He further said that ruling government`s version of GST is not the actual one and accused the Centre of making the uniform tax reform &quot;complex&quot;.

&quot;GST is one tax reform not five tax. The Centre does not know the meaning of GST. They made the GST complex. We asked them for a simple version,&quot; he said.&nbsp;

Rahul further asserted that the Congress Party had cautioned the government about the drawbacks of implementation of the GST in the &quot;wrong way&quot;.&nbsp;

"It`s a good thing that the BJP government has slashed the tax rate from 28 percent to 18 percent for many products due to the pressure made by the Congress party and the people of India.

Stating that structural changes are needed in the Goods and Services Tax, Congress vice-president Rahul Gandhi on Saturday said he will reduce GST rate to just one slab of 18 per cent in 2019. India does not need a Gabbar Singh Tax. We want a true GST. Congress, along with the people of India, fought for and ensured reduction in items in 28% bracket. Next we will fight for one rate, with a cap at 18%. If BJP doesn’t do it, Congress will. — Office of RG (@OfficeOfRG) November 11, 2017 × Speaking at a rally in Gandhinagar, Raul Gandhi said, "It`s a good thing that the Bharatiya Janata Party (BJP) government has slashed the tax rate from 28 percent to 18 percent for many products due to the pressure made by the Congress party and the people of India. "We are still not happy and won`t stop here. India doesn`t want five different types of taxes, we want one. There`s a need to make structural changes in the Goods and Services Tax (GST). In 2019, we will reduce GST rate to just one slab of 18 per cent,'' Gandhi said. Earlier on Wednesday, while interacting with traders in Gujarat`s Surat, Congress vice-president said they (Congress) will reassess and restructure the Goods and Service Tax (GST), if they come to power at the Centre in the 2019 general elections. "We were against the implementation of GST because the Government`s version was not right. Eventually when Modi ji realised it was a mistake, he said Congress was also a part of it," Rahul said. He further said that ruling government`s version of GST is not the actual one and accused the Centre of making the uniform tax reform "complex". "GST is one tax reform not five tax. The Centre does not know the meaning of GST. They made the GST complex. We asked them for a simple version," he said. Rahul further asserted that the Congress Party had cautioned the government about the drawbacks of implementation of the GST in the "wrong way".

Next fight is for one rate, with cap at 18 per cent: Rahul on GST

The Congress today claimed credit for the the GST Council&#39;s decision to cut tax rates on 178 items of daily use, saying the government was forced to do so due to the pressure mounted by party vice-president Rahul Gandhi and the &quot;huge response&quot; his campaign had been receiving in poll-bound Gujarat.

Leading the charge against the government on the Goods and Services Tax (GST), Gandhi said the Congress would continue to fight for a 18-per cent cap on the highest GST slab instead of the current 28 per cent, and vowed that the party would get the job done &quot;if the ruling BJP doesn&#39;t&quot;.

He also reiterated that India needed a simple tax and not the &quot;Gabbar Singh Tax&quot; as he had been describing the tax regime to target the Modi government.

Congress general secretary in-charge of Gujarat, Ashok Gehlot told PTI that the GST Council yesterday decided to cut the tax rates due to the pressure mounted by Gandhi and the &quot;huge response&quot; he had been receiving in the poll-bound western state.

Gujarat, the home state of Prime Minister Narendra Modi and BJP president Amit Shah, has been under the BJP&#39;s rule for over two decades and the Congress is trying to oust it from power. Congress leaders, particularly Gandhi, have made the GST and demonetisation as key issues of their campaign.

Gehlot claimed the GST Council brought about the changes in tax rates with an eye on votes in Gujarat. The state goes to poll in two phases on December 9 and December 14.

&quot;It (BJP) is rankled by trepidation that Gujarat will slip off its hands. That&#39;s why the rates were cut. The Council did so because of the pressure Rahulji mounted and response his yatras in the state are getting,&quot; he said.

Congress&#39;s chief spokesperson Randeep Singh Surjewala termed the GST Council&#39;s move &quot;installment-based tinkering&quot; which he said underscored the &quot;chaos within and adhocism&quot; of the BJP-led central government.

Accusing Finance Minister Arun Jaitley and the government of &quot;paying lip service and creating havoc&quot;, Surjewala said the Congress was determined to make the tax regime &quot;flawless&quot;.

&quot;India needs a simple tax, not Gabbar Singh Tax. The Congress and people have got 28 per cent tax abolished on several items fighting for it. Our fight for 18 per cent cap with one rate will continue. If the BJP doesn&#39;t do it, the Congress will,&quot; Gandhi tweeted.

Surjewala demanded that petroleum products, real estate and electricity be brought under the ambit of the GST. He also called for reducing &quot;compliance burden&quot; of the GST and added that the textile sector was faced with deep stress due to &quot;distorted duty structure&quot;.

&quot;Adjournment and deferment, rather than decision, appear to be the &#39;way forward&#39; for this government.

&quot;None of these challenges have been addressed by the Council. This is owing to the sheer ineptitude and amateurish handling of the biggest tax reform by BJP the government,&quot; he added.

Congress leader Pawan Khera said that the credit should be given to Gandhi.

&quot;There was a pressure from Rahul Gandhi. The Gabbar Singh Tax went so much viral in Gujarat that the BJP did not know how to deal with it,&quot; Khera said.

He, however, added that much more needed to be done to extend the relief to the farming community as the central excise on fertilisers was 1.03 per cent before GST, but after the new taxation system came into force, the tax was increased to 5 per cent.

He said that the tax on agricultural equipment such as tractor was as high as 18 per cent.

The GST Council yesterday decided to reduce tax rate on items ranging from chewing gums to detergents -- to 18 per cent from current 28 per cent

The all-powerful council pruned the list of items attracting the top 28 per cent tax rate to just 50 from 228 previously.

The GST, implemented from July 1, has five tax slabs of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent.&nbsp;

Congress general secretary in-charge of Gujarat, Ashok Gehlot told that the GST Council decided to cut the tax rates due to the pressure mounted by Gandhi.

The Congress today claimed credit for the the GST Council's decision to cut tax rates on 178 items of daily use, saying the government was forced to do so due to the pressure mounted by party vice-president Rahul Gandhi and the "huge response" his campaign had been receiving in poll-bound Gujarat. Leading the charge against the government on the Goods and Services Tax (GST), Gandhi said the Congress would continue to fight for a 18-per cent cap on the highest GST slab instead of the current 28 per cent, and vowed that the party would get the job done "if the ruling BJP doesn't". He also reiterated that India needed a simple tax and not the "Gabbar Singh Tax" as he had been describing the tax regime to target the Modi government. Congress general secretary in-charge of Gujarat, Ashok Gehlot told PTI that the GST Council yesterday decided to cut the tax rates due to the pressure mounted by Gandhi and the "huge response" he had been receiving in the poll-bound western state. Gujarat, the home state of Prime Minister Narendra Modi and BJP president Amit Shah, has been under the BJP's rule for over two decades and the Congress is trying to oust it from power. Congress leaders, particularly Gandhi, have made the GST and demonetisation as key issues of their campaign. Gehlot claimed the GST Council brought about the changes in tax rates with an eye on votes in Gujarat. The state goes to poll in two phases on December 9 and December 14. "It (BJP) is rankled by trepidation that Gujarat will slip off its hands. That's why the rates were cut. The Council did so because of the pressure Rahulji mounted and response his yatras in the state are getting," he said. Congress's chief spokesperson Randeep Singh Surjewala termed the GST Council's move "installment-based tinkering" which he said underscored the "chaos within and adhocism" of the BJP-led central government. Accusing Finance Minister Arun Jaitley and the government of "paying lip service and creating havoc", Surjewala said the Congress was determined to make the tax regime "flawless". "India needs a simple tax, not Gabbar Singh Tax. The Congress and people have got 28 per cent tax abolished on several items fighting for it. Our fight for 18 per cent cap with one rate will continue. If the BJP doesn't do it, the Congress will," Gandhi tweeted. Surjewala demanded that petroleum products, real estate and electricity be brought under the ambit of the GST. He also called for reducing "compliance burden" of the GST and added that the textile sector was faced with deep stress due to "distorted duty structure". "Adjournment and deferment, rather than decision, appear to be the 'way forward' for this government. "None of these challenges have been addressed by the Council. This is owing to the sheer ineptitude and amateurish handling of the biggest tax reform by BJP the government," he added. Congress leader Pawan Khera said that the credit should be given to Gandhi. "There was a pressure from Rahul Gandhi. The Gabbar Singh Tax went so much viral in Gujarat that the BJP did not know how to deal with it," Khera said. He, however, added that much more needed to be done to extend the relief to the farming community as the central excise on fertilisers was 1.03 per cent before GST, but after the new taxation system came into force, the tax was increased to 5 per cent. He said that the tax on agricultural equipment such as tractor was as high as 18 per cent. The GST Council yesterday decided to reduce tax rate on items ranging from chewing gums to detergents -- to 18 per cent from current 28 per cent The all-powerful council pruned the list of items attracting the top 28 per cent tax rate to just 50 from 228 previously. The GST, implemented from July 1, has five tax slabs of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent.

Cong says credit for GST rate cuts goes to Rahul Gandhi

Bihar Deputy Chief Minister Sushil Kumar Modi, who heads the panel on the Goods and Services Tax Network (GSTN), today said the rates on over 200 daily-use items are expected to come down from 28 per cent to 18 per cent at the GST Council meet tomorrow.

&quot;With a view to giving further relief to small taxpayers (businessmen) and consumers at large, it is expected that tax rates will be brought down from current 28 per cent to 18 per cent on over 200 items of daily use,&quot; he said before flying to Guwahati to participate in the GST Council meet.

Items likely to see the slash in tax rates are those used in every household, including sanitary ware, suitcase, wallpaper, plywood, stationery articles, watch, play instruments, among others, said Modi, who heads a five-member Group of Ministers (GoM) to monitor technology-related implementation issues of the GST.

The objective behind lowering tax on these items falling in the top slab is to give more relief to the small businessmen and consumers, he added.

Modi, who also holds portfolios of finance and commercial taxes in Bihar, said that he would raise the issues of giving more relief to small taxpayers (businessmen) at the Guwahati GST council meeting.

He said that he has held three separate meetings in past 10 days with the representatives of various trade and business bodies from different districts.

On the basis of opinion and suggestions received from various businessmen, trade representatives, the Bihar Deputy Chief Minister said he would raise the issue of simplifying HSN (Harmonized System of Nomenclature) code, invoice matching, the filing of returns at the meeting.

Modi said he would also raise the issue of filing of quarterly returns for all businessmen, reducing late fee for delay in filing returns from Rs 200 per day to Rs 50 per day besides the issue of bills generated for common consumers must include GST in Maximum Retail Price (MRP) itself

The objective behind lowering tax on these items falling in top slab is to give more relief to the small businessmen and consumers, Modi said.

Bihar Deputy Chief Minister Sushil Kumar Modi, who heads the panel on the Goods and Services Tax Network (GSTN), today said the rates on over 200 daily-use items are expected to come down from 28 per cent to 18 per cent at the GST Council meet tomorrow. "With a view to giving further relief to small taxpayers (businessmen) and consumers at large, it is expected that tax rates will be brought down from current 28 per cent to 18 per cent on over 200 items of daily use," he said before flying to Guwahati to participate in the GST Council meet. Items likely to see the slash in tax rates are those used in every household, including sanitary ware, suitcase, wallpaper, plywood, stationery articles, watch, play instruments, among others, said Modi, who heads a five-member Group of Ministers (GoM) to monitor technology-related implementation issues of the GST. The objective behind lowering tax on these items falling in the top slab is to give more relief to the small businessmen and consumers, he added. Modi, who also holds portfolios of finance and commercial taxes in Bihar, said that he would raise the issues of giving more relief to small taxpayers (businessmen) at the Guwahati GST council meeting. He said that he has held three separate meetings in past 10 days with the representatives of various trade and business bodies from different districts. On the basis of opinion and suggestions received from various businessmen, trade representatives, the Bihar Deputy Chief Minister said he would raise the issue of simplifying HSN (Harmonized System of Nomenclature) code, invoice matching, the filing of returns at the meeting. Modi said he would also raise the issue of filing of quarterly returns for all businessmen, reducing late fee for delay in filing returns from Rs 200 per day to Rs 50 per day besides the issue of bills generated for common consumers must include GST in Maximum Retail Price (MRP) itself

GST on over 200 daily-use items will fall: Sushil Modi

The all-powerful GST Council may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo, and simplify return filing rules in its meeting this week.

The Council, headed by Finance Minister&nbsp;<a href="http://indiatoday.intoday.in/people/arun-jaitley/19435.html">Arun Jaitley</a>, is scheduled to meet&nbsp;on November 10&nbsp;to consider lowering of the 28 per cent GST rate on certain common use items, government officials said.

In further relief to small and medium enterprises, the panel is likely to rationalise tax rate in sectors where the total incidence of taxation has gone up because the goods were earlier either exempt from excise or was attracted lower VAT rates in the previous indirect tax regime.

The Council has been meeting every month since the Goods and Services Tax (GST) regime, which amalgamated over a dozen central and state taxes, was introduced&nbsp;on July 1.&nbsp;

The meetings have resulted in an array of changes to ease compliance burden on businesses as well as provided relief to consumers.

&quot;A rationalisation of items in the 28 per cent tax bracket is expected. Most of the daily use items could be lowered to 18 per cent. Also tax rate on items like furniture, electric switches, plastic pipes could be relooked,&quot; an official said.

All types of furniture attract a 28 per cent tax under GST. Wooden furniture is handmade by unorganised sector artisans and is mostly used by middle class families and there have been demands for lowering tax incidence on them.

Also, some items of plastic attract 18 per cent GST but goods like shower baths, sinks, wash basins, bidets, lavatory pans, seats and covers, flushing cisterns and similar sanitary ware of plastics attract 28 per cent levy.

There is a need for rationalisation of tax rates on these items, officials said.

The plastic manufacturers in their representation to the revenue department had said that 80 per cent of the industry is in MSME category.

Besides, the GST rate on weighing machines, compressors may also be rationalised to 18 per cent from 28 per cent.

Officials said 90 per cent of the manufacturers are from small and medium industries who in the pre-GST era were exempt from excise duty on manufactured value of less than Rs 1.5 crore. Hence, such machines only attracted VAT of 14.5 per cent.

With regard to compressors, the total pre-GST incidence was 17.5 per cent (12.5 per cent excise duty and 5 per cent VAT), they said stressing on need to rationalise the tax incidence.

The GST Council, which comprises of representatives of all states, have already rationalised tax rates for over 100 items.

The Council has last month approved an Approach Paper to be followed by the fitment committee while deciding on future rate revisions.

Under GST various goods and services have been bracketed in 5,12,18 and 28 per cent.

GST has subsumed over a dozen taxes, including excise, service tax and VAT, and transformed India into a single market

The Council has been meeting every month since the GST regime, which amalgamated over a dozen central and state taxes, was introduced on July 1.

The all-powerful GST Council may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo, and simplify return filing rules in its meeting this week. The Council, headed by Finance Minister Arun Jaitley, is scheduled to meet on November 10 to consider lowering of the 28 per cent GST rate on certain common use items, government officials said. In further relief to small and medium enterprises, the panel is likely to rationalise tax rate in sectors where the total incidence of taxation has gone up because the goods were earlier either exempt from excise or was attracted lower VAT rates in the previous indirect tax regime. The Council has been meeting every month since the Goods and Services Tax (GST) regime, which amalgamated over a dozen central and state taxes, was introduced on July 1. The meetings have resulted in an array of changes to ease compliance burden on businesses as well as provided relief to consumers. "A rationalisation of items in the 28 per cent tax bracket is expected. Most of the daily use items could be lowered to 18 per cent. Also tax rate on items like furniture, electric switches, plastic pipes could be relooked," an official said. All types of furniture attract a 28 per cent tax under GST. Wooden furniture is handmade by unorganised sector artisans and is mostly used by middle class families and there have been demands for lowering tax incidence on them. Also, some items of plastic attract 18 per cent GST but goods like shower baths, sinks, wash basins, bidets, lavatory pans, seats and covers, flushing cisterns and similar sanitary ware of plastics attract 28 per cent levy. There is a need for rationalisation of tax rates on these items, officials said. The plastic manufacturers in their representation to the revenue department had said that 80 per cent of the industry is in MSME category. Besides, the GST rate on weighing machines, compressors may also be rationalised to 18 per cent from 28 per cent. Officials said 90 per cent of the manufacturers are from small and medium industries who in the pre-GST era were exempt from excise duty on manufactured value of less than Rs 1.5 crore. Hence, such machines only attracted VAT of 14.5 per cent. With regard to compressors, the total pre-GST incidence was 17.5 per cent (12.5 per cent excise duty and 5 per cent VAT), they said stressing on need to rationalise the tax incidence. The GST Council, which comprises of representatives of all states, have already rationalised tax rates for over 100 items. The Council has last month approved an Approach Paper to be followed by the fitment committee while deciding on future rate revisions. Under GST various goods and services have been bracketed in 5,12,18 and 28 per cent. GST has subsumed over a dozen taxes, including excise, service tax and VAT, and transformed India into a single market

Council to consider slashing GST on common use goods

Bihar Deputy Chief Minister Sushil Kumar Modi, who also heads a five-member panel on<a href="http://www.wionews.com/india-news/gst-will-further-boost-indias-ranking-in-ease-of-doing-23256" target="_blank"> Goods and Services Tax </a>Network, today suggested that the maximum retail price (MRP) of a product should always be inclusive of tax for the convenience of the consumers.

The deputy CM was interacting with businessmen at a function organised by Bihar Chamber of Commerce and Industries in association with a leading Hindi daily &#39;Hindustan&#39;.

&quot;We (GoM) have suggested the inclusion of GST in maximum retail price. It has been seen across the globe that consumers react when they have to pay tax in addition to a product&#39;s price but they usually do not mind paying the MRP when it is inclusive of tax,&quot; he said.

Sharing his experiences abroad, he said the situation was no different in Canada, Australia and Singapore.

&quot;Even in Canada, Australia and Singapore, consumers&#39; perception changed when they had to pay tax in addition to a product&#39;s price. The same consumers react differently when they were asked to pay a particular percentage of tax that had already been included in the price tag,&quot; he said.

GST is a gigantic reform and people may face teething problems for the first five to six months but things will get smoother in due course of time, he said.

Stating that a firm having a turnover of Rs 1.5 crore would now have to file quarterly returns instead of monthly, he said, &quot;We are making efforts to implement this process of quarterly returns for the businessmen. They will have to deposit tax every month but returns can be filed quarterly.&quot;

He said that he also wanted the form for filing returns to be simplified further.

Making it clear that no state was entitled to take a decision on its own regarding taxes, Sushil Modi said that he wanted the quantum of fee for filing returns late -Rs 200 per day with a maximum cap of Rs 5,000 -to be reduced.

He also heard suggestions and grievances of the traders, in the presence of Bihar Chamber of Commerce and Industries president P K Agrawal, central GST commissioner of Patna Ranjit Kumar, and appealed to the lawyers and the chartered accountants to rationally charge them.

The deputy CM said that he would hold sector-specific meetings with the businessmen before the next GST council meeting.

He said that he also wanted the form for filing returns to be simplified further

Bihar Deputy Chief Minister Sushil Kumar Modi, who also heads a five-member panel on Goods and Services Tax Network, today suggested that the maximum retail price (MRP) of a product should always be inclusive of tax for the convenience of the consumers. The deputy CM was interacting with businessmen at a function organised by Bihar Chamber of Commerce and Industries in association with a leading Hindi daily 'Hindustan'. "We (GoM) have suggested the inclusion of GST in maximum retail price. It has been seen across the globe that consumers react when they have to pay tax in addition to a product's price but they usually do not mind paying the MRP when it is inclusive of tax," he said. Sharing his experiences abroad, he said the situation was no different in Canada, Australia and Singapore. "Even in Canada, Australia and Singapore, consumers' perception changed when they had to pay tax in addition to a product's price. The same consumers react differently when they were asked to pay a particular percentage of tax that had already been included in the price tag," he said. GST is a gigantic reform and people may face teething problems for the first five to six months but things will get smoother in due course of time, he said. Stating that a firm having a turnover of Rs 1.5 crore would now have to file quarterly returns instead of monthly, he said, "We are making efforts to implement this process of quarterly returns for the businessmen. They will have to deposit tax every month but returns can be filed quarterly." He said that he also wanted the form for filing returns to be simplified further. Making it clear that no state was entitled to take a decision on its own regarding taxes, Sushil Modi said that he wanted the quantum of fee for filing returns late -Rs 200 per day with a maximum cap of Rs 5,000 -to be reduced. He also heard suggestions and grievances of the traders, in the presence of Bihar Chamber of Commerce and Industries president P K Agrawal, central GST commissioner of Patna Ranjit Kumar, and appealed to the lawyers and the chartered accountants to rationally charge them. The deputy CM said that he would hold sector-specific meetings with the businessmen before the next GST council meeting.

MRP should include GST, suggests Sushil Modi

Shiv Sena MP Sanjay Raut on Thursday said Congress vice-president Rahul Gandhi is capable of leading the country and stressed that the Narendra Modi wave has faded, a statement that is not likely to go down well with the BJP.

The anger among people in Gujarat against the implementation of the Goods and Services Tax (GST) is an indication that the BJP would face a stiff challenge in polls, scheduled to be held in December, he said.

Raut was addressing a discussion on a TV channel.

&quot;Congress leader Rahul Gandhi is capable of leading the country. It is wrong to call him &#39;Pappu&#39;,&quot; he said referring to the nickname used to mock the Congress vice-president by a section on social media.

State Education Minister and senior BJP leader Vinod Tawde was also present at the event.

&quot;The biggest political power in this country is people... the voters. &#39;Woh kisi ko bhi Pappu bana sakte hai&#39; (People can make anyone pappu),&quot; the Sena leader said in an apparent dig at the BJP which had secured a massive mandate in 2014 polls.

Sena, the oldest constituent of the NDA, shares a &#39;blow hot-blow cold&#39; relationship with its senior ally, the BJP, in the Centre and Maharashtra.

The Uddhav Thackeray-led party has been attacking Prime Minister Modi regularly and has often taken potshots at the BJP through editorials in the party mouthpiece &quot;Saamana&quot;.&nbsp;Raut&#39;s comments came a day after the schedule for Gujarat polls was announced.

Though Sena lacks any base in Gujarat, the home state of Modi, the party had extended its support to Patidar leader Hardik Patel who had met Uddhav Thackeray at the latter&#39;s residence in Mumbai earlier this year.

&quot;The Modi wave was there in 2014 general elections but now it seems to have faded away. The way people are marching on roads of Gujarat after GST was introduced, it seems they (BJP) are going to face a challenge,&quot; Raut added.

In 2015, Sena had said that even 100 Rahul Gandhis cannot match Prime Minister Narendra Modi&#39;s &quot;mega wave&quot; and had mocked the Congress vice president for his &#39;suit-boot ki sarkar&#39; jibe.

"Congress leader Rahul Gandhi is capable of leading the country. It is wrong to call him 'Pappu'," Sena MP said referring to the nickname used to mock the Congress vice-president by a section on social media.

Shiv Sena MP Sanjay Raut on Thursday said Congress vice-president Rahul Gandhi is capable of leading the country and stressed that the Narendra Modi wave has faded, a statement that is not likely to go down well with the BJP. The anger among people in Gujarat against the implementation of the Goods and Services Tax (GST) is an indication that the BJP would face a stiff challenge in polls, scheduled to be held in December, he said. Raut was addressing a discussion on a TV channel. "Congress leader Rahul Gandhi is capable of leading the country. It is wrong to call him 'Pappu'," he said referring to the nickname used to mock the Congress vice-president by a section on social media. State Education Minister and senior BJP leader Vinod Tawde was also present at the event. "The biggest political power in this country is people... the voters. 'Woh kisi ko bhi Pappu bana sakte hai' (People can make anyone pappu)," the Sena leader said in an apparent dig at the BJP which had secured a massive mandate in 2014 polls. Sena, the oldest constituent of the NDA, shares a 'blow hot-blow cold' relationship with its senior ally, the BJP, in the Centre and Maharashtra. The Uddhav Thackeray-led party has been attacking Prime Minister Modi regularly and has often taken potshots at the BJP through editorials in the party mouthpiece "Saamana". Raut's comments came a day after the schedule for Gujarat polls was announced. Though Sena lacks any base in Gujarat, the home state of Modi, the party had extended its support to Patidar leader Hardik Patel who had met Uddhav Thackeray at the latter's residence in Mumbai earlier this year. "The Modi wave was there in 2014 general elections but now it seems to have faded away. The way people are marching on roads of Gujarat after GST was introduced, it seems they (BJP) are going to face a challenge," Raut added. In 2015, Sena had said that even 100 Rahul Gandhis cannot match Prime Minister Narendra Modi's "mega wave" and had mocked the Congress vice president for his 'suit-boot ki sarkar' jibe.

Rahul Gandhi capable of leading the country: Shiv Sena

Finance Minister Arun Jaitley on Wednesday defended the multiple slabs under the Goods and Services Tax.&nbsp;

The GST -- which was meant to replace India&#39;s myriad indirect taxes with one single tax -- has come under severe criticism.

Traders say it is convoluted, the government&#39;s critics say it was a second &quot;shock&quot; (after demonetisation) to the economy, and economists question its multiple slabs.&nbsp;

Why would a single tax have multiple slabs they ask.&nbsp;

Jaitley told ANI Wednesday that bringing everything under 18% GST would help those buying luxury items.&nbsp;

And he took a potshot at the Congress, asking whether they wanted to make Mercedeses and BMWs cheaper?&nbsp;

&quot;Bringing everything under 18% (GST) is helping those who spend on luxury items. Does Congress want to make BMWs &amp; Mercedes cheaper?&quot; Jaitley asked.&nbsp;

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Bringing everything under 18% (GST) is helping those who spend on luxury items. Does Congress want to make BMWs &amp; Mercedes cheaper?: Jaitley <a href="https://t.co/ISYskznsd0">pic.twitter.com/ISYskznsd0</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/923108287553323008?ref_src=twsrc%5Etfw">October 25, 2017</a></blockquote>
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He took another potshot at the Congress&#39;s senior leaders, saying they knew little about the intricacies of the GST.&nbsp;

&quot;I think finance ministers of Congress states know about slabs of GST. National-level leaders of Congress speaking on it, perhaps know less about it,&quot; he said.&nbsp;

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Congress had adequate opportunity to be in power, and I cant recollect a single significant step that they ever took against black money: FM <a href="https://t.co/yTxZjvZlhB">pic.twitter.com/yTxZjvZlhB</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/923138919461396480?ref_src=twsrc%5Etfw">October 25, 2017</a></blockquote>
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He also took a potshot at the Congress over the condition of India&#39;s public sector banks.&nbsp;

&quot;This conditions of banks was given to us as inheritance and as a solution it was necessary to pump in funds,&quot; Jaitley said.&nbsp;

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<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> Live: Finance Minister Arun Jaitley speaks to ANI on economy, Kashmir &amp; other issues. <a href="https://t.co/0SAQzFCBd2">https://t.co/0SAQzFCBd2</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/923119368535339009?ref_src=twsrc%5Etfw">October 25, 2017</a></blockquote>
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Jaitley&#39;s team had on Tuesday announced what they called an &quot;unprecedented&quot;&nbsp;recapitalisation of the country&#39;s public sector banks to boost the economy.&nbsp;

<a href="http://www.wionews.com/business-economy/india-approves-324-billion-state-bank-recapitalisation-plan-22838" target="_blank">Also read:&nbsp;Public sector banks to get Rs 2.11 lakh crores over next two years </a>

Jaitley and the government have copped a lot of flak of late over the health of the economy, with the critics blaming demonetisation and GST for its current health.&nbsp;

On Wednesday, Jaitley said a &quot;lot of relief&quot; had been given over GST.&nbsp;

&quot;Lot of relief has been given, from filing quarterly returns to 1% tax for turnover under 1 crore, a lot has been done for relief,&quot; he said.&nbsp;

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Lot of relief has been given, from filing quarterly returns to 1% tax for turnover under 1 Cr, a lot has been done for relief: FM <a href="https://twitter.com/hashtag/GST?src=hash&amp;ref_src=twsrc%5Etfw">#GST</a> <a href="https://t.co/JmJz0R35Ky">pic.twitter.com/JmJz0R35Ky</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/923114603495616513?ref_src=twsrc%5Etfw">October 25, 2017</a></blockquote>
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He also said the sops were in no way connected to the upcoming Gujarat elections. That&nbsp;they were long-term reforms.&nbsp;

 
&nbsp;

'Does Congress want to make BMWs & Mercedes cheaper?' Jaitley asked

Finance Minister Arun Jaitley on Wednesday defended the multiple slabs under the Goods and Services Tax. The GST -- which was meant to replace India's myriad indirect taxes with one single tax -- has come under severe criticism. Traders say it is convoluted, the government's critics say it was a second "shock" (after demonetisation) to the economy, and economists question its multiple slabs. Why would a single tax have multiple slabs they ask. Jaitley told ANI Wednesday that bringing everything under 18% GST would help those buying luxury items. And he took a potshot at the Congress, asking whether they wanted to make Mercedeses and BMWs cheaper? "Bringing everything under 18% (GST) is helping those who spend on luxury items. Does Congress want to make BMWs & Mercedes cheaper?" Jaitley asked. Bringing everything under 18% (GST) is helping those who spend on luxury items. Does Congress want to make BMWs & Mercedes cheaper?: Jaitley pic.twitter.com/ISYskznsd0 — ANI (@ANI) October 25, 2017 × He took another potshot at the Congress's senior leaders, saying they knew little about the intricacies of the GST. "I think finance ministers of Congress states know about slabs of GST. National-level leaders of Congress speaking on it, perhaps know less about it," he said. Congress had adequate opportunity to be in power, and I cant recollect a single significant step that they ever took against black money: FM pic.twitter.com/yTxZjvZlhB — ANI (@ANI) October 25, 2017 × He also took a potshot at the Congress over the condition of India's public sector banks. "This conditions of banks was given to us as inheritance and as a solution it was necessary to pump in funds," Jaitley said. #WATCH Live: Finance Minister Arun Jaitley speaks to ANI on economy, Kashmir & other issues. https://t.co/0SAQzFCBd2 — ANI (@ANI) October 25, 2017 × Jaitley's team had on Tuesday announced what they called an "unprecedented" recapitalisation of the country's public sector banks to boost the economy. Also read: Public sector banks to get Rs 2.11 lakh crores over next two years Jaitley and the government have copped a lot of flak of late over the health of the economy, with the critics blaming demonetisation and GST for its current health. On Wednesday, Jaitley said a "lot of relief" had been given over GST. "Lot of relief has been given, from filing quarterly returns to 1% tax for turnover under 1 crore, a lot has been done for relief," he said. Lot of relief has been given, from filing quarterly returns to 1% tax for turnover under 1 Cr, a lot has been done for relief: FM #GST pic.twitter.com/JmJz0R35Ky — ANI (@ANI) October 25, 2017 × He also said the sops were in no way connected to the upcoming Gujarat elections. That they were long-term reforms.

Jaitley defends multiple GST slabs, says single slab would make Mercs & BMWs cheaper

India&#39;s economy will likely grow at its slowest pace in four years this fiscal year, a Reuters poll showed, as a currency ban and the new goods and services tax (GST) have disrupted business activity and dampened consumer demand.

Asia&#39;s third-largest economy will grow at 6.7 per cent in the fiscal year ending March 2018, the slowest since the <a href="http://www.wionews.com/preview/article/22763">new methodology of measuring gross domestic product (GDP)</a> was introduced in the 2014-15 fiscal year, according to the latest poll of 30 economists.

The poll was taken on October&nbsp;12-24, closing just before India announced a<a href="http://www.wionews.com/preview/article/22820"> $32.43 billion plan to </a><a href="http://www.wionews.com/preview/article/22820">recapitalise</a><a href="http://www.wionews.com/preview/article/22820"> state banks,</a> a bid to tackle a major drag on the economy.

While the latest poll&#39;s number for this year matches the International Monetary Fund&#39;s toned-down forecast - that was 7.2 percent earlier - it is a sharp decline from 7.3 percent the July Reuters poll showed.

But despite the broad and marked slowdown expected in economic activity, India&#39;s projected growth rate will be second to the world&#39;s fastest-growing major economy - China - if predictions are met.

A majority of economists said the risk to their already lower outlook for Indian growth this fiscal year is skewed further to the downside as stressed corporate balance sheets prevent a recovery in private capital spending and mounting bad loans at Indian banks remain a burden.

All but three of 23 respondents who answered an extra question said the government had imposed too many sweeping changes for the economy in a short period of time, referring to demonetisation and the GST, and that has lowered growth expectations.

&quot;Demonetisation was unnecessary and had a huge disruptive effect. Even before the economy could recover from that shock, came (the) GST,&quot; said Kunal Kundu, vice president and India economist at Societe Generale.

&quot;More importantly, the government was not prepared adequately enough, thereby transmitting further shock to the slowing economy.&quot;

Prime Minister Narendra Modi&#39;s decision last November to scrap high-value old banknotes wiped out about 86 per cent of currency in circulation virtually overnight in an economy which is largely cash-based.

That has hurt consumer spending, which powers more than half of the $2 trillion economy.

But just when some improvement in data raised hopes that the impact of the cash clampdown had been absorbed, confusion among businesses on pricing goods and services after the July 1 implementation of GST has impacted activity.

The economy grew at 5.7 percent annually in the April-June quarter, its lowest level in more than three years and well below expectations.

However, nearly three-fourths of 23 respondents who answered an extra question said India does not need a stimulus package and instead should focus on fiscal discipline which is vital for investment from outside the country to flow in.

&quot;There is limited scope for any stimulus when the budget fiscal deficit projections will anyways be breached on account of revenue shortfall,&quot; said Abhishek Upadhyay, economist at ICICI Securities Primary Dealership.

Despite bleak growth expectations, the Reserve Bank of India is forecast to keep key policy rates on hold through mid-2019, focusing on anchoring inflation.

The latest Reuters poll predicted retail inflation to average 3.5 percent this fiscal year, unchanged from the July median but below the RBI&#39;s medium-term target of 4.0 per cent.

Inflation was expected to average 4.5 percent in 2018-2019, compared to 4.3 per cent in the previous poll.

&quot;With inflation trending up directionally and RBI&#39;s insistence on 4 percent target on a durable basis, a convincing case for a rate cut appears less plausible,&quot; said Madhavi Arora, economist at Kotak Mahindra Bank.

The poll was taken on Oct. 12-24, closing just before India announced a $32.43 billion plan to recapitalise state banks, a bid to tackle a major drag on the economy.

India's economy will likely grow at its slowest pace in four years this fiscal year, a Reuters poll showed, as a currency ban and the new goods and services tax (GST) have disrupted business activity and dampened consumer demand. Asia's third-largest economy will grow at 6.7 per cent in the fiscal year ending March 2018, the slowest since the new methodology of measuring gross domestic product (GDP) was introduced in the 2014-15 fiscal year, according to the latest poll of 30 economists. The poll was taken on October 12-24, closing just before India announced a $32.43 billion plan to recapitalise state banks, a bid to tackle a major drag on the economy. While the latest poll's number for this year matches the International Monetary Fund's toned-down forecast - that was 7.2 percent earlier - it is a sharp decline from 7.3 percent the July Reuters poll showed. But despite the broad and marked slowdown expected in economic activity, India's projected growth rate will be second to the world's fastest-growing major economy - China - if predictions are met. A majority of economists said the risk to their already lower outlook for Indian growth this fiscal year is skewed further to the downside as stressed corporate balance sheets prevent a recovery in private capital spending and mounting bad loans at Indian banks remain a burden. All but three of 23 respondents who answered an extra question said the government had imposed too many sweeping changes for the economy in a short period of time, referring to demonetisation and the GST, and that has lowered growth expectations. "Demonetisation was unnecessary and had a huge disruptive effect. Even before the economy could recover from that shock, came (the) GST," said Kunal Kundu, vice president and India economist at Societe Generale. "More importantly, the government was not prepared adequately enough, thereby transmitting further shock to the slowing economy." Prime Minister Narendra Modi's decision last November to scrap high-value old banknotes wiped out about 86 per cent of currency in circulation virtually overnight in an economy which is largely cash-based. That has hurt consumer spending, which powers more than half of the $2 trillion economy. But just when some improvement in data raised hopes that the impact of the cash clampdown had been absorbed, confusion among businesses on pricing goods and services after the July 1 implementation of GST has impacted activity. The economy grew at 5.7 percent annually in the April-June quarter, its lowest level in more than three years and well below expectations. However, nearly three-fourths of 23 respondents who answered an extra question said India does not need a stimulus package and instead should focus on fiscal discipline which is vital for investment from outside the country to flow in. "There is limited scope for any stimulus when the budget fiscal deficit projections will anyways be breached on account of revenue shortfall," said Abhishek Upadhyay, economist at ICICI Securities Primary Dealership. Despite bleak growth expectations, the Reserve Bank of India is forecast to keep key policy rates on hold through mid-2019, focusing on anchoring inflation. The latest Reuters poll predicted retail inflation to average 3.5 percent this fiscal year, unchanged from the July median but below the RBI's medium-term target of 4.0 per cent. Inflation was expected to average 4.5 percent in 2018-2019, compared to 4.3 per cent in the previous poll. "With inflation trending up directionally and RBI's insistence on 4 percent target on a durable basis, a convincing case for a rate cut appears less plausible," said Madhavi Arora, economist at Kotak Mahindra Bank.

Cash ban, GST disruptions to pull down India's GDP growth: Poll

Rahul Gandhi had on Monday at his rally in Gandhinagar, Gujarat dubbed the GST &quot;Gabbar Singh Tax&quot;.&nbsp;

On Tuesday he took his formulation to Twitter, and then added some.&nbsp;

He first wrote Congress GST = Good and Simple Tax.&nbsp;

Then, Modiji GST = Gabbar Singh Tax.&nbsp;

And then added his coup de grace: Gabbar Singh Tax = Yeh Kamai Mujhe de de.&nbsp;

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Congress GST= Genuine Simple Tax 
 
Modi ji&#39;s GST= Gabbar Singh Tax =&#39;&#39;?? ???? ???? ?? ??&quot;
&mdash; Office of RG (@OfficeOfRG) <a href="https://twitter.com/OfficeOfRG/status/922695603380879360?ref_src=twsrc%5Etfw">October 24, 2017</a></blockquote>
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The Twitterati quickly took up the cue:&nbsp;

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What&rsquo;s your full form of GST?
&mdash; History of India (@RealHistoryPic) <a href="https://twitter.com/RealHistoryPic/status/922493120545284096?ref_src=twsrc%5Etfw">October 23, 2017</a></blockquote>
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And the answers poured in, including from former Jammu and Kashmir chief minister Omar Abdullah:&nbsp;&nbsp;

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Greatly Screwed-up Tax
&mdash; Omar Abdullah (@OmarAbdullah) <a href="https://twitter.com/OmarAbdullah/status/922496966642167808?ref_src=twsrc%5Etfw">October 23, 2017</a></blockquote>
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And Shashi Tharoor:&nbsp;

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GST being translated increasingly as Gayi Sarkar Tumhari! great idea ruined by wretched implementation <a href="https://t.co/ExBhNY351T">pic.twitter.com/ExBhNY351T</a>
&mdash; Shashi Tharoor (@ShashiTharoor) <a href="https://twitter.com/ShashiTharoor/status/922757994219167744?ref_src=twsrc%5Etfw">October 24, 2017</a></blockquote>
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&nbsp;

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Go Sell Tea
&mdash; Uday Menon (@Uday47) <a href="https://twitter.com/Uday47/status/922493941097709569?ref_src=twsrc%5Etfw">October 23, 2017</a></blockquote>
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Gayi Sarkar Tumhari
&mdash; Rachit Seth (@rachitseth) <a href="https://twitter.com/rachitseth/status/922504102336008192?ref_src=twsrc%5Etfw">October 23, 2017</a></blockquote>
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Ghoom Saariduniya Tax
&mdash; Razi (@raz0212) <a href="https://twitter.com/raz0212/status/922500425265401856?ref_src=twsrc%5Etfw">October 23, 2017</a></blockquote>
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GST and demonetisation are being blamed for the current state of the Indian economy.&nbsp;

And with Gujarat and Himachal going to the polls soon, Prime Minister Narendra Modi and the BJP have been trying to put some distance between them and the tax.&nbsp;

Modi has of late been saying GST was first the Congress&#39;s idea.&nbsp;

The Congress of course has been trying to do the opposite -- lay the blame squarely at the BJP&#39;s door.&nbsp;

&nbsp;

After Rahul Gandhi posted his formulation on Twitter, the Twitterati quickly took his cue

Rahul Gandhi had on Monday at his rally in Gandhinagar, Gujarat dubbed the GST "Gabbar Singh Tax". On Tuesday he took his formulation to Twitter, and then added some. He first wrote Congress GST = Good and Simple Tax. Then, Modiji GST = Gabbar Singh Tax. And then added his coup de grace: Gabbar Singh Tax = Yeh Kamai Mujhe de de. Congress GST= Genuine Simple Tax Modi ji's GST= Gabbar Singh Tax =''?? ???? ???? ?? ??" — Office of RG (@OfficeOfRG) October 24, 2017 × The Twitterati quickly took up the cue: What’s your full form of GST? — History of India (@RealHistoryPic) October 23, 2017 × And the answers poured in, including from former Jammu and Kashmir chief minister Omar Abdullah: Greatly Screwed-up Tax — Omar Abdullah (@OmarAbdullah) October 23, 2017 × And Shashi Tharoor: GST being translated increasingly as Gayi Sarkar Tumhari! great idea ruined by wretched implementation pic.twitter.com/ExBhNY351T — Shashi Tharoor (@ShashiTharoor) October 24, 2017 × Go Sell Tea — Uday Menon (@Uday47) October 23, 2017 × Gayi Sarkar Tumhari — Rachit Seth (@rachitseth) October 23, 2017 × Ghoom Saariduniya Tax — Razi (@raz0212) October 23, 2017 × GST and demonetisation are being blamed for the current state of the Indian economy. And with Gujarat and Himachal going to the polls soon, Prime Minister Narendra Modi and the BJP have been trying to put some distance between them and the tax. Modi has of late been saying GST was first the Congress's idea. The Congress of course has been trying to do the opposite -- lay the blame squarely at the BJP's door.

'Yeh kamai mujhe de de,' says Rahul after calling GST 'Gabbar Singh Tax'

The government on Tuesday waived penalty on delayed filing of initial GST returns for the months of August and September.

&quot;To facilitate taxpayers, late fee on filing of GSTR-3B for August and September has been has been waived,&quot; Finance Minister Arun Jaitley tweeted.

He said that the late fee which has been already charged to businesses will be credited back to taxpayers&#39; accounts.

The government had earlier waived late fee for delayed filing of the maiden returns for the month of July under the Goods and Services Tax (GST) regime.

Businesses have been demanding that the government waives penalty for delayed filing of 3B returns.

As per the data, 55.87 lakh GSTR-3B returns were filed for July, 51.37 lakh for August and over 42 lakh for September. Preliminary returns GSTR-3B for a month is filed on the 20th day of the next month after paying due taxes.

As per the data with the GST Network (GSTN), a huge chunk of businesses file their returns after the expiry of the due date.

While only 33.98 lakh July returns were filed till the due date, the number has now gone up to 55.87 lakh. Similarly for August 28.46 lakh returns were filed till the last date, but the figure went up to 51.37 lakh later.

Also for September while 39.4 lakh returns were filed by the due date, the number is rising and was over 42 lakh till yesterday.

The GST law provides for a nominal fee of Rs 100 per day on Central GST and an equivalent amount on State GST in case of late filing of returns and payment of taxes.&nbsp;

"To facilitate taxpayers, late fee on filing of GSTR-3B for August and September has been has been waived," Finance Minister Arun Jaitley tweeted.

The government on Tuesday waived penalty on delayed filing of initial GST returns for the months of August and September. "To facilitate taxpayers, late fee on filing of GSTR-3B for August and September has been has been waived," Finance Minister Arun Jaitley tweeted. He said that the late fee which has been already charged to businesses will be credited back to taxpayers' accounts. The government had earlier waived late fee for delayed filing of the maiden returns for the month of July under the Goods and Services Tax (GST) regime. Businesses have been demanding that the government waives penalty for delayed filing of 3B returns. As per the data, 55.87 lakh GSTR-3B returns were filed for July, 51.37 lakh for August and over 42 lakh for September. Preliminary returns GSTR-3B for a month is filed on the 20th day of the next month after paying due taxes. As per the data with the GST Network (GSTN), a huge chunk of businesses file their returns after the expiry of the due date. While only 33.98 lakh July returns were filed till the due date, the number has now gone up to 55.87 lakh. Similarly for August 28.46 lakh returns were filed till the last date, but the figure went up to 51.37 lakh later. Also for September while 39.4 lakh returns were filed by the due date, the number is rising and was over 42 lakh till yesterday. The GST law provides for a nominal fee of Rs 100 per day on Central GST and an equivalent amount on State GST in case of late filing of returns and payment of taxes.

Govt waives fine for delayed filing of August, September GST returns

Congress vice-president Rahul Gandhi has told Prime Minister Narendra Modi not to &quot;interfere&quot;&nbsp;in the Tamil film &quot;Mersal&quot;.&nbsp;

Union minister Pon Radhakrishnan had on Friday asked for a scene to be removed from the film.&nbsp;

The scene mentioned what Radhakrishnan called &quot;untruths&quot; about the Goods and Services Tax rolled out by the BJP-led NDA government on July 1.&nbsp;

&quot;The film producer should remove the untruths regarding the GST from the film,&quot; PTI quoted Radhakrishnan as having said.&nbsp;

The scene soon went viral on social media.&nbsp;

Watch the&nbsp;scene below:&nbsp;

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Scene that North Korean President Kim Jong-Un wants to delete from the Movie &quot;Mersal&quot;. (2017) <a href="https://t.co/suBoE1s0ea">pic.twitter.com/suBoE1s0ea</a>
&mdash; History of India (@RealHistoryPic) <a href="https://twitter.com/RealHistoryPic/status/921581172085334017?ref_src=twsrc%5Etfw">October 21, 2017</a></blockquote>
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&quot;Mr Modi, Cinema is a deep expression of Tamil culture and language. Don&#39;t try to demon-etise Tamil pride by interfering in Mersal,&quot; Gandhi said in a tweet.&nbsp;

The jibe was taken up by former fianance minister P Chidambaram.&nbsp;

&quot;BJP demands deletion of dialogues in &#39;Mersal&#39;. Imagine the consequences if &#39;Parasakthi&#39; was released today,&quot; Chidambaram tweeted.&nbsp;

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BJP demands deletion of dialogues in &#39;Mersal&#39;. Imagine the consequences if &#39;Parasakthi&#39; was released today.
&mdash; P. Chidambaram (@PChidambaram_IN) <a href="https://twitter.com/PChidambaram_IN/status/921568357874393088?ref_src=twsrc%5Etfw">October 21, 2017</a></blockquote>
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Parasakthi was a 1952 Tamil film critical of Brahmanism.

The movie was written by M Karunanidhi, who later went on to become chief minister of Tamil Nadu.&nbsp;

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Notice to film makers: Law is coming, you can only make documentaries praising government&#39;s policies.
&mdash; P. Chidambaram (@PChidambaram_IN) <a href="https://twitter.com/PChidambaram_IN/status/921568445526888448?ref_src=twsrc%5Etfw">October 21, 2017</a></blockquote>
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&quot;Notice to film makers: Law is coming, you can only make documentaries praising government&#39;s policies,&#39; Chidambaram further tweeted. 
&nbsp;

The movie Mersal, starring the popular Tamil actor Vijay, contains a scene which says unflattering things about the Goods and Services Tax

Congress vice-president Rahul Gandhi has told Prime Minister Narendra Modi not to "interfere" in the Tamil film "Mersal". Union minister Pon Radhakrishnan had on Friday asked for a scene to be removed from the film. The scene mentioned what Radhakrishnan called "untruths" about the Goods and Services Tax rolled out by the BJP-led NDA government on July 1. "The film producer should remove the untruths regarding the GST from the film," PTI quoted Radhakrishnan as having said. The scene soon went viral on social media. Watch the scene below: Scene that North Korean President Kim Jong-Un wants to delete from the Movie "Mersal". (2017) pic.twitter.com/suBoE1s0ea — History of India (@RealHistoryPic) October 21, 2017 × "Mr Modi, Cinema is a deep expression of Tamil culture and language. Don't try to demon-etise Tamil pride by interfering in Mersal," Gandhi said in a tweet. The jibe was taken up by former fianance minister P Chidambaram. "BJP demands deletion of dialogues in 'Mersal'. Imagine the consequences if 'Parasakthi' was released today," Chidambaram tweeted. BJP demands deletion of dialogues in 'Mersal'. Imagine the consequences if 'Parasakthi' was released today. — P. Chidambaram (@PChidambaram_IN) October 21, 2017 × Parasakthi was a 1952 Tamil film critical of Brahmanism. The movie was written by M Karunanidhi, who later went on to become chief minister of Tamil Nadu. Notice to film makers: Law is coming, you can only make documentaries praising government's policies. — P. Chidambaram (@PChidambaram_IN) October 21, 2017 × "Notice to film makers: Law is coming, you can only make documentaries praising government's policies,' Chidambaram further tweeted.

Rahul Gandhi: Mr Modi, don't try to 'demon-etise' Tamil pride by interfering in movie Mersal

The government launched the Goods and Services Tax (GST) in July this year after much resistance from opposition and some sections of public. But the heat has still not subsided; this year, traders in Allahabad are selling Diwali firecrackers with a message condemning the&nbsp;GST pasted on the boxes&nbsp;to express their unhappiness with the government&rsquo;s decision.

&quot;We have launched &#39;GST Bomb&#39;&nbsp;to increase our sales. All these firecrackers are of good quality,&quot; said Kadir, a trader in Allahabad.

But there is more. A range of &#39;anar&#39; (flower pots), one of the most popular Diwali firecrackers, has been named &#39;notebandi (note ban)&#39; -&nbsp;a&nbsp;jibe at government&rsquo;s decision last year to replace the old Rs 500 and 1000 notes with new currency.

These items are a hit in Allahabad market. They are scaling new peaks as far as the sale is concerned, much higher than personality-based firecrackers like &#39;Yogi crackers&#39;, &#39;Modi rocket&#39; and &#39;Rahul Anar&#39;, launched in the market keeping in view elections in Gujarat and Himachal Pradesh.

&quot;You can see&nbsp;the photos of many politicians&nbsp;on&nbsp;firecracker boxes here. I am here to buy firecrackers, and I&#39;m thrilled to see all this, how they capitalise on politicians&#39; names during election season,&quot; said Poonam, a resident of Allahabad.

The government has been claiming that GST will usher in a new unified tax regime&nbsp;and make it easier for companies to transact across state borders.

But many are finding that doing business is more complicated than ever.

Ambiguous rules under the new, multi-rate sales tax that went into effect on July 1 have left firms confused on how to price their products. The tax&rsquo;s complex structure - four main rates ranging from 5 to 28 per cent - has hurt sales and risks denting economic growth and government revenues in the months ahead.

Since the launch of the GST, there has been several meetings of the GST Council - a government panel headed by the finance minister - to revise the tax slabs. But traders aren&rsquo;t happy.

&quot;People are either overcharging or undercharging for their work,&quot;&nbsp;said Surinder Paul, who runs one workshop in South Delhi.

Billed as India&rsquo;s biggest tax reform since independence in 1947, the GST replaced more than a dozen federal and state levies and was meant to unify the country into a single market.

While teething troubles were expected, the ensuing chaos has some officials worrying about the repercussions for Asia&rsquo;s third-largest economy. Annual growth slowed in the July-September quarter to 5.7 per cent, its weakest pace in more than two years.

(With inputs from Reuters)

The government launched the Goods and Services Tax (GST) in July this year after much resistance from opposition and some sections of public. But the heat has still not subsided.

The government launched the Goods and Services Tax (GST) in July this year after much resistance from opposition and some sections of public. But the heat has still not subsided; this year, traders in Allahabad are selling Diwali firecrackers with a message condemning the GST pasted on the boxes to express their unhappiness with the government’s decision. "We have launched 'GST Bomb' to increase our sales. All these firecrackers are of good quality," said Kadir, a trader in Allahabad. But there is more. A range of 'anar' (flower pots), one of the most popular Diwali firecrackers, has been named 'notebandi (note ban)' - a jibe at government’s decision last year to replace the old Rs 500 and 1000 notes with new currency. These items are a hit in Allahabad market. They are scaling new peaks as far as the sale is concerned, much higher than personality-based firecrackers like 'Yogi crackers', 'Modi rocket' and 'Rahul Anar', launched in the market keeping in view elections in Gujarat and Himachal Pradesh. "You can see the photos of many politicians on firecracker boxes here. I am here to buy firecrackers, and I'm thrilled to see all this, how they capitalise on politicians' names during election season," said Poonam, a resident of Allahabad. The government has been claiming that GST will usher in a new unified tax regime and make it easier for companies to transact across state borders. But many are finding that doing business is more complicated than ever. Ambiguous rules under the new, multi-rate sales tax that went into effect on July 1 have left firms confused on how to price their products. The tax’s complex structure - four main rates ranging from 5 to 28 per cent - has hurt sales and risks denting economic growth and government revenues in the months ahead. Since the launch of the GST, there has been several meetings of the GST Council - a government panel headed by the finance minister - to revise the tax slabs. But traders aren’t happy. "People are either overcharging or undercharging for their work," said Surinder Paul, who runs one workshop in South Delhi. Billed as India’s biggest tax reform since independence in 1947, the GST replaced more than a dozen federal and state levies and was meant to unify the country into a single market. While teething troubles were expected, the ensuing chaos has some officials worrying about the repercussions for Asia’s third-largest economy. Annual growth slowed in the July-September quarter to 5.7 per cent, its weakest pace in more than two years. (With inputs from Reuters)

Firecracker traders take on government this Diwali with 'GST Bomb'

The Congress party&nbsp;on Monday&nbsp;downplayed Union Finance Minister Arun Jaitley`s assertion that world is praising India for demonetisation and Goods and Services Tax (GST) and said they are living in delusion.

Speaking to ANI, Congress leader Ranjeet Ranjan said, &quot;Jaitley ji is saying that world is praising India for demonetisation and GST. On that note, we should also not forget about the statements made by their own party leader Yashwant Sinha and Arun Shourie&quot;.

She added &quot;they are in a delusion that the world is impressed with India`s structural reforms. On what basis he is saying that all the countries across the world are praising India for these reforms? They are not even able to provide employment. Jaitley ji is senior advocate but not a Finance Minister.

&quot;The Union Finance Minister&nbsp;on Saturday&nbsp;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 the US to attend the 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.&nbsp;

<img src="https://ssl.gstatic.com/ui/v1/icons/mail/images/cleardot.gif" />

'They are in a delusion that the world is impressed with India`s structural reforms. On what basis he is saying that all the countries across the world are praising India for these reforms? They are not even able to provide employment', said the Congress leader

The Congress party on Monday downplayed Union Finance Minister Arun Jaitley`s assertion that world is praising India for demonetisation and Goods and Services Tax (GST) and said they are living in delusion. Speaking to ANI, Congress leader Ranjeet Ranjan said, "Jaitley ji is saying that world is praising India for demonetisation and GST. On that note, we should also not forget about the statements made by their own party leader Yashwant Sinha and Arun Shourie". She added "they are in a delusion that the world is impressed with India`s structural reforms. On what basis he is saying that all the countries across the world are praising India for these reforms? They are not even able to provide employment. Jaitley ji is senior advocate but not a Finance Minister. "The Union Finance Minister 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 the US to attend the 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.

BJP living in delusion: Congress on Jaitley's remark on GST, demonetisation

Finance minister Arun Jaitley took questions from ANI on GST, demonetisation, and Jay Shah.&nbsp;

The government has of late been pilloried for its handling of the economy, the state of which critics says has been worsened by the twin &quot;shocks&quot; of demonetisation and GST.&nbsp;

Most of the blame for the state of the economy has fallen on Jaitley.&nbsp;

Watch video below:&nbsp; 

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<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a>: FM Arun Jaitley replies to question on issues like GST, Jay Shah and Demonetisation being raised in Gujarat polls. <a href="https://t.co/by6dMLCSo4">pic.twitter.com/by6dMLCSo4</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/919414072650506246?ref_src=twsrc%5Etfw">October 15, 2017</a></blockquote>
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Jaitley said demonetisation was necessary to get rid of black money.&nbsp;

On GST, he said the idea of the goods and services tax had been introduced by the Congress.&nbsp;

He added that the upcoming Gujarat polls would lay to rest all questions, and that they would be the surest barometer of whether people supported the Narendra Modi-led government&#39;s policies or not.&nbsp;

Jaitley was asked how those issues might affect the Gujarat elections

Finance minister Arun Jaitley took questions from ANI on GST, demonetisation, and Jay Shah. The government has of late been pilloried for its handling of the economy, the state of which critics says has been worsened by the twin "shocks" of demonetisation and GST. Most of the blame for the state of the economy has fallen on Jaitley. Watch video below: #WATCH: FM Arun Jaitley replies to question on issues like GST, Jay Shah and Demonetisation being raised in Gujarat polls. pic.twitter.com/by6dMLCSo4 — ANI (@ANI) October 15, 2017 × Jaitley said demonetisation was necessary to get rid of black money. On GST, he said the idea of the goods and services tax had been introduced by the Congress. He added that the upcoming Gujarat polls would lay to rest all questions, and that they would be the surest barometer of whether people supported the Narendra Modi-led government's policies or not.

WATCH: Arun Jaitley asked about GST, demonetisation, Jay Shah

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

Finance Minister Arun Jaitley, who is on a week-long visit to the US, said on Monday that India&#39;s transition to the Goods and Services Tax (GST) regime has been &quot;fairly smooth&quot; despite attempts by &quot;ill-informed&quot; Opposition leaders to derail its implementation.

The finance minister said the transition had been smooth because the government had introduced the lowest tax slab of five per cent which does not exist anywhere in the world so as to bring the non-compliant into the tax network.

&quot;So the lowest slab in India is five per cent, which doesn&#39;t exist anywhere in the world. That is because of the non-compliant tax character of the Indian society. You make it easy for people to enter the taxation system that you are able to expand. In the GST, for up to 10 million turnover we now have a scheme for them,&quot; he said.

&quot;We are trying to bring them into the tax net because the first two months data has shown that almost 95 per cent of the tax is just being paid by 400,000 accesses.&nbsp;

Therefore, it&#39;s very top heavy in terms of payment. And there&#39;s a need to continue to expand the tax base at the bottom itself,&quot; he said.

The finance minister said that governments in the Opposition-ruled states were not listening to their leaders since they knew that &quot;80 per cent of the money&quot; would come into the state coffers and they did not want revenues of their states to suffer.

&quot;Many attempts have been made by political groups to derail the GST, but I am glad that their own state governments are not listening to them because they know 80 per cent of the money is going to come to them so they don&#39;t have to appease an ill-informed central leader of the party and let the revenues of their own state suffer,&quot; Jaitley told an audience in New York.

&quot;So, the state governments are being wiser,&quot; Mr Jaitley said in response to a question during an event titled &#39;India&#39;s market Reforms: The Way Forward&#39; organised by the Confederation of Indian Industry in association with the US Chambers of Commerce.

The finance minister is in the US to attend the annual meetings of the International Monetary Fund and the World Bank.

He said that the GST Council was India&#39;s first genuine federal institution and met every month to review the monthly situation, take decisions, review rates and changes of rates which will take place in the times to come itself.

Arun Jaitley said the obvious problem in the GST was that the non-compliant were going to eventually come into the net because of which complaints were inevitable.

&quot;And therefore there are going to be different complaints -- some legitimate, some manufactured thrown up by the non-compliant how GST is creating a problem for them,&quot; he said. The finance minister emphasised that the government needs to have capacity to distinguish between a genuine and a manufactured complaint.

Arun Jaitley said the global integration of the Indian economy was happening at a time when other economies were becoming more protectionist.

He asserted that India was now a better place to do business with because of the series of steps being taken by the government in the last three years including simplifying proceedures, abolishing the Foreign Investment Promotion Board and enabling 95 per cent of the investments through the automatic route.

He said 99 per cent of tax queries were addressed online and states were being ranked on the ease of doing business.

He added that India was now capable of taking big decisions and implementing them on a large scale.

Mr Jaitley said as many as 250 highways projects were under construction and that India now had the surplus power and the capacity of Indian ports had been expanded.

Responding to a question on digital payments, the finance minister said the younger generation was taking on to modern payment methods in a big way.

He also said government benefits were linked directly to bank accounts. The government has introduced low-cost insurance policies to incentivise the bank holders, he 
said.

Jaitley also addressed American investors on recent economic reform initiatives.

He will address the Columbia University students today.

But before arriving in Washington DC for the annual IMF and World Bank meetings, the finance minister will travel to Boston and address the students of the Harvard University. He will also interact with the US business community in the city.

During his three day stay at Washington, the finance minister will hold a bilateral meeting with US Commerce Secretary Wilbur Ross.

He will also participate in an interactive seminar organised by the FICCI on -- &quot;India Opportunity Conference&quot; and attend the G-20 Finance Ministers and Central Bank Governors&#39; Working Dinner on October 12.&nbsp;

The finance minister said the Opposition's own state governments are not listening to them 'because they know 80 per cent of the money is going to come to them'

Finance Minister Arun Jaitley, who is on a week-long visit to the US, said on Monday that India's transition to the Goods and Services Tax (GST) regime has been "fairly smooth" despite attempts by "ill-informed" Opposition leaders to derail its implementation. The finance minister said the transition had been smooth because the government had introduced the lowest tax slab of five per cent which does not exist anywhere in the world so as to bring the non-compliant into the tax network. "So the lowest slab in India is five per cent, which doesn't exist anywhere in the world. That is because of the non-compliant tax character of the Indian society. You make it easy for people to enter the taxation system that you are able to expand. In the GST, for up to 10 million turnover we now have a scheme for them," he said. "We are trying to bring them into the tax net because the first two months data has shown that almost 95 per cent of the tax is just being paid by 400,000 accesses. Therefore, it's very top heavy in terms of payment. And there's a need to continue to expand the tax base at the bottom itself," he said. The finance minister said that governments in the Opposition-ruled states were not listening to their leaders since they knew that "80 per cent of the money" would come into the state coffers and they did not want revenues of their states to suffer. "Many attempts have been made by political groups to derail the GST, but I am glad that their own state governments are not listening to them because they know 80 per cent of the money is going to come to them so they don't have to appease an ill-informed central leader of the party and let the revenues of their own state suffer," Jaitley told an audience in New York. "So, the state governments are being wiser," Mr Jaitley said in response to a question during an event titled 'India's market Reforms: The Way Forward' organised by the Confederation of Indian Industry in association with the US Chambers of Commerce. The finance minister is in the US to attend the annual meetings of the International Monetary Fund and the World Bank. He said that the GST Council was India's first genuine federal institution and met every month to review the monthly situation, take decisions, review rates and changes of rates which will take place in the times to come itself. Arun Jaitley said the obvious problem in the GST was that the non-compliant were going to eventually come into the net because of which complaints were inevitable. "And therefore there are going to be different complaints -- some legitimate, some manufactured thrown up by the non-compliant how GST is creating a problem for them," he said. The finance minister emphasised that the government needs to have capacity to distinguish between a genuine and a manufactured complaint. Arun Jaitley said the global integration of the Indian economy was happening at a time when other economies were becoming more protectionist. He asserted that India was now a better place to do business with because of the series of steps being taken by the government in the last three years including simplifying proceedures, abolishing the Foreign Investment Promotion Board and enabling 95 per cent of the investments through the automatic route. He said 99 per cent of tax queries were addressed online and states were being ranked on the ease of doing business. He added that India was now capable of taking big decisions and implementing them on a large scale. Mr Jaitley said as many as 250 highways projects were under construction and that India now had the surplus power and the capacity of Indian ports had been expanded. Responding to a question on digital payments, the finance minister said the younger generation was taking on to modern payment methods in a big way. He also said government benefits were linked directly to bank accounts. The government has introduced low-cost insurance policies to incentivise the bank holders, he said. Jaitley also addressed American investors on recent economic reform initiatives. He will address the Columbia University students today. But before arriving in Washington DC for the annual IMF and World Bank meetings, the finance minister will travel to Boston and address the students of the Harvard University. He will also interact with the US business community in the city. During his three day stay at Washington, the finance minister will hold a bilateral meeting with US Commerce Secretary Wilbur Ross. He will also participate in an interactive seminar organised by the FICCI on -- "India Opportunity Conference" and attend the G-20 Finance Ministers and Central Bank Governors' Working Dinner on October 12.

India's transition to GST 'fairly smooth' despite Opposition attempts to derail it: Arun Jaitley

A big global corporate voice, the Indian-origin CEO of the US-based payments company Mastercard, Ajaypal Singh Banga, has come out in defence of the Indian government.&nbsp;

Banga told WION that one or two quarters of slow economic growth should not impact the pace of reforms.&nbsp;

Banga&#39;s comments come at a time when some of the Indian government&#39;s measures -- demonetisation and the goods and services tax -- have come under severe criticism, and are being blamed for slowing down the economy.&nbsp;

Banga also hailed the reforms undertaken by previous governments, but said the pace of reforms under the current establishment has been quicker. &nbsp;&nbsp;

&quot;India is going through an exciting phase. FDI, GDP, foreign reserves have gone up in the last two decades,&quot; he said. &nbsp;

&quot;Digitisation will give the next boost to the Indian economy,&quot; he said.&nbsp;

&quot;Change has actually accelerated in the last two years,&quot; he added.&nbsp;

Banga told WION that one or two quarters of slow economic growth should not impact the pace of reforms.?

A big global corporate voice, the Indian-origin CEO of the US-based payments company Mastercard, Ajaypal Singh Banga, has come out in defence of the Indian government. Banga told WION that one or two quarters of slow economic growth should not impact the pace of reforms. Banga's comments come at a time when some of the Indian government's measures -- demonetisation and the goods and services tax -- have come under severe criticism, and are being blamed for slowing down the economy. Banga also hailed the reforms undertaken by previous governments, but said the pace of reforms under the current establishment has been quicker. "India is going through an exciting phase. FDI, GDP, foreign reserves have gone up in the last two decades," he said. "Digitisation will give the next boost to the Indian economy," he said. "Change has actually accelerated in the last two years," he added.

WATCH: Not concerned by slowdown in Indian economy, says Mastercard CEO Ajay Banga