Weeks before India ushers in the Goods and Services Tax or GST regime – billed as the biggest tax reform to create a uniform market in India – the powerful GST council cut tax rates for 66 items. Finance Minister Arun Jaitley announced the revised GST rates on Sunday.
“A total of 133 representations were made to lower taxes for different categories of goods and commodities. The council has lowered the tax rates for 66 items,” Mr Jaitley told the media after the 16th meeting of the GST council that includes all the state finance ministers.
Arun Jaitley confirmed that he has conducted 40 meetings with all state finance ministers to fix the rate of different commodities. Now that the major meetings are over, next week we have a meeting where we will decide whether GST is required or not. That will be a minor question. If my colleagues at state level believe that GST is not required then we will not implement it, but if they believe that it is required than other 30 meetings are planned for the next 6 months. Once all the meetings are over, we will conduct one more meeting to discuss about what was discussed in the previous meetings.
A month after Rs 500 and Rs 1000 notes were demonetised, Union Finance Minister Arun Jaitley today announced a slew of measures to promote the use of digital payments.
The Finance Minister announced a 0.75 per cent discount on purchases of petrol and diesel using credit or debit cards, e-wallets and mobile wallets.
People buying monthly seasonal tickets in suburban railway networks through digital modes will get a 0.5 per cent discount, Jaitley added.
This measure, he said, will be effective from January 1 next year, and the Mumbai suburban railways will be the first to implement it.
He also has given some incentive to people who dine out with their families. Most of the restaurants nowadays don’t give you extra pyaaz with your meal and there is frequently a fight between the customers and owners regarding the same.
But Arun Jaitley has ordered the owners to give extra pyaaz if the customer pays through debit and credit cards. This will make more customers pay by the cards medium rather than cash which is unaccounted in the revenue system.
As much as ₹65,250 crore of black money was declared during the four-month compliance window of the Income Declaration Scheme that ended on September 30, finance minister Arun Jaitley said on Saturday in New Delhi.
‘Black money recovered can be a good news for the future’
Jaitley said 64,275 declarations were made in the four-month window and this figure could go up once all the declarations filed online and manually are compiled.
As per the Modi manifesto, any black money received would be divided by the population and the amount would be credited into the beneficiary’s account. But for this the beneficiary should have an bank account.
Many people have started receiving the ₹ 522, which they deserve according to this policy. People who don’t have a bank account are quickly opening one so that even they can get this pleasant surprise from the government.
Modiji has also promised that the amount transferred will be tax free. He has given a tight slap on the face of Congress who were mocking him for his policy on black money.
But there are people who still are waiting for the ₹ 15 lacs promised into their accounts. Many people had left their jobs in the anticipation of receiving that amount. Lets see whether those acchhe din which were promised would be delivered.