Modi@4: GST, Demonetisation & the Above-Average Indian Economy
6 years, 10 months ago

Modi@4: GST, Demonetisation & the Above-Average Indian Economy

The Quint  

1) One of the bigger successes of the government has been the Goods and Services Tax law, though the implementation has been a thorough mess. While people keep pointing towards the fact that the earlier system was an even bigger mess than the current GST, what they forget is that in the earlier system of indirect taxes, service tax, largely paid and collected by individuals, was simpler. 3) One of the big problems that the Modi government inherited was the bad loans mess of public sector banks. 4) The Modi government built on the work done by the Manmohan Singh government and now every village in the country has an electricity connection.

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History of this topic

‘Make in India’ Revival: Let’s Start by Simplifying GST Regime
5 years, 5 months ago

‘Make in India’ Revival: Let’s Start by Simplifying GST Regime

The Quint  

The biggest blows to ‘Make in India’ came from the government itself with the announcement of demonetisation and the hastily implemented Goods and Services Tax. In her budget speech and the many extra-budgetary press conferences, the Finance Minister announced a slew of measures aimed at propelling manufacturing growth. PM Modi stated that the corporate tax cut would give a great …

Life after demonetisation: How India’s poor are paying the price
5 years, 9 months ago

Life after demonetisation: How India’s poor are paying the price

Al Jazeera  

More than two years on, many of India’s poor are still dealing with the effects of PM Narendra Modi’s financial reforms. Analysts say Modi’s financial reforms hit people in the informal sector – who are also among India’s poorest – particularly hard. ‘A more tax-compliant society’ Former Finance Minister Arun Jaitley said in a Facebook post on October 1, 2016 …

Five GST fixes the Modi government needs to implement
5 years, 10 months ago

Five GST fixes the Modi government needs to implement

India Today  

On July 1, 2019, the Goods and Services Tax completes two years since it came into effect. Inspired by the idea of one nation one tax, GST replaced 17 taxes and cesses with just five tax rate slabs, starting from 0 to 28 per cent. GST collection in March 2019 rose 15.6 per cent from a year ago to Rs …

Budget 2019: Real estate expectations– from GST to interest exemption on home loans; What sector demands?
6 years, 2 months ago

Budget 2019: Real estate expectations– from GST to interest exemption on home loans; What sector demands?

ABP News  

Budget 2019: The real estate sector in India entered a revitalisation mode during 2018 where the teething problems posed by various regulatory reforms started settling in. Not having an ‘industry status’ becomes difficult for real estate sector to avail legitimate finances from Banks and other financial institutions. GST on Real Estate : Government is also likely to consider reducing GST …

Efforts to offset GST, demonetisation impact on MSMEs a bit late
6 years, 2 months ago

Efforts to offset GST, demonetisation impact on MSMEs a bit late

Live Mint  

If desires are truly nourished by delays, then the government’s overdue, albeit tacit acknowledgement of the havoc wreaked by demonetisation, communicated via a flurry of remedial measures announced over the past couple of weeks, should definitely gladden the hearts of millions of small-scale units that bore the brunt of this unprecedented and unilateral action. Clubbed under the umbrella definition of …

One more failure
6 years, 6 months ago

One more failure

The Hindu  

July 2018 marks the first month of the second year in which the much-heralded Goods and Service Tax regime has been in place. When launched 13 months earlier, in a propaganda blitz that claimed that this “one nation, one tax” system was a game-changer, the government had promised that the new regime would help the Centre and the States to …

India's GDP growth story intact despite challenges, economy to grow at 7.5% this fiscal: Industry body FICCI
6 years, 8 months ago

India's GDP growth story intact despite challenges, economy to grow at 7.5% this fiscal: Industry body FICCI

Firstpost  

FICCI termed the slowing down of the industrial output in May to 3.2 percent and the inching up of the retail inflation in June to 5 percent as short-term challenges New Delhi: India’s growth story remains intact with the GDP expected to grow around 7.5 percent in the current financial year and improve further in the coming years, FICCI said …

Tax reforms in four years of Modi govt: GST makes tax evasion tougher
6 years, 10 months ago

Tax reforms in four years of Modi govt: GST makes tax evasion tougher

Live Mint  

New Delhi: India’s biggest tax reform since Independence of replacing a convoluted indirect tax system at Union and state levels with a simpler code and dismantling regional trade barriers to create a single $2.6 trillion market succeeded in its broad objectives, but with inevitable disruptions. The goods and services tax, which was rolled out last July, added more indirect taxpayers, …

Demo, GST no downer, India in a sweet spot
7 years, 3 months ago

Demo, GST no downer, India in a sweet spot

Deccan Chronicle  

We step into the New Year amidst indications that the global economy is in a much better shape than in the past. At the same time, benign inflation, robust foreign investment flows, booming stock markets, burgeoning foreign exchange reserves and stable macro-economic conditions have ignited confidence among investors that the recovery process would firm up in 2018. No doubt, the …

Year Ender 2017 News: Top 5 economic reforms unleashed by Modi govt this year
7 years, 3 months ago

Year Ender 2017 News: Top 5 economic reforms unleashed by Modi govt this year

India TV News  

It has been a mixed year for the government as far as the Indian economy is concerned. PSU Bank recapitalisation In October this year, the Finance ministry announced a mega Rs 2.11 lakh crore recapitalisation plan for PSU banks over the next two years. Of the Rs 2.11 lakh crore recapitalisation plan, FM Arun Jaitley said that Rs 1.35 lakh …

Boost to Modi govt as India jumps 30 places to 100th spot in World Bank's Ease of Doing Business
7 years, 4 months ago

Boost to Modi govt as India jumps 30 places to 100th spot in World Bank's Ease of Doing Business

India TV News  

In what was already expected by the Narendra Modi government, India made a double-digit jump in the World Bank's 2018 edition of Ease of Doing Business report, reaching the 100th spot from the previous 130th in 2016. India's big leap in the ease of doing business index comes as a shot in the armm for the Narendra Modi government as …

Bold steps like bank recapitalisation, GST to make India a cleaner economy: Arun Jaitley
7 years, 5 months ago

Bold steps like bank recapitalisation, GST to make India a cleaner economy: Arun Jaitley

India TV News  

Amid intense criticism over its ‘poor’ handling of the economy in last three years, Union Finance Minister Arun Jaitley on Saturday said that bold steps taken by the government like bank recapitalisation and Goods and Services Tax will make India a cleaner economy. Rubbishing opposition’s charge that the GST derailed the economy, he said, “The first three months of GST …

Modi in Gujarat: PM slams opposition over GST, demonetisation criticism; says ‘economy on track due to hard decisions’
7 years, 5 months ago

Modi in Gujarat: PM slams opposition over GST, demonetisation criticism; says ‘economy on track due to hard decisions’

India TV News  

Modi in Gujarat: PM slams opposition over GST, demonetisation criticism; says ‘economy on track due to hard decisions’ Prime Minister Narendra Modi said that the Goods and Services Tax has stopped corruption at check posts on borders of each states. Prime Minister Narendra Modi today vowed to continue the process of taking ‘important decisions’ regarding the reforms as he asserted …

Modi govt trying to resolve GST-related issues, says Gujarat CM Vijay Rupani at India TV conclave ‘Chunav Manch’
7 years, 5 months ago

Modi govt trying to resolve GST-related issues, says Gujarat CM Vijay Rupani at India TV conclave ‘Chunav Manch’

India TV News  

Modi govt trying to resolve GST-related issues, says Gujarat CM Vijay Rupani at India TV conclave ‘Chunav Manch’ Rupani said Narendra Modi government is trying to resolve all problems being faced by small businesses in the aftermath of the GST implementation. Amid fears in the BJP that the party is losing support of the traders community, Gujarat Chief Minister Vijay …

GST, demonetisation are institutional reforms, have put Indian economy on stronger track: Arun Jaitley
7 years, 5 months ago

GST, demonetisation are institutional reforms, have put Indian economy on stronger track: Arun Jaitley

India TV News  

GST, demonetisation are institutional reforms, have put Indian economy on stronger track: Arun Jaitley Arun Jaitley has said the series of reforms undertaken by the Modi government like demonetisation and the GST has put the Indian economy on a stronger track. Union Finance Minister Arun Jaitley has said the series of "institutional reforms" undertaken by the Modi government like demonetisation …

GST, demonetisation having desired impact: Arun Jaitley
7 years, 5 months ago

GST, demonetisation having desired impact: Arun Jaitley

India TV News  

GST, demonetisation having desired impact: Arun Jaitley Finance Minister Arun Jaitley said Modi government’s initiatives like Swachh Bharat, Goods and Services Tax and demonetisation are having desired impact. Modi government’s initiatives like Swachh Bharat, Goods and Services Tax and demonetisation are having desired impact, with the latter two resulting in increasing tax compliance and squeezing quantum of cash in the …

GST may marginally bring down affordable home prices, but medium-size homes not to benefit: Hiranandani
7 years, 9 months ago

GST may marginally bring down affordable home prices, but medium-size homes not to benefit: Hiranandani

Firstpost  

The intent of the government was to streamline tax administration and bring more businesses under the tax net Chennai: Realty developer House of Hiranandani said the Goods and Services Tax, demonetisation and RERA were landmark developments in the country, but it was “unlikely” that GST will have any impact on property prices. The intent of the government was to streamline …

Narendra Modi reviews GST preparations for 1 July rollout, calls it 'turning point' in economy
7 years, 9 months ago

Narendra Modi reviews GST preparations for 1 July rollout, calls it 'turning point' in economy

Firstpost  

Narendra Modi reviewed the preparations for the roll-out of the Goods and Services Tax from 1 July and said it will be “a turning point” in the economy. **New Delhi:**Prime Minister Narendra Modi on Monday reviewed the preparations for the roll-out of the Goods and Services Tax regime from 1 July and said it will be “a turning point” in …

GST offers ‘huge implementation challenge’ for Modi govt
8 years ago

GST offers ‘huge implementation challenge’ for Modi govt

Live Mint  

Mumbai/Beijing: While India’s on track to meet its deadline for a much-delayed national sales tax, implementation is seen as a test in the nation that has more states than the EU has members and a population twice that of North America. The goods and services tax will replace more than a dozen levies that were fracturing the world’s fastest-growing big …

PM Narendra Modi revisits economic reform agenda after landslide election win
8 years ago

PM Narendra Modi revisits economic reform agenda after landslide election win

Firstpost  

Armed with a new mandate as a champion of the poor, Modi still faces a struggle to implement reforms to boost growth and jobs in Asia’s third-largest economy, say experts. Prime Minister Narendra Modi, fresh from his landslide election victory in Uttar Pradesh, now has a chance to advance his economic reform agenda. Voters in Uttar Pradesh handed Modi’s Bharatiya …

GST Will Create A Common Indian Market, Improve Tax Compliance: Economic Survey
8 years, 1 month ago

GST Will Create A Common Indian Market, Improve Tax Compliance: Economic Survey

Live Law  

As per the Economic Survey 2016-17 presented in Parliament on Tuesday, the Constitutional Amendment, paving the way for implementing the transformational Goods and Services Tax, will create a common Indian market, improve tax compliance and governance, and boost investment and growth.The Report also states that demonetisation has had short-term costs but holds the potential for. As per the Economic Survey …

GST Will Create A Common Indian Market, Improve Tax Compliance: Economic Survey
8 years, 1 month ago

GST Will Create A Common Indian Market, Improve Tax Compliance: Economic Survey

Live Law  

As per the Economic Survey 2016-17 presented in Parliament on Tuesday, the Constitutional Amendment, paving the way for implementing the transformational Goods and Services Tax, will create a common Indian market, improve tax compliance and governance, and boost investment and growth.The Report also states that demonetisation has had short-term costs but holds the potential for. As per the Economic Survey …

'Impact of GST will be known in two years'
8 years, 7 months ago

'Impact of GST will be known in two years'

The Hindu  

The journey of financial reforms has been a long one. When the VAT regime was implemented, for two years, the States incurred heavy losses, after that, every year, most States have seen a 15-20 per cent growth in revenue. Gujarat and Tamil Nadu were manufacturing States, worried about loss of revenue, Congress-ruled Haryana and Akali Dal-ruled Punjab were concerned about …

#SupportGST: 'It will open up more options to state govts, speed up institutional reforms'
8 years, 8 months ago

#SupportGST: 'It will open up more options to state govts, speed up institutional reforms'

Firstpost  

The GST Bill in the Lok Sabha is one the pending bills in Parliament. The purpose of the Fiscal Responsibility and Budget Management Act, 2003 is still not clear to the common man who is dependent on government supported welfare programmes. Introducing Public Private Partnership in infrastructure development, target/demand-driven development programmes and facilitating private corporate sector to participate in mutual …

Two years of Modi: Reforms on track but toughest economic tasks still pending
8 years, 10 months ago

Two years of Modi: Reforms on track but toughest economic tasks still pending

Firstpost  

In the next three years, the government should enhance the reform task to food, fertilizer and other government benefits to the poor On 26 May, 2014, the former Gujarat chief minister Narendra Modi, took over as India’s Prime Minister with the promise of good days for all. In an interview given to Wall Street Journal, Modi spoke on his government’s …

#ModiNext3Years: Final verdict hinges on these three questions
8 years, 10 months ago

#ModiNext3Years: Final verdict hinges on these three questions

Firstpost  

Ahead of the 2019 general elections, the next three years are highly important for Modi as the observers will watch if the government leverages on these positives Two years ago, on 26 May, the Narendra Modi-government took office amid chest-thumping of a landslide victory and promise of achhe din to a billion Indians, after a disappointing UPA regime. The bad …

Immediate challenge now is the passage of bankruptcy law, GST: Arun Jaitley
8 years, 11 months ago

Immediate challenge now is the passage of bankruptcy law, GST: Arun Jaitley

Live Mint  

New Delhi: The Indian economy, even critics admit, is seeing the stirrings of a revival. So far, the meetings I have attended regularly give me the impression that even the developed world and the global financial agencies don’t have an idea how long the present phase is going to last. You’ve now started hearing an economic argument that you never …

Narendra Modi government needs to take steps on economic reforms, GST: Nisha Desai Biswal
9 years, 6 months ago

Narendra Modi government needs to take steps on economic reforms, GST: Nisha Desai Biswal

India TV News  

Washington: The Modi government has kindled huge interest in the US private sector on India but needs to take steps on economic reforms, including the key GST bill, as creating a more transparent and predictable tax structure is critical, a top Obama Administration official has said. " Modi has taken a big stand on the global stage on essentially talking …

Modi govt needs to take steps on economic reforms, GST: Biswal
9 years, 6 months ago

Modi govt needs to take steps on economic reforms, GST: Biswal

India TV News  

Washington: The Modi government has kindled huge interest in the US private sector on India but needs to take steps on economic reforms, including the key GST bill, as creating a more transparent and predictable tax structure is critical, a top Obama Administration official has said. " Modi has taken a big stand on the global stage on essentially talking …

Government to rationalise, simplify tax regime
10 years, 9 months ago

Government to rationalise, simplify tax regime

The Hindu  

The central government on Monday said it will rationalise and simplify the tax regime and undertake reforms that enhance the ease of doing business and revive investments. Outlining the new government’s agenda, President Pranab Mukherjee said the government led by Prime Minister Narendra Modi will create a policy environment, which is “predictable, transparent and fair.” “It will embark on rationalisation …

Government should finish the tax reforms, including GST
12 years, 1 month ago

Government should finish the tax reforms, including GST

Live Mint  

India is going through a critical phase of growth amid chaos. There were concerns about growth slowdown, high inflation, policy paralysis, corruption allegations, weak investor sentiments, high current account deficit, and the list went on. Announcements like the diesel price hike, the capping of subsidy on LPG cylinders, foreign direct investment in retail, aviation, among many other things, restored the …

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