Goods and Services Tax (GST) was rolled out in the intervening night of 30 June and 1 July, last year, in a ceremony held in the Central Hall of Parliament.
Demonetisation: Money deposited in banks has lost its earlier anonymity says Finance minister Arun Jaitley
Describing the currency being deposited in banks following last month's demonetisation of high-value notes as money that has lost its earlier "anonymity", Finance Minister Arun Jaitley on Sunday said these funds now available with the banks have strengthened the Indian banking system.
The draft guidelines on General Anti Avoidance Rules (GAAR) issued last week would bring about clarity in the controversial provisions aimed at checking tax evasion and misuse of tax treaties, industry and experts have said.
The industry is estimated to have lost over Rs 15,000 crore since the strike began on March 16. Political parties, including some Congress MPs, have also petitioned the finance minister to review the proposal.
In service tax, the CAG observed the department raised a demand of Rs 9,905.84 crore and recovered only Rs 2,706 crore.
Pranab Mukherjee today said raising service tax was necessary to ensure smooth transition towards the implementation of an all-encompassing Goods and Service Tax.
The excise collection jumped 6.8 percent to Rs 1.17 lakh crore.The total mop up from customs duty rose 12.7 percent to Rs 1.24 lakh crore during the 10-month period.