“The inclusion of actionable claim in definition “goods” as given in Section 2(52) of CGST Act, 2017 is not contrary to the legal meaning of goods and is neither illegal nor unconstitutional,” it held. According to judges, it is well settled that the courts have very limited role to play with regard to taxing policy of the legislature.
The borrowing proposal was presented to states after it became clear that compensation fund, which collects proceeds from cess imposed on goods under GST, was woefully inadequate to meet the protected revenue of the states.
The assertion comes even as latest data show some of the high-frequency indicators, including manufacturing and services PMI, exports, fuel sales, auto sales and electricity consumption have somewhat lost momentum sequentially through November, stoking doubts about the strength of the recovery.
Government of Chhattisgarh has communicated its acceptance of option-1 to meet the revenue shortfall arising out of GST implementation. All states except Jharkhand and all the 3 union territories with legislative assembly have decided in favour of option-1, a finance ministry statement said on Thursday.
Efforts are underway to operationalise key infrastructure links between Cambodia, Lao, Myanmar and Vietnam (CLMV) countries and India for better economic integration in the region, a top government official said
Staying the bid invitation process which started on November 10, the court remarked that “we feel that the matter will require detailed deliberations as it touches the employment scheme of the society in general”.
Apart from the aforementioned companies, units of Tata Power and CESC also supply electricity to the state. Tamil Nadu is seeking the discount despite power generators agreed to reduce the rate of late payment surcharge from the existing 18% to 12%.
Other suggestions included permitting duty free import of equipment required for R&D and product development; setting up of a Niryat Vishwavidyalay; extension of interest subsidy scheme in the new foreign trade policy; and immediate release of GST and drawback funds.
While notifying the HSN Code for these products, the Central Board of Indirect Taxes and Customs (CBIC) said, "A registered person shall mention eight number of digits of HSN Codes in a tax invoice issued by him."
The RBI will announce its monetary policy review on December 4. After its last MPC meeting in October, RBI kept policy rates unchanged to help tame inflation that in the recent times has surged past 6 per cent mark.