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India's GDP growth witnessed a trough in January-March quarter, but going forward the economy is expected to see gradual improvement in growth numbers primarily driven by consumption, says a Nomura report. According to the Japanese financial services major, consumption has recovered from the demonetisation "shock" and while external demand may be down, it remains supportive of growth. Some GST-related disruptions could spill into early part of the third quarter. But good monsoons, strong rural wage growth, pay hikes for state government employees, lower lending rates and a modest pick-up in external demand may push GDP growth to 7.1% in September quarter and further to 7.7% in the next quarter.  Meanwhile, with a day left for roll out of GST, the Finance Ministry has started notifying various provisions of law relating to interest calculation, input tax credit and valuation. Provisions in the Central GST Act (CGST), Integrated GST (IGST) Act and Union Territory GST ...

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Govt wants to pass GST bills through consensus: Arun Jaitley Jaitley was briefing the party MPs after BJP's parliamentary party meeting here which was also attended by Prime Minister Narendra Modi, Parliamentary Affairs Minister Ananth Kumar told reporters after the meeting. Finance Minister Arun Jaitley today said the GST bills are based on the principle of "shared sovereignty" and that the government wants to pass these landmark tax reforms through consensus. Jaitley was briefing the party MPs after BJP's parliamentary party meeting here which was also attended by Prime Minister Narendra Modi, Parliamentary Affairs Minister Ananth Kumar told reporters after the meeting. "The finance minister in detail briefed the party MPs about all the four Goods and Service(GST) bills and said these legislations are based on the principle of shared sovereignty," Kumar said, adding they were drafted after detailed discussions in the GST council which comprises ...