Goods And-services-tax

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Goods And-services-tax - Total results - 967
Centre to borrow up to Rs 1.1 lakh crore on behalf of states to meet GST shortfall
Business

Centre to borrow up to Rs 1.1 lakh crore on behalf of states to meet GST shortfall

The amount will be borrowed by the Centre under the Special Window in appropriate tranches and will be passed on to states in back-to back loans, said a finance ministry statement. However, it did not say who will service the interest and principal payments

GST Council to discuss compensation for states for third time tomorrow; decision on setting up group of ministers likely
Business

GST Council to discuss compensation for states for third time tomorrow; decision on setting up group of ministers likely

In its previous meeting last week, the Council had decided to extend the surcharge on taxes on luxury goods beyond June 2022 but failed to reach a consensus on ways to compensate states for loss of tax revenue

GST Council to extend surcharge on taxes over luxury goods, fails to reach consensus on issue of states' compensation
India

GST Council to extend surcharge on taxes over luxury goods, fails to reach consensus on issue of states' compensation

The panel, which decides on tax rates and structure of the GST, will meet again on 12 October to thrash out the state compensation issue

Stormy GST Council meet likely today; non-BJP states to oppose Centre's borrowing options
Business

Stormy GST Council meet likely today; non-BJP states to oppose Centre's borrowing options

Chief Ministers of six non-BJP ruled states — West Bengal, Kerala, Delhi, Telangana, Chhattisgarh and Tamil Nadu – have written to the Centre opposing the options which require states to borrow to meet shortfall

Centre used GST compensation cess elsewhere instead of paying states, violated law, says CAG
India

Centre used GST compensation cess elsewhere instead of paying states, violated law, says CAG

In its audit report of government accounts, the Comptroller and Auditor General flagged that the amount was to be credited to the non-lapsable fund for payment to states for loss of revenue

'Act of sovereign default': Hemant Soren writes to PM against Centre's GST compensation proposal
Politics

'Act of sovereign default': Hemant Soren writes to PM against Centre's GST compensation proposal

Nirmala Sitharaman, in the 41st meeting of GST Council on 27 August, ruled out paying compensation to states

Nirmala Sitharaman attributes GST shortfall to COVID-19 impact, says economy facing 'Act of God' situation
India

Nirmala Sitharaman attributes GST shortfall to COVID-19 impact, says economy facing 'Act of God' situation

Revenue Secretary Ajay Bhushan Pandey said that of total shortfall of 2.35 lakh crore, Rs 97,000 crore is due to GST shortfall, and rest is due to impact of COVID-19 on the economy

Sushil Modi says Centre 'morally if not legally bound' to pay GST compensation to states
India

Sushil Modi says Centre 'morally if not legally bound' to pay GST compensation to states

Ahead of the GST Council meeting, the Bihar deputy CM said states have to be compensated to the tune of Rs 3.65 lakh crore in the current fiscal

GST Council to discuss Attorney General's opinion on compensation, says Nirmala Sitharaman
Business

GST Council to discuss Attorney General's opinion on compensation, says Nirmala Sitharaman

The attorney general has said that there is no obligation on the Central government to pay the GST compensation shortfall to the states.

GST Council to meet in June; finance ministry not in favour of raising rates on non-essential items
Business

GST Council to meet in June; finance ministry not in favour of raising rates on non-essential items

The finance ministry is not in favour of increasing goods and services tax rates on non-essential items in the next month's meeting of the GST Council, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19

Govt extends last date for filing annual GST return for FY19 by 3 months till September
Business

Govt extends last date for filing annual GST return for FY19 by 3 months till September

The government has extended the last date for filing annual GST return for the financial year 2018-19 by three months till September 2020

Coronavirus Outbreak: CBDT third-time defers GST, GAAR reporting in Income-Tax audit report till March 2021
Business

Coronavirus Outbreak: CBDT third-time defers GST, GAAR reporting in Income-Tax audit report till March 2021

The Income Tax Department on Monday deferred for the third time the requirement for companies to include in their I-T audit report the details of the Goods and Services Tax (GST) and GAAR

Coronavirus Outbreak: Businesses can claim GST refund for cancellation of services, goods contract
Business

Coronavirus Outbreak: Businesses can claim GST refund for cancellation of services, goods contract

With aviation and hospitality sectors seeing mass cancellation of bookings following Covid-19 outbreak, the CBIC has allowed businesses to claim refund of GST in cases where invoice was generated but was subsequently cancelled

Coronavirus Outbreak: Centre releases Rs 14,103 cr GST compensation to states; more to be released soon
Business

Coronavirus Outbreak: Centre releases Rs 14,103 cr GST compensation to states; more to be released soon

In a bid to provide further relief to states amid the coronavirus outbreak, the finance ministry has released about Rs 34,000 crore in two phases to states as compensation for their revenue loss in the goods and services tax (GST) regime

GST mop-up slips below Rs 1 lakh cr-mark first time in four months, March collection at Rs 97,597 cr
Business

GST mop-up slips below Rs 1 lakh cr-mark first time in four months, March collection at Rs 97,597 cr

GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as COVID-19 lockdown that shut most businesses compounded tax collections in an already sluggish economy

GSTN glitch: Infosys asked to submit resolution plan in 15 days, Nandan Nilekani to make presentation
Business

GSTN glitch: Infosys asked to submit resolution plan in 15 days, Nandan Nilekani to make presentation

The finance ministry has asked Infosys to provide within 15 days a plan for quick resolution of glitches on the GSTN portal, as it took strong note of the "unresolved" problems and "tardy" progress made over the last two years on multiple issues faced by taxpayers in filing returns

GSTN launches new toll-free number for helpdesk; services will be available from 9 am to 9 pm
Business

GSTN launches new toll-free number for helpdesk; services will be available from 9 am to 9 pm

The Goods and Services Tax Network (GSTN) on Wednesday said it has launched a new toll-free number for GST helpdesk, which will be operational 365 days for answering queries related to the indirect tax

Govt's three errors of demonetisation, flawed GST, squeeze on banks, sent economy in tailspin: P Chidambaram
Business

Govt's three errors of demonetisation, flawed GST, squeeze on banks, sent economy in tailspin: P Chidambaram

The monumental blunder of demonetization, a flawed GST and putting the squeeze on banks were the three major errors committed by the government that sent the economy into a tailspin, senior Congress leader P Chidambaram said on Wednesday

Oil Ministry pitches for inclusion of natural gas in GST to promote use of environment-friendly fuel
Business

Oil Ministry pitches for inclusion of natural gas in GST to promote use of environment-friendly fuel

Ahead of the Union Budget, the Oil Ministry has made a renewed pitch for inclusion of natural gas in the ambit of GST to promote the use of the environment-friendly fuel by reducing multiplicity of taxes and improving business climate

Assocham for cut in GST rates by 25% across the board for next six months to boost investment, consumer demand
Business

Assocham for cut in GST rates by 25% across the board for next six months to boost investment, consumer demand

Industry chamber Assocham on Wednesday urged the government to reduce GST rate by 25 percent across the board for the next six months with a view to boost investment and demand