Gst Council

Gst Council News

New GST rates to be introduced from 18 July: What gets costlier and what's cheaper?
Business

New GST rates to be introduced from 18 July: What gets costlier and what's cheaper?

Packaged food, bank cheques, and LED lamps and fixtures will attract more GST. A ropeway ride and orthopaedic alliances will become cheaper

Centre extends GST compensation cess levy till March 2026
Business

Centre extends GST compensation cess levy till March 2026

The levy of cess was to end on 30 June but the GST Council decided to extend it till March 2026 to repay the loans taken in the last two fiscal years to make up for the shortfall in their revenue collection

GST Council may consider changes in monthly GST payment form
Business

GST Council may consider changes in monthly GST payment form

The move would help curb the menace of fake billing, whereby sellers would show higher sales in GSTR-1 to enable purchasers to claim input tax credit, but report suppressed sales in GSTR-3B to lower GST liability

GST Council may consider modification in monthly tax payment form for better input tax credit reporting
Business

GST Council may consider modification in monthly tax payment form for better input tax credit reporting

A meeting of the Goods and Services Tax (GST) Council, the highest decision making body in the GST matter, is likely to be held next month

Sushil Modi says Supreme Court verdict on Centre, states not bound to recommendations of GST council isn't new
Business

Sushil Modi says Supreme Court verdict on Centre, states not bound to recommendations of GST council isn't new

Sushil Modi said the Centre and states have simultaneous powers to legislate on GST and the Constitution does not envisage a repugnancy provision. GST council must work in a harmonious manner to achieve a workable solution

Supreme Court says Centre, states not bound to recommendations of GST council
Business

Supreme Court says Centre, states not bound to recommendations of GST council

An apex court bench led by Justice DY Chandrachud held that the Parliament intended that the 'recommendations of the GST Council will have persuasive value as India is cooperative federalism'

GST Council may consider proposal to raise lowest slab to 8%, rationalise tax slabs
Business

GST Council may consider proposal to raise lowest slab to 8%, rationalise tax slabs

A panel of state finance ministers is likely to submit its report by this month end to the Council suggesting various steps to raise revenue, including hiking the lowest slab and rationalising the slab.

How Union Budget 2022 is as practical an exercise as it is visionary
Business

How Union Budget 2022 is as practical an exercise as it is visionary

Union Budget 2022-23: This Budget sets out a vision, this one being for India in 2047. It is a direction this government has followed since May 2014

Relief for textile industry after GST Council defers decision to hike tax from 5% to 12%
Business

Relief for textile industry after GST Council defers decision to hike tax from 5% to 12%

States like Gujarat, West Bengal, Delhi, Rajasthan and Tamil Nadu had earlier said that they are not in favour of a hike in GST rate on textiles

Swiggy, Zomato to collect 5% GST from customers starting 1 Jan, 2021; here's how much you will have to pay
Business

Swiggy, Zomato to collect 5% GST from customers starting 1 Jan, 2021; here's how much you will have to pay

Nirmala Sitharaman made the announcement after the GST Council meeting, which has made the decision for ease in tax administration.

Swiggy, Zomata to collect GST from customers, fuel to stay of ambit: Key decisions
Business

Swiggy, Zomata to collect GST from customers, fuel to stay of ambit: Key decisions

Bringing the food-delivery apps under GST, the finance ministry clarified that no new taxes were being announced, and that the GST collection point was simply being transferred

GST Council to meet today: A simple understanding of the tax reform
Business

GST Council to meet today: A simple understanding of the tax reform

Here's a decoder to help you to understand the whats, whys and hows of GST

Kerala to oppose Centre's move to bring petrol, diesel under GST, says finance minister KN Balagopal
India

Kerala to oppose Centre's move to bring petrol, diesel under GST, says finance minister KN Balagopal

Kerala Finance Minister KN Balagopal said the state will strongly oppose, if there is any move to bring petrol and diesel under the GST regime.

GST Council meeting on Friday; tax concession to 11 COVID drugs, bringing petrol and diesel under GST on cards
Business

GST Council meeting on Friday; tax concession to 11 COVID drugs, bringing petrol and diesel under GST on cards

Tax rate on Amphotericin B, Tocilizumab was cut to 'Nil', while Remdesivir and Heparin was reduced to five percent in June 2021.

West Bengal finance minister Amit Mitra claims his voice was 'muzzled' during virtual GST Council meeting
India

West Bengal finance minister Amit Mitra claims his voice was 'muzzled' during virtual GST Council meeting

Union Minister of State for Finance Anurag Singh Thakur, however, countered Mitra's charges and said that technical glitches had marred the latter's speech

Supreme Court stays Delhi HC's order holding IGST on imported oxygen concentrators as 'unconstitutional'
India

Supreme Court stays Delhi HC's order holding IGST on imported oxygen concentrators as 'unconstitutional'

AG KK Venugopal said the GST Council will meet on 8 June and deliberate on granting exemption to essential items related to COVID-19, including oxygen concentrators

GST Council Meet: Tax on COVID-19 vaccines unchanged; 'black fungus' drug added to import exempt list
Business

GST Council Meet: Tax on COVID-19 vaccines unchanged; 'black fungus' drug added to import exempt list

Finance minister Nirmala Sitharaman, chairing the Council's first meet in nearly eight months on Friday, said the waiver of I-GST will continue on free COVID-19 related supplies imported from abroad till 31 August

GST Council likely to discuss reduced tax rate on COVID-19 medicines, vaccines in meeting today
India

GST Council likely to discuss reduced tax rate on COVID-19 medicines, vaccines in meeting today

The council, which is headed by Union finance minister Nirmala Sitharaman and includes representatives of all states and UTs, is meeting for the first time in nearly eight months

GST authorities arrest 215 persons in fake invoice cases, recover Rs 700 crore over two months
India

GST authorities arrest 215 persons in fake invoice cases, recover Rs 700 crore over two months

Those arrested include managing directors, proprietors and partners of business and trade entities either involved in availing or utilising the ineligible input tax credit fraudulently

Stalemate over GST compensation for states continues as Council fails to reach consensus today
India

Stalemate over GST compensation for states continues as Council fails to reach consensus today

Finance Minister Nirmala Sitharaman, who heads the Council, said the Centre can't borrow and pay states for the shortfall as it will lead to rise in bond yields