Gst Council

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Gst Council - Total results - 433
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

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

GST Council fails to reach consensus on compensation to states; next meeting on 12 October
Business

GST Council fails to reach consensus on compensation to states; next meeting on 12 October

Finance minister Nirmala Sitharaman said the panel decided to extend the use of GST cess collections for compensating states beyond the previously agreed June 2022 timeframe

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

Tamil Nadu govt asks Centre to continue GST compensation, says state's economy is 'burdened' due to COVID-19
India

Tamil Nadu govt asks Centre to continue GST compensation, says state's economy is 'burdened' due to COVID-19

The state govt also urged Centre to expedite the release of Rs 12,258.94 crore, which is its GST arrears since 2018-19 and outstanding Integrated GST of Rs 4,073 crore for 2017-2018 fiscal

41st GST Council meeting: As fund crunch deepens, states likely to corner Centre over pending compensation
Business

41st GST Council meeting: As fund crunch deepens, states likely to corner Centre over pending compensation

Ahead of the meeting today, chief ministers of Opposition-ruled states got together on Wednesday to devise a common strategy on the issue

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 compensation: Centre committing 'sovereign default' by not paying pending dues to states, says Congress
Business

GST compensation: Centre committing 'sovereign default' by not paying pending dues to states, says Congress

Congress leaders demanded that states should be compensated for the estimated Rs 6 lakh crore loss in revenues due to the COVID-19 pandemic

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 discuss waiver of late fee for August 2017 to January 2020; next meeting to be held on 14 June
Business

GST Council to discuss waiver of late fee for August 2017 to January 2020; next meeting to be held on 14 June

The CBIC said late fee is imposed to ensure that the taxpayers file return in time and pay taxes on the amount collected from buyers and due to the government.

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

GST rate slabs likely to be restructured post-Budget; Centre, state govts to discuss new rates: Report
Business

GST rate slabs likely to be restructured post-Budget; Centre, state govts to discuss new rates: Report

As of now, there are four slabs under the GST regime — 5, 12, 18 and 28 percent. Goods and services under the 28 percent category also attract cess over and above the rate, which ranges between 1 and 25 percent.

Panel of officers on GST for raising rate, curtailing exemption list to increase revenue
Business

Panel of officers on GST for raising rate, curtailing exemption list to increase revenue

With expected GST compensation cess shortfall of over Rs 60,000 crore in the current financial year, a committee of officers has suggested a number of steps to augment revenue including curtailing exemption list items and raising taxes on some of items

Economic slowdown: Centre staring at Rs 63,200 cr shortfall in GST compensation cess collection, says report
Business

Economic slowdown: Centre staring at Rs 63,200 cr shortfall in GST compensation cess collection, says report

As per a presentation made to the GST Council, the compensation requirement for states is expected to be about Rs 1.6 lakh crore for the ongoing fiscal, at a growth rate of 5 percent

GST compensation: States say Centre staring at sovereign default; GST Council sees first-ever voting
Business

GST compensation: States say Centre staring at sovereign default; GST Council sees first-ever voting

In a development with far-reaching implications, non-BJP ruled states on Wednesday said the union government may be headed for a sovereign default as it has refused to assure them of paying on time the GST dues guaranteed to them through a Constitutional amendment

GST Council resorts to voting for first time; fixes 28% uniform tax rate for state, private lottery
Business

GST Council resorts to voting for first time; fixes 28% uniform tax rate for state, private lottery

When the issue of levy of GST on lottery came up at the 38th meeting of the Council, the consensus remained elusive, which led to a vote being taken to decide on

Daily Bulletin: SC to hear pleas challenging CAA, 2012 Delhi gangrape case convict's review petition; day's top stories
India

Daily Bulletin: SC to hear pleas challenging CAA, 2012 Delhi gangrape case convict's review petition; day's top stories

Daily Bulletin: SC to hear pleas challenging Citizenship Act, 2012 Delhi gangrape case convict's review petition; Priyanka Gandhi Vadra to address maiden rally in Jharkhand; day's top stories

GST Council to meet today as revenue shortfall looms large; FM seeks suggestions for raising rates, cess
Business

GST Council to meet today as revenue shortfall looms large; FM seeks suggestions for raising rates, cess

The GST Council will meet on Wednesday to review the taxation structure for shoring up the revenue as lower-than-expected collections has led to a delay in compensation payment to states