Gst Council-meeting

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Gst Council-meeting - Total results - 65
Not right time to bring fuel products under GST, says Nirmala Sitharaman
Business

Not right time to bring fuel products under GST, says Nirmala Sitharaman

The Council decided to continue keeping petrol and diesel out of the GST purview as subsuming the current excise duty and VAT into one national rate would impact revenues

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

No GST on black fungus medicines, 5% tax on vaccines to stay: Complete list of tax cuts on COVID essentials
India

No GST on black fungus medicines, 5% tax on vaccines to stay: Complete list of tax cuts on COVID essentials

The Council stated that tax cuts will remain in effect till 30 September, and can be extended further upon nearing the deadline

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

Supreme Court defers hearing of pleas related to loan moratorium scheme to 5 Nov
Business

Supreme Court defers hearing of pleas related to loan moratorium scheme to 5 Nov

The pleas pertained to the charging of interest on interest by banks on EMIs which have not been paid by borrowers after availing the loan moratorium scheme of RBI from 1 March to 31 August

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 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

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

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 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 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 meet: Most states were opposed to change in slabs, hikes; concerns raised over govt paying compensation on time
Business

GST Council meet: Most states were opposed to change in slabs, hikes; concerns raised over govt paying compensation on time

The GST Council, comprising state finance ministers and headed by Finance Minister Nirmala Sitharaman, is the highest decision-making body on the indirect tax rates

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

GST Council meeting on 18 December: Tax rates may go up for various items to compensate revenue shortfall
Business

GST Council meeting on 18 December: Tax rates may go up for various items to compensate revenue shortfall

With pressure on revenue collection, the Goods and Services Tax (GST) rates and slabs may be raised during the GST Council meeting next week

Industry, stock market experts term Sitharaman's corporate tax cut 'revolutionary', say will make Indian firms globally competitive
Business

Industry, stock market experts term Sitharaman's corporate tax cut 'revolutionary', say will make Indian firms globally competitive

In a major fiscal booster, the government on Friday slashed effective corporate tax to 25.17 percent inclusive of all cess and surcharges for domestic companies.

Corporate tax cut: Nirmala Sitharaman silences doubters, changes perception around the state of the Indian economy
India

Corporate tax cut: Nirmala Sitharaman silences doubters, changes perception around the state of the Indian economy

Until yesterday, Nirmala Sitharaman was being criticised for not having the vision and ability to be at the helm of finance ministry.