BUSINESS
GST Council Meeting: Entire compensation cess to states will be cleared, says FM
49th GST Council Meeting 2023: The GST Council has also decided to lower the GST on liquid jaggery, pencil sharpeners, and certain tracking devices, the minister added.
BUSINESS
MC Exclusive: Finance ministry to hold meet on Feb 22 with banks on extension of ECLGS
Heads of banks including State Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, Punjab National Bank and all other public lenders are likely to attend the meet.
BUSINESS
GST Council will take a call on cement rate change: FM Sitharaman
Finance Secretary TV Somanathan added that the tax rate on cement has been similar pre- and post-GST.
BUSINESS
GST Council likely to provide cost relief to coal washeries by extending exemption, say sources
Representations were received regarding the demand of compensation cess on coal rejects sold by the power companies to the washery.
BUSINESS
GST Council likely to approve GoM report on formulation of appellate tribunal: Sources
The Group of Ministers is believed to have recommended having one national GST appellate tribunal with as many benches as may be required, in every state, depending on its size.
BUSINESS
FM Sitharaman: Slowing economies abroad to be a challenge for Indian exporters
Sitharaman said the country is still dependent on component imports and the government is aware of it.
BUSINESS
GST Council likely to approve GoM report on plugging tax leakages for pan masala, chewing tobacco: Sources
The report has suggested that the exports of these items shall only be allowed against a letter of undertaking with the consequential refund of accumulated input tax credit to curb fake invoicing and fraudulent exports.
BUSINESS
GST Council to discuss tax parity for foreign and Indian shipping lines
The council is likely to discuss an amendment in the IGST Act to change the place of supply of transportation of goods from ‘destination of goods’ to ‘location of the recipient’.
BUSINESS
GST Council to discuss rate cut on pencil sharpeners, millet products
The Council in its 47th meeting had increased the rate on pencil sharpeners to correct the inverted duty structure. However, some of the Council members asked to re-look at the decision as these were mostly used by school children.
