Kerala FM Thomas Isaac:
There was money in the compensation fund, but states were still not paid on time. The FM is not willing to give an assurance that the December compensation dues will be paid on time.
Punjab FM Manpreet Singh Badal:
Punjab is owed Rs 3,100 crore in arrears andnext tranche of Rs 2,000 crore is due on December 31. So,Punjab is staring at a gap of almost Rs 5,000 crores.
The last time I met the FM, she said she would give me an answer, one way or the other, whether they'd clear it or contest it, by the 18th.
Punjab FM Manpreet Singh Badal:
When GST was started, we were led to believe that revenues would increase, exports would go up. But today is a sad day.
Unless the government can fix the things on revenue situation, the consensus on GST could unravel.
FM Sitharaman:
Voting was not imposed by the Council or by me as the Chair. The option of voting route was put forward by one member of the Council.
FM Sitharaman:
Every attempt was made to convince members to arrive at a consensus on lottery GST. The Council was reminded that rules allowed voting; tradition is not part of rule book.
Revenue Secretary:
Presentation made by officers committee on on revenue augmentation with respect to compensation needs and rate structure. States also made representations on compensation needs.
Revenue Secretary:
Deadline for filing of GSTR-9 for FY17-18 extended to January 31, 2020.
Revenue Secretary:
Land lease GST rates to be effective from January 1, 2020. Levy of penalty relaxed for non-filing of GSTR-1 from July 2017.
Revenue Secretary:
GSTCouncil has agreed to rationalise GST rates on woven and non-woven bags to 18 percent with effect from March 1, 2020.
Revenue Secretary:
There will be a single GST rate of 28 percent on both state-run andprivate lotteries, effective from March 1, 2020.
Punjab Finance Minister Manpreet Singh Badal:
We were looking at assurances of compensation for states which we did not get.
Kerala FM Thomas Isaac:
Cutting across political divide, State FMs demand raising fiscal deficit, larger central allocation for programs- Ayushman Bharat, Social Pensions and MGNREGS, support to farmers, interest subvention to SHGs and streamlining of central devolution to avoid ways and means crisis.
West Bengal FM Amit Mitra:
The Central government will have not have appropriate funds to compensate states after February.
West Bengal FM Amit Mitra:
No GST rate hike was discussed today in the GST Council meeting
GST Council begins discussion on revenue augmentation, sources told CNBC-TV18.
GST Council decides to levy 28 percent on all lotteries after voting, sources told CNBC-TV18.
The GST Council opts for voting for the first time. Voting is being sought to finalise a decision to set GST rate on lottery.
Enabling seamless refunds for exporters, rationalisation of tax rates applicable on lotteries and a probable boost for the beleaguered real estate sector are expected to be on the table for discussion during the GST Council meet today, The Economic Times reports.
Clarification on rates on long-term leases as well as a temporary cess of 2 percent on certain goods could also be on the Council's agenda, the report adds.
According to the GST Act, States and Union Territories with Assemblies are guaranteed compensation if the GST revenue growth is less than 14 percent. The amount is payable bi-monthly.
Some states have said that they aren't receiving the compensation cess from the central government, which they said was impacting their finances. Last month, West Bengal Finance Minister Amit Mitra pointed out that the dues owed to the states and three Union Territories with Legislative Assemblies stood at Rs 40,000 crore.
The Council is expected to deliberate on an alternative mechanism for compensation cess and look at ways to boost revenue from indirect taxes. There is a view that compensation cess may no longer be enough to adequately compensate states and there is a need to come up with some other mechanisms.
Earlier this month, the government hadwritten to state GST officers, inviting suggestions from state governments on ways to increase GST revenues.
Amid a looming revenue shortfall, suggestions for a hike in GST rates and cess to meet the gap have been put forward by stakeholders.
Discussions on ways to shore up government revenues are expected following lower-than-expected collections which have led to a delay in compensation payment to States.
The GST Council headed by Finance Minister Nirmala Sitharaman is scheduled to meet on December 18 to review the taxation structure.
