Sep 20, 2021 03:07 PM IST
The centre's stand, that compensation will not be extended beyond June 2022, as provided in the Constitutional amendment that introduced GST from July 2017, is starkly different from what politicians and officials from opposition-ruled states told media after the GST Council meeting in Lucknow on September 17.
- Sep 17, 2021 10:07 PM IST
Addressing the media after the meeting of the GST Council in Lucknow, Sitharaman and Bajaj said that while compensation cess will be collected till March 2026, it will be to pay back the interest and principal of the Rs 2.69 lakh crore total that the centre borrowed and will borrow in 2020-21 and 2021-22, and transferred to states.
- Sep 17, 2021 08:44 PM IST
The items on which rate cuts were made included Remdesivir, Tocilizumab, medical grade oxygen, oxygen generator, ventilators, masks, covid testing kits, oximeters, hand sanitizers, cremation furnaces, ambulances, temperature checking devices and others.
- Sep 17, 2021 08:03 AM IST
The Council is expected to discuss the extension of compensation to states beyond 2022, rationalizing the inverted duty structure on supply chain of certain items, bringing petrol and diesel under GST, extending the GST exemption on Covid-essential items, and deciding the future of profiteering cases, since the tenure of the National Anti-Profiteering Authority ends in November.
- Sep 01, 2021 01:42 PM IST
This is the second consecutive month that GST collections are above the Rs 1 lakh crore mark, indicating that economic recovery post the second wave of Covid-19 is well underway.
- Aug 16, 2021 04:38 PM IST
The finance minister also said that the next meeting of Goods and Service Tax (GST) Council will deal with the details of extension of compensation to states beyond 2022.
- Aug 11, 2021 02:33 PM IST
Addressing the annual summit of industry body CII, Tarun Bajaj said that the resilience shown by India Inc through its corporate results was not translating to more investment on the ground.
- Aug 10, 2021 09:51 AM IST
When the GST came into being, States had agreed to join the new tax regime provided they were compensated for any revenue loss in the first five years, from July 2017 to June 2022.
- Jul 08, 2021 03:46 PM IST
- Jul 01, 2021 07:50 PM IST
While GST has changed India's taxation system for the better, there are still many pending issues which analysts need to be prioritised. These include bringing real estate and petroleum products under GST, sorting out the issue of compensation to states, and providing stability in assessment and disputes.
- Jun 25, 2021 08:28 PM IST
Experts say the National Anti-Profiteering Authority’s (NAPA) move to ensure that GST cuts on COVID-related supplies are passed on to the customers is a step in the right direction, and the law has a provision to ensure that customers are not denied the benefit.
- Jun 14, 2021 07:47 PM IST
Some of the opposition Finance Ministers publicly spoke about not being heard at the GST Council meeting, prominent among them being Punjab Finance Minister Manpreet Singh Badal and West Bengal Finance Minister Amit Mitra.
- Jun 12, 2021 04:39 PM IST
The GST on ventilators, medical-grade oxygen, COVID-19 testing kits, oxygen concentrators, high flow nasal canula device, pulse oximeters and BiPAP machine have been brought down to 5 percent from 12 percent at present.
- Jun 10, 2021 07:02 PM IST
The Group of Ministers (GoM), formed after the last GST Council meeting on May 28 to deliberate on possible reductions in COVID-related items, has however not suggested a reduction in COVID-19 vaccines, the rate of which stands at 5 percent. The GoM submitted its report on June 8.
- Jun 02, 2021 07:47 PM IST
Chief Economic Advisor Krishnamurthy Subramanian admitted that regional lockdowns and a devastating second wave of pandemic had hit the economy in May 2021, compared to April and March
- May 28, 2021 10:49 PM IST
The proposal of zero-rating covid items was first proposed by by Bharatiya Janata Party’s Rajya Sabha member and former Bihar Deputy Chief Minister Sushil Kumar Modi earlier this week and was backed by experts.
- May 27, 2021 05:11 PM IST
43rd GST Council Meeting: GST Council’s meeting on May 28 can consider total tax exemption for medical supplies needed for combating COVID-19, and may also discuss tax tweaks to help sectors that have been hit hard by the second wave as well as compensation for states, experts say.
- May 15, 2021 02:05 PM IST
The agenda of the GST Council meeting on May 28 will be the GST rates on various medical devices, essential drugs, and other COVID-19-related issues.
- Mar 15, 2021 02:10 PM IST
While FM Nirmala Sitharaman said that there is no concrete proposal, Moneycontrol has learnt that the Centre would like to start discussions with states. Policymakers in Finance Ministry acknowledge it will be a long process to implement what they consider an 'overdue reform'
- Nov 08, 2020 07:23 PM IST
GSTN, the firm that processes GST returns, released a statement saying that the auto-populated tax return forms will be available from the October tax period onwards
- Mar 15, 2019 10:15 AM IST
Sanyal was referring to the soaring inflation, widening fiscal and current account deficit and massive lending from the banks that were ailing India's economy under the UPA regime
- Feb 27, 2019 12:21 PM IST
Over the past month, the NAA has issued notices to about 10 of Patanjali’s biggest distributors for not reducing prices in line with the cut in GST
- Jan 10, 2019 03:25 PM IST
The GST Council has approved the composition scheme for services and hiked annual composition limit to 1.5 crore effective from April 1
- Feb 22, 2017 08:38 PM IST
The adoption of the GST could
help raise India's medium-term GDP growth to over eight per
cent and create a single national market for enhancing the
efficiency of the movement of goods and services, the IMF said
- Feb 03, 2017 03:42 PM IST
"The industry faced a number of challenges in transitioning to the emerging, structurally transparent system-be it the PAN card requirement, the excise on jewellery, demonetisation or the publicity around income disclosure schemes," said Somasundaram PR, Managing Director, India, World Gold Council.