Goods And Service Tax

Under Centre’s proposed plans, government wants to reduce the current rate structure to just two slabs of 5 percent and 18 percent, removing 12 percent and 28 percent rate tiers.

MC Explainer: How 28% GST on online gaming will work

A rate of 28 percent will apply on all real money games. Moneycontrol looks into the nitty-gritties and impact of the move that comes into effect from October 1.

Explained | The reasons behind strong GST collections

October GST collections were not only the second highest for the fiscal year, but the second highest monthly collections since the introduction of the nationwide tax in 2017.

October GST collections Rs 1.30 lakh crore, second highest in 2021

The October GST print takes total gross GST collection for the year to Rs 8.12 lakh crore. All but one month in the current fiscal year (June, Rs 92,849 crore) have been comfortably above the Rs 1 lakh crore mark.

Analysis | As India enters festive season, economic recovery strengthens

Macroeconomic indicators show encouraging signs and consumption picks up, and policymakers and economists are now broadly confident the growth momentum will sustain, especially given that vaccinations continue at a brisk pace.

GST collection in September crosses Rs 1.17 lakh crore

This takes the total GST collection for the first half of fiscal year 2021-22 (April-September) to Rs 6.82 lakh crore.

GST Council mulling increasing average GST rate to 15% from present 11%

As per the centre, the current GST average rate is around 11 percent. Increasing it closer to the revenue-neutral rate will involve hiking rates of some items in the 5 percent and 12 percent brackets.

Explained | How compensation for GST shortfall after June 2022 may create centre-state rift

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.

GST Council | Centre says no compensation beyond June 2022; states take a different view

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.

GST Council Meet | GST exemption on Covid essential medicine extended till December

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.

Packed agenda for first in-person GST Council meeting in nearly two years

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.

August GST collections come in at Rs 1.12 lakh crore

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.

FM Nirmala Sitharaman expects retail inflation to be within MPC's comfort range going ahead

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.

Private sector ‘animal spirits’ still missing, more investment needed: Revenue Secretary

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.

EXCLUSIVE | Next GST Council meeting likely to convene end-August; compensation extension on agenda

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.

Four Years of GST: Council should now fulfill unfinished agenda, say experts

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.

EXPLAINED | How does the govt monitor profiteering after GST rates are cut?

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.

EXPLAINED | The concerns raised by some state FMs at the last GST Council meeting

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.

44th GST Council Meeting: Here are the key decisions taken today

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.

GST Council: Group of Ministers suggests rate cuts on some COVID essentials

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.

Even limited available data shows May was bad for the economy

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

EXCLUSIVE | New Group of Ministers will discuss zero-rating of COVID items

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.

GST Council Meeting: Major tax breaks with 'zero rating' of COVID essentials feasible, experts say

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.