The Centre has given two options to the states to borrow either from a special window facilitated by the RBI or from market and has also proposed extending the compensation cess levied on luxury, demerit and sin goods beyond 2022.
GST latest news: Appointed consultants by the textile ministry would be required to recommend changes to the present tax and duty structure.
The authority further said although the Ministry of Consumer Affairs has classified hand sanitizers as an essential commodity, the GST law has a separate list of exempted goods
This comes at a time when the resources of various state governments have taken a hit due to the COVID-19 pandemic.
"The decline is primarily because April was a month of complete lockdown and only essential services were working during this month," sources told CNBC TV-18.
In another trade-friendly move, the Central Board of Indirect Taxes and Customs (CBIC) has also extended the validity of e-way bills that were generated on or before March 24, and had expiry between March 20 and April 15, 2020.
In the wake of revision in GST, the Centre has allowed manufacturers, packers and importers to re-label new retail prices on their unsold pre-packaged products by September 30 this year
Under the Goods and Services Tax (GST) law, states are guaranteed compensation for revenue loss for 5 years if their revenue does not increase 14 per cent on the base year of 2015-16.
GSTIN is a 15-digit PAN-based unique identification number allotted to every registered person under GST.
This comes at a time when the country's exports have not performed all too well, with merchandise exports having contracted by 0.34 percent year-on-year in November.
The reshuffle in the panel's composition comes in the wake of issues being raised by state governments regarding GST compensation.
Replying to a notice seeking leave for adjournment motion in the state assembly, Isaac said fears expressed by the opposition that the state was undergoing a severe financial crisis was unfounded.
As per the CGST Act, any supply of goods or services or both between different GST registrations having the same PAN (distinct persons) shall be treated as "supply" and shall attract GST.
The system of decision making which the indirect tax embodies is unique and needs to be preserved at all costs
The panel comprising of state-level GST commissioners and centre government officials has been asked to suggest urgent measures to arrest the fall in tax revenues and suggest steps to be taken to improve revenue collection.
In the 24 months since its implementation, there have been many promises that have been made, many that have been met, and for some, still a distance to travel.
The input tax credit (ITC) model of GST owed its origin to the premise of ‘matched invoices’. But it has become too problematic.
GST promised to overhaul India's indirect tax system by consolidating an untidy patchwork of local and central duties such as VAT, central excise and octroi into a single levy, make the tax administration more efficient and turn India into a common national market by removing fiscal barriers among states.
Most multiplexes are selling e-tickets and are GST compliant.
Businesses with a turnover exceeding a particular amount will have to generate electronic invoice either on a government portal or on the Goods and Services Tax (GST) portal.
GST council will meet on March 19 to finalise guidelines and rules on lower rates on under construction houses that will come into force from April 1, but without input tax credit benefits
GST on third party motor insurance for goods carrying vehicles has been slashed from 18 percent to 12 percent
GST Council has cut the tax rate on televisions upto 32 inches to 18 percent from 28 percent
Sakshi Batra is in conversation with Gaurav Choudhury to find what factors led to the surge in GST collections and how crucial is it for the government to sustain the pace at which it is mopping up tax under the new regime.
E-commerce companies will now be required to collect up to 1 per cent TCS while making any payment to suppliers under the Goods and Services Tax (GST).