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  • GST shortfall: RBI's concerns, Kerala's legal action threat prompt Centre to borrow on behalf of states Oct 16, 2020 03:43 PM IST

    GST shortfall: RBI's concerns, Kerala's legal action threat prompt Centre to borrow on behalf of states

    The Finance Ministry said that it would borrow Rs 1.1 lakh crore and give that amount as loan to states under a special borrowing window, rather than states do it on their own. A legal battle with states is something the political leadership wanted to avoid with regards to the GST Council, sources told Moneycontrol.

  • GST compensation deadlock | Kerala FM Thomas Isaac says some states are likely to approach Supreme Court Oct 15, 2020 11:03 AM IST

    GST compensation deadlock | Kerala FM Thomas Isaac says some states are likely to approach Supreme Court

    Finance Minister Nirmala Sitharaman while addressing the press after the GST Council meeting insisted that there were differences within the GST Council on the borrowing issue, but they cannot be termed as a dispute

  • Time to take a relook at GST Council Oct 15, 2020 08:33 AM IST

    Time to take a relook at GST Council

    By allowing 20 states to borrow more to meet GST compensation shortfall, the Centre seems to have encroached on the turf of the apex decision-making body

  • Explained | Why GST Council can't arrive at a consensus on compensation issue Oct 14, 2020 04:41 PM IST

    Explained | Why GST Council can't arrive at a consensus on compensation issue

    The vexed issue of GST compensation cess has put the government in a bind. Opposing states contend that the government is constitutionally bound to compensate them and are not willing to accept the options provided by the Centre.

  • States willing to borrow need not wait for GST Council decision, says govt official Oct 13, 2020 06:00 PM IST

    States willing to borrow need not wait for GST Council decision, says govt official

    The Centre has not ruled out further stimulus and no decision has been taken as to whether the finance ministry will challenge the Vodafone tax verdict or not, says the top official

  • Exclusive | Opposing states at GST Council meet wanted a GoM on borrowing issue, dispute resolution mechanism Oct 13, 2020 01:23 PM IST

    Exclusive | Opposing states at GST Council meet wanted a GoM on borrowing issue, dispute resolution mechanism

    The Centre's insistence to not term the borrowing issue as a dispute is primarily based on concerns that states might then use it to push for a dispute resolution mechanism

  • GST Council allows small businesses to file returns on quarterly basis Oct 05, 2020 09:32 PM IST

    GST Council allows small businesses to file returns on quarterly basis

    Small taxpayers having aggregate annual turnover of less than Rs 5 crore will be able to file returns on a quarterly basis with monthly payments from January 1, 2021

  • 42nd GST Council Meet: No decision on borrowing issue to meet compensation gap; next meeting on October 12 Oct 05, 2020 07:38 PM IST

    42nd GST Council Meet: No decision on borrowing issue to meet compensation gap; next meeting on October 12

    The gap in compensation arising due to the extraordinary situation due to COVID-19 will be paid out of the cess which gets collected after 5 years.

  • GST Council meeting | States unlikely to go for voting on compensation gap issue Oct 05, 2020 03:53 PM IST

    GST Council meeting | States unlikely to go for voting on compensation gap issue

    States, which have been opposing the Centre's formula for the filling the compensation gap, may opt for Rs 1.1 lakh crore borrowing option

  • CAG stirs the GST compensation pot Oct 05, 2020 09:24 AM IST

    CAG stirs the GST compensation pot

    National auditor’s findings could set the tone for the crucial Council meeting on Monday

  • ICAI seeks extension of FY19 GST annual return filing deadline by 3 months Sep 13, 2020 03:53 PM IST

    ICAI seeks extension of FY19 GST annual return filing deadline by 3 months

    The last date for filing annual return for 2018-19 fiscal for Goods and Services Tax (GST) registered taxpayer is September 30.

  • Compensation issue a policy matter, would be debated on policy platforms than in courts: Manish Sisodia Sep 04, 2020 07:36 PM IST

    Compensation issue a policy matter, would be debated on policy platforms than in courts: Manish Sisodia

    The matter on whose obligation it was to pay states, in case of a resource crunch in the future, was settled in the 7th, 8th and 10th GST Council meetings under the chairmanship of then finance minister Arun Jaitley and finance secretary Hasmukh Adhia, says Manish Sisodia

  • GST council needs to work out mid-way solution for settling revenue shortfall issue: Sushil Modi Aug 30, 2020 07:10 PM IST

    GST council needs to work out mid-way solution for settling revenue shortfall issue: Sushil Modi

    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.

  • States' GST revenue shortfall can be bridged by monetising debt, NSSF: SBI report Aug 28, 2020 10:58 PM IST

    States' GST revenue shortfall can be bridged by monetising debt, NSSF: SBI report

    The Centre on August 27 had placed before the GST Council two options for borrowing by states to meet the shortfall in Goods and Services Tax (GST) revenues, pegged at Rs 2.35 lakh crore in the current fiscal.

  • GST woes: Debt to meet compensation gap on states' balance sheet might limit borrowing capacity in future Aug 28, 2020 06:22 PM IST

    GST woes: Debt to meet compensation gap on states' balance sheet might limit borrowing capacity in future

    The Fiscal Responsibility and Budget Management committee had suggested bringing down the general government debt-to-GDP ratio to 60 percent by 2023. The calculation included 40 percent for the central debt and 20 percent for states' debt.

  • GST council meeting: Unacceptable, say States reacting to Centre's options on meeting GST shortfall Aug 28, 2020 09:59 AM IST

    GST council meeting: Unacceptable, say States reacting to Centre's options on meeting GST shortfall

    States have united and come out strongly and rejected the Centre's options placed before the GST Council at the 41st meeting.

  • GST Council meet | States now have 7 days to decide between two options to bridge compensation gap Aug 27, 2020 09:10 PM IST

    GST Council meet | States now have 7 days to decide between two options to bridge compensation gap

    The economic slowdown has led to a Rs 70,000 crore shortfall last fiscal. In FY21, the same is estimated to widen to Rs 2.35 lakh crore

  • GST Council Meeting: Inside the Centre vs States tug-of-war Aug 27, 2020 12:58 PM IST

    GST Council Meeting: Inside the Centre vs States tug-of-war

    According to the GST law, the Centre is expected to pay compensation to states for the states' loss of revenues because of subsuming of taxes.

  • Amit Mitra writes to FM Sitharaman expressing concerns over delayed compensation payment Aug 26, 2020 08:48 PM IST

    Amit Mitra writes to FM Sitharaman expressing concerns over delayed compensation payment

    Mitra has urged the Centre to honour the constitutional promise to pay compensation for 5 years, adding that it should “not renege on the commitment to compensate the states."

  • GST Council meeting: Compensation to states, revenue shortfall likely to be discussed Aug 26, 2020 05:50 PM IST

    GST Council meeting: Compensation to states, revenue shortfall likely to be discussed

    The GST Council will try to reach a consensus on the issue of borrowing from the market to solve the compensation problem

  • GST Council meeting on August 27 to discuss compensation to states, seek consensus on market borrowing option Aug 20, 2020 01:31 PM IST

    GST Council meeting on August 27 to discuss compensation to states, seek consensus on market borrowing option

    The options before the GST Council to meet shortfall in compensation to states could be rationalise GST rates, cover more items under the compensation cess, increase the compensation cess, or recommend higher borrowing by states

  • GST Council to meet on August 27 to discuss compensation payout to states  Aug 19, 2020 06:55 PM IST

    GST Council to meet on August 27 to discuss compensation payout to states 

    Sources said that the 41st meeting of the Goods and Services Tax (GST) Council would be a single agenda meeting on states' compensation to be held via video conferencing.

  • States unlikely to allow restructuring of GST rates for next 6-7 months Jul 30, 2020 04:37 PM IST

    States unlikely to allow restructuring of GST rates for next 6-7 months

    Finance Secretary Ajay Bhushan Pandey earlier this week informed the Parliamentary Standing Committee on Finance that the government is in no position to pay the GST share of states in keeping with the current revenue sharing formula

  • SMS-based nil GSTR-1 filing launched, late fee for delayed filing waived Jul 01, 2020 08:58 PM IST

    SMS-based nil GSTR-1 filing launched, late fee for delayed filing waived

    The GST Council in its meeting last month waived late fee for delayed filing of GST returns by registered entities with nil liability between July 2017 to January 2020.

  • 3-Point Analysis | GST Council meet and its recommendations Jun 12, 2020 10:17 PM IST

    3-Point Analysis | GST Council meet and its recommendations

    Moneycontrol's Shraddha Sharma does a 3-Point Analysis to understand the key issues discussed by the GST Council and its recommendations.

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