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.
- May 11, 2021 08:40 AM IST
West Bengal is the fourth state, after Punjab, Chhattisgarh and Delhi, to ask for GST relief on COVID-19 supplies. FM Sitharaman's response, that domestically made and commercially imported items may not be exempted, could become a potential flashpoint, which will require deft handling at the next Council meeting.
- May 04, 2021 07:28 PM IST
Many states, including Delhi, Punjab and Chhattisgarh, want GST to be exempted temporarily on devices such as ventilators, concentrators, and life-saving drugs like Remdesivir.
- 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'
- Dec 24, 2020 02:14 PM IST
To resolve the compensation issue, Finance Minister Nirmala Sitharaman had proposed two options to states. They could either borrow Rs 97,000 crore through a special window facilitated by the RBI, or the complete shortfall of Rs 2.35 lakh crore from the market. The amounts were later revised to Rs 1.10 lakh crore and Rs 1.8 lakh crore, respectively.
- Dec 23, 2020 10:40 PM IST
The major recommendation of the Law Committee of GST Council is for controlling the fresh or new registration taken by the applicants without business purpose and for weeding out the existing fake dealers from the systems.
- Nov 17, 2020 11:34 AM IST
The GST committee will consider the impact of the issuances of fake invoices and strict measures required under the GST law to curb these activities.
- Nov 02, 2020 03:47 PM IST
According to Finance Secretary Ajay Bhushan Pandey, Finance Minister Nirmala Sitharaman has written to the Chief Ministers of non-BJP states and requested them to avail the borrowing options
- Oct 16, 2020 03:43 PM IST
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.
- Oct 15, 2020 11:03 AM IST
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
- Oct 15, 2020 08:33 AM IST
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
- Oct 14, 2020 04:41 PM IST
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.
- Oct 13, 2020 06:00 PM IST
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
- Oct 13, 2020 01:23 PM IST
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
- Oct 05, 2020 09:32 PM IST
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
- Oct 05, 2020 07:38 PM IST
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.
- Oct 05, 2020 03:53 PM IST
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
- Oct 05, 2020 09:24 AM IST
National auditor’s findings could set the tone for the crucial Council meeting on Monday
- Sep 13, 2020 03:53 PM IST
The last date for filing annual return for 2018-19 fiscal for Goods and Services Tax (GST) registered taxpayer is September 30.
- Sep 04, 2020 07:36 PM IST
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
- Aug 30, 2020 07:10 PM IST
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.
- Aug 28, 2020 10:58 PM IST
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.
- Aug 28, 2020 06:22 PM IST
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.
- Aug 28, 2020 09:59 AM IST
States have united and come out strongly and rejected the Centre's options placed before the GST Council at the 41st meeting.
- Aug 27, 2020 09:10 PM IST
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