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Budget 2021

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Budget 2021

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  • 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.

  • GST Council to meet on June 12 Jun 05, 2020 06:16 PM IST

    GST Council to meet on June 12

    Faced with dismal collection and extended deadline for filing returns, the government has refrained from releasing the monthly GST revenue collection figures for the months of April and May.

  • GST Council to discuss waiver of late fee for August 2017 to January 2020 Jun 01, 2020 09:34 PM IST

    GST Council to discuss waiver of late fee for August 2017 to January 2020

    The CBIC said there have been demands for waiver of late fee for returns which were required to be filed from the beginning of Goods and Services Tax, that is August 2017.

  • GST Council to meet next month; FinMin not for raising rates on non-essential items May 29, 2020 06:28 PM IST

    GST Council to meet next month; FinMin not for raising rates on non-essential items

    The nationwide lockdown was announced by Prime Minister Narendra Modi on March 24 for 21 days in the first leg in a bid to contain the spread of novel coronavirus.

  • GST on mobile needs a review Mar 18, 2020 11:02 AM IST

    GST on mobile needs a review

    Rectification of inverted duty structure can become self-defeating if handsets turn costlier, impacting demand and growth

  • GST Council meet: Finance Ministry to examine possibility of borrowing from market to solve compensation issue Mar 15, 2020 07:49 AM IST

    GST Council meet: Finance Ministry to examine possibility of borrowing from market to solve compensation issue

    Finance Minister Nirmala Sitharaman said that the impact of GST Council's possible borrowing on the Fiscal Responsibility and Budget Management Act, would have to be assessed.

  • GST Council: States not staring at financial emergency, asks Infy to fix glitches by June Mar 14, 2020 07:17 PM IST

    GST Council: States not staring at financial emergency, asks Infy to fix glitches by June

    It also decided to extend the deadline for filing the GST9R and GSTR9C for FY19 till June 30.

  • Revenue share: Fiscal contagion adds to fissure between Centre and states Feb 05, 2020 02:40 PM IST

    Revenue share: Fiscal contagion adds to fissure between Centre and states

    As per law, Centre has to protect a 14 percent growth in states' GST revenues. In case of shortfalls, states have to be compensated to the extent of the shortfall till June 2022.

  • Weekly Tactical Pick - ITC Jan 03, 2020 02:37 PM IST

    Weekly Tactical Pick - ITC

  • To help GST take a quantum leap, keep it simple Dec 20, 2019 02:57 PM IST

    To help GST take a quantum leap, keep it simple

    IT is another area for improvement. Most GST problems that people face are due to poor design of filing returns

  • Checking tax evasion over hike in GST rate – a fair choice to up revenue Dec 20, 2019 02:48 PM IST

    Checking tax evasion over hike in GST rate – a fair choice to up revenue

    It’s over to businesses which will have to ensure streamlining of processes for timely reconciliations

  • GST Council is right not to hike rates. Here’s a to-do list Dec 19, 2019 01:53 PM IST

    GST Council is right not to hike rates. Here’s a to-do list

    A blueprint for better tax compliance, simpler procedure and a higher tax base will do a world of good

  • Editor's Take | 38th GST Council meeting updates Dec 19, 2019 11:12 AM IST

    Editor's Take | 38th GST Council meeting updates

    Moneycontrol's Sakshi Batra talks to Gaurav Choudhury, Deputy Executive Editor, Moneycontrol to discuss the updates from the 38th GST council meeting.

  • In a first, GST Council votes on single tax rate for lotteries Dec 18, 2019 10:44 PM IST

    In a first, GST Council votes on single tax rate for lotteries

    All states agreed that a knee-jerk reaction of rate hike wouldn't be prudent because of the present economic crisis. The Council is unlikely to go for a rate hike or a major rejig at the moment.

  • GST Council Meeting Highlights: Single rate of 28% on both state-run and private lotteries, effective from Mar 1, 2020 Dec 18, 2019 03:35 PM IST

    GST Council Meeting Highlights: Single rate of 28% on both state-run and private lotteries, effective from Mar 1, 2020

    Track this space for the latest updates on the GST Council meet on December 18.

  • GST Council to meet on Wednesday amidst talk of rate hike to meet revenue shortfall Dec 17, 2019 05:00 PM IST

    GST Council to meet on Wednesday amidst talk of rate hike to meet revenue shortfall

    Some of the states such as West Bengal have opposed any hike in cess rates or rate calibration amid a slowdown in the economy, stating that consumers as well as the industry are passing through a distressing time.

  • Don't tinker with the GST architecture Dec 06, 2019 09:51 AM IST

    Don't tinker with the GST architecture

    The spirit of  fiscal cooperation has been put to a severe test with the centre falling behind in paying out compensation due to the states

  • GST Council to meet on December 18; compensation cess issue to top agenda Dec 03, 2019 08:51 PM IST

    GST Council to meet on December 18; compensation cess issue to top agenda

    There is a view that compensation cess may no longer be enough to adequately compensate states and there is a need to come up with some other mechanisms.

  • GST blues and how to avoid the wrong medicines Oct 15, 2019 10:11 AM IST

    GST blues and how to avoid the wrong medicines

    The system of decision making which the indirect tax embodies is unique and needs to be preserved at all costs

  • Policy | Cooperative federalism is the need to the hour, but it’s missing Oct 03, 2019 11:35 AM IST

    Policy | Cooperative federalism is the need to the hour, but it’s missing

    The Centre has come to commandeer too much of resources through centrally-sponsored schemes over the formulation of which the states have no say. These schemes are implemented by the states but the Centre takes credit for them.

  • FM Nirmala Sitharaman cuts GST on hotels, but makes caffeinated drinks costlier Sep 20, 2019 09:39 PM IST

    FM Nirmala Sitharaman cuts GST on hotels, but makes caffeinated drinks costlier

    To boost tourism, the Council has approved cutting tax rates on rooms with tariff of Rs 7,500 and above to 18 percent and those with tariff below Rs 7,500 to 12 percent.

  • Fitment panel rejects GST rate cut for auto, biscuits Sep 18, 2019 06:44 PM IST

    Fitment panel rejects GST rate cut for auto, biscuits

    The Committee was of the view that the rate cut would hurt the collection as auto sales contribute almost Rs 50,000-60,000 crore to the total GST kitty

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