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  • BP eyes India's fuel market, wants gas in GST: CEO Bernard Looney Oct 26, 2020 09:32 PM IST

    BP eyes India's fuel market, wants gas in GST: CEO Bernard Looney

    On the impact of COVID-19 on oil demand, Looney said it was too early to say what the true impact was but there would be some impact in the medium to long term.

  • GST compensation: Centre transfers first tranche of Rs 6,000 crore to 16 states, 2 UTs Oct 24, 2020 09:26 AM IST

    GST compensation: Centre transfers first tranche of Rs 6,000 crore to 16 states, 2 UTs

    After the previous GST Council meeting, the Centre said 21 states were in favour of borrowing the amount of shortfall arising out of GST implementation.

  • Agreeing to grant easement rights even to original owner is service and attracts 18% GST: Tamil Nadu AAR Oct 22, 2020 07:10 PM IST

    Agreeing to grant easement rights even to original owner is service and attracts 18% GST: Tamil Nadu AAR

    A pathway was leased to the original owner for 35 years for a consideration. Chennai Metro Rail Limited sought an advance ruling on whether GST shall be charged for leasing the pathway to grant access to both the parties.

  • Interview | GST has birth defects; positive nominal growth in FY21 possible: NR Bhanumurthy Oct 20, 2020 06:59 PM IST

    Interview | GST has birth defects; positive nominal growth in FY21 possible: NR Bhanumurthy

    Outdated data may be leading into some problems for India when fixing the Goods and Services Tax rates, said the senior economist. Meanwhile, contrary to other estimates, he expects nominal growth to be positive as demand recovers.

  • GST portal experiences technical failure on last day of September return filing; several Twitter users complain Oct 20, 2020 02:54 PM IST

    GST portal experiences technical failure on last day of September return filing; several Twitter users complain

    The technical failure of the GST portal caused #gstnfailed to trend on Twitter. October 20 was the last day for filing the GSTR-3B for September

  • Additional government borrowing is a key step to break the impasse Oct 20, 2020 12:29 PM IST

    Additional government borrowing is a key step to break the impasse

    The clarity in the government announcement should help in reducing uncertainties and anchoring market sentiment over the coming weeks, especially given the intelligent selection of the maturity buckets for the additional borrowing that enjoy strong demand

  • Big Story | Centre ready to borrow Rs 1.1 lakh crore to make up for states' GST shortfall Oct 16, 2020 05:17 PM IST

    Big Story | Centre ready to borrow Rs 1.1 lakh crore to make up for states' GST shortfall

    Most economists have welcomed the decision saying it is a cleaner way of raising the necessary funds swiftly.

  • 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

  • GST compensation: Tamil Nadu picks first option, allowed to borrow additional Rs 9,627 crore to meet shortfall Oct 14, 2020 06:27 PM IST

    GST compensation: Tamil Nadu picks first option, allowed to borrow additional Rs 9,627 crore to meet shortfall

    Besides getting the facility of a special window for borrowings to meet the shortfall arising out of GST implementation, states are also entitled to get unconditional permission to borrow the final instalment of 0.50 percent of GSDP out of the 2 percent additional borrowings permitted by the Centre, under the terms of Option-1

  • GST compensation deadlock: Centre allows 20 states to mobilise Rs 68,825 crore Oct 13, 2020 07:54 PM IST

    GST compensation deadlock: Centre allows 20 states to mobilise Rs 68,825 crore

    "Additional borrowing permission has been granted at 0.5 percent of the Gross State Domestic Product (GSDP) to those states who have opted for option 1 out of the two options suggested by the Ministry of Finance to meet the shortfall arising out of the Goods & Services Tax (GST) implementation," the government said

  • GST Council Meet Highlights| Finance Minister Sitharaman says no unanimity among states Oct 12, 2020 05:05 PM IST

    GST Council Meet Highlights| Finance Minister Sitharaman says no unanimity among states

    Some states like Bihar want the issue of pending compensation dues worth over Rs 2 lakh crore to be settled at the earliest.

  • E-invoicing major GST reform for ease of doing business: Finance Secretary Ajay Bhushan Pandey Oct 09, 2020 01:42 PM IST

    E-invoicing major GST reform for ease of doing business: Finance Secretary Ajay Bhushan Pandey

    E-invoicing is currently mandated for the businesses having annual turnover more than Rs 500 crore.

  • RBI offers ‘indirect monetisation’ route to states to help with their stretched finances Oct 09, 2020 01:17 PM IST

    RBI offers ‘indirect monetisation’ route to states to help with their stretched finances

    The RBI’s decision to purchase state bonds in the secondary market through open market operations will provide a boost to the states’ finances at a time when they, just like the centre, are having to deal with a massive revenue crunch and rising expenditure commitments

  • Lease of commercial plot or land for 99 years is a supply and attracts GST: Gujarat AAR Oct 08, 2020 09:35 AM IST

    Lease of commercial plot or land for 99 years is a supply and attracts GST: Gujarat AAR

    The matter concerned a partnership firm based in Ahmedabad that had secured the bid for a commercial plot through an e–auction conducted by the Ahmedabad Urban Development Authority

  • GST compensation dues: How borrowing options narrowly missed being put to a vote in GST Council meeting Oct 07, 2020 03:00 PM IST

    GST compensation dues: How borrowing options narrowly missed being put to a vote in GST Council meeting

    At the beginning of the 42nd GST Council meeting, the Centre was confident that it had the numbers to have a favourable result on the borrowing options. However, things changed during the discussions, and the government officials were soon found to be trying to force the meeting to a close

  • 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 to meet today: Stage set for stormy session as compensation dues issue to take centre stage Oct 05, 2020 07:46 AM IST

    GST Council to meet today: Stage set for stormy session as compensation dues issue to take centre stage

    The Centre late last month gave two options to the states to borrow either Rs 97,000 crore from a special window facilitated by the Reserve Bank of India or Rs 2.35 lakh crore from market, and had also proposed extending the compensation cess levied on luxury, demerit and sin goods beyond 2022 to repay the borrowing.

  • Hope floats for Indian economy as manufacturing activity, GST collections, vehicle sales pick up Oct 02, 2020 05:13 PM IST

    Hope floats for Indian economy as manufacturing activity, GST collections, vehicle sales pick up

    Moneycontrol analyses some indicators that have shown substantial improvement since the lockdown months, with some even exceeding 2019 levels.

  • September GST collection at Rs 95,480 crore against Rs 86,449 crore in August Oct 01, 2020 03:30 PM IST

    September GST collection at Rs 95,480 crore against Rs 86,449 crore in August

    Integrated GST (IGST) was Rs 47,484 crore, including Rs 22,442 crore collected on import of goods and Rs 7,124 crore collected as cess (including Rs 788 crore collected on import of goods)

  • GST return due date: Centre extends deadline for FY19 filing to October 31 Sep 30, 2020 04:06 PM IST

    GST return due date: Centre extends deadline for FY19 filing to October 31

    The government had in May extended the last date for annual GST return filing for FY18-19 by three months till September 2020

  • Centre begins preparations for Budget 2021-22; FY 2019-20 to be base year for revenue and expenditure projections Sep 29, 2020 03:13 PM IST

    Centre begins preparations for Budget 2021-22; FY 2019-20 to be base year for revenue and expenditure projections

    Total revenue for 2019-20 was Rs 17.5 lakh crore, compared to revised estimates of Rs 19.32 lakh crore. Net tax revenue for 2019-20 was seen at Rs 13.56 lakh crore, which was 90 percent of revised estimates

  • Temporary retention of GST cess pending reconciliation not diversion: FinMin Sep 26, 2020 05:27 PM IST

    Temporary retention of GST cess pending reconciliation not diversion: FinMin

    Time taken in reconciliation of compensation receipts can't be termed as diversion of GST cess fund when the dues to states were fully released by the central government, finance ministry sources said.

  • CAG report slams Centre for failing to utilise cesses for purposes intended by Parliament Sep 25, 2020 04:58 PM IST

    CAG report slams Centre for failing to utilise cesses for purposes intended by Parliament

    Not only was the revenue/fiscal deficit understated due to the non-transfer of money collected through various cesses to reserve funds, failure of the finance ministry to create or operate essential reserve funds makes it difficult to ensure that the cesses had been utilised for the specific purposes intended by Parliament, said the CAG.

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