Sep 17, 2021 10:07 PM IST
Addressing the media after the meeting of the GST Council in Lucknow, Sitharaman and Bajaj said that while compensation cess will be collected till March 2026, it will be to pay back the interest and principal of the Rs 2.69 lakh crore total that the centre borrowed and will borrow in 2020-21 and 2021-22, and transferred to states.
- Sep 17, 2021 08:44 PM IST
The items on which rate cuts were made included Remdesivir, Tocilizumab, medical grade oxygen, oxygen generator, ventilators, masks, covid testing kits, oximeters, hand sanitizers, cremation furnaces, ambulances, temperature checking devices and others.
- Sep 17, 2021 05:12 PM IST
Moneycontrol understands that one of the options being given to the states is continuing compensation in lieu of tax shortfall at a much lower rate than the existing 14 percent. It could be 11 percent or lower. It is also learnt that the centre is presenting to states some revenue enhancement measures which will enable them to depend less on the shortfall compensation from the centre.
- Aug 02, 2021 01:19 PM IST
The Centre has stated this in an affidavit to the apex court in response to a plea of an NGO, ''People''s Union for Civil Liberties'' (PUCL), alleging that the steps taken by the Central government for ensuring effective implementation of the verdict “far from adequate”.
- Jul 28, 2021 06:08 PM IST
There is a lot of work to be done to streamline the understanding of the provisions of RERA, increase stakeholder confidence through greater transparency and improve the grievance redressal process as 30 percent of consumers surveyed were still unaware of RERA’s role as a regulator, the survey shows.
- Jun 17, 2021 03:24 PM IST
CII urged that Liquid Medical Oxygen (LMO) storage facilities be set up across 15+ strategic locations and oxygen care centers be set up to reduce the load from the hospitals.
- Jun 14, 2021 07:47 PM IST
Some of the opposition Finance Ministers publicly spoke about not being heard at the GST Council meeting, prominent among them being Punjab Finance Minister Manpreet Singh Badal and West Bengal Finance Minister Amit Mitra.
- Jun 14, 2021 03:59 PM IST
Assembly elections and the pandemic are among the reasons cited for delaying implementation of the labour codes. However, the Central government hasn’t set any deadline for states to frame their rules.
- Jun 07, 2021 08:31 PM IST
The budgeted vaccination expenditure and any amount further sought through Supplementary Demand for Grants in the upcoming sessions of Parliament should be enough to fund the centre’s expanded vaccination programme, a senior government official said.
- Jun 05, 2021 02:27 PM IST
So far, over 24 crore doses have been provided to the states and UTs, it said in a statement.
- May 27, 2021 05:11 PM IST
43rd GST Council Meeting: GST Council’s meeting on May 28 can consider total tax exemption for medical supplies needed for combating COVID-19, and may also discuss tax tweaks to help sectors that have been hit hard by the second wave as well as compensation for states, experts say.
- May 25, 2021 05:52 PM IST
With their procurement tenders getting tepid response from global pharma majors, more states now want the Centre to once again take over as the sole procurer of vaccines. The Centre is unlikely to do so even as a supply-side shortage is expected, at least for the next three months
- May 03, 2021 08:06 PM IST
While drugs like Remdesivir, Tocilizumab, Favipiravir and others are exempt from customs duties as well as IGST, there is still no clarity on the GST they would attract when manufactured in India.
- Apr 30, 2021 04:38 PM IST
The loans include Rs 5,000 crore to incentivise states to monetise their assets and divest their PSUs.
- Apr 25, 2021 06:46 PM IST
Former CEA Arvind Subramanian said that centre should bear entire cost of vaccine procurement by state. Other economists partly agree and say that part of the Rs 35,000 crore vaccination budget should be shared with states
- Apr 23, 2021 11:16 AM IST
On April 19, the central government announced a major shift in its Covid-19 vaccination strategy. Moneycontrol takes a look at what these changes mean.
- Mar 24, 2021 01:19 PM IST
Report by Soumya Kanti Ghosh says GDP figures of states might see a 7 percent reduction, if the numbers follow the MOSPI estimates for overall GDP. The report found a significant gap between the estimates and revised estimates for FY21 given by some states.
- 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'
- Feb 03, 2021 10:33 AM IST
Expenditure Secretary TV Somanathan told Moneycontrol that the Finance Ministry had a rough cost of Rs 700 per person in mind. The budget allocation is just a part of what will be spent, as state governments and corporates will also allocate sums for the vaccination drive
- Nov 23, 2020 07:18 AM IST
In its report for 2021-22 to 2024-25, the Fifteenth Finance Commission (15th FC) has also likely recommended that governments move to a fiscal deficit target range rather than a fixed number.
- 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 20, 2020 01:31 PM IST
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
- Jul 30, 2020 04:37 PM IST
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
- Jul 28, 2020 06:21 PM IST
Under GST law, states are guaranteed to be paid for any loss of revenue in the first five years of the GST implementation from July 1, 2017. The shortfall is calculated assuming a 14 percent annual growth in GST collections by states over the base year of 2015-16.
- Jul 24, 2020 05:14 PM IST
Under GST law, states were guaranteed payment for any loss of revenue in the first five years of the GST implementation starting July 1, 2017. The shortfall is calculated assuming a 14 per cent annual growth in GST collections by states over the base year of 2015-16. States are promised compensation for any revenue shortfall till 2022, in case they go below the 14 per cent annual growth since the GST rollout in 2017