Goods and Services Tax (GST)

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.

GST latest news: Appointed consultants by the textile ministry would be required to recommend changes to the present tax and duty structure.

The authority further said although the Ministry of Consumer Affairs has classified hand sanitizers as an essential commodity, the GST law has a separate list of exempted goods

The national lockdown imposed to contain the coronavirus pandemic has led to an increase in the states’ GST losses and differences with the Centre have only grown over the last few months with respect to the central government’s obligation to make up for the losses, a situation that wasn’t anticipated in GST laws

The Finance Ministry is not in favour of increasing GST rates on non-essential items, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19.

Taxpayers who have zero GST liability can now file monthly return in the GSTR-3B from through an SMS. Check out how this can be done

This comes at a time when the resources of various state governments have taken a hit due to the COVID-19 pandemic.

"The decline is primarily because April was a month of complete lockdown and only essential services were working during this month," sources told CNBC TV-18.

In another trade-friendly move, the Central Board of Indirect Taxes and Customs (CBIC) has also extended the validity of e-way bills that were generated on or before March 24, and had expiry between March 20 and April 15, 2020.

In the wake of revision in GST, the Centre has allowed manufacturers, packers and importers to re-label new retail prices on their unsold pre-packaged products by September 30 this year

Under the Goods and Services Tax (GST) law, states are guaranteed compensation for revenue loss for 5 years if their revenue does not increase 14 per cent on the base year of 2015-16.

GSTIN is a 15-digit PAN-based unique identification number allotted to every registered person under GST.

This comes at a time when the country's exports have not performed all too well, with merchandise exports having contracted by 0.34 percent year-on-year in November.

The reshuffle in the panel's composition comes in the wake of issues being raised by state governments regarding GST compensation.

Replying to a notice seeking leave for adjournment motion in the state assembly, Isaac said fears expressed by the opposition that the state was undergoing a severe financial crisis was unfounded.

As per the CGST Act, any supply of goods or services or both between different GST registrations having the same PAN (distinct persons) shall be treated as "supply" and shall attract GST.

The panel comprising of state-level GST commissioners and centre government officials has been asked to suggest urgent measures to arrest the fall in tax revenues and suggest steps to be taken to improve revenue collection.

In the 24 months since its implementation, there have been many promises that have been made, many that have been met, and for some, still a distance to travel.

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.

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