Page 30 - Latest Updates on Goods and Services Tax
View from the edge
The Union government is so fiscally ineffective that it can only spend an incremental 0.4 per cent of GDP on healthcare in a pandemic, against a global average of 1.2 per cent, writes Rathin Roy
Best of BS Opinion: Four years of GST, towards better governance & more
Here are the best of Business Standard's opinion pieces for Thursday
 "Best of BS Opinion: Four years of GST, towards better governance & more")
Finance ministry to issue appreciation certificates to 54,439 GST payers
The ministry said it will issue certificates of appreciation to over 54,000 GST payers for timely filing of returns and cash payment of the tax, to mark the 4th anniversary of the historic tax reform
 "Finance ministry to issue appreciation certificates to 54,439 GST payers")
Four years of GST
Some distance covered but there is scope for a huge improvement
 "Four years of GST")
Govt mulling ways to ease tax burden on foreign AIF investors
Such investors have had to bear higher taxes on their investment because of the goods and services tax (GST) borne by such funds, which is ultimately passed on to the investors
 "Govt mulling ways to ease tax burden on foreign AIF investors")
GST: A turning point?
The recent upsurge in revenues offers the prospect of the country breaking out of the long-stagnant tax-to-GDP ratio
 "GST: A turning point?")
Advance tax collection surges 146% despite Covid-19-led economic disruption
Net direct tax mop-up zooms 100% till June 15
 "Advance tax collection surges 146% despite Covid-19-led economic disruption")
Dangers of a wrong diagnosis
Indirect taxes are now higher than direct taxes. But cutting indirect tax rates to address this will amount to barking up the wrong tree
 "Dangers of a wrong diagnosis")
Direct tax mop-up zooms 85% in spite of economic disruption due to Covid-19
Trend in contrast to moderation in GST collections last month
 "Direct tax mop-up zooms 85% in spite of economic disruption due to Covid-19")
After the GST cut
Council should address structural shortfall in revenue
 "After the GST cut")
GST collections fall to an 8-month low in May; exceed Rs 1 trillion-mark
The goods and services tax collection stood at Rs 1.02 trillion in May compared with a record high of Rs 1.41 trillion in April and Rs 1.24 trillion in March
Amid curbs, GST collection in May drops to Rs 1.02 trn vs Rs 1.4 trn in Apr
However, when compared with the same month last year, the revenues collected in May are 65 per cent higher
 "Amid curbs, GST collection in May drops to Rs 1.02 trn vs Rs 1.4 trn in Apr")
Do not politicise GST Council: Finance Minister Nirmala Sitharaman
The government is conscious of the intensity of the second wave of Covid-19 and is assessing its full impact before coming out with further packages and interventions, says FM Sitharaman
 "Do not politicise GST Council: Finance Minister Nirmala Sitharaman")
Structural weakness
India needs to overhaul the tax system
 "Structural weakness")
GST was notified with horrendous rates of tax: Congress leader Chidambaram
Congress leader P. Chidambaram has slammed the union government for converting the GST to a bad law, saying it was notified with horrendous rates of tax
 "GST was notified with horrendous rates of tax: Congress leader Chidambaram")
The importance of EQ over IQ for politicians
Humility, not hubris, should be the middle name of any Indian politician who wants to achieve his goals
 "The importance of EQ over IQ for politicians")
SC stays levy of IGST on imported oxygen concentrators for personal use
The Supreme Court stayed the operation of a Delhi High Court order holding as "unconstitutional the imposition of the IGST by the Centre on import of oxygen concentrators for personal use
 "SC stays levy of IGST on imported oxygen concentrators for personal use")
RBI's status quo policy may revolve around Covid-19 pandemic measures
RBI's forecast for growth is 10.5% for the current fiscal year. Most analysts expect the RBI to lower it in the June 4 monetary policy announcement
 "RBI's status quo policy may revolve around Covid-19 pandemic measures")
GST compensation: Oppn-ruled states claim Rs 55,000-cr underestimation
They have also sought an additional compensation of Rs 65,000 crore for FY21
 "GST compensation: Oppn-ruled states claim Rs 55,000-cr underestimation")
More misses than hits
GST Council should have addressed pressing issues