Page 37 - Latest Updates on Goods and Services Tax
Telangana Cabinet gives nod to GST and FRBM Bills among others
The Telangana Cabinet approved several bills, which be taken up for discussion at the Monsoon session of the State Legislative Assembly
 "Telangana Cabinet gives nod to GST and FRBM Bills among others")
Entire GST shortfall will be compensated, says govt ahead of Sept 10 meet
The finance ministry ruled out borrowing by the Centre as suggested by some states
 "Entire GST shortfall will be compensated, says govt ahead of Sept 10 meet")
Covid-19 will have a bigger impact on the economy than previously expected
Impact on the economy would be heavier than estimated
 "Covid-19 will have a bigger impact on the economy than previously expected")
Will take up GST cut demand with FM Sitharaman, PM Modi: Prakash Javadekar
Prakash Javadekar assured the automobile industry that he will take up the industry's demand for a cut in GST for the sector with the Finance Minister and the Prime Minister
 "Will take up GST cut demand with FM Sitharaman, PM Modi: Prakash Javadekar")
Signs of economic revival as UP revenue collection jumps 6.74% in August
After sluggish mop up in April and May, state earnings have been improved with revenue collection in July at Rs 10,675 crore, or 97% of the level achieved the same month a year ago
 "Signs of economic revival as UP revenue collection jumps 6.74% in August")
Centre, state finmin officials thrash out GST compensation gaps
The states were informed that if they take the option of borrowing Rs 97,000 crore under a special window, they will still get Rs 2.35 trillion minus Rs 97,000 crore from the compensation cess
 "Centre, state finmin officials thrash out GST compensation gaps")
GST compensation cess mop-up rises for first time in five months
Collection up 6% in Aug YoY; overall mop-up below Rs 1-trn mark for 6th month
Tamil Nadu CM urges Centre to revisit options on GST compensation
He asked the government to ensure that the states get their full dues of the compensation in the current year itself
 "Tamil Nadu CM urges Centre to revisit options on GST compensation")
GST compensation row: FM's 'act of God' can be a nightmare for RBI
The government has invoked "act of God" for not paying its due to the states directly
 "GST compensation row: FM's 'act of God' can be a nightmare for RBI")
States' fiscal deficit likely to hit 4.2-5.5% of GSDP this fiscal year
This may take the general deficit of the country-- both the Centre's and states'-- to 11-14 per cent of GDP in FY21
 "States' fiscal deficit likely to hit 4.2-5.5% of GSDP this fiscal year")
Oppn-ruled states dismiss Centre's 2 options on GST compensation shortfall
Meet today to outline strategy on compensation
Purchases, imports and SEZ supplies to be auto-generated under GST system
Currently, taxpayers file GSTR1, which is a seller form and GSTR3B. However, purchases are not auto populated from GSTR1
 "Purchases, imports and SEZ supplies to be auto-generated under GST system")
Govt writes to states, suggests borrowing options to meet GST shortfall
States could borrow via a special window centre will facilitate through the RBI or they may raise debt from the market, says finance ministry
States' market borrowing set to get costlier; SDL yields rise 24 bps
Yields on the three-year SDLs have jumped 35 bps to 5.09 per cent this month
 "States' market borrowing set to get costlier; SDL yields rise 24 bps")
FRBM hike not enough; need 0.75 percentage point leeway: Thomas Isaac
In an interview with Dilasha Seth, Kerala Finance Minister Thomas Isaac says if the issue isn't settled, states will have to move Supreme Court
 "FRBM hike not enough; need 0.75 percentage point leeway: Thomas Isaac")
Multiplex chain PVR found guilty of profiteering, but escapes penalty
PVR escaped penalty because it voluntarily deposited Rs 13.72 lakh along with interest worth Rs 35,800 to the consumer welfare fund
 "Multiplex chain PVR found guilty of profiteering, but escapes penalty")
States' GST revenue shortfall can be bridged by monetising debt, NSSF: SBI
The Centre said a special window can be provided to the states, in consultation with the RBI, for borrowing at a reasonable interest rate
GST Council meet: States accuse Centre of 'arm-twisting' them to borrow
Even BJP-ruled states like Karnataka suggest central govt should borrow to compensate states
 "GST Council meet: States accuse Centre of 'arm-twisting' them to borrow")
GST Council meet: States to push for borrowing by Centre on Thursday
Our worst fears are now coming true, Amit Mitra writes to Sitharaman
 "GST Council meet: States to push for borrowing by Centre on Thursday")
Sonia to chair meeting with Congress CMs, Mamata Banerjee, Uddhav Thackeray
Congress interim chief Sonia Gandhi will speak to the CMs to discuss the pending GST share, and the NEET and JEE examination issue.
 "Sonia to chair meeting with Congress CMs, Mamata Banerjee, Uddhav Thackeray")