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Union Finance Minister Nirmala Sitharaman on Thursday made it clear that the Centre was not considering any compensation to states for potential revenue loss arising from the latest Goods and Services Tax (GST) rate cuts, stressing that the impact will be shared equally and given the devolution of taxes, while the Centre's share will be even smaller. The opposition was putting pressure on the BJP-led central government, seeking compensation of potential revenue loss from GST rationalisation. Speaking at a BJP-organised discussion on GST in Kolkata, Sitharaman said that during the GST Council meeting, several states, particularly those governed by opposition parties, raised concerns over the proposal to reduce rates, and asked what would happen if they led to revenue losses and how that gap could be filled. Sitharaman said that in response, she had explained that there is "no donor-donee relationship" within the GST Council. "If GST is divided 50/50 between the Centre and the states
The Union Finance Ministry has notified Central GST (CGST) tax rates for goods, which will be effective from September 22. States will now have to follow suit and notify the State GST (SGST) rates to be levied on goods and services beginning Monday. Under GST, the revenues are shared equally between the Centre and the states. Effective Monday, GST will be a two-tier structure, wherein the majority of goods and services will attract tax of 5 and 18 per cent. A 40 per cent tax will be levied on ultra luxury items, while tobacco and related products will continue to be in the 28 per cent plus Cess category. Currently, Goods and Services Tax (GST) is levied in 4 slabs of 5, 12, 18 and 28 per cent. Besides, a compensation cess is levied on luxury items and demerit or sin goods. With the reduction in rates on most goods, the onus is now on trade and industry to pass on the benefit of these tax rate changes to consumers and align compliance in a timely manner. AMRG & Associates Senior
Senior IAS officers Pawan Kumar Sharma and V Lalithalakshmi were on Saturday appointed as Deputy Election Commissioner and Joint Secretary in the Vice President's Secretariat, respectively, according to an official order. Sharma is a 1999-batch Indian Administrative Service (IAS) officer of the Madhya Pradesh cadre and Lalithalakshmi is a 2008-batch officer of the West Bengal cadre. Sharma, Additional Secretary in the Defence Ministry, has been appointed as Deputy Election Commissioner in the rank and pay of Additional Secretary to the government of India, an order issued by the Personnel Ministry said. The Centre also carried out a major Joint Secretary-level bureaucratic reshuffle, with 35 civil servants appointed to various government organisations. Aman Sharma, an Indian Postal Service officer of the 2002 batch, has been named as Joint Secretary, Department of Pharmaceuticals, the ministry order said. Madhya Pradesh cadre IAS officer Tarun Kumar Pithode has been appointed as J
Chief Minister Rekha Gupta on Wednesday said the Central government has sanctioned Rs 821.26 crore as special assistance to accelerate the transformation of the national capital into a "developed Delhi". The chief minister said that 66 per cent of the sanctioned amount has been released as the first instalment, enabling immediate commencement of key projects. The funds will be utilised for critical public service sectors, including health, education, housing, drinking water, electricity and transport. Gupta said the Union Finance Ministry has approved the allocation under the Scheme for Special Assistance to States for Capital Investment (SASCI) 202526. Of the total amount, Rs 716 crore under Part-I has been earmarked for 33 major infrastructure projects, while an additional Rs 105.26 crore under Part-III has been sanctioned for the Priority Corridor of MRTS Phase-IV, an official statement said. Expressing her gratitude to Prime Minister Narendra Modi, Union Home Minister Amit Sha
The Centre on Sunday refuted the Congress's allegations regarding irregularities in organic cotton certification, calling the remarks unfounded and misleading. The commerce ministry said the aspersions cast against the National Programme for Organic Production (NPOP) were baseless and unwarranted. "Generalised allegations against a robust regulatory system of the country for a particular crop/region/group of operators only serve to undermine the credibility of legitimate regulatory institutions and the broader organic movement in India," the ministry said in a statement. The Congress on Saturday demanded a court-monitored CBI probe into an alleged scam in the sale of normal cotton as organic cotton in Madhya Pradesh. Former Madhya Pradesh chief minister and senior Congress leader Digvijaya Singh alleged that India's image is being hurt globally as the country has lost credibility in the certification of organic products. "It may be mentioned that in a press briefing by an oppositi