Page 3 - Central Goods And Services Tax

Meeting of Group of Ministers on GST rate rationalisation deferred

A meeting of the panel of state finance ministers looking into GST rate rationalisation has been deferred, sources said. The Group of Ministers (GoM) on rate rationalisation, headed by Karnataka Chief Minister Basavaraj Bommai, also includes West Bengal Finance Minister Amit Mitra, Kerala Finance Minister K N Balagopal, and Bihar Deputy Chief Minister Tarkishore Prasad. It has met twice so far and was scheduled to meet on November 27 to consider recommendations of the Fitment committee regarding GST rate and slab changes. Sources said the meeting has been deferred and the GoM would submit its report to the GST Council, chaired by the union finance minister and comprising state counterparts. The Council, which meets once every quarter, is slated to meet next month. Sources had earlier said the Fitment committee, comprising tax officers from states and the Centre, has made many "sweeping" recommendations regarding slab and rate changes and taking items out of the exemption list. All

Grants, non-philanthropic donations to attract 18% GST, says AAR

Charitable trusts are liable to pay 18 per cent GST on grants and non-philanthropic donations received by them, the Maharashtra AAR has ruled

Now Jharkhand also opts for the special window for GST compensation

With this, all states and 3 UTs choose the window set up by the Centre to borrow on behalf of states the shortfall arising out of GST implementation

GST compensation row: What the Centre and state govts disagree on

Here's a quick breakdown of the relevant details

GST uncertainty continues

Confusion and delays could increase Centre-state friction

Minting money: States earned Rs 1.75 trillion from sale of alcohol in FY20

It was their third-largest source of revenue after GST and sales tax or value-added tax

Some criticism of GST put in proper perspective

The fact is that GST is not a flat tax

Broad strokes: Pricing power to help paint majors clock volume-led growth

Paint companies' relatively good performance in recent quarters, with double-digit volume growth and strong margins, is a key driving factor

Letter to BS: Controversy remains after CBIC removes circular on GST

What else could explain the fact that notwithstanding the withdrawal thereof by the CBIC, its over-enthusiastic field officers continue to harass the dealers

Claim settled by ECGC can be considered for incentives under FTP

A claim settled by ECGC can be considered for eligibility of incentives under FTP and drawback but not for service tax refund