Page 29 - Goods And Services Tax

Advance tax collection surges 146% despite Covid-19-led economic disruption

Net direct tax mop-up zooms 100% till June 15

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

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

After the GST cut

Council should address structural shortfall in revenue

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

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

Structural weakness

India needs to overhaul the tax system

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

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

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

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

More misses than hits

GST Council should have addressed pressing issues

All eyes on GoM call on taxing Covid items

Under the GST laws, hundreds of mass consumption items and essential services are exempted fully or attract a lower rate of tax than the standard rate of 18%

'GST compensation amount should be higher than Rs 1.58 trillion in FY22'

The compensation amount promised by the Centre is estimated to be higher than the Rs 1.58 trillion projected by the Centre, say three opposition-ruled states

GST Council meet: Decision on tax cuts on Covid-19 vaccines by June 8

The issue of GST rates on vaccines and other Covid-related supplies will be reviewed by a Group of Ministers (GoM).

GST Council meet: Govt to borrow Rs 1.58 trn for compensation shortfall

States' demand for the extension of the compensation period beyond June 2022 will be taken up in a separate meeting

GST: Centre to borrow Rs 1.58 trn in FY22 to compensate states, says FM

Nirmala Sitharaman announces a flurry of pandemic-related relief measures after the 43rd GST Council meeting

Footwear, readymade garments likely to attract higher rates of GST

The fitment committee, which recommends rate changes to the Council, has proposed increasing the rate on footwear (less than Rs 1,000), readymade garments, and fabrics to 12% from 5% now

Structural shift

Higher GST collection reflects better compliance