Page 45 - Goods And Services Tax

GST Council meet may turn stormy over states' cess; Rs 50k-cr dues pending

The Centre has, so far, not given any definite timeline for making the pending compensation cess payments to states, thereby triggering a face-off between the two sides

Industry favours staggered GST returns, seeks HSN code only up to 4 digits

In the new returns, there would be one main form - GST RET-1, which will contain details of all supplies made, input tax credit availed, and payment of taxes.

Centre will honour GST compensation payment to states, says FM Sitharaman

This monthly compensation was to be paid within two months but states haven't received any such amount since August 2019

Soon, govt may introduce lottery system to incentivise GST filing

On the lines of the Delhi government's scheme for consumers under the VAT regime, the Centre's lottery system will aim to increase compliance

Name inadvertently mentioned as head of GoM on IGST, says Sitharaman

She said that while she was meeting states regarding GST compensation issue, "there was a confusion", that Nirmala Sitharaman has withdrawn from a GoM

GST in Kashmir will erode the Valley's special status, protest traders

The shutdown call was given by Kashmir Traders and Manufacturers (KTMF)

GST in Kashmir: Traders march against new regime with black flags; detained

A special session of the state legislature began today to discuss GST implementation

GSTN to be converted into a fully govt-owned company in 3-4 months: CEO

The GST Council had decided to convert it into a fully govt-owned company in May, 2018

Top 10 biz headlines: Swinging fortunes for India's rich, GST rates & more

From Insolvency and Bankruptcy Code (IBC) amendment to India's coal power usage, here are the top 10 business headlines of the day

Higher GST rate on mobiles, fabrics likely to boost revenue collection

The GST rate on mobile phones is 12%, whereas that on phone parts and batteries is 18%

Fiscal deficit may slip to 3.5-3.8% in FY20; govt set to miss 3.3% target

The FRBM Act, after its amendment in 2018, allows a fiscal deficit slippage of not more than 0.5% for any given year, provided there are justifications

Liquidity crunch is mostly behind us, says Tata Sons' N Chandrasekran

Chandrasekran said the goods and services tax (GST) regime and the Insolvency and Bankruptcy Code (IBC) are historic decisions.

Falling GST collections: Parliamentary panel asks Centre to address issue

The Centre has paid Rs 45,745 crore as compensation to states for their revenue loss under GST for the first four months of the current financial year

Could consumption really have fallen?

The leaked NSS consumption numbers have provoked a debate. While arguments by various sides are not really convincing there are some broad lessons

Parliamentary panel asks govt to prevent misuse of GST input tax credit

Two years after its launch, the government has begun the review of GST, including a possible resetting of rates along with the slabs, the Standing Committee on Finance headed by Jayant Sinha said

Budget 2020: Pradhan hopes for signal on ATF, natural gas inclusion in GST

5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors

CGST collection missed budget estimate by 40% in April-Nov: Anurag Thakur

The actual CGST collection during April-November stood at Rs 3,28,365 crore while the budgeted estimate is of Rs 5,26,000 crore for these months

Delhi HC issues notices to exporters over non-payment of IGST on imports

Under the GST regime, the exemption was not clearly mentioned till October 13, 2017. During the period, exporters were not allowed to clear their goods unless they pay IGST

States plan political battle over delayed allocation of GST compensation

States are planning to pass resolutions in their legislative assemblies; however, such tactics will be used as the last resort if the Centre continues to stall allocations

Three dangerous myths

The errors and misapprehensions that led to constant optimism about Indian growth