Tag: GST Council

Refund of input tax credit for input services cannot be claimed: Supreme Court

The Supreme Court said on Monday that refund of tax credit cannot be claimed for input services under the Goods and Services Tax regime’s inverted...

Need food, farm, fertilizer subsidy reforms to improve fiscal position: Finance Secretary T V Somanathan

Finance Secretary T V Somanathan on Tuesday underlined the need for improving the fiscal position of the government through reforms in farm, food and fertilizer...

NAA directs GST field units to collect evidence against suppliers not passing GST rate cut benefits on Covid items to customers

The National Anti-Profiteering Authority has directed all goods and service tax field units to collect evidence against suppliers that do not pass on benefits of...

Bengal FM asks Sitharaman to up borrowing limit for states to 5% of GSDP unconditionally

West Bengal finance minister Amit Mitra has asked the Centre to revise its projections of compensation cess due to states for FY22 to Rs 2.13...

Raise states’ borrowing limits to 5 pc of GSDP sans condition, Bengal urges FM

The West Bengal government on Friday suggested to Union Finance Minister Nirmala Sitharaman that the borrowing limits of states be raised to 5 per cent...

Centre’s FY22 GST compensation amount should be higher than projected Rs 1.58 lakh crore: Opp-ruled states

The compensation amount promised by the Centre is estimated to be higher than the Rs 1.58 lakh crore projected by the Centre, and a special...

Industry hails late-fee relief for GST non-filers, demands zero tax rate on med devices, health services

Industry chambers on Saturday said the GST amnesty of reducing late fees for delayed monthly return filing will provide some relief to small taxpayers, and...

Stage set for a stormy GST meet today

Expect a showdown when the GST council sits today after nearly six months for its 43rd meeting. The agenda includes issues such as tax relief...

FY’22 GST compensation shortfall estimated at Rs 2.69 lakh crore

The shortfall in GST compensation payable to states in the current fiscal is estimated at Rs 2.69 lakh crore, of which Rs 1.58 lakh crore...

Need Fiscal Council like institution to better manage Centre, state debt: NK Singh

The 15th Finance Commission Chairman NK Singh on Monday called for setting up a Fiscal Council like institution to better manage the debt trajectory of...

No immediate need for GST rate cut as industry doing well right now: Maruti Suzuki

NEW DELHI: Maruti Suzuki India, the country’s largest car maker, on Thursday said there is no immediate need for GST rate cut on passenger vehicles...

The Borlaug legacy: The common link between farmers’ protests in Punjab and stubble burning

What links farmers’ protests in Punjab, pollution from stubble burning and, much less seriously, unjust GST rates on Malabar parottas? The link is Norman Borlaug...

GST Council fails to reach consensus on compensating states

The Goods and Services Tax (GST) Council was deadlocked on the issue of compensation to be paid to states on account of the shortfall stemming...

Finance Minister defends tax Ordinance, says it was needed to provide relief

Finance Minister Nirmala Sitharaman on Saturday defended ordinance to amend the tax laws saying it was needed to provide immediate relief to taxpayers from statutory...

Act of god or man, full compensation must be paid: Thomas Isaac, kerala Finance Minister

Kerala Finance Minister Thomas Isaac says the state is confident it will get its total dues from the Centre. With a big chunk of the...

Punjab CM Amarinder Singh questions centre’s recent GST move

Punjab Chief Minister Amarinder Singh says he is in complete shock and dismay after the central government refused to pay the GST compensation. Edited excerpts...

How the recent decision by GST council has further deepened states’ financial woes

Imagine the following scenario. Your annual income is down by 30% and you apply for a personal loan to just about cover the EMIs of...

Centre unlikely to cede ground on GST compensation

(This story originally appeared in on Aug 31, 2020) NEW DELHI: The government is unlikely to give in to demands for changing the compensation formula...

GST Council forcing states to borrow: Congress governments

NEW DELHI: The GST Council has imposed borrowing on states, Congress-ruled states have said. Addressing a news conference after the GST Council meeting on Thursday,...

Sonia Gandhi rallies Opposition CMs against Centre amid rift in Congress

NEW DELHI/MUMBAI: Seven Opposition Chief Ministers on Wednesday decided to seek a review of the Supreme Court decision to hold JEE and NEET examinations in...

Delayed GST payment: Interest to be charged on net tax liability from September 1

The government has said that interest on delayed payment of goods and services tax (GST) will be charged on net tax liability with effect from...