Despite so many feats, GST still a work in progress

Source: Business Standard Relevance: GST is a comprehensive indirect tax(IDT) that comprises a majority of India’s IDT. Synopsis: The GST is still a work in progress. Hopefully, the GST Council will rediscover the spirit of cooperative federalism and move forward. Improvements after the GST: Due to the introduction of GST, Voluntary tax compliance increased, tracking… Continue reading Despite so many feats, GST still a work in progress

Centre gives two options to States on GST compensation

News: Finance Minister has chaired the 41st GST Council meet.The council discussed states compensation and revenue losses. Facts: Union Finance Minister has placed before the GST Council two options for borrowing by states to meet the shortfall in GST revenues pegged at Rs 2.3 lakh crore in the current fiscal.The two options are: First Option:… Continue reading Centre gives two options to States on GST compensation

GST Council Meeting: No rate hike, vote for single lottery rate

News:Finance Minister has chaired the 38th GST Council Meeting in New Delhi. Facts: Key takeaways from the meeting: The GST Council has for the first time used the voting process and has voted to tax lotteries under the highest slab of 28%. The Council has decided to tax woven and non-woven bags at 18%, compared… Continue reading GST Council Meeting: No rate hike, vote for single lottery rate

GST Council rings first alarm bells on revenue

News:The GST Council has written to states telling them that the GST and compensation cess collections are unlikely to be met this year. Facts: About GST Compensation Cess: A cess is a tax that is levied by the government to raise funds for a specific purpose. As part of the GST reforms, the GST Compensation… Continue reading GST Council rings first alarm bells on revenue

GST Council forms 12-member panel

News:The Goods and Services Tax(GST) Council has constituted a 12-member committee of officials from states and Centre to suggest steps to augment revenue and improve compliance under the GST regime. Facts: Why was the committee formed? The committee was formed after the gross monthly collection has fallen to a 19 month low of ₹91,916 crore… Continue reading GST Council forms 12-member panel

37th GST Council meeting

News:The 37th Goods & Services Tax(GST) Council meeting was held on 20th September 2019. Facts: Key Highlights of the meeting: Uniform GST rate of 12% to be levied on polypropylene bags and sacks used for packing of goods GST exempted on specified defence goods not manufactured in India Group insurance schemes for paramilitary forces under… Continue reading 37th GST Council meeting

GST Council may give one-year extension to anti-profiteering authority

The GST Council is likely to extend the tenure of the National Anti-profiteering Authority(NAA) till November 30,2020. Besides,the Council will also discuss a proposal to levy Goods and Services Tax(GST) on extra-neutral alcohol (ENA) which is used for manufacturing alcoholic liquor for human consumption. ENA is a derivative of sugarcane molasses and is not an… Continue reading GST Council may give one-year extension to anti-profiteering authority