Tag: GST Council

‘Majoritarianism in GST Council’

Mitra, who demanded for a full tax waiver on Covid-related medical supplies, said his demand for zero GST rate or a token 0.1 per cent would have enabled tax reduction to consumers as well as availability of tax credits to producers was ignored.

June 15, 2021

Bureaucrats undermining powers of GST Council : Amit Mitra

Mr Mitra complained that even the voice of the Group of Ministers in the council is being silenced.

June 14, 2021

GST rates on Covid items slashed; vaccine still taxed at 5%

The tax rate on Tocilizumab, used for treatment of Covid-19 has also been waived off. The previous tax rate was 5 per cent.

June 12, 2021

GST Council meet begins, may consider duty cuts on medical supplies

At the last meeting of the Council, it was decided to form a group of ministers (GoM) to examine the need for further reductions and decide on any new rates for medical equipment and vaccines.

June 12, 2021

GST Council extends compliance relief for all taxpayers, focus on smaller

The reduced rate of late fee would apply if GSTR-3B returns for these tax periods are furnished between June 1 and August 31, a Finance Ministry statement said.

May 29, 2021

Amid Covid wave, GST Council meet begins; may consider duty cuts

The meeting might also take a political colour as few opposition ruled states like West Bengal, Punjab have been pushing for exempting Covid vaccine from GST. The Finance Ministry has been opposing such a move that would deny the benefit input tax credit for producers.

May 28, 2021

CAIT to launch nationwide agitation against GST, alleged malpractices of e-commerce firms

This comes after CAIT’s day-long Bharat Vyapar Bandh', on February 26, received a lukewarm response.

March 1, 2021

Traders body urge FM, GST council to modify recently issued GST notification

The Central Board of Indirect Taxes and Customs (CBIC) has introduced Rule 86B in GST Rules, to be applicable from January 1, 2021, which restricts use of input tax credit for discharging GST liability to 99 per cent.

December 28, 2020

FICCI calls for abolition of anti-profiteering provisions

Under the GST law, a National Anti-Profiteering Authority (NAA) and a Standing Committee on anti-profiteering have been set up to examine complaints of not passing on tax rate cut benefits to consumers.

December 21, 2020

GST Council to discuss compensation cess on Monday

The last meeting of the Council a week back did not result in any consensus among the states as although around 20 states opted for the first among the two options offered by the Union Government, 10 states and Union Territories stayed put on their stand that they would not borrow in lieu of the compensation cess.

October 11, 2020

GST e-invoicing mandatory from Oct 1 for companies with annual turnover of over 500 crore

The relief, however, would be there for relatively smaller businesses.

September 26, 2020

GST council will discuss how it can compensate to states, says FM Nirmala Sitharaman

Sitharaman made the statement while replying to a debate on supplementary demands for grants in the Lok Sabha.

September 19, 2020

Govt asks Auto cos to reduce royalty payments to parent firms abroad: Reports

The Finance Minister Nirmala Sitharaman had recently said that concerns of the automakers in GST would be taken to the GST Council.

September 18, 2020

Being simple

A reason for most laws being exceedingly complex is that laws are drafted by legal experts who revel in complexity; most Acts have accompanying Rules and Circulars/ Notifications, with all the three required to be read together. Rarely is a law enacted in simple language that is comprehensible to the layperson

September 3, 2020

‘Messenger of God’: Chidambaram jibes at Nirmala Sitharaman over ‘Act of God’ remark at GST Council meet

Briefing reporters after the 41st meeting of the GST Council on Thursday, Finance Minister Nirmala Sitharaman said the economy is facing an extraordinary 'Act of God' situation, which may result in economic contraction.

August 29, 2020

States stare at over `2 L cr GST shortfall

Centre gives two options to borrow via RBI; states get 7 days to decide

August 28, 2020

GST Council meet: Collection has shortfall of Rs 2.35 lakh crore in FY21, states given two options on compentation

'The Government will give a further relaxation of 0.5% in states' borrowing limit under FRBM Act,' the Finance Minister said.

August 27, 2020