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 compliances in wake of Covid19 pandemic. “There was an urgent need to give relief to the taxpayers… amendments in the clauses was needed to extend compliance dates, waive or defer […]Read More
Tags : "GST Council"
NEW DELHI/BENGALURU/HYDERABAD/GUWAHATI: The NDA-ruled states have welcomed the borrowing options proposed by the Centre to make up for the shortfall in the goods and services tax (GST) compensation cess fund. However, these states are yet to take a final call on the option. “When the central government is saying that it will be paid from […]Read More
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 September and to turn Thursday’s GST Council meet into a stormy event of protest against non-payment of GST dues to states. The virtual meeting convened by Congress president Sonia Gandhi […]Read More
MUMBAI: The RBI has prescribed several reforms to get the economy back on the rails after the rollback of various stimulus measures taken to counter the lockdown-induced economic damage. These include a concrete plan to rein in fiscal deficit instead of kicking the can down the road, targeted tax sops to create employment, and sale […]Read More
The goods and services tax (GST) collection in Odisha has fallen by 7.86 per cent year- on-year to Rs 2,693.75 crore in June, amid slowdown in the economy due to the coronavirus crisis, an official said on Sunday. The GST revenue was 2,923.47 crore in the year-ago month. The gross GST collection in the April-June […]Read More
NEW DELHI: The transition of Goods and Services Tax Network (GSTN) to a government-owned entity may face a delay as some states stay lukewarm to buying shares owing to the extra expenditure on account of Covid-19. The GST Council had accepted the change in ownership in its final assembly held on March 14. While the […]Read More
Mobile phones will now attract an 18% goods and services tax (GST) rate, up from existing 12%, after the GST Council corrected the inverted duty structure that was being faced by the industry. The Council, however, deferred rationalizing the tax structure of other products such as fertilizers, man made yarn, fibre and footwear among others, […]Read More