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Tags : "gst"

Centre not reneging on its promise to compensate states for

Finance minister Nirmala Sitharaman said the Centre is not reneging on its promise to compensate states for any revenue loss due to the transition to the goods and services tax regime and had “gone much beyond” to protect them. She said the Centre’s transfer to the states, including grants and tax transfers, exceeded its total […]Read More

It’s a wage, not labour, crisis: Three lessons for reforming

Lockdown salary payment outcomes suggest formal enterprises are more resilient than informal enterprises. Synopsis There are three lessons for reforming our dysfunctional labour laws. One, any change must be balanced. Two, any change needs evidence. Three, any change needs openness. India’s labour laws are neither prolabour nor pro-employer. They are pro-labour inspector. So, why don’t […]Read More

GST: 12 states accept centre’s Rs 97,000 crore borrowing option

NEW DELHI: Twelve states including Andhra Pradesh, Bihar, Gujarat, Haryana, Karnataka, Madhya Pradesh, Meghalaya, Sikkim, Tripura, Uttar Pradesh, Uttarakhand and Odisha so far have opted for the first option offered by the centre — Rs 97,000 crore borrowing for compensation of revenue shortfalls due to goods and service tax (GST) transition. Manipur is the only […]Read More

States need ‘hard cash’, govt’s ‘letter of comfort’ has no

Senior Congress leader P Chidambaram on Thursday said the Centre’s reported proposal of giving “letter of comfort” to states to borrow money to bridge the GST compensation gap were “just words of comfort” on a piece of paper that has “no value”. He asserted that the states need “hard cash” and if they are forced […]Read More

View: States should get the GST revenue that Jaitley had

Former finance minister Arun Jaitley displayed a masterly generosity of spirit and long-term vision in guaranteeing the states revenue growth of 14% per year for five years to clinch a deal on an all-India Goods and Services Tax (GST) to replace hundreds of different central and state taxes. This would improve efficiency, reduce tax evasion […]Read More

Opposition states plan to seek Prime Minister Modi’s help on

NEW DELHI: Opposition-ruled states will seek Prime Minister Narendra Modi’s intervention on the issue of the goods and service tax shortfall compensation, unhappy with the Centre’s offer of two borrowing options. Andhra Pradesh, Tamil Nadu and Odisha are likely to join Delhi, Punjab, Kerala, West Bengal, Chhattisgarh, Jharkhand, Maharashtra, Rajasthan and Puducherry in rejecting the […]Read More

Delhi High Court restricts tax authorities from issuing show cause

The Delhi High Court has restricted the tax authorities from issuing show cause notices to 13 banks for not levying service tax on the commitment to maintain ‘minimum average balance’ (MAB) in bank accounts. While the government has sought that show cause notices to the banks should prevail, the banks contended that if show cause […]Read More

Opposition ruled states likely to reject Centre’s GST options

New Delhi: A number of states, particularly opposition-ruled ones, are set to reject the two borrowing options proposed by the Centre to meet the deficit in the goods and services tax (GST) compensation fund. State finance ministers from opposition states will meet on Monday to finalise a joint strategy to approach the Centre again as […]Read More