What is the News? The Finance Minister has chaired the 45th Goods and Service Tax (GST) Council meeting. This was the first in-person GST meet since the Covid-19 pandemic. What are the key recommendations made at the GST Council meeting? Concession on Medicines Life-saving drugs Zolgensma and Viltepso used in the treatment of Spinal-Muscular Atrophy… Continue reading Recommendations of 45th GST Council Meeting
Tag: GST COUNCIL
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
36th GST Council Meeting
The 36th GST Council Meeting was recently held under the chairmanship of Union Finance Minister. The GST Council has decided to reduce Goods and Services tax(GST) rate on electrical vehicles(EVs) from 12% to 5% and on EV chargers from 18% to 5% from August 1,2019. The Council has also approved GST exemption for hiring of… Continue reading 36th GST Council Meeting
FM chairs 35th GST Council meeting in Delhi
The 35th Goods and Services tax(GST) Council Meeting was held on 21 June 2019 at New Delhi. The GST council has extended the tenure of the anti-profiteering authority by two years and has also imposed a penalty of up to 10% on businesses not passing on benefits of rate cuts to consumers. The Council took… Continue reading FM chairs 35th GST Council meeting in Delhi
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
