gst council - Latest News, Analysis, Opinion

GST compensation to states for revenue shortfall resulting from subsuming of local taxes such as VAT in the uniform national tax, Goods and Services Tax (GST) will end in June next year.

GST Council Meet On Dec 31, To Discuss Rate Rationalisation

There have been demands for merging the 12 and 18 per cent slabs and taking out certain items from the exempt category to balance the impact of slab rationalisation on revenue.

Amit Mitra urges PM Modi to call GST council meet

The union government had notified an increase in GST on natural fibre products from 5 per cent to 12 per cent, including apparels in the lower tax bracket with effect from January 1, 2022.

'No Recommendation By GST Council To Bring Petroleum Products Under GST'

Energy & Infra Oil and Gas

Excise duty on petroleum products is calibrated time to time for generating resources for infrastructure and other developmental items of expenditure, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha.

About Rs 52,000 Cr GST Compensation Pending To States Till Sept: FinMin

This includes Rs 13,153 crore pending to Maharashtra, Rs 5,441 crore to Uttar Pradesh, Rs 4,943 crore to Tamil Nadu, Rs 4,647 crore to Delhi and Rs 3,528 crore to Karnataka.

Grants, Non-philanthropic Donations To Attract 18% GST, Says AAR

It undertakes supply of services to 50 orphans and homeless children by way of shelter, education, guidance, clothing, food, and health for the women and child welfare.

Reduction In GST, Subsidy On Conversion Kits To Push Auto LPG Growth

"Not only is auto LPG 40-50 per cent cheaper than the carbon-based petrol and diesel, but its emissions are also negligible as compared to the conventional fuels. So, adoption of auto LPG leads to purer air and cleaner environment, reduced public health burden and lower mobility cost," it said.

Petroleum Products To Remain Outside GST Regime; Food Delivery Apps to Collect & Deposit GST

Ashish Sinha

Petroleum products will continue to remain outside the ambit of GST regime as many states have opposed the idea of bringing them under the GST regime. Food Delivery App to collect and deposit the 5 per cent GST effective 01 January 2022 instead of the restaurant and several more decisions taken on Friday by the GST Council

GST Council: Kerala To Oppose Move To Increase Tax On Coconut Oil

According to them, a hike in the tax on coconut oil will pave the way for the rise in prices of coconut oil, which is the major edible oil item in Kerala and parts of Tamil Nadu and Karnataka.

GST Council May Discuss Proposal To Include Diesel, Petrol In One Regime

Energy & Infra

Presently, only 5 fuels come under the central excise, cess and state VAT which lead the Centre and the states governments to register huge revenues.

GST Council Meet On September 17 To Review Rate On COVID Essentials, Compensation Mechanism

The meeting on September 17 could discuss compensation to states for loss of revenue, review of rates on COVID essentials, and inverted duty on certain goods.

Enhanced GST Mop-up Of Recent Months Should Now Be 'New Normal': FM

For eight months in a row, Goods and Services Tax (GST) revenues have crossed Rs 1 lakh crore mark and touched a record Rs 1.41 lakh crore in April 2021.

GST Reduced Tax Rate, Increased Compliance; More Than 66 Cr Returns Filed In 4 Years: Finmin

Economy Policy

GST has significantly eased one of the most complex indirect tax systems and a company looking to do business in every state had to make as many as 495 different submissions.

GST Rates Slashed For Furnaces, Ambulance, Covid-Essentials