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Latest Articles in gst council

GST Revenues Up 65% In May At Rs 1.02 Lakh Crore

The May 2021 collection is 65 per cent higher than Rs 62,009 crore the Goods and Services Tax (GST) revenue of May 2020. Collections last year were impacted as economic activity took a hit due to the nationwide lockdown imposed to check the spread of COVID-19.

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Monthly GST Return Filing Deadline Extended Till June 26

The GST Council, chaired by the Union Finance Minister and comprising state counterparts, on May 28 had decided to extend certain compliance relaxations on account of COVID-19.

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Industry Hails Late-fee Relief For GST Non-filers, Demands Zero Tax Rate On Med Devices, Health Services

The late fee for non-furnishing of GSTR-3B for July 2017 to April 2021 has been capped at Rs 500 per return for those taxpayers who did not have any tax liability.

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Relief To Taxpayers Regarding Late Fee For Pending Returns; Late Fee Reduced For Future Tax Periods

Nearly after eight months, Finance Minister Nirmala Sitharaman held 43rd GST Council meeting. FM announced the Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns. She also added that the late fee also would be rationalized for future tax periods and the process of Annual Return for Financial Year 2020-21 will be further simplified.

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Karnataka Seeks Release Of Pending Compensation Of Rs 11,000 Crore From GST Council

Home Minister Basavaraj Bommai, who represents the state in the GST Council, which met today under the Chairmanship of Union Finance Minister Nirmala Sitharaman, requested it to extend the loan facility for compensation to the states to 2021-22 fiscal

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Compensate States On Gap Between Protected Revenue, Actual Expected Revenue: TN To GST Council

The gap between large organisations and micro, small and medium enterprises has 'widened' due to the unequal access to technology platforms and dispute-resolution mechanisms

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GST Council Leaves Tax Rate On Vaccines Unchanged

Sitharaman said the Council decided to continue a waiver of I-GST on free COVID-19 related supplies imported from abroad.

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GST Council Meet Outcome: GoM Formed To Work Out More Exemption On Covid-Related Supplies

Nearly a day-long meeting of the GST Council chaired by Finance Minister Nirmala Sitharaman took a number of important decisions including continued exemption of GST on some select COVID-19 supplies till 31st August 2021, creation of GoM to seek any further exemptions and its modalities, Relaxation of GST Return filing for small tax payers among others

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GST Council Meet Begins, Tax Rate Cut On COVID Essentials, Compensation To States On Agenda

The 43rd GST Council meeting, chaired by Finance Minister Nirmala Sitharaman and comprising state finance ministers, is being held via video conferencing.

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43rd GST Council Meeting Begins at 11 am; Key Issues on Agenda

To be conducted virtually via video conferencing, this meeting of the GST Council is the first in 2021 as the last meeting took place in October 2020. Rules mandates meeting to be conducted once every quarter which was not possible post the second wave of the pandemic

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GST Council May Decide On IGST Levy On Oxygen Concentrators Imported For Personal Use On May 28

The Court's observation came on a plea filed by an 85-year old COVID patient whose relative had sent oxygen concentrator from the US.

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GST Council To Meet On May 28; Compensation Shortfall, Rates On COVID Essentials On Agenda

The impact of second wave of the pandemic on GST revenue is likely to be taken into account in the forthcoming GST Council meeting on May 28.

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Not Possible To Bring Petrol, Diesel Under GST For Next 8-10 Years: Sushil Modi

Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021.

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GST- Invoice Matching Principle Gets Statutory Recognition

The new return filing mechanism based on the matching concept was introduced under the GST law vide Finance Bill 2018 which permitted the recipient to take provisional input tax credit even on the invoices not furnished by the supplier to a maximum of 20% of eligible input tax credit as available in his inward details.

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Dharmendra Pradhan urges GST Council to bring petroleum products under its purview

Dharmendra Pradhan urges GST Council to bring petroleum products under its purview

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