GST COUNCIL MEETING
Finance Ministry releases weekly instalment of Rs 6,000 cr to meet GST shortfall
The Finance Ministry on Monday released the ninth instalment of Rs 6,000 crore to the states to meet GST compensation shortfall, taking the total amount of fund released to Rs 54,000 crore.
Centre, states look to tighten GST registration process
A meeting of the law committee of the GST Council has been convened on Wednesday to d...
Further tightening of GST registration process likely
The move follows a nationwide crackdown by the tax authorities on invoice frauds and th...
Centre permits 20 states to raise Rs 68,825 crore via borrowing to meet GST shortfall
The borrowing amount is 0.5% of gross state domestic product (GSDP). The total shortfall in the revenue of states on this account has been estimated at around Rs 1.1lakh crore, the ministry said in its statement.
GST Council meet ends without conclusion on compensation
The Council met for the third time in a row to discuss the issue, with minister of state for finance Anurag Thakur, finance ministers of states and UTs and senior officers from Union governments and states also present in the meeting.
GST Council meet ends without reaching consensus on compensating states
Finance minister Nirmala Sitharaman announced on Monday that the Centre and states ended the GST (Goods and Services Tax) Council meeting wi...
GST Council to discuss compensation cess today, opposition-ruled states may push for vote at meeting
The Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising of state finance ministers, will for the third time in a row discuss the issue of funding the shortfall of Goods and Services Tax (GST) revenue of states.
GST Council fails to decide on compensation to states
GST collections have fallen short on account of the Covid-19 pandemic, in turn hitting compensation to states. Opposition-ruled states maintain that the Centre should borrow from the market to raise the money for compensation payments.
42nd GST meet: Rs 20,000 crore Compensation cess collected this year to be disbursed to all states tonight
Earlier today, the GST panel had increased borrowing limit of Rs 1.1 lakh crore instead of Rs 97,000 crore in the first borrowing limit to states. The council has approved extension of the GST compensation cess levy beyond 2022.
42nd GST meet: Rs 20,000 cr compensation cess to be disbursed to states, no consensus on compensating states; satellite launches exempt from GST
After an inconclusive GST meet, finance minister Nirmala Sitharaman announced that Compensation cess collected this year, amounting to Rs 20...
GST shortfall: Opposition-ruled states to ask for dispute resolution mechanism at Council meet
Opposition-ruled states of Punjab, Chhattisgarh, Jharkhand, West Bengal, Kerala, Maharashtra, Puducherry and Telangana have decided to reject the two borrowing options in Monday’s meeting.
GST Council meeting postponed to October 5: Sources
The Council was earlier supposed to meet on September 19, to take up rate rationalisation and also the more burning issue of compensation cess to states.
GST Council meeting: Centre places two borrowing options for states to meet GST revenue shortfall
States can either borrow the full compensation deficit of Rs 2.35 lakh crore, which includes revenue loss due to transition to GST and also the Covid-led slowdown, from the markets, facilitated by the Centre and the RBI, or the shortfall that’s purely due to GST implementation of Rs 97,000 crore via the RBI special window.
GST Council meeting: Centre, states set to clash over compensation payment
States are likely to push the Centre to borrow from the market, bring more products under the compensation cess ambit, extend GST compensation cess collection to 10 years from present five years and continue with on-time payment of compensation at 14%, as mandated by the GST Compensation Act.
GST Council meet on Thursday, Compensation Shortfall on agenda
The upcoming GST council meeting is set for a stormy start as Opposition states are looking to take the Centre head-on on the issue of a com...