Goods and Services Tax

Maharashtra expects Rs 30,000 cr towards GST compensation following Centre’s announcement

Maharashtra expects Rs 30,000 cr towards GST compensation following Centre’s announcement

The Maha Vias Aghadi government, which has been facing revenue shortfall due to the COVID-19 pandemic and economic downturn, hopes for a ...Read More

Will borrow to bridge GST shortfall of states due to pandemic

Will borrow to bridge GST shortfall of states due to pandemic

The Centre has finally yielded to the states in the running feud over who borrows funds to cover up the shortfall in the Goods and Servic...Read More

Centre allows 20 states to borrow additional Rs 68,825 cr to meet revenue shortfall

Centre allows 20 states to borrow additional Rs 68,825 cr to meet revenue shortfall

The decision comes a day after the GST Council meeting failed to reach a consensus on the stalemate over the Centre's proposal of states ...Read More

GST Council meet ends without reaching consensus on compensating states

GST Council meet ends without reaching consensus on compensating states

The panel, which is the highest decision-making body on indirect taxes, for the second time in a week failed to reach a consensus on the ...Read More

GST Council to discuss compensation cess today

GST Council to discuss compensation cess today

The last meeting of the Council a week back did not result in any consensus among the states as although around 20 states opted for the f...Read More

GST cess: States forced Centre to withdraw borrowing option

GST cess: States forced Centre to withdraw borrowing option

In a sudden volte-face, the Centre withdrew its controversial proposal for the states to borrow to cover up the shortfall in the face of ...Read More

Maharashtra government to raise funds through Centre’s special window

Maharashtra government to raise funds through Centre’s special window

Supports extension of the GST compensation cess levy beyond 2022

COVID-19 impact: What does Maharashtra and Uttar Pradesh have in common?

COVID-19 impact: What does Maharashtra and Uttar Pradesh have in common?

The early signs of economic recovery can be seen. The latest signal in this direction has been the rise of India's goods and services tax...Read More

GST rate on cars lower than pre-GST regime; auto cos should cut royalty payments: FinMin sources

GST rate on cars lower than pre-GST regime; auto cos should cut royalty payments: FinMin sources

Most globally established companies in the sector have flourished in the current taxation and regulatory regime, which is evident from th...Read More

GST compensation due to states at Rs 1.51 lakh cr, Maharashtra leads

GST compensation due to states at Rs 1.51 lakh cr, Maharashtra leads

The provisional GST compensation due to states/UTs for 2020-21 was highest for Maharashtra at Rs 22,485 crore, followed by Karnataka (Rs ...Read More

FinMin reaches out to states again, says entire GST dues to be paid

FinMin reaches out to states again, says entire GST dues to be paid

Sources in the Finance Ministry said that the entire shortfall of compensation to the states -- irrespective of whether it is on account ...Read More

Centre can’t borrow against GST cess: Finance ministry

Centre can’t borrow against GST cess: Finance ministry

The Centre and opposition-ruled states are at loggerheads over the financing of the Rs 2.35 lakh crore GST shortfall in the current fisca...Read More

Finance Commission to deliberate on GDP growth, GST compensation

Finance Commission to deliberate on GDP growth, GST compensation

An official statement on Thursday said that the meeting is for a "final discussion on GDP growth, tax buoyancy of the Centre and the stat...Read More

7 states, 1 UT oppose Centre's borrowing call

7 states, 1 UT oppose Centre's borrowing call

At an informal meeting on Monday, six non-BJP ruled states -- Punjab, West Bengal, Kerala, Delhi, Chhattisgarh and Telangana -- felt that...Read More

FPJ Exclusive: It’s statutory commitment of GoI to compensate states, says Puducherry CM

FPJ Exclusive: It’s statutory commitment of GoI to compensate states, says Puducherry CM

In an exclusive interview with Free Press Journal, Puducherry Chief Minister V Narayanasamy, who represented the Union Territory at the G...Read More

GST Council meeting debates revenue shortfall of states

GST Council meeting debates revenue shortfall of states

A crucial meeting of the GST Council on compensating states for revenue shortfall began on Thursday with the states ruled by non-NDA part...Read More

GST Council meet today may see fireworks over revenue

GST Council meet today may see fireworks over revenue

The 41st meeting of the Goods and Services Tax (GST) Council, to be held via video conferencing, has just one agenda for discussion -- ma...Read More

Two-wheelers neither luxury nor sin goods, merit GST rate revision: FM

Two-wheelers neither luxury nor sin goods, merit GST rate revision: FM

According to a statement issued by CII, which was also issued by the finance ministry's spokesperson, Sitharaman said a rate revision pro...Read More

Unable to pay GST share to states, Centre could change formula under GST act: Report

Unable to pay GST share to states, Centre could change formula under GST act: Report

On Tuesday, the Centre told Parliamentary Panel on Finance that it is in no position to clear the Goods and Services Tax dues of states, ...Read More

Centre sees greenshoots in Q1 GST, I-T collection numbers

Centre sees greenshoots in Q1 GST, I-T collection numbers

He said the Revenue Department wants to bring in self-compliance among taxpayers by making available data of all financial transactions v...Read More

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