Tag: Gst Council Meet

GST Council extends levy of compensation cess till March 2026

To enable the Centre to repay the loans, including principal and interest taken to compensate states for GST collection shortfall, the GST Council has agreed to levy compensation cess for an extended period up to March 2026

  • Friday, 17 September 2021
Wood for chariots, idols of deities exempted from GST

Bhubaneswar: The Goods and Services Tax (GST) Council today exempted wood meant for construction of idols and chariots of deities under the GST regime. Speaking to media after the GST Council meeting at Vigyan Bhawan in New Delhi, Odisha Finance Minister, Sashi Bhusan Behera said “After a while, the council has finally approved our demands […]

  • Monday, 26 July 2021
GST Composition Scheme: Rs 1.5 cr threshold from 2019-20

New Delhi: In a further relief to the micro, small and medium (MSME) sector, the threshold limit for eligibility under the GST Composition Scheme was raised to Rs 1.5 crore, from Rs 1 crore, by the GST Council on Thursday and will apply from the 2019-20 fiscal beginning April 1. “We had raised the Composition […]

  • Friday, 09 July 2021
Petrol, diesel prices not discussed: Jaitley after GST Council meet

New Delhi: Finance Minister Arun Jaitley on Friday parried questions on whether the government was considering a cut in taxes on imported crude to bring down the prices of petrol and diesel. “It was not in the agenda,” he said at a media briefing to a question on whether the government was considering any relief […]

  • Thursday, 08 July 2021
GST Bill
Number of tax slabs should reduce over time, says GST Council official

New Delhi: The number of tax slabs should be reduced to one to two over a period of time, a top Goods and Services Tax (GST) Council official said on Monday. “Over a period of time, our aim should be to reduce the number of tax slabs to 1-2,” Arun Goyal, Additional Secretary, GST Council […]

  • Monday, 05 July 2021
14th GST council meet starts in Srinagar

Srinagar: The crucial 14th Goods and Services Tax (GST) Council meeting to finalise tax slabs on services and commodities in the country started here on Thursday. Chaired by Union Finance Minister Arun Jaitley, this is the first time that such an important national policy-making meet is being held in Jammu and Kashmir. Finance Ministers, Finance […]

  • Monday, 05 July 2021
GST Council Meet: Centre Proposes 2 Options To States For Resolving Compensation Cess Issue

New Delhi: With Covid-19 disruptions making it impossible for the Centre to meet its obligation to provide compensation under the Goods and Services Tax (GST) law to states this year, it has proposed two options to the states to cover their compensation gap and meet their expenditure requirements. States have been given seven days time […]

  • Tuesday, 13 April 2021
Centre Brings Two Borrowing Options For States To Settle GST Compensation

New Delhi: States will have to forego borrowing flexibility of 1 per cent of state GDP given under the Atmanirbhar Bharat package if they opt to settle their entire GST compensation shortfall for FY21 through market borrowings. As per the design of the options given to the states by the Centre to meet GST compensation […]

  • Tuesday, 13 April 2021