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No GST rate increase till revenue stabilises

Sunday, December 22, 2019, 8:57 PM

No GST rate increase till revenue stabilises

Days after the GST Council refrained from hiking the tax-rates, Bihar Deputy CM Sushil Kumar Modi said there was no possibility of any such move till revenue stabilised. He said the Council had decided to consider changes in the rates once a year, and not in each and every-meeting. A hike in GST rates, he said, would have hampered consumption amid the economic slowdown.

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Economic revival unlikely soon: International Monetary Fund

Saturday, December 21, 2019, 8:34 AM

Economic revival unlikely soon: International Monetary Fund

India's economy may not see recovery any time soon going by high-frequency indicators, International Monetary Fund chief economist Gita Gopinath said while advocating "important reforms' for land acquisition and labour laws to get its manufacturing going and becoming part of the global value chain. India has pegged FY20 fiscal deficit target to 3.3% of GDP.

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Former chief economic adviser against I-T cut, higher GST rate

Saturday, December 21, 2019, 8:33 AM

Former chief economic adviser against I-T cut, higher GST rate

Former-chief-economic-adviser Arvind Subramanian said he was against reducing personal income-tax-rates, as it would benefit a small-percentage of taxpayers, and raising of GST rates. "(There is) no-space to have expansionary fiscal-policy. There is a lot of talk about personal income-tax-cut and raising GST rates, and I would be categorically against the both, we do not have the space," he said at an event on Friday.

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GST compensation required by 9 large states could double to 70,000 cr

Thursday, December 19, 2019, 5:31 PM

GST compensation required by 9 large states could double to 70,000 cr

GST compensation payment of nine select states, including Gujarat, Maharashtra, and Kerala, is expected to double to Rs 60,000-70,000 crore in 2019-20, according to a report. The timing of the release of such grants by the Government of India (GoI) to these states would critically affect their cash flows, ICRA said in a report.

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FinMin sets Rs 1.1 lakh crore monthly GST collection target

Tuesday, December 17, 2019, 3:31 PM

FinMin sets Rs 1.1 lakh crore monthly GST collection target

Amid talks of the government likely to miss tax collection target this fiscal, the Finance Ministry has set a Rs 1.1 lakh crore monthly GST mop-up target for the remaining four months of 2019-20 financial year, ministry sources said. Officers have been particularly urged to ensure that during field enforcement drive and visits, no taxpayer is overreached or troubled, the source said.

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Food cos write to FM Nirmala Sitharaman as GST fears mount

Monday, December 16, 2019, 9:40 PM

Food cos write to FM Nirmala Sitharaman as GST fears mount

The All India Food Processors' Association (AIFPA), which has members such as ITC, Mondelez, Haldiram, Bikanervala, PepsiCo, Nestle and various small and mid-sized foods companies, has written to Finance Minister Nirmala Sitharaman citing 'anxiety among food industry on the recent proposition for raising GST rates.' The letter comes just days ahead of a GST Council meeting on December 18.

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Government releases Rs 35,298 crores GST compensation to states

Monday, December 16, 2019, 3:53 PM

Government releases Rs 35,298 crores GST compensation to states

Facing heat over delay in compensation, the government today released Rs.35,298-crore to states. The matter was likely to be taken-up in the upcoming GST Council meeting where states, especially the Opposition-ruled ones, expected to try and pin the Centre down over the delay in the release of compensation. Nirmala Sitharaman, today, acknowledged the delay in payment of compensation on account of shortfall in GST-collection.

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GST compensation due for all states, not just for some: Nirmala Sitharaman

Friday, December 13, 2019, 8:32 PM

GST compensation due for all states, not just for some: Nirmala Sitharaman

Not only opposition-ruled states but other states also have not been paid GST compensation for the last four months since August this year. Speaking in the Rajya Sabha, Finance Minister Nirmala Sitharaman admitted the delay but said that the Centre had released more than what it collected as cess in the current financial year 2019-20 till October-end.

News

 
IT to get tax relief from redefined 'intermediary' service providers

Friday, December 13, 2019, 10:34 AM

IT to get tax relief from redefined 'intermediary' service providers

The government may consider redefining 'intermediary' service providers to provide tax certainty to the IT and IT-enabled services sectors, and stop levying goods and services tax (GST) on back-office work they do for foreign clients, an official said. The issue could figure at the next GST Council meeting and amendments to the law be taken up in the budget, the person said.

News

 
GST rates may go up for various items to meet revenue shortfall

Wednesday, December 11, 2019, 3:58 PM

GST rates may go up for various items to meet revenue shortfall

With pressure on revenue collection, the goods and services tax (GST) rates and slabs may be raised during the GST Council meeting next week. The all-powerful GST Council, headed by Finance Minister Nirmala Sitharaman, is set to meet on December 18 in the backdrop of lower-than-expected GST collection and pending compensation to many states.

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