NEW DELHI: The Opposition-ruled states have decided to ask the Centre to put in place a dispute resolution mechanism to address the contentious issue of Goods and Services Tax (GST) shortfall compensation in GST Council meeting scheduled on Monday. Objecting to the Centre’s two borrowing options offered and what the states are looking at as … Read more
NEW DELHI: Ahead of the crucial meeting of the Good and Services Tax (GST) Council on October 5, the Opposition-ruled states have dug in their heels against the Centre’s two borrowing options on GST shortfall compensation and are likely to take a common stand at the meeting. The Opposition-ruled states of Punjab, Chhattisgarh, Jharkhand, West … Read more
New Delhi: India has proposed to cap the surcharge levied on the dividend income of foreign portfolio investors (FPIs) that use a trust structure at 15% against 25-37% charged now, offering them significant relief after the row that broke out over the so-called super-rich tax last year. FPIs that operate as trusts now face a … Read more
New Delhi: Finance Minister Nirmala Sitharaman on Friday said that bulk of the additional spending sought in the first batch of the supplementary demands for grants would be spend on people-centric schemes to help them amid the coronavirus pandemic. The minister also said that probably for the first time the government has sought such a … Read more
BENGALURU: Opposition leader in the Karnataka Assembly Siddaramaiah on Thursday attacked chief minister BS Yediyurappa for accepting the Centre’s GST formula, and demanded the Centre should raise a loan to compensate the entire GST gap of states instead of just Rs 97,000 crore. “There is no way to determine exact loss due to pandemic or … Read more
New Delhi: A number of states, particularly opposition-ruled ones, are set to reject the two borrowing options proposed by the Centre to meet the deficit in the goods and services tax (GST) compensation fund. State finance ministers from opposition states will meet on Monday to finalise a joint strategy to approach the Centre again as … Read more
NEW DELHI: The relation between the Centre and states is not that of ‘giver and taker’ and the GST Council will have to work out a mid way solution for making good the GST collection shortfall keeping in mind the central government too is bearing huge revenue loss due to COVID-19, Bihar Deputy Chief Minister … Read more
New Delhi: The GST Council not looking to increase tax rates to fund revenue shortfall of states is a positive move, but extending the period of levy of compensation cess beyond the originally envisaged five years would worry businesses, tax experts said. At the 41st GST Council meeting on Thursday, the Centre presented before the … Read more
GoI is uniquely positioned to raise resources in comparison to states. It must also address the growing demand to extend the GST compensation period to 10 years, given how the reality has turned out. Synopsis The track record so far of the present government toward states demonstrates a betrayal of trust so crucial not just … Read more
NEW DELHI: States can make e-way bill mandatory for transportation of gold within the respective states but implementing it for inter-state movement across India will not be feasible, a state-ministerial panel suggested on Friday. The group of ministers (GoM), comprising finance ministers of Kerala, Bihar, Gujarat, Punjab, Karnataka and West Bengal, set up to examine … Read more