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The 42nd GST Council meeting finally took place in New Delhi on 5th October 2020. The meeting chaired the finance minister Nirmala sitharaman and the Minister of State (MoS) for Finance Anurag Thakur along with finance minister of all the states. The 42 GST council meeting has taken some major decision based on the GSTR […]
The 41st GST Council Meeting was organized on August 27, 2020, till 5:30 pm. The GST council meeting members discussed the “revenue compensation to states”. The 41st GST Council Meeting was conducted via video conference due to the corona pandemic. Also, there was some discussion pending before the GST council such as GST rate cut […]
The collection of revenue from GST Cess has seen a 42% shortage in the financial year 2019-20. The GST council has decided to organize a meet to discuss the lending from the market as shortfalls are projected to continue. The finance ministry said that the final installment of the GST collection of the year, amounting […]
COVID-19 Panadamic causing a bad effect on the collection of the states, due to it, their GST collection requirements is expected to reach Rs. 4.1 trillion in this Financial year, which is almost equal to 2.1 percent of the GDP of our country The biggest tax reform i.e. Goods and Services Tax is now a […]
Our country was already facing an economic slowdown and the Covid-19 pandemic makes the situation worsen. Due to the continuous shortfall of Good and Service Tax (GST) caused by various reasons, the central government is now is questing ways to compensate states. The States were guaranteed to be paid for any loss of revenue in […]
GST Council gave a high sigh of relief to the Trade-industry on concessions but are doubtful whether it will be long-lasting or not. As per the Tax officials, the random changes and modifications in the rules created a self-contradictory situation due to which it is also possible that the discounts given will be taken back or will become neutral via other norms.
The Union Finance Ministry has lodged a formal request in the Parliament seeking permission to spend an additional amount of Rs 85,315 crore in the ongoing financial year.
From last few months, the government is working upon to hike the cess on luxury vehicles from 15 percent to 25 percent and now finally, a bill has been approved by the Lok Sabha which has made the cess on luxury cars at 25%.
After the reduction of tax rates nearly on 300 items in last GST council meeting, now the government is planning to bring some changes in the rules, procedures and regulations under GST to simplify the procedures for taxpayers and businesses.
