Government Gives Rs 40,000 Crore To States As GST Compensation Shortfall

Government has released Rs 40,000 crore to states to help them meet the shortfall in goods and services tax (GST) compensation

GST revenue collected in September 2021 touched a five-month high at Rs 1.17 lakh crore, remaining above the Rs1 lakh crore mark for the third month in a row

Finance Ministry has set up two panels which will look into issues like rationalisation of GST slabs and easing compliance for tax payers.

The Central Board of Indirect Taxes and Customs (CBIC) has amended GST rules bringing in various anti-evasion measures, including disbursal of GST refunds only in the bank account, which is linked with same PAN on which Goods and Services Tax (GST) registration has been obtained.

Petrol prices in the country are not coming down as the states do not want to bring fuel under the ambit of the Goods and Services Tax or GST, Petroleum Minister Hardeep Singh Puri said.

Finance ministers of Opposition-ruled states have demanded that the GST compensation cess regime be extended beyond June 2022.

Kerala will be receiving GST (Goods and Services Tax) compensation of over Rs 13,000 crore and another one-time grant of over Rs 19,000 crore in the current fiscal ending March 2022, he noted.

The Goods and Services Tax (GST) Council on Friday decided to extend compensation cess till March 2026 for repaying loans. "Detailed financial statements have been worked out, based on which we learn that cess will have to be collected till March 2026, purely to pay back loans taken between 2020-21 and 2021-22," Finance Minister Nirmala Sitharaman stated while briefin...

Food delivery apps like Zomato and Swiggy must pay GST, or Goods and Services Tax, instead of the restaurant they pick up orders from, Finance Minister Nirmala Sitharaman said Friday after a meeting of the GST Council in Lucknow.

Finance Minister Nirmala Sitharaman on Friday stated that the Goods and Services Tax (GST) Council discussed the topic of inclusion of petrol and diesel under the tax structure after the Kerala High Court order.

Finance Minister Nirmala Sitharaman on Friday announced that the GST Council decided to extend the concessional rates on drugs used in COVID-19 treatment till December 31, 2020.

The Goods and Services Tax (GST) Council may discuss on a proposal to treat online food delivery platforms like Swiggy and Zomato as restaurants and levy 5% of GST on their supplies.

45th GST Council Meet 2021: Bringing petrol and diesel under the ambit of indirect tax, GST compensation shortfall to states are some of the issues that could be discussed by the Council

45th GST Council Meeting 2021: Some industry leaders and analysts seek the rationalisation of the inverted duty structure IDS refund from the GST Council meet