GST Council To Discuss Tax Rate On COVID Essentials, Compensation To States

The Council, which is headed by Union Finance Minister Nirmala Sitharaman and includes representatives of all states and Union territories, is meeting for the first time in nearly eight months.

RBI Annual Report: Public finances were impacted by a cyclical slowdown in revenues, which was exacerbated by Covid-19.

GST Council meeting: States may seek cut in tax on essential Corona virus supplies.

The GST Council last met on October 5, 2020 to finalise contours of borrowings by states to meet shortfall in tax revenues.

Confederation of All India Traders demanded an extension of compliances under the Goods and Services Tax (GST) and Income Tax by three months from the central government.

Unmanufactured tobacco attracts the highest rate of the Goods and Services Tax, which is almost equivalent to the value of the goods and there is scope for large-scale evasion in the sector

The IGST waiver will also be applicable on those materials which have been donated or received free of cost from other countries for donation purpose.

Haryana Deputy Chief Minister Dushyant Chautala wrote to Union Finance Minister Nirmala Sitharaman, urging the Centre to consider exempting GST on oxygen concentrators to make these machines more affordable for the public amid the raging pandemic.

Taxpayers with a turnover exceeding Rs 5 crore will have an additional 15 days to file their monthly summary return GSTR-3B without paying any late fees

The government on Saturday slashed Integrated GST rate on oxygen concentrators for personal use to 12 per cent, from 28 per cent earlier, for two months till June 30.

According to the Ministry of Finance, the GST revenue in April 2021, is the highest ever since the introduction of the GST system, surpassing the collections made in March 2021

The course will be delivered online through live and interactive webinars, and recorded presentations. The total duration of the course is 15-20 hours. Training will be provided once a week in two-hour sessions, the ICSI said.

Net tax receipts, comprising corporate and individual taxes, have also risen to Rs 9.45 lakh core for the 2020/21 fiscal year, surpassing a revised target.

The provisional figures released by the Ministry of Finance on Tuesday, further indicated that the net indirect tax collection for 2020-21 showed that 108 per cent of the Revised Estimates (RE) of indirect taxes for that fiscal have been achieved.