"Centre Morally Bound To Compensate States For GST Shortfall": Sushil Modi

Bihar Deputy Chief Minister Sushil Kumar Modi on Wednesday said the central government is "morally bound" to compensate states for the revenue shortfall on account of low GST collections in the wake of the COVID-19 pandemic.

Responding to a question during a CII virtual forum, the Finance Minister said that two-wheelers are "neither a luxury nor a sin good," and would merit a rate revision.

Congress president Sonia Gandhi has criticised the centre over not clearing goods and services tax that it owes to state governments, putting them in severe financial strain amid the coronavirus pandemic.

The government has to compensate states fully for the loss of revenue in Goods and Services Tax (GST) during the coronavirus crisis, its top lawyer has advised ahead of a big meet of the GST council to be attended by state Finance Ministers and Chief Ministers.

The Congress on Tuesday accused the Centre of committing a "sovereign default" by not paying GST compensation to states as mandated under the law and demanded that they be compensated soon.

Congress President Sonia Gandhi on Tuesday reached out to the chief ministers of West Bengal, Maharashtra and Jharkhand on the issue of compensation to states and will hold a meeting with them to evolve a collective stand at the August 27 GST Council meeting, sources said.

Week-long searches by the central GST intelligence team or DGGI on the premises of a top cement manufacturer and related dealers in Madhya Pradesh and Uttar Pradesh have led to detection of Rs 17.2 crore of goods and services tax (GST) evasion. While one of the directors of the cement major has been arrested, another director is on the run.

The GST intelligence officials have detected over Rs 17 crore tax evasion by a major cement manufacturer in Satna and arrested one of its directors, according to an official statement issued on Wednesday.

GST rates can be reduced further once the tax base increases and everyone pays taxes properly, Finance Secretary Ajay Bhushan Pandey said on Thursday.

Rahul Gandhi tweeted this morning that future Harvard Business School studies on failure would include COVID-19, demonetisation and the implementation of the Goods and Services Tax (GST).

GST intelligence officials carried out more than 50 search operations in the last one month at various premises of pan masala and cigarette manufacturers in Indore and detected tax evasion worth over Rs 500 crore, according to an official statement issued on Friday.

Dell has launched its Precision 5550 workstation laptop in India. It’s targeted at professional users such as creators and engineers. Prices start at Rs.1,29,999, excluding GST, in India.

Realme 5i and Realme 6 prices have increased once again, a couple months after they were revised due to the increased GST on smartphones in the country. Both the Realme 5i and the Realme 6 pricing has gone up by Rs. 1,000 compared to the last GST revision in April.

The man had obtained the premises on lease, and over 60 registrations had been made, both under central and state jurisdictions of the GST Act.