With the GST reforms now in place, the biggest demand from states is how they will be compensated for the revenue loss incurred, said Harpal Singh Cheema, Punjab's finance minister, at the NDTV Profit GST Conclave on Tuesday. The compensation cess was levied to compensate states for the loss that states would incur in 2017 for a period of five years. Post that, states are seeing continuous loss, Cheema said, adding that states' losses despite full compliance are an indication that there are still faults in the system. With states too running multiple welfare schemes, the Centre will have to guide states till their economy stabilises, he said at the conclave, adding that states too wanted rate reductions but state economies need to be kept in mind
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Punjab Finance Minister Harpal Singh Cheema on Tuesday said the AAP government has brought down the debt-to-GSDP ratio by four percentage points to 44.47 per cent.
Fino Payments Bank said that tax authorities have arrested its managing director and CEO Rishi Gupta for violating the law related to the Goods and Services Tax.
For licensing purposes, the product had been described as a "non-fruit syrup containing 10% fruit juice", since it did not meet the higher fruit content threshold prescribed under food safety norms for a "fruit syrup".
Two housekeeping employees, working at a Central Government GST office, posed as "Intelligence Officers" and ran an extortion racket targeting city traders before being caught in Bengaluru.
Retail sales of medium and heavy commercial vehicles grew 15.4% year-on-year in January, with light commercial vehicle retail volumes up 14.9%, reflecting GST benefits.
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