New Delhi, In a major relief for MSMEs, the GST Council on Thursday doubled the exemption threshold for small businesses from Rs 20 lakh to Rs 40 lakh and also allowed Kerala to impose a natural disaster cess of upto 1 per cent for a period of upto two years.[Read More…]
Tag: GST Council
The challenges before 15th Finance Commission are many!
The 15th Finance Commission, which the government notified on November 27, 2017, will have to first contend with the slowdown in the Indian economy. There is an upward trend in the fiscal deficits of states. The inter-governmental transfer system has become overly complex with different sharing arrangements for different taxes;[Read More…]
Congress demands petroleum products, real estate be brought under GST
Holding that persistent pressure by it and its Vice President Rahul Gandhi had forced the GST Council and the BJP government to reduce GST rates on several items from 28 per cent, the Congress on Saturday demanded that petroleum products, real estate and electricity be brought under the tax’s ambit.[Read More…]
GST: Council clears State, Union territory laws
With the Goods and Service Tax (GST) Council on Thursday approving the remaining two draft bills — UT-GST (Union Territory GST) and S-GST (State GST), all the five enabling draft bills stand approved to enable a likely roll out of the new indirect tax regime by July 1. The panel,[Read More…]
GST council clears compensation bill, to next meet in March
GST council on Saturday approved a law to compensate states for any loss of revenue from the implementation of the new national sales tax but deferred approval for enabling laws to next meeting. The all-powerful GST Council will meet again on March 4 and 5 to approve the legally vetted[Read More…]
GST Council hopes to break logjam between Centre, states
The eighth GST council meeting which begins on Tuesday in the national capital will be chaired by finance minister Arun Jaitley and comprise of all the state finance ministers. In its two day meeting, the council will meet representatives of six crucial sectors, including IT, telecom, banking and insurance, to[Read More…]
After presidential nod, Cabinet notifies constitution of GST Council
A week after President Pranab Mukherjee’s assent, the Cabinet on Monday cleared the process, formation and functioning of the GST Council, which will decide on the rate of tax under the new indirect taxation regime. The Council, to be headed by Finance Minister Arun Jaitley and comprising of representative of[Read More…]