Search Results for: GST Council

GST Council may set up GoM on compensation shortfall

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The Goods and Services Tax (GST) Council could consider setting up a group of ministers (GoM) to resolve the row over states having to borrow from the market in order to meet the shortfall in compensation. Apart from the two options that the Centre has offered to the states, a third has emerged, which proposes that they make such borrowings jointly, rather than states taking on the entire burden. Punjab has written to the Centre, asking for a GoM to…

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GST Council approves increased borrowing limit of Rs 1.1 lakh crore under option 1

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The GST Council has approved an increased borrowing limit of Rs 1.1 lakh crore instead of Rs 97,000 crore in the first borrowing option provided to the states. The Centre had proposed an increased borrowing limit in the ongoing 42nd goods and services tax (GST) Council meeting headed by finance minister Nirmala Sitharaman, assuming a 7% growth rate instead of the earlier assumption of 10% over the previous financial year. States had said the increase should be based on the…

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GST Council allows Quarterly filing of GSTR-3B for less than 5cr Turnover

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The 42nd GST Council Meeting held today has decided to allow the quarterly filing GSTR-3B returns having less than five crores turnover. This facility will be available from January 1st, 2021. From Jan 2021, the number of returns for small taxpayers will be reduced from 24 to 8. However, since states require money every month, payments can be made through challan every month, even though returns can be filed every quarter. GSTR-2B has been provided to help Taxpayers calculate input…

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GST Council meeting postponed to October 5

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The GST Council meeting slated for September 19 has been postponed to October 5, sources said on Friday. The 42nd meeting of the Council has been postponed since Parliament would be in session, they added. The Centre had last month decided that the 41st and  42nd meeting of the Council would be held on August 27 and September 19. However, then the dates for the monsoon session of Parliament was not decided. The October 5 meeting assumes significance as…

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GST Council to meet on Aug 27 to discuss compensation payout to states

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The GST Council is likely to meet on August 27 to discuss the compensation payout to states and the opinion of the Attorney General on the legality of market borrowing to meet revenue shortfall. Sources said the 41st meeting of the Goods and Services Tax (GST) Council would be a single agenda meeting on states’ compensation to be held via video conferencing. Besides, a full-fledged meeting of the Council would be held on September 19, agenda for which is to…

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GST Council To Explore Making E-Way Bills Must For Moving Gold Within States

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A Group of Ministers has agreed that states can individually decide to make e-way bills mandatory for the movement of gold within their territory to check tax evasion. The panel decided that if states want to implement the e-way bill mechanism for gold and precious stones, they can do so for intra-state movement of the commodity, Thomas Isaac, Kerala finance minister and head of the panel; and Bihar Deputy Chief Minister Sushil Modi, a member of group, told BloombergQuint. Currently,…

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GST Council to discuss AG opinion on compensation: Nirmala Sitharaman

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Finance minister Nirmala Sitharaman on Saturday said the Attorney General’s view on GST compensation was sought after consultation with the states and a meeting of the GST Council would be held to discuss the legal opinion. The finance minister was responding to a question on apprehensions raised by certain states about the reported AG opinion on GST compensation. “This matter was discussed in the GST Council meeting when it met last time. Members expressed their views on the matter and it was decided that legal opinion…

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GST Council eases compliance burden for businesses

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The Goods and Services Tax Council on Friday decided to further ease compliance burden of businesses by providing relief on late free and interest payable on late payments. It reduced late fee and interest for those with tax liabilities and waived off late fee completely for those with no tax liabilities. Finance minister Nirmala Sitharaman said that GST collections had fallen to about 45%, aggravating the problem of compensation to states, even as states demanded they be funded through market borrowing. The Council will…

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GST Council to discuss waiver of late fee for August 2017 to January 2020

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The GST Council in its next meeting will discuss waiver of late fee for non-filing of GST returns for August 2017 to January 2020 period. In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said, “Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting.” The next meeting of the GST Council is likely to be held on June 14. The CBIC said there have been demands for waiver of…

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GST Council Likely To Meet In Second Week Of June

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The GST Council is likely to meet in the second week of June according to media reports. The Council meeting will discuss the impact of the coronavirus pandemic on the economy of states, among other things. The meeting of the GST council comes in the wake of repeated requests from state chief ministers in their video interactions with the Prime Minister for releasing dues to the states. The GST council meeting is likely to discuss steps to raise compensation collections to clear…

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