Search Results for: GST Council

GST Council Sets Up Panel To Boost Revenue Collection

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The GST Council on Thursday constituted a committee of officers to improve revenue after the collections dropped to a 19-month low of Rs. 91,916 crore in September reflecting weak consumer demand. The second straight month of decline in the GST collections came amid a massive slowdown in the economy, visible in six year low GDP growth numbers for the April-June quarter. “The committee shall submit its first report within 15 days to the GST Council Secretariat which shall coordinate the…

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GST Council Meet highlights: Cuts rates on various items

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Finance Minister Nirmala Sitharaman on Friday announced the reduction of GST rates on a slew of items. All rate changes would be effective from 1 October Higlights: A uniform GST rate of 12 % will be levied on woven/non-woven polyethylene bags GST council cuts tax rates on job work in diamond industry to 1.5% from 5% In a major boost to gems and jewellery sector, the Council recommended to reduce GST on cut and polished semi-precious items to 0.25 per…

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GST Council meet: States to flag poor revenue mop-up

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Revenue considerations are set to play a big role at the meeting of the Goods and Services Tax (GST) Council on Friday with many States expected to raise concerns about muted tax growth. Sources have indicated that the poor collections under the indirect tax levy are a source of concern for both the Centre and a number of States like Kerala, West Bengal and Delhi. “A number of States are likely to flag concerns about revenue losses and muted growth…

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GST Council meet: Rate cut for auto sector may not be easy; relief on hotel tariffs, biscuits on the cards

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The GST Council meeting, as per the agenda paper, may take up automobiles, hotels, biscuits, matchsticks and outdoor catering segments for resetting of the GST rates. However, all listed items may not see GST cut due to various complexities involved With the government desperate to reverse the prevailing economic slowdown, the GST Council is all set to make major announcements on Friday. The high-powered GST Council will discuss the agendas on tax cuts for sectors with the high-consumer interface or…

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Ahead of GST Council meet, biscuit makers hope for rate cut

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Biscuit makers are hoping for a lowered tax rate on widely consumed mass biscuits priced below ₹100 a kilo as an increased instance of GST has put additional burden on manufacturers. The GST Council is expected to meet on 20 September and could consider tax revisions on various goods. Auto and biscuit manufacturers are hoping for a reduced tax burden amid a slump in consumer demand. Mayank Shah, category head, Parle Products, and vice president, Biscuit Manufacturers Welfare Association said…

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Government to fix GST leaks, shore up collections at GST council meeting on Friday

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Goods and Services Tax (GST) council meeting is scheduled for this week in Goa. The centre is planning to tighten the processes that include input tax credit claim and will emphasise on getting the states to approve the plans to plug leaks and evasions.  It is expected that the government’s effort to brace up collections and improve the revenues is going to be a major area of the discussion during the upcoming GST council. Demand for rate cuts for the…

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At Sept 20 Goa meet, GST Council to look into inverted duty structure issue

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The Goods & Services (GST) Council is expected to resolve issues related with inverted duty structure for various sectors in its 37th meeting scheduled to take place in Goa on September 20. The inverted duty structure, where there is higher duty on input(s) and lower duty on output, has caused two problems. First is the refund in the GST regime, and second such a structure encourages imports hurting the domestic industry. There are at least seven industries including textiles and…

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GST Council yet to reach, decide on rate cut for auto sector: Anurag Thakur

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The GST council is yet to reach a consensus on 10 per cent rate (from 28 per cent to 18 per cent) cut for automobiles, as some of the state Finance Ministers are against the proposal. “We are open to taking it to the Council but most decisions there are taken unanimously. I would like the industry to also reach out to individual State finance ministers who are also part of the GST council,” Minister of State, Finance, Anurag Thakur…

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GST Council to meet in Goa on September 20; no proposal to lower rates

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The Goods & Services Tax (GST) Council will hold its 37th meeting on September 20 in Goa, but is unlikely to consider any rate reduction. A senior Finance Ministry official told BusinessLine: “Many sectors are clamouring for a rate reduction. They range from automobile to cement to biscuit. Now, if it is done for one sector, it can open floodgates. We should not forget the revenue situation.” The automobile sector has requested the government to lower the duty for a…

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Is a GST Council-like federal body for public expenditure a good idea?

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The Economic Advisory Council to the Prime Minister (EAC-PM) has recommended a GST Council-like mechanism for the Centre and states to oversee public expenditure. This is not the first time such a call has been made. Earlier, former finance minister Arun Jaitley had highlighted the need for such a body. He had made a case for setting up such federal institutions to promote healthcare, rural development and agriculture sectors by optimally utilising resources of the Centre and states. According to…

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