Thank you for following Deccan Herald's live updates on Finance Minister's address to media on decisions taken at the 42nd GST Council meet today.
GSTR-2B has been provided to help taxpayerscalculate input tax credit; it will give taxpayers a complete idea of the ITC they are entitled to: Finance Secretary
GST Council'sdecision to make returns for small taxpayers on a quarterly basis rather than a monthly basis will be a major relief to small taxpayers No. of returns comes down from 24 monthly returns to 8 returns, from 1st January 2021, says Finance Secretary.
A committee under the Chairpersonship of Bihar Minister Sushil Modi has worked out a way to resolve IGST devolution issue Rs. 24,000 crore which has to go to states that received less will get the amount now We aren't asking states that received more to pay back dues now: FM
From the first of January onwards, the taxpayers whose annual turnover is less than Rs 5 crores will not be required to file monthly returns i.e GSTR 3B and GSTR1. They will only file quarterly returns: Finance Secretary Ajay Bhushan Pandey at the 42nd GST Council meeting
GST Council has taken up the long-pending issue of Integrated Goods & Services Tax; earlier there was no formula for devolution of IGST, which had resulted in several anomalies in its distribution: Sitharaman
This year's compensation cess collected amounting to Rs 20,000 crores will be disbursed to the States tonight: Finance Minister Nirmala Sitharaman on 42nd GST Council meeting
FM Nirmala Sitharamanto hold a virtual media briefing on the outcomes of the 42nd GST Council meeting at 5:45 PM in New Delhi today.
The Centre-state tussle over the issue of goods and services tax compensation is set to snowball into a major flashpoint at the crucial GST Council meet on Monday.
The Centre had released over Rs 1.65 lakh crore in 2019-20 asGSTcompensation. However, the amount of cess collected during the 2019-20 was Rs 95,444 crore.
The Centre has argued that the revenue accruing fromGSTcompensation cess goes to the states and the Centre cannot borrow on the security of the tax it does not own.
Under theGSTstructure, taxes are levied under 5, 12, 18 and 28 per cent slabs. On top of the highest tax slab, a cess is levied on luxury, sin and demerit goods and the proceeds from the same are used to compensate states for any revenue loss.
Chief Ministers of six non-BJP ruled states — West Bengal, Kerala, Delhi, Telangana, Chhattisgarh and Tamil Nadu -- have written to the Centre opposing the options which require states to borrow to meet shortfall.
In the current fiscal, the states are staring at a staggering Rs 2.35 lakh crore Goods and Services Tax (GST) revenue shortfall.
Of this, as per Centre's calculation, about Rs 97,000 crore is on account ofGSTimplementation, and rest Rs 1.38 lakh crore is the impact of Covid-19 on states' revenues.
While as many as 21 states, mostly ruled by BJP or parties which have supported it on issues, had till mid-September opted to borrow Rs 97,000 crore to meet theGSTrevenue shortfall in the current fiscal, opposition-led states like West Bengal, Punjab and Kerala have not yet accepted the borrowing option given by the Centre.
Finance Minister Nirmala Sitharaman chairs GST Council meet. The meetmay turn into a stormy affair, with non-BJP ruled states still being in disagreement with the Centre on the compensation issue.
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