Page 15 - Latest Updates on Goods and Services Tax
RBI's status quo policy may revolve around Covid-19 pandemic measures
RBI's forecast for growth is 10.5% for the current fiscal year. Most analysts expect the RBI to lower it in the June 4 monetary policy announcement
 "RBI's status quo policy may revolve around Covid-19 pandemic measures")
GST compensation: Oppn-ruled states claim Rs 55,000-cr underestimation
They have also sought an additional compensation of Rs 65,000 crore for FY21
 "GST compensation: Oppn-ruled states claim Rs 55,000-cr underestimation")
More misses than hits
GST Council should have addressed pressing issues
 "More misses than hits")
All eyes on GoM call on taxing Covid items
Under the GST laws, hundreds of mass consumption items and essential services are exempted fully or attract a lower rate of tax than the standard rate of 18%
'GST compensation amount should be higher than Rs 1.58 trillion in FY22'
The compensation amount promised by the Centre is estimated to be higher than the Rs 1.58 trillion projected by the Centre, say three opposition-ruled states
GST Council meet: Govt to borrow Rs 1.58 trn for compensation shortfall
States' demand for the extension of the compensation period beyond June 2022 will be taken up in a separate meeting
GST Council meet: Decision on tax cuts on Covid-19 vaccines by June 8
The issue of GST rates on vaccines and other Covid-related supplies will be reviewed by a Group of Ministers (GoM).
 "GST Council meet: Decision on tax cuts on Covid-19 vaccines by June 8")
GST: Centre to borrow Rs 1.58 trn in FY22 to compensate states, says FM
Nirmala Sitharaman announces a flurry of pandemic-related relief measures after the 43rd GST Council meeting
 "GST: Centre to borrow Rs 1.58 trn in FY22 to compensate states, says FM")
Amid Covid second wave, 43rd GST Council meet begins via video conference
The 43rd meeting of the GST Council, the first this year in the midst of the second wave of Covid pandemic, begun on Friday morning through video conferencing
Priyanka Gandhi demands removal of GST from Covid-related drugs, equipment
Ahead of the 43rd GST Council meeting, the Congress leader demanded that the Centre remove GST from all life-saving medicines and equipment being used in the fight against the pandemic
 "Priyanka Gandhi demands removal of GST from Covid-related drugs, equipment")
Rate changes to e-invoicing: 5 things to know about GST council meet today
Meeting is likely to exempt government departments and local authorities from e-invoicing.
 "Rate changes to e-invoicing: 5 things to know about GST council meet today")
FM Nirmala Sitharaman to chair 43rd meeting of the GST Council today
The minister is scheduled to chair the meeting through video conferencing on Friday
 "FM Nirmala Sitharaman to chair 43rd meeting of the GST Council today")
Footwear, readymade garments likely to attract higher rates of GST
The fitment committee, which recommends rate changes to the Council, has proposed increasing the rate on footwear (less than Rs 1,000), readymade garments, and fabrics to 12% from 5% now
 "Footwear, readymade garments likely to attract higher rates of GST")
GST panel rejects demand for tax waiver on Covid-19 vax, ventilator
GST fitment panel has recommended a short-term rate cut on four Covid-19 related items
 "GST panel rejects demand for tax waiver on Covid-19 vax, ventilator")
GST Council meet on Friday; pvt fintech firms set to enter e-invoicing zone
GST Council may green-light entry given disappointing progress
 "GST Council meet on Friday; pvt fintech firms set to enter e-invoicing zone")
States likely to ask for five-year extension of GST compensation
Tax sops on Covid supplies to also be on agenda at Council meet
 "States likely to ask for five-year extension of GST compensation")
Centre, states stare at Rs 2-trillion GST cess gap amid Covid-19
The GST compensation of states is expected to widen to Rs 2.5-3 trillion in FY22 as against the cess collection of Rs 1 trillion estimated in the Budget
 "Centre, states stare at Rs 2-trillion GST cess gap amid Covid-19")
Rationalise rates
GST Council must address the shortfall in collection
Covid-related imports not exempt from IGST if payment made: Expert
GST will be payable whether you buy from a party abroad or from a local supplier
 "Covid-related imports not exempt from IGST if payment made: Expert")
Second Covid-19 wave: Daily e-way bill generation falls to one-year low
GST mop-up likely to fall in May, June
 "Second Covid-19 wave: Daily e-way bill generation falls to one-year low")
