Page 20 - Latest Updates on Goods and Services Tax
Too early to call
Essential to see if demand holds in coming months
 "Too early to call")
Wait for holistic response for stressed sectors: Finance secretary
AJAY BHUSHAN PANDEY talks about the Budget, revenue collection, and the goods and services tax (GST) compensation mechanism
 "Wait for holistic response for stressed sectors: Finance secretary")
GST collections cross Rs 1 trillion in October for first time in 8 months
Mop up grows 10% y-o-y at Rs 1.05 trillion, almost equal to levels in February before a nationwide lockdown to contain the coronavirus pandemic
 "GST collections cross Rs 1 trillion in October for first time in 8 months")
It is a game of skill: Rajasthan High Court rejects plea to ban Dream11
Court says games offered on platform involve skill, not chance; rules that issue of GST evasion, as alleged in the plea, will be decided by GST authorities
 "It is a game of skill: Rajasthan High Court rejects plea to ban Dream11")
Top trader-retailer body moves govt against Amazon, Flipkart festive sales
Says hefty discount amounting to predatory pricing, cashback by credit and debit card banks and high interest rate on EMI offered to buyers need to be scrutinised
 "Top trader-retailer body moves govt against Amazon, Flipkart festive sales")
Frequent policy changes, taxes hurting luxury car market: Audi India head
Cars priced above Rs 25 lakh account for a per cent in India's 3 million-car market and share has remained unchanged over the last five years
 "Frequent policy changes, taxes hurting luxury car market: Audi India head")
Raise GST borrowing to Rs 1.83 trillion, Kerala CM writes to FM Sitharaman
More states likely to write to FM today; Jharkhand rejects Centre's proposal
 "Raise GST borrowing to Rs 1.83 trillion, Kerala CM writes to FM Sitharaman")
Bridge the gap
Centre's decision to borrow doesn't fully address the GST issue
 "Bridge the gap")
GST compensation: States refuse to relent, demand full borrowing by Centre
A day after the Centre agreed to borrow Rs 1.1 trn and lend to states in lieu of the promised compensation, dissenting states including Chhattisgarh, Kerala made it clear they will not relent
 "GST compensation: States refuse to relent, demand full borrowing by Centre")
GST compensation shortfall: Centre to borrow Rs 1.1 trn on behalf of states
This may come as a victory of sorts for opposition-ruled states, including Punjab, West Bengal, and Chhattisgarh, which have insisted that the Centre should do the borrowing
Movement of goods worth over Rs 50K not allowed if GSTR3B forms pending
The Central Board of Indirect Taxes and Customs (CBIC) said these taxpayers will not be able to generate Part A of the e-way Bill
 "Movement of goods worth over Rs 50K not allowed if GSTR3B forms pending")
Private hospitals request WB govt to lower GST on COVID-19 test kits
Private hospitals in the city have welcomed the state government's decision to reduce the cost of Covid-19 test from Rs 2,250 to Rs 1,500 as well as fixing rates for ambulance services
 "Private hospitals request WB govt to lower GST on COVID-19 test kits")
Best of BS Opinion: GST compensation issue, the land bank, and more
Here's a selection of Business Standard opinion pieces for the day
 "Best of BS Opinion: GST compensation issue, the land bank, and more")
With complications whittled down, the GST system has come of age
True, there are still a lot of niggling issues. But the major pain points have been mostly addressed
 "With complications whittled down, the GST system has come of age")
GST Council meet: Stalemate over compensation may see some solution today
Dissenting states may move SC, press for dispute resolution authority, refer matter to GoM
Decoded: What GST Council decided for taxpayers, big and small
Here's a look at the most important decisions and what they mean for the average taxpayer.
GST Council has no jurisdiction over borrowing by states: Govt sources
As such issue of voting in the Council over this issue does not arise, they say
 "GST Council has no jurisdiction over borrowing by states: Govt sources")
Release Rs 4,321 crore towards IGST share, Tamil Nadu tells Centre
Tamil Nadu Minister D Jayakumar urged the Centre to release Rs 4,321 crore towards the state's share of Integrated Goods and Services Tax
Faltering federalism: GST Council meeting failure is not a good sign
States don't issue their own currency, and are by definition a more fragile borrowing construct than the Union. The final solution must reflect this asymmetry
GST council exempts satellite launches by Isro, Antrix from 18% GST
But it is not clear whether the relief will be extended to private launch companies
