Page 21 - Latest Updates on Goods and Services Tax
No breakthrough in GST compensation deadlock; next Council meet on Oct 12
About two thirds of states opt for RBI-window of Rs 1.10 trillion, rest still want the Centre to borrow instead
 "No breakthrough in GST compensation deadlock; next Council meet on Oct 12")
Tamil Nadu may go with Option-1 for GST compensation, but seeks tweaks
State reiterates that Centre is bound to compensate the shortfall in GST collections and should find necessary funds for the purpose if there was a shortfall in cess collections
 "Tamil Nadu may go with Option-1 for GST compensation, but seeks tweaks")
GST deadlock remains, compensation for tax collected to be released tonight
GST Council meeting, conducted via videoconference, was held to consider the two borrowing options offered to states in August to meet their shortfall in GST collections
 "GST deadlock remains, compensation for tax collected to be released tonight")
Nirmala Sitharaman to chair stormy 42nd GST Council meeting today
Union Finance Minister Nirmala Sitharaman will chair the 42nd Goods and Services Tax (GST) Council meeting at 11 am on Monday
 "Nirmala Sitharaman to chair stormy 42nd GST Council meeting today")
GST row: Govt proposes to revise Option 1, Oppn states may table 3rd option
Centre is likely to propose extending the compensation cess period by another two years beyond June 2022
 "GST row: Govt proposes to revise Option 1, Oppn states may table 3rd option")
Covid-19 crisis: Signs of economic recovery fragile, say experts
Some major indicators raise hopes but there are segments showing that revival is still nascent
 "Covid-19 crisis: Signs of economic recovery fragile, say experts")
Non-BJP states to oppose govt's borrowing option in GST meet tomorrow
In the current fiscal, the states are staring at a staggering Rs 2.35 trillion Goods and Services Tax revenue shortfall
 "Non-BJP states to oppose govt's borrowing option in GST meet tomorrow")
Record e-way bills generated in Sept, signal economic revival: Finance secy
Pandey said that almost 2.62 million e-way bills were generated on September 30, which was the highest ever count so far in a single day
 "Record e-way bills generated in Sept, signal economic revival: Finance secy")
GST collections for Sept may cross Rs 95,000 cr for first time in FY21
The highest GST collections reported in the current fiscal year so far were Rs 90,917 crore in June
India Inc frets over supply mismatches due to launch of e-invoicing in Oct
Says frequent changes in format prevent companies from preparing for it, fears drop in GST collections if made mandatory
Fiscal transparency
Concerns raised by the CAG must be addressed
 "Fiscal transparency")
Parliament passes bill providing relief to taxpayers on compliance front
The reliefs in the bill include extending deadlines for filing returns and for linking PAN and Aadhaar
 "Parliament passes bill providing relief to taxpayers on compliance front")
Best of BS Opinion: Mismanaging GST, rescuing the economy, and more
Here's a selection of Business Standard opinion pieces for the day
 "Best of BS Opinion: Mismanaging GST, rescuing the economy, and more")
Mismanaging GST
Compensation issue should have been deftly handled
GST-registered businesses to get pre-filled return form soon: GSTN CEO
GSTN, which handles the IT backbone for GST has already started providing tax liability data based on sales return GSTR-1 of the taxpayer to be used in his tax payment form GSTR-3B in pdf form
Wanted: Ear to the ground
The government needs to listen to business
 "Wanted: Ear to the ground")
Advance tax mop-up declines 25%, indicates economic health recovery
However, this is an improvement over the 40% decline seen in Q1; TDS down between 10 and 12% across jurisdictions
 "Advance tax mop-up declines 25%, indicates economic health recovery")
No easing GST rate, automakers should cut royalty payments: FinMin sources
They say companies should cut royalty payments to parents abroad instead of asking GST cut to tide over Covid crisis
 "No easing GST rate, automakers should cut royalty payments: FinMin sources")
Will invest Rs 2,000 crore in India: Toyota Kirloskar Motor vice-chairman
High GST rates taking a toll on volumes, says Viswanathan
 "Will invest Rs 2,000 crore in India: Toyota Kirloskar Motor vice-chairman")
AAR says GST be imposed on wellness centres depending on services offered
Case, relates to applicant Oswal Industries; authority observes that three types of rooms are offered by the applicant and therapy is strictly on residential basis
 "AAR says GST be imposed on wellness centres depending on services offered")
