Page 22 - Latest Updates on Goods and Services Tax
13 states submit borrowing option to Centre to fund GST shortfall
These 13 states include Bihar, Odisha, Andhra Pradesh, Gujarat, Uttarakhand and Meghalaya
 "13 states submit borrowing option to Centre to fund GST shortfall")
Markets likely to stay in 'buy on dips' phase: Bernstein's Venugopal Garre
Markets have run ahead of fundamentals, but this has been a broad global trend, says Venugopal Garre
 "Markets likely to stay in 'buy on dips' phase: Bernstein's Venugopal Garre")
ICAI seeks extension of FY19 GST annual return filing deadline by 3 months
The government had in May extended the last date for filing annual GST return for financial year 2018-19 by three months till September 2020
 "ICAI seeks extension of FY19 GST annual return filing deadline by 3 months")
ITC's appetite for staples grows as it moves away from tobacco
The company is betting on its non-cigarette FMCG portfolio to deliver growth and convince the markets that it is moving away from its tobacco dependence
 "ITC's appetite for staples grows as it moves away from tobacco")
States need hard cash, pay GST dues: Chidambaram to Centre
Former Finance Minister P Chidambaram slammed the Centre and alleged that these were just words of comfort on a piece of paper that has "no value"
 "States need hard cash, pay GST dues: Chidambaram to Centre")
GST row: Compensate states that picked a borrowing option, says Sushil Modi
While Bihar, Gujarat, Karnataka, Tripura and Madhya Pradesh opted for the Reserve Bank of India (RBI) window, Manipur and Sikkim went for market borrowing
 "GST row: Compensate states that picked a borrowing option, says Sushil Modi")
Amid Centre-states GST row, a white-knuckle moment for bond markets
Centre-state GST equation to be keenly watched
Vote on GST compensation inevitable if govt sticks to 2 options, says Isaac
Centre will have to get support of some non-BJP-ruled states to pass its decision even in case of vote
 "Vote on GST compensation inevitable if govt sticks to 2 options, says Isaac")
Telangana Cabinet gives nod to GST and FRBM Bills among others
The Telangana Cabinet approved several bills, which be taken up for discussion at the Monsoon session of the State Legislative Assembly
Entire GST shortfall will be compensated, says govt ahead of Sept 10 meet
The finance ministry ruled out borrowing by the Centre as suggested by some states
Covid-19 will have a bigger impact on the economy than previously expected
Impact on the economy would be heavier than estimated
 "Covid-19 will have a bigger impact on the economy than previously expected")
Will take up GST cut demand with FM Sitharaman, PM Modi: Prakash Javadekar
Prakash Javadekar assured the automobile industry that he will take up the industry's demand for a cut in GST for the sector with the Finance Minister and the Prime Minister
 "Will take up GST cut demand with FM Sitharaman, PM Modi: Prakash Javadekar")
Signs of economic revival as UP revenue collection jumps 6.74% in August
After sluggish mop up in April and May, state earnings have been improved with revenue collection in July at Rs 10,675 crore, or 97% of the level achieved the same month a year ago
 "Signs of economic revival as UP revenue collection jumps 6.74% in August")
Centre, state finmin officials thrash out GST compensation gaps
The states were informed that if they take the option of borrowing Rs 97,000 crore under a special window, they will still get Rs 2.35 trillion minus Rs 97,000 crore from the compensation cess
 "Centre, state finmin officials thrash out GST compensation gaps")
GST compensation cess mop-up rises for first time in five months
Collection up 6% in Aug YoY; overall mop-up below Rs 1-trn mark for 6th month
Tamil Nadu CM urges Centre to revisit options on GST compensation
He asked the government to ensure that the states get their full dues of the compensation in the current year itself
 "Tamil Nadu CM urges Centre to revisit options on GST compensation")
GST compensation row: FM's 'act of God' can be a nightmare for RBI
The government has invoked "act of God" for not paying its due to the states directly
 "GST compensation row: FM's 'act of God' can be a nightmare for RBI")
Oppn-ruled states dismiss Centre's 2 options on GST compensation shortfall
Meet today to outline strategy on compensation
Purchases, imports and SEZ supplies to be auto-generated under GST system
Currently, taxpayers file GSTR1, which is a seller form and GSTR3B. However, purchases are not auto populated from GSTR1
 "Purchases, imports and SEZ supplies to be auto-generated under GST system")
States' fiscal deficit likely to hit 4.2-5.5% of GSDP this fiscal year
This may take the general deficit of the country-- both the Centre's and states'-- to 11-14 per cent of GDP in FY21
 "States' fiscal deficit likely to hit 4.2-5.5% of GSDP this fiscal year")
