Page 25 - Latest Updates on Goods and Services Tax
GST compensation period: States likely to push for five-year extension
Set to seek higher borrowing limits as revenues dry up
 "GST compensation period: States likely to push for five-year extension")
The new normal for state borrowings
Have the states shown a lack of prudence in their borrowing programme to tide over the pandemic?
 "The new normal for state borrowings")
Green shoots visible, India will bounce back: NITI Aayog CEO Amitabh Kant
"I am hopeful that we will bounce back and bounce back with a vengeance," Kant said while speaking at 'FICCI FRAMES 2020'.
 "Green shoots visible, India will bounce back: NITI Aayog CEO Amitabh Kant")
GSTR-4: Govt considering demand for extending date for filing I-T returns
The time limit to file GSTR-4 annual returns for the FY 2019-20 by the composition dealers had been extended till July 15, 2020 on April 3, 2020
 "GSTR-4: Govt considering demand for extending date for filing I-T returns")
Future Harvard studies will be held on Modi's failed policies: Rahul Gandhi
His attack came a day after India surpassed Russia to become the third worst-hit nation by the Covid-19 pandemic
 "Future Harvard studies will be held on Modi's failed policies: Rahul Gandhi")
Covid-19 crisis: States divided on alternative GST compensation mechanism
While Punjab and Kerala will press the GST Council to borrow in order to compensate states, Bihar Deputy Chief Minister Sushil Kumar Modi called the idea "wishful thinking"
 "Covid-19 crisis: States divided on alternative GST compensation mechanism")
Covid won't deter us from path of speedy GST reforms: Ajay Bhushan Pandey
While not affirming new timelines for the simplified returns forms, Pandey says invoice matching is already happening at the back-end and quarterly payments are allowed for small taxpayers.
 "Covid won't deter us from path of speedy GST reforms: Ajay Bhushan Pandey")
A tentative recovery
Data suggests that the economy is bottoming out
 "A tentative recovery")
Delhi HC issues notices to govt, GST Council on retro amendment
The amendment relates to limiting the transitional input tax credit to 90 days form the roll out of the goods and services tax (GST) from July one, 2017
 "Delhi HC issues notices to govt, GST Council on retro amendment")
Govt committed to reforms, make tax structure simple: FM on GST day
The finance minister asked taxmen to make life easier for MSMEs, particularly on GST front
 "Govt committed to reforms, make tax structure simple: FM on GST day")
Traders' body CAIT suggests measures to broaden GST to simplify taxation
Traders' body CAIT on Wednesday suggested a host of measures, like technical audits and waiver of late fees, to broaden the GST base and make the taxation system simple.
 "Traders' body CAIT suggests measures to broaden GST to simplify taxation")
June GST collections at Rs 90,917 cr, up from Rs 62,009 cr mopped up in May
The government had allowed a relaxed time schedule for filing of Goods and Services Tax (GST) returns
 "June GST collections at Rs 90,917 cr, up from Rs 62,009 cr mopped up in May")
The past three years of GST and the road ahead
The journey has been a mixed bag, as several issues remain unresolved: Let's turn back and revisit what GST has attained and it couldn't
 "The past three years of GST and the road ahead")
Tranformational tax reform
GST has achieved a lot in three years, but there is an unfinished agenda
 "Tranformational tax reform")
Current GST regime is riddled with problems: Manpreet Singh Badal
Punjab Finance Minister Manpreet Singh Badal pressed for a complete overhaul of the federal indirect tax regime
 "Current GST regime is riddled with problems: Manpreet Singh Badal")
Compensation has become the biggest issue in GST: Sushil Kumar Modi
Modi tells Dilasha Seth that the proposed reforms like simplified return form and e-invoicing facility, among others, will be difficult to push through in the fourth year.
 "Compensation has become the biggest issue in GST: Sushil Kumar Modi")
Letter to BS: Hopeful that one day GST will be a 'good and simple tax'
The removal of various central and state value added tax laws, barriers, transaction forms, different rates on one commodity are big achievements
Top headlines: RBI's one-time recast plan, monetising fiscal deficit
From the possibility of RBI's one-time recast plan to be limited, RBI likely to monetise fiscal deficit in second-half of FY21, a glance at GST's completion of 3 years tomorrow, here are the top news
 "Top headlines: RBI's one-time recast plan, monetising fiscal deficit")
GST effect: How retail inflation rate changed over the last 3 years
The inflation rate in cigarettes hit double digits during July-March of FY18, but came down in the next two years
 "GST effect: How retail inflation rate changed over the last 3 years")
Three years of GST: Still a long way to go for 'Good and Simple Tax'
The GST Council is considering market borrowing to give the states the promised compensation for their revenue shortfall
 "Three years of GST: Still a long way to go for 'Good and Simple Tax'")
