GST Council

Enterprises can apply for revocation of cancelled GST registration by June 30 after paying due taxes, interest and penalty

Union Finance Minister Nirmala Sitharaman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call

"Recommended MCD mayor elections to be held on 22 Feb," Kejriwal said in a tweet earlier in the day. Stay tuned for latest updates

GST Council also decided to clear the entire dues of GST compensation pending to states

GST Council on Saturday reduced the Goods and Service Tax on liquid jaggery, pencil sharpeners, and certain tracking devices, Union Finance Minister Nirmala Sitharaman said. Briefing media after the 49th meeting of the GST Council, the minister also informed that reports of the GoM (Group of Ministers) on checking tax evasion by pan masala and gutkha industry, and on Goods and Services Tax Appellate Tribunals (GSTATs), have been taken on board. She further said all the GST compensation dues will be cleared, including Rs 16,982 crore for the month of June. The finance minister further said the GST Council has decided to rationalise late fees on filing of annual GST returns after the due date. Finance ministers of states and UTs (with legislature) and senior officials of Union Government and states participated in the meeting.

The Goods and Services Tax Council should consider raising the GST exemption threshold to Rs 1.5 crore annual turnover and also do away with the requirement of state-wise registration, which would help ease compliance, economic think tank GTRI said on Friday. The GST network has over 1.4 crore registered taxpayers, making it the largest global platform for indirect taxes. "The GST Council now needs to consolidate gains by making compliance easy," the Global Trade Research Initiative (GTRI) said, while recommending seven reforms for next phase of transformational growth. The think tank suggested increasing the GST exemption limit to Rs 1.5 crore, which it feels will be a game changer for India's MSME sector and set them on the path to job creation and growth. Currently, registration for GST is optional for firms with an annual turnover of less than Rs 40 lakh for goods and Rs 20 lakh for services. "Firms with less than Rs 1.5 crore annual turnover account for 84 per cent of total

GST Council may take up today expert panel's proposal to avoid multiplicity of audits by central, state authorities

The GST Council in its meeting on Saturday is likely to discuss setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha business, sources said. The report of panel of ministers on Goods and Services Tax (GST) on online gaming and casinos may not come up for deliberation at the February 18 meeting of the GST Council, chaired by Union finance minister Nirmala Sitharaman and comprising her state counterparts. The items, which could not be discussed by the Council in its last meeting on December 17, 2022, would top the agenda of the 49th GST Council meeting on February 18, the sources said. The report of the Group of Ministers (GoM), headed by Odisha finance minister Niranjan Pujari, on checking tax evasion by pan masala and gutkha industry would be taken up for discussion. The report of the GoM on Goods and Services Tax Appellate Tribunals (GSTATs) was set up in July last year under the chairmanship of Haryana deputy chief minister Dushyant Chautala.

Union Finance Minister Nirmala Sitharaman on Monday said GST compensation to some states is delayed due to non-availability of AG's authenticated certificate, and that Kerala has not sent even a single such certificate since 2017-18. Replying to a supplementary question, she also said that Rs 86,912 crore has been released for the Goods and Services Tax (GST) compensation payable to all states up to May 31, 2022. She said as per law, GST Council decides to whom the GST compensation is to be released, not by the central government. AG's certification is (mandatory) by law between the Centre, states and the AG (accountant general), and it is an agreed process. So, unless the authentication is given by the AG.. she said. The finance minister said if there is any delay of getting the AG's authentication, it is a matter between the AG and the state government concerned, and they have to sort it out. If between them there is a problem, the authentication certificate gets delayed in reac

NEW DELHI (Reuters) - India's Goods and Services Tax Council will decide whether to cut tax rates on cement after an expert team submits its recommendation, chairperson of the CBIC said on Friday.

Council was to meet on Feb 18, but schedule may be changed

The taxes, however, should not be the same for different types of cars as the "regulatory burn" on small cars is higher than on bigger cars in India

The Finance Ministry has allocated Rs 14,245 crore for the RoDTEP scheme in FY23, up from Rs 12,454 crore in FY22

Describing any increase in GST on goods related to education a step against the interests of the students, Punjab Finance Minister Harpal Singh Cheema on Saturday opposed the proposal of considering the GST on pencil sharpeners at 18 per cent instead of existing slab of 12 per cent. While participating in the 48th meeting of the GST Council through video conferencing, the point raised by Cheema was also supported by the representatives of many other states, after which the decision in this regard was deferred, according to a Punjab government statement here. "Agreeing on the various recommendation made by the Fitment Committee which meet the interests of both state and nation, Finance Minister Harpal Singh Cheema gave valuable inputs during the GST Council meeting held under the chairpersonship of the Union Finance Minister Nirmala Sitharaman," said the statement. Opposing another recommendation regarding the change in GST rates for ethyl alcohol supplied to refineries for blending

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The GST Council in its meeting on Saturday is expected to decide on a number of issues like decriminalisation of offences under the GST law, setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha businesses. Besides, GST on online gaming and casinos may come up for deliberations as the Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, submitted its report on the issue to Finance Minister Nirmala Sitharaman on Thursday. "Union Finance Minister Smt. @nsitharaman will chair the 48th GST Council meeting via VC from New Delhi tomorrow. The meeting will be attended by MoS Finance besides Finance Ministers of States & UTs & Senior officers from Union Government & States," the Finance Ministry tweeted. The Council would also consider a report of tax officers and give clarity on the rate applicability in certain goods and services. With regard to decriminalisation of offences, the law committee of the GST Council, ...

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Proposes levy on 38 such items in the range of 12-69% of retail sale price

The panel, headed by Meghalaya Chief Minister Conrad Sangma, submitted its second report to Finance Minister Nirmala Sitharaman ahead of the all-powerful GST Council meeting on Saturday

Defers the classification of crypto assets under GST regime