Page 7 - Gst Council

Recommendations of GST Council binding in framing rules: Govt sources

The recommendations of the GST Council are binding in so far as they relate to subordinate legislation, as has also been reiterated by the SC in its order, sources clarified

Recommendations of GST Council not binding on the Centre, states: SC

The Supreme Court said the Parliament and state legislatures possess equal powers to legislate on GST

Cooperative federalism

SC has done well to reiterate GST Council's position

GST council important focal point to foster federalism and democracy: SC

The Supreme Court Thursday said GST Council is not merely a constitutional body restricted to the indirect tax system in India but is also an important focal point to foster federalism and democracy

Top headlines: SC's verdict on GST; Indonesia to lift palm oil export ban

Business Standard brings you the top headlines on Thursday

April GST mop-up notwithstanding, Rs 1.5 trn a month may not happen in FY23

CBIC to focus on scrutiny of returns and audit for better compliance during current fiscal; finance ministry official sceptical, says April usually has high collection due to payment of arrears

Fuel to GST: Centre-state relations may emerge as a rallying point for Oppn

Opposition chief ministers have made it clear that they would reduce tax rates on petrol and diesel if the Centre cleared their dues

GST Council has not sought states' views on hiking tax rates: Report

The Council had last year set up a panel of state ministers, headed by Karnataka Chief Minister Basavaraj Bommai, to suggest ways to augment revenue by rationalising tax rates

Structural changes

GST system needs careful interventions

GST Council may do away with 5% rate; move items to 3% and 8% slabs: Report

Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy, say sources

GST Council meeting unlikely this month as some issues couldn't be taken up

Currently, GST is a four-tier structure attracting tax rates of 5, 12, 18, and 28 per cent

GST Council did not recommend reducing GST on health insurance: FM

At present, GST on health insurance services is levied at a standard rate of 18 per cent

GST collection rises to an all-time high of Rs 1.42 trillion in March

The robust mop-up could be attributed to the government's tightened compliance measures and crackdown on GST evaders and fake bills

GST Council should not be politicised, says FM Nirmala Sitharaman

Sitharaman said that the GST Council should not be politicised as it is a body in which every finance minister from every state sits and decides on how the disbursements happen.

GST Council may consider raising lowest slab to 8%, rationalise tax slabs

The GST Council in next meet may look at raising the lowest tax slab to 8%, from 5%, and prune the exemption list in the GST regime

Govt likely to propose 18% GST on crypto mining, trading entities

Though the date for the next GST Council meeting has not been set, it could happen in March

GST Council defers rate hike in textiles, refers issues to ministers group

'We will retain the status quo', says Finance Minister Nirmala Sitharaman after emergency meeting in Delhi.

GST Council meeting sans talks on Omicron, life saving Covid drugs

The meeting was held on Friday under the chairmanship of Union Finance Minister Nirmala Sitharaman

Top headlines: GST hike on textiles on hold; full nod sought for Covishield

Business Standard brings you the top headlines on Friday

Market Wrap: Sensex ends record-breaking year with a bang; up 22% in 2021

Indigo Paints zooms 16% after brokerage firm Motilal Oswal gives Buy rating; SmallCap Responsive Industries zooms 65% in 3 days on FY22 half-yearly turnaround