Page 9 - Gst Council

GST Council meet on Friday; rate review, concession to Covid drugs on cards

The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on Friday, which among other things may review tax rate of over four-dozen items and extend till December 31, tax concessions on 11 COVID drugs. Also, taxing petrol and diesel under the single national GST tax and a proposal to treat food delivery apps such as Zomato and Swiggy as restaurants and levy a 5 per cent GST tax on supplies made by them would be taken up by the Council at its meeting in Lucknow on September 17. "Finance Minister Smt @nsitharaman will chair the 45th GST Council meeting at 11 AM in Lucknow tomorrow. The meeting will be attended by MOS Shri @mppchaudhary besides Finance Ministers of States & UTs and Senior officers from Union Government & States," the Finance Ministry tweeted. The Council, comprising central and state finance ministers, will deliberate on the proposal of extending the existing concessional tax rate structure on Amphotericin B, Tocilizumab, Remdesivir and ...

GST on ice cream parlours may lead to litigation, say experts

The Council said ice cream parlours would draw 18% GST

Quick analysis of petroleum's contribution to Centre and states' exchequer

Petroleum's share of taxes not included in GST rose to 20% in FY20. While 40% of this should go to the states, the Centre has been raising cess on petroleum, which isn't shared with states

States slam FM plan to not extend GST compensation after June 2022

Opposition-ruled states saymatter was deferred for further discussions during Friday's meeting

Oppn-ruled states demand extension of GST compensation beyond June 2022

Finance ministers of Opposition-ruled states have demanded that the GST compensation cess regime be extended beyond June 2022.

Nasscom hails GST Council's clarification on 'intermediary services'

Nasscom on Saturday said the GST Council's clarification on scope of intermediary services will ensure that BPM exports/R&D exports and IT services-related exports are no longer denied the export status by the enforcement authorities. On Friday, GST Council's recommendations included issuance of certain circulars to remove ambiguity and legal disputes on various issues. This included clarification on scope of "intermediary services" and clarification relating to interpretation of the term "merely establishment of distinct person" with reference to a section of the IGST Act 2017 for export of services. "Nasscom welcomes the decision of the GST Council to issue a circular to clarify the scope of intermediary services. We expect this to lay at rest a long pending issue for the BPM industry and ensure that BPM exports/R&D exports and IT services related exports will no longer be denied the export status by the enforcement authorities," Nasscom said in a statement. Nasscom also ...

Top headlines: Swiggy, Zomato to pay GST, Covid vax export curbs may ease

Business Standard brings you the top headlines on Saturday

Swiggy, Zomato to pay GST from Jan; expensive life-saving drugs exempted

GST Council decides against inclusion of petroleum

GST Council extends levy of compensation cess till March 2026

The GST Council has agreed to levy compensation cess for an extended period upto March 2026 to enable the Centre to repay the loans, to compensate states for GST collection shortfall

Top headlines: Govt guarantees Rs 30,600-cr for bad bank; GST meeting today

Business Standard brings the top headlines of the day

Compensation cess and petroleum to fire up GST Council meeting

The Centre is likely to convey that GST revenues would do better than expected this year and a compensation cess of Rs 1 trillion would be released to states

Next steps for GST Council

It should address issues with a longer-term view

GST council: Kerala to oppose move to bring petrol, diesel under GST regime

Kerala on Thursday said it will vehemently oppose any move to bring petrol and diesel under the GST regime as that will further reduce revenue generation for the state

GST Council: Kerala to oppose move to increase tax on coconut oil

Kerala will oppose the move to increase the tax on coconut oil as it will affect the interests of the people of the state, official sources said here on Thursday.

Sitharaman to address media at 5pm, may speak on bad bank proposal

Finance Minister to speak in Delhi ahead of GST council meeting in to Lucknow tomorrow.

GST Council likely to reject CCI plea for exemption of indirect tax

Fitment committee recommends rejecting MoSPI request for a waiver

GST Council may deliver blow to food-delivery operators Swiggy, Zomato

Many restaurants are not depositing GST, while some are not even registered

Hike tax on tobacco to reduce affordability, protect children: K'taka body

Consortium for Tobacco-Free Karnataka and other organizations working on tobacco regulation on Tuesday urged the GST council to hike the compensation cess on all tobacco products

GST Council to weigh bringing fuel under indirect tax regime: Report

Any change to the GST system would require approval by three-fourths of the panel, which includes representatives from all states and territories

Top headlines: Tata Sons AGM today, GST Council meet on Friday

Business Standard brings the top headlines of the day