Page 3 - Gst Rates

GST Council may allow intra-state pharma cess, discuss states' dues

It may discuss extending the compensation cess for states beyond 2022

GST Council may take up proposal for cutting rate on steel scrap to 5%

The GST rate on other kinds of scrap such as plastic, rubber, and wood has already been reduced from 18% to 5%

All eyes on GoM call on taxing Covid items

Under the GST laws, hundreds of mass consumption items and essential services are exempted fully or attract a lower rate of tax than the standard rate of 18%

GST Council meet: Decision on tax cuts on Covid-19 vaccines by June 8

The issue of GST rates on vaccines and other Covid-related supplies will be reviewed by a Group of Ministers (GoM).

Footwear, readymade garments likely to attract higher rates of GST

The fitment committee, which recommends rate changes to the Council, has proposed increasing the rate on footwear (less than Rs 1,000), readymade garments, and fabrics to 12% from 5% now

GST panel rejects demand for tax waiver on Covid-19 vax, ventilator

GST fitment panel has recommended a short-term rate cut on four Covid-19 related items

Rationalise rates

GST Council must address the shortfall in collection

HUL, Colgate among Nomura's top picks in case of GST slab rejig

The rate rejig, analysts say, will alter the tax burden on companies, which they expect to get passed on to the consumers

After Budget newsflow on GST rates, demand hold key for ITC stock

Shares of the cigarette maker hit 52-week high after the Budget left taxes unchanged

At least 1% GST dues to be paid in cash if monthly sales top Rs 5 mn

While calculating the turnover threshold, sales from GST exempt goods and zero rates supply would not be included

GST not a perfect system, requires changes, rate rationalisation: N K Singh

Says finance commission's job is to reconcile divergent objectives

Starbucks guilty of overcharging customers by Rs 1.04 cr: Monitoring agency

Did not pass on the benefit of reduced GST rates to consumers to the tune of Rs 1.04 crore and escaped penalty

Multiplex chain PVR found guilty of profiteering, but escapes penalty

PVR escaped penalty because it voluntarily deposited Rs 13.72 lakh along with interest worth Rs 35,800 to the consumer welfare fund

Auto stocks rally as GST Council set to mull tax cut on two-wheelers

The GST meeting on September 17 might take up the two-wheeler rate issue to spur sales ahead of the festive season

Gujarat HC allows tax credit on services under GST, signalling help to cos

Court strikes down an explanation Central GST rule, which the central government used to deny claim on input tax credit on services in case of inverted duty structure

Will consider corporation tax rate benefit extension: FM Sitharaman

Says GST rate reduction to go to Council; Council is likely to meet on Friday through video conferencing.

Govt unlikely to press for hike in GST rates for non-essentials next month

However it will have to find ways in which essential and non-essential items can be segregated

Centre seeks India Inc's view on economic revival amid Covid-19 outbreak

Key demands and suggestions include improving liquidity, cutting customs duties and goods and services tax (GST) rates, expediting all refunds and a halt on tax scrutiny

Covid-19 impact: Travel, hospitality stare at revenue loss of Rs 5 trillion

With 40 million jobs at risk, the industry has sought a bailout package

Don't hike GST rates amid tough times, says West Bengal FM Amit Mitra

He said the proposed hike, aimed to correct the inverted duty structure, must be deferred as markets in India were facing a double whammy of stagflation and coronavirus