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Wednesday, November 25, 2020

Goods and Services tax (GST)

GOODS AND SERVICES TAX (GST) NEWS

GST compensation: how some states are borrowing, and which ones aren’t

November 11, 2020 6:55 am

The total GST revenue shortfall for the current fiscal was estimated at Rs 3 lakh crore, of which compensation cess collection was estimated at Rs 65,000 crore, leaving a compensation deficit of Rs 2.35 lakh crore.

Further borrowing to bridge shortfall may worsen states’ liabilities-GSDP ratio

October 13, 2020 11:56 pm

It is important to note that three main states that have opposed to the borrowing as proposed by the Centre are those that figure in the list of top 5 states in terms of liabilities-GSDP ratio.

GST revenue deficit: 20 states get nod to borrow Rs 68,825 crore

October 14, 2020 9:34 am

Kerala Finance Minister Thomas Isaac had said Monday that the announcement that 21 states will be allowed to choose Option 1 is “illegal”.

Next GST Council meet set for voting as Oppn sticks to its demands

October 07, 2020 12:23 am

A voting on the issue in the next GST Council meeting on Monday looks more certain with the Opposition-ruled states sticking to their stance of not agreeing to the borrowing options offered by the Centre.

Punjab, Kerala, Chhattisgarh say majority view being pushed by Centre on GST compensation issue

September 22, 2020 10:09 am

The central government had on Sunday said that 21 states have opted for Option 1 — borrowing of Rs 97,000 crore through an RBI-facilitated special window to meet this year’s compensation deficit of Rs 2.35 lakh crore.

Pre-filled GST return form soon: GST Network CEO

September 21, 2020 5:24 pm

GSTN, which handles the IT backbone for Goods and Services Tax (GST) has already started providing tax liability data based on sales return GSTR-1 of the taxpayer to be used in his tax payment form GSTR-3B in pdf form.

Political muscle being flexed to make states agree to GST options: Amit Mitra

September 17, 2020 12:40 pm

If the two options made available by the Centre are forced through with a majority vote at the next GST Council meeting, "it will be a historic mistake for India", Mitra said.

GST compensation: 12 states pick Rs 97,000-crore borrowing option, one state picks option 2

September 14, 2020 5:16 pm

Only one state, Manipur, has so far opted for Option 2 which involves borrowing the entire compensation deficit from the market.

As first state signs up, Centre proposes loan window via state-owned banks

September 03, 2020 12:50 am

The modalities for the special borrowing window are being worked out at a time when Karnataka on Wednesday became the first state to confirm its choice for option 1 — states’ borrowing of Rs 97,000 crore — out of the two options presented to states by the Centre to meet the compensation shortfall.

Maharashtra govt’s plan to ease cap on spending hits a hurdle

August 28, 2020 12:22 pm

While plans to announce further easing of curbs were in the works, the Centre’s stance regarding outstanding GST payments might force the state’s fiscal managers to rethink plans, said senior officials.