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Maharashtra, Karnataka, Uttar Pradesh, Odisha and Tamil Nadu are leading in collecting Goods and Services Tax (GST) cess levied mainly on sale of cars, helping the Centre pay off the market loans taken to give liquidity to states during the…
An inter-ministerial committee (IMC) led by the coal ministry on Thursday suggested that GST compensation cess should be imposed on an “ad valorem” (according to value) basis so that it is directly related to the price and quantity of coal,…
In a review meeting chaired by Telangana Chief Minister Revanth Reddy, officials pointed to pending dues from Union government as reason for revenue shortfall. Officials informed Revanth Reddy that Rs.4,000 crore in GST compensation dues were yet to be released…
In the complex landscape of taxation in India, the goods and services tax (GST) stands out as a significant reform aimed at simplifying the indirect tax structure. Introduced in July 2017, GST replaced a myriad of central and state taxes, aiming to…
The Centre could face the challenge of choosing between the consumers and filling its own coffers, once it clears the Goods and Services Tax (GST) loans. With COVID-19 hitting economic activity and tax collections, the Centre had borrowed Rs 1.1 lakh crore…
The goods and services tax (GST) compensation cess expiring in March 2026 or before may be replaced with a new levy, if the GST Council feels more revenue needed, two officials aware of discussions between the Centre and states said. The…
Karnataka, which is readying it’s response to the 16th Finance Commission, formed recently, is set to seek sharing of cess and surcharge collected by the Centre with the States and urge the Union government to consider losses suffered by the States…
The Aam Aadmi Party government is struggling to settle the pending GST compensation claims of Rs 5,000 crore, due from 2017-18 to 2021-22, with the Centre. Considering the “precarious fiscal health” of the state, it is imperative for the state…
late fee payable under section 47 of the said Act shall stand waived for the registered persons who fail to furnish the return in FORM GSTR-4
Gujarat has to recover a sum of Rs 7,183.61 crore from the Goods and Services Tax (GST) Council for the past two years, state government informed the state assembly on Monday. In a response to a question, the government stated…