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The Goods and Services Tax (GST) Council meeting is all set to take place on 17th December. with the Council likely to issue a clarification on the eligibility condition on cess duty on SUV cars. The panel may clarify tax-related…
Union Finance Minister Nirmala Sitharaman on Monday clarified that GST claims of state governments will be settled by the finance ministry post submission of relevant papers along with a certificate from their respective accountant generals. In Monday’s parliamentary session, Sitharaman…
A committee headed by Kirit Parekh has submitted its recommendation on gas pricing formula to the government on Wednesday. In an exclusive chat with Zee Business, Chairman of the Sustainable Gas Pricing Committee gives detailed insights. He said that there…
Several States, including some governed by the BJP, on Friday urged the Centre to rein in its reliance on raising revenues through cesses and surcharges which reduce their share in the divisible pool of taxes. They also sought greater fiscal…
The Central Government released an amount of Rs. 17,000 crore to States/UTs on November 24, 2022 towards the balance GST compensation for the period April to June, 2022 (State-wise details as per Table below). The total amount of compensation released…
The Centre may release about `30,000 crore soon as GST (goods and services tax) compensation for June 2022, the last month of the five-year guaranteed compensation pledged by the Union government, sources said. However, the compensation amount will likely be…
The Centre may release about Rs 35,000 crore to states as goods and service tax (GST) arrears by September-end, Business Standard has learnt, taking the compensation for the year (FY23) to Rs 1.2 trillion. “We have so far released Rs…
Chhattisgarh Chief Minister Bhupesh Baghel Sunday reiterated his demand to the Centre seeking a five-year extension for the compensation paid to states for revenue shortfall due to GST implementation and called for revising the rates of royalty for coal and…
With Punjab reeling under debt, Chief Minister Bhagwant Mann is likely to seek an extension of GST compensation regime during the seventh governing council meet of NITI Aayog on Sunday. The meeting, the first in person after the Covid pandemic,…
As per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016, Parliament shall, by law, on the recommendation of the Goods and Services Tax Council, provide for compensation to the States for loss of revenue arising on…