Monday, 23 May, 2022
TopicGST Council

Topic: GST Council

GST Council likely to discuss tax cuts on Covid goods, revenue shortfall to states on Friday

Ahead of the council's first meeting, finance ministers of 8 non-BJP-ruled states have devised a joint strategy to press for a zero tax rate on Covid essentials, sources said.

Manpreet Badal writes to FM Sitharaman, seeks timely, comprehensive action on GST

Punjab Finance Minister Badal said even though the GST Council is meeting after 8 months, the agenda for it is 'mundane' and does not deal with substantive issues.

Nirmala Sitharaman to chair 43rd GST Council meeting through video conferencing on 28 May

At the 42nd GST Council meeting in October 2020, it was decided that the compensation cess would be levied beyond the transition period of five years to meet the revenue gap.

‘Landmark’ Rs 1 lakh cr monthly GST was first crossed in April 2018, but only 11 times since

Frequent changes in tax laws leading to uncertainties for businesses and lowering of rates without a corresponding rise in tax buoyancy among factors for lack of buoyant GST collection.

States borrowing without GST Council nod sets dangerous precedent. It’s a blot on tax reform

ThePrint view on the most important issues, instantly.

Modi govt allows 20 states to borrow even as shortfall issue stays unresolved at GST Council

Move is likely to further strain relations between Modi govt & mostly opposition-ruled states that have insisted Centre do the borrowing, not states.

Centre-states impasse on GST continues, but Sitharaman says some states may go ahead & borrow

The finance minister questioned if the GST Council can intervene if an individual state wants to borrow from market, but opposition-ruled states say it’s ‘illegal’.

Rs 3 lakh cr GST shortfall to states, Sitharaman says act of God may see economy contracting

Centre proposes special RBI window for states to borrow to meet the shortfall as cess will make up for only 22% of the losses. States, instead, suggest Centre should borrow.

BJP & non-BJP states join hands to take on Modi govt over unpaid GST dues

Punjab minister Manpreet Singh Badal says not paying GST dues would amount to ‘sovereign default’, while Bihar Deputy CM Sushil Modi says it’s the govt’s ‘moral commitment’.

Lotteries take a hit, but states prevent other GST rates from being hiked

GST council votes to levy uniform 28% tax on both state and private lottery, which will come into effect from March 2020. The tax rate earlier was 12%.

On Camera

YourTurn

Galle Face Green the popular promenade in Sri Lanka’s capital Colombo has become ground zero for the protest against the Gotabaya Rajapaksa government. | Photo: Regina Mihindukulasuriya

Sri Lanka may be a teaser for a global default crisis

Global markets see Sri Lanka as an omen for more defaults in the developing world as countries face a growing, post-Covid debt burden.

World’s $300 trillion in debt. Here’s what it means for services like health, education

To meet debt payments, at least 100 countries will have to reduce spending on essential services, the IMF estimates.

Defence

Representational image of drone. | Photo: Mark Kauzlarich | Bloomberg

As drones usher in new era of warfare, India’s growing UAV industry begins to take flight

With a growing indigenous base of drone manufacturers and exporters, and incentives from government, industry sentiment is bullish. However, some concerns remain. 

Mandir or Masjid? New surveys not needed, just acceptance of truth & move towards reconciliation

That temples were destroyed and mosques built is undisputed history. The past can’t be changed, but we can’t deny the wrongs of the past either before we consider reconciliation.
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