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.
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.
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.
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.
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’.
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.
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’.
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%.
Assam CM can’t celebrate that the Congress drew a blank in the Bodoland Territorial Council polls in 2010 as well as 2015, and bagged only one in 2020.
SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
The 2018 contract with Russia for 5 S-400 systems had a follow-on clause for 5 more. S-400 was described as a 'game-changer' for shooting down 5 Pakistan fighter jets during Op Sindoor.
What Munir has achieved with Trump is a return to normal, ironing out the post-Abbottabad crease. The White House picture gives us insight into how Pakistan survives, occasionally thrives and thinks.
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