GST Council Meeting: No decision on extending compensation to states
2 years, 5 months ago

GST Council Meeting: No decision on extending compensation to states

Live Mint  

The 47th GST council meeting ended today and the Council could not take a decision on the contentious issues of extension of GST compensation mechanism for states. Puducherry finance minister K Lakshminarayanan told PTI that said all states sought an extension of the compensation mechanism, but no decision has been taken. The Centre, last week, notified extension of the compensation cess, levied on luxury and demerit goods, till March 2026, to repay borrowing that were done in 2020-21 and 2021-22 to compensate states for GST revenue loss. The Council - the highest decision-making body of the indirect tax regime, which is headed by Union Finance Minister Nirmala Sitharaman and comprises representatives of all states and UTs - discussed the issue at a meeting here but did not take a decision.

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History of this topic

GST Council rejigs rates, defers call on insurance
3 days, 14 hours ago

GST Council rejigs rates, defers call on insurance

Hindustan Times  

The Goods and Services Tax Council in its 55th meeting on Saturday took a slew of decisions to protect the poor, including slashing the tax rate on fortified rice kernels, exempting GST on gene therapy, providing relief to farmers selling black pepper and resins. It, however, deferred several contentious issues such as tax rate rationalisation, GST on insurance premia and …

GST Council postpones decision to cut tax on life and health insurance
4 days ago

GST Council postpones decision to cut tax on life and health insurance

Hindustan Times  

The GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums, officials said. Revenue Secretary Sanjay Malhotra attends a GST Council meeting with Union Finance Minister Nirmala Sitharaman at Vigyan Bhawan, in New Delhi. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided …

GST Council 55th Meeting in Jaisalmer: FM Nirmala Sitharaman to discuss potential revisions in insurance, aviation taxes
4 days, 3 hours ago

GST Council 55th Meeting in Jaisalmer: FM Nirmala Sitharaman to discuss potential revisions in insurance, aviation taxes

Live Mint  

The 55th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman and including state finance ministers, will convene today, December 21, in Jaisalmer, Rajasthan. This pivotal gathering of the apex body for indirect taxes is expected to focus on significant rate changes for life and health insurance, luxury items, and the possible inclusion of aviation turbine fuel under the …

GST rate hike claims are ‘premature, speculative’
3 weeks ago

GST rate hike claims are ‘premature, speculative’

The Hindu  

The Central Board of Indirect Taxes and Customs on Tuesday dismissed reports indicating significant indirect tax rate changes and hikes on the Goods and Services Tax rates of various goods and services, as “premature and speculative”, and stressed that a ministerial group tasked with rationalising the multiple GST rates is yet to finalise its recommendations. While the GST Council, which …

Cheema advocates for continuation of GST compensation regime
3 weeks, 1 day ago

Cheema advocates for continuation of GST compensation regime

Hindustan Times  

In a strong push for the continuation of the goods and services tax compensation regime, Punjab finance minister Harpal Singh Cheema on Monday strongly recommended the continuation of the GST compensation cess regime beyond March 31, 2026, to ensure that states can mitigate the revenue loss caused by the subsumation of various taxes into the indirect tax. TPunjab finance minister …

GST Council delays decision on insurance premiums to next meeting: Report
3 months, 2 weeks ago

GST Council delays decision on insurance premiums to next meeting: Report

India Today  

The wait for relief on health insurance premiums just got a bit longer as the GST Council has postponed its decision to cut the Goods and Services Tax on health and life insurance. The GST Council meeting was expected to bring some relief to individuals, especially senior citizens, by reducing the GST rate applied to health insurance policies. The council …

​Enhancing oversight: The Hindu Editorial on the GST Council meet and issues
3 months, 3 weeks ago

​Enhancing oversight: The Hindu Editorial on the GST Council meet and issues

The Hindu  

The Goods and Services Tax Council, entrusted with overseeing the seven-year-old indirect tax regime, is slated to meet on September 9. The Council, whose parleys steered by the Union Finance Minister with States’ representatives are critical for resolving taxpayer challenges and setting broader policy direction, ought to meet regularly at such frequency. Beyond the broader revamp, the Council could also …

GST relief may hit state finances
5 months ago

GST relief may hit state finances

Deccan Chronicle  

Hyderabad: The GST Council’s decision to provide relief to taxpayers in Telangana could have serious consequences for state finances. The most hard-hitting decision taken at the 53rd meeting of the Council was the relief extended to taxpayers for the financial years 2017-18 to 2019-20 waving interest and penalty on tax demands under Section 73. This step will benefit tax payers …

GST Council to meet on June 22; Centre likely to take suggestions on Union Budget
6 months, 1 week ago

GST Council to meet on June 22; Centre likely to take suggestions on Union Budget

Hindustan Times  

The 53rd meeting of the Goods and Services Tax Council will be held in New Delhi on June 22, the finance ministry said on Thursday, indicating that it could give an opportunity for the Centre to consult states on the upcoming Union Budget for 2024-25. “While the GST Council will take up matters pertaining to indirect taxes, the presence of …

GST Council to meet on June 22: What will be the agenda?
6 months, 1 week ago

GST Council to meet on June 22: What will be the agenda?

The Hindu  

The Centre has decided to convene a meeting of the Goods and Services Tax Council on June 22, eight-and-a-half months after its last meeting, the Finance Ministry said on June 13, 2024. At its last meeting held on October 7, 2023, the Council, headed by the Finance Minister, had initiated discussions on a “perspective plan” to impose a cess or …

No GST relief until formation of new govt
9 months, 2 weeks ago

No GST relief until formation of new govt

New Indian Express  

NEW DELHI : With the delay in the GST Council meeting, several industries awaiting clarifications from the government won’t get immediate relief as the model code of conduct will be coming into force with the poll announcement. Similarly, the real estate industry is also awaiting clarification regarding 18% GST levied on special purpose vehicle model for projects. Also, it has …

2023 Annual Digest Of GST Cases
11 months, 2 weeks ago

2023 Annual Digest Of GST Cases

Live Law  

Supreme Court State Amendments Made To VAT Acts After GST Came Into Effect Are Invalid : Supreme Court Citation: 2023 LiveLaw 1351 Case Title: M/S Sethi Sons Versus Assistant Commissioner And Ors. The Delhi High Court has held that the refund application was filed twice on the GST portal but could not be uploaded due to technical glitches. Citation: 2023 …

Work in progress: The Hindu Editorial on the GST Council meet and issues
1 year, 5 months ago

Work in progress: The Hindu Editorial on the GST Council meet and issues

The Hindu  

Meeting after nearly five months, the Goods and Services Tax Council on Tuesday unravelled some knotty issues that were hanging fire for a long time, such as the constitution of Appellate Tribunals and the tax treatment for the booming online gaming industry. On the other hand, businesses have reacted with much consternation to the Council’s decision to finalise a 28% …

GST Council to weigh tax cuts on select items
1 year, 5 months ago

GST Council to weigh tax cuts on select items

Live Mint  

The goods and services tax Council meeting next week will discuss tax relief on certain medicines, farm products, arthroplasty implants, and services such as satellite launches by private organizations, a person with direct knowledge of the matter said. A committee of officers that reviews proposals for tax rate changes, called the fitment committee, has recommended lowering the GST rates on …

49th GST Council Meet: Approves Report Of GoM On Capacity Based Taxation & Special Composition Scheme In Certain Sectors
1 year, 10 months ago

49th GST Council Meet: Approves Report Of GoM On Capacity Based Taxation & Special Composition Scheme In Certain Sectors

Live Law  

The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman approved the report of GoM on capacity-based taxation and special composition scheme in certain sectors on GST.The Council accepted the GoM's recommendations to stop the leaks and increase revenue collection from goods like pan masala, gutkha, and. Nirmala Sitharaman …

Centre will clear GST dues of states, TS to get Rs.1835 cr in arrears
1 year, 10 months ago

Centre will clear GST dues of states, TS to get Rs.1835 cr in arrears

Deccan Chronicle  

New Delhi: The GST Council on Saturday said the Centre had decided to clear the pending balance of GST compensation of Rs.16,982 crore for June 2022. The Centre will also clear the admissible final GST Compensation to those states who have provided revenue figures certified by the Accountant General which amounts to `16,524 crore. Briefing media after the 49th meeting …

Centre to pay Rs 689 crore GST dues to AP
1 year, 10 months ago

Centre to pay Rs 689 crore GST dues to AP

Deccan Chronicle  

Vijayawada: Andhra Pradesh finance minister Buggana Rajendranath said the central government has decided to pay GST arrears that were pending to the state till June. He said the Council has agreed to revise the penalties levied for late filing of returns by companies with a business volume of Rs 20 crore as suggested by the state. Rajendranath has attended the …

Harish Rao skips GST Council meeting, Centre clears pending GST compensation for TS
1 year, 10 months ago

Harish Rao skips GST Council meeting, Centre clears pending GST compensation for TS

Deccan Chronicle  

HYDERABAD: The GST Council on Saturday said the Centre had decided to clear the pending balance of GST compensation of Rs 16,982 crore for June 2022. The Centre will also clear the admissible final GST Compensation to those states who have provided revenue figures certified by the Accountant General which amounts to Rs 16,524 crore. In addition, the GST Council …

GST Council clears setting up tribunals, ad valorem cess on pan masala
1 year, 10 months ago

GST Council clears setting up tribunals, ad valorem cess on pan masala

Live Mint  

Goods and Services Tax Council on Saturday decided to set up appellate tribunals to resolve GST disputes, tighten the tax regime of pan masala, gutka and chewing tobacco to check tax evasion and reduce the late fee on annual return filings to small businesses, finance minister Nirmala Sitharaman, who chairs the Council, told reporters after the 49th meeting of the …

Entire GST compensation cess dues will be cleared, announces Nirmala Sitharaman
1 year, 10 months ago

Entire GST compensation cess dues will be cleared, announces Nirmala Sitharaman

Hindustan Times  

Finance minister Nirmala Sitharaman on Saturday announced that the central government will clear the entire dues of the pending balance of the GST compensation, as decided at the 49th GST Council meeting. Even that is getting cleared," Nirmala Sitharaman said announcing the clearance of all GST dues to the tune of ₹16,982 crore. Finance minister Nirmala Sitharaman addressing the press …

GST Council: Pending GST compensation of ₹16,982 cr for June will be cleared
1 year, 10 months ago

GST Council: Pending GST compensation of ₹16,982 cr for June will be cleared

Live Mint  

Union Finance Minister Nirmala Sitharaman on 18 February said that the entire pending GST compensation will be cleared. Apart from this, she also said that the government will clear the entire pending balance of the GST compensation - a total of ₹16,982 crores for June. “We have announced today that the entire due on the pending balance of the GST …

GST Council Meeting Starts; Key Matters on Agenda
1 year, 10 months ago

GST Council Meeting Starts; Key Matters on Agenda

News 18  

The GST Council meeting started here on Saturday and is likely to discuss setting up of appellate tribunals, and mechanism to curb tax evasion in pan masala and gutkha business, among other matters. Union Finance Minister Nirmala Sitharaman is chairing the 49th meeting of the GST Council. “Along with the Union Finance Minister, Union Minister of State for Finance Shri …

Govt will clear all GST compensation of Rs 16,982 cr today, announces Nirmala Sitharaman
1 year, 10 months ago

Govt will clear all GST compensation of Rs 16,982 cr today, announces Nirmala Sitharaman

India TV News  

Union Finance Minister Nirmala Sitharaman on Saturday said that the government will clear the entire due on the pending balance of the GST compensation of Rs 16,982 crores today itself. "We have announced today that the entire due on the pending balance of the GST compensation will be cleared as of today. In other words, the entire pending balance of …

100 Important High Court Judgments of GST in 2022
1 year, 11 months ago

100 Important High Court Judgments of GST in 2022

Live Law  

Allahabad High Court: Allahabad High Court Stays GST Demand On Payment Of Royalty To Conduct Mining Activity Case Title: M/s Jitendra Singh versus Union of India The Allahabad High Court bench of Justice Saumitra Dayal Singh has stayed the GST demand on payment of royalty to conduct mining activity. Show Cause Notice Cancelling GST Registration Must Disclose Reason: Allahabad High …

GST Council To Conduct 48th Meeting On December 17 Via Videoconferencing
2 years ago

GST Council To Conduct 48th Meeting On December 17 Via Videoconferencing

News 18  

The 48th GST Council meeting will be conducted on December 17 through videoconferencing. The GoM on GST levy on casinos, online gaming and horse racing will submit its report to the GST Council next week, Meghalaya Chief Minister Conrad Sangma said on Friday. Sangma-headed Group of Ministers held its final meeting on the issue earlier this week and is understood …

Finance Ministry Confirms That Some States Have Sought Extension Of GST Compensation For A Further Period Of Five Years.
2 years, 5 months ago

Finance Ministry Confirms That Some States Have Sought Extension Of GST Compensation For A Further Period Of Five Years.

Live Law  

The Finance Ministry has confirmed that some states have sought extension of GST compensation for a further period of five years. As per section 18 of the Constitution Act, 2016, Parliament shall, on the recommendation of the GST Council, provide for compensation to the States for loss of revenue arising on account of the GST for a period of five …

GST compensation sunset: Punjab, Goa, Chhattisgarh may face most revenue stress
2 years, 5 months ago

GST compensation sunset: Punjab, Goa, Chhattisgarh may face most revenue stress

The Hindu  

With the sunset of the five-year assured compensation for States under the Goods and Services Tax regime from this month, Punjab, Goa and Chhattisgarh are likely to face the most revenue stress, as per a new working paper by the National Institute of Public Finance and Policy. The paper, titled ‘Revenue Assessment of GST in India’ by NIPFP associate professor …

Decision on GST hike taken after all States’ consent: Nirmala Sitharaman
2 years, 5 months ago

Decision on GST hike taken after all States’ consent: Nirmala Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman on July 19 clarified the GST Council has exempted from Goods and Service Tax, all food items including wheat, pulses, rice, maize, when sold loose, and not pre-packed or pre-labelled. pic.twitter.com/U21L0dW8oG — Nirmala Sitharaman July 19, 2022 The Finance Minister explained the process of decision making on the GST rate changes for pre-packed and pre-labelled, unbranded …

GST compensation due to States now totals ₹35,266 crore
2 years, 5 months ago

GST compensation due to States now totals ₹35,266 crore

The Hindu  

Outstanding Goods and Services Tax Compensation dues to States now amount to ₹35,266 crore, the Finance Ministry informed Parliament on Monday. These dues pertain to June 2022, the last month for which States were assured a certain level of revenue in order to switch to the GST regime, and would be paid from GST Compensation Cess collections, whose levy has …

GST 5 years: The journey of indirect tax regime so far
2 years, 5 months ago

GST 5 years: The journey of indirect tax regime so far

India TV News  

Highlights GST drastically altered India's tax administration and compliance GST regime made it easier to do business by doing away with multiple taxes Centre and states come together in GST Council to discuss modalities for smooth functioning of GST GST 5 years: The Goods and Services Tax, which completely redesigned the nation's indirect tax system and drastically altered tax administration …

What are the key takeaways from the 47th GST Council meeting?
2 years, 5 months ago

What are the key takeaways from the 47th GST Council meeting?

Business Standard  

The goods and services tax collection was above ₹1 lakh crore mark for the 11th month running in May, offering a big reprieve to the central government which is in a tight spot due to external and internal headwinds. The 47th GST Council meeting was held in Chandigarh, and it ended on Wednesday afternoon with Union Finance Minister Nirmala Sitharaman …

No decision on extending GST compensation
2 years, 5 months ago

No decision on extending GST compensation

Hindustan Times  

States are set to lose the shield of 14% assured annual revenue growth guaranteed under the goods and services tax law from Friday as previously decided, with the GST Council on Wednesday not taking a call on an extension sought by around a dozen states, particularly those ruled by non-NDA parties, worried about a sharp fall in their revenue. Analysts …

Harish raises GST issues in council meeting
2 years, 5 months ago

Harish raises GST issues in council meeting

Deccan Chronicle  

Hyderabad: Finance minister T. Harish Rao raised several issues pertaining to GST concerning Telangana state in the 47th GST Council meeting chaired by Union finance minister Nirmala Sitharaman in Chandigarh. The minister, along with special chief secretary, finance, K. Ramakrishna Rao, took part in the two-day GST Council meeting which concluded on Wednesday. Harish brought to the notice of the …

AP raises concern over compensation at GST council meet
2 years, 5 months ago

AP raises concern over compensation at GST council meet

Deccan Chronicle  

VIJAYAWADA: AP finance minister Buggana Rajendranath Reddy expressed various concerns of the state at the 47th GST council meeting held in Chandigarh on Wednesday. Rajendranath Reddy maintained that AP needs to be compensated as growth of GSDP in the state has not been encouraging in the last five years. The minister wanted all public services related government organisations and public …

GST Council bites the bullet
2 years, 5 months ago

GST Council bites the bullet

Hindustan Times  

Decisions taken in the 47th Goods and Services Tax Council meeting are on expected lines. The five-year window for guaranteed revenue compensation to states, which was a part of the original federal agreement on GST, has not been extended. While the argument might not be palatable to state governments, especially those ruled by the Opposition, phasing out the guaranteed compensation …

GST Council meeting | Extend compensation period, urge States
2 years, 5 months ago

GST Council meeting | Extend compensation period, urge States

The Hindu  

From July 18, tax hikes will kick in for over two dozen goods and services, ranging from unbranded food items, curd and butter milk to low-cost hotels, cheques and maps, the Goods and Services Tax Council decided after a marathon two-day meet that concluded on Wednesday. Exemptions and concessional rates on several items shall be withdrawn, based on recommendations of …

GST Council meet: What FM said on rate rationalisation, tax on casinos, lottery
2 years, 5 months ago

GST Council meet: What FM said on rate rationalisation, tax on casinos, lottery

Live Mint  

From policymakers to common man, everyone is waiting eagerly for the outcome of the 47th Goods and Service Tax Council meeting. Briefing reporters about deliberations at the two-day meeting of the GST Council in Chandigarh, the finance minister spoke about rate rationalisation, the GST compensation to states, on corrections of invested duties, virtual digital assets and more. On exemption, inverted …

GST Council Meet: Pre-Packed Items Under GST; 28% Tax On Casino Deferred; Key Decisions
2 years, 5 months ago

GST Council Meet: Pre-Packed Items Under GST; 28% Tax On Casino Deferred; Key Decisions

News 18  

The GST Council on Wednesday decided to accept the group of ministers’ interim reports on the correction of duty inversion and exemption. The Council has also decided to impose a GST of 18 per cent on the fees charged by banks for the issue of cheques ; bring hotel rooms under Rs 1,000 per day under the 12 per cent …

GST Council discusses compensation issue ‘informally’
2 years, 5 months ago

GST Council discusses compensation issue ‘informally’

Live Mint  

Chandigarh: The Goods and Services Tax Council is “informally” discussing the demands from several state governments that their indirect tax reform-related revenue losses be compensated beyond June when the current scheme expires, said a person aware of the development. The current scheme of compensation, which ran for five years since the inception of GST in July 2017, expires at the …

Forced by Opposition, GST Council to discuss compensation to states barely 24 hours before deadline
2 years, 5 months ago

Forced by Opposition, GST Council to discuss compensation to states barely 24 hours before deadline

India Today  

Facing pressure from Opposition-ruled states, the GST council on Tuesday agreed to include their demand for a discussion on extension of compensation to states as an agenda item on Day 2 of the meeting on Wednesday, 24 hours before the five-year deadline ends. However the compensation cess, levied on luxury and demerit goods, was to continue till March 2026 primarily …

GST Council meet: No decision on extending compensation regime to states
2 years, 5 months ago

GST Council meet: No decision on extending compensation regime to states

India TV News  

Highlights All states sought an extension of the compensation on GST, but no decision has been taken A final decision is likely to be taken at the next meeting of the council in August A group of ministers have been asked to further deliberate on the tax rate GST Council Meet: The GST Council on Wednesday took no decision on …

Punjab may lose Rs 15k crore as GST compensation ends
2 years, 5 months ago

Punjab may lose Rs 15k crore as GST compensation ends

India Today  

The two-day brainstorming session of the GST council, which kick started in Chandigarh on Tuesday, has left fund-starved states like Punjab worried. The Punjab government has assessed that the end of the GST Cess will result in a loss of between Rs 14,000 to Rs 15,000 crore during the current fiscal year. Punjab Finance Minister Harpal Singh Cheema, while speaking …

Why is GST compensation important for states even after 5 years of new tax regime?
2 years, 5 months ago

Why is GST compensation important for states even after 5 years of new tax regime?

India Today  

It has been five years since the Goods and Services Tax was implemented in India and the government’s expected time for full transition into the new tax regime is now over. “Until the GST implementation, producing or exporting states besides collecting VAT used to collect central sales tax up to two per cent on the inter-state sales. After the GST …

GST Council Meet Begins: 28% GST on Online Gaming, States' Compensation; Key Agendas Today
2 years, 5 months ago

GST Council Meet Begins: 28% GST on Online Gaming, States' Compensation; Key Agendas Today

News 18  

From taxpayers to policymakers, all eyes are set on the two-day meeting of the Goods and Services Tax Council, starting from Tuesday. GST compensation to states, GST rate revisions of certain items and services, and easier compliance norms for taxpayers are on top of the agenda for the 47th GST Council meeting. Ahead of the GST Council meeting, Kerala’s finance …

Two-day GST Council meet begins today, compensation to states a big fault line
2 years, 5 months ago

Two-day GST Council meet begins today, compensation to states a big fault line

India Today  

The powerful GST Council is all set to meet for its first meeting this year, to be held in Chandigarh today. With political differences between the Centre and the states at an all-time high, the council’s capability to create consensus over economic issues will face an additional test after the Supreme Court ruling in May this year that said: “Parliament …

GST Council meet: States' compensation, easier e-comm suppliers' registration, tax tweaks on cards
2 years, 5 months ago

GST Council meet: States' compensation, easier e-comm suppliers' registration, tax tweaks on cards

India TV News  

GST Council meet: The 47th GST Council meeting that is currently underway is slated to discuss a host of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers. Further, the meeting of the Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state …

The road ahead for GST as it completes 5 years
2 years, 5 months ago

The road ahead for GST as it completes 5 years

Live Mint  

The Goods and Services Tax Council meets for two days from Tuesday as the landmark indirect tax reform completes five years. The 47th meeting of the GST Council will be held at a time tax authorities are planning to improve the efficiency of the GST architecture even as the economy continues healing after the pandemic. Pruning the list of GST …

Strengthening the GST regime
2 years, 5 months ago

Strengthening the GST regime

Hindustan Times  

The two-day meeting of the Goods and Services Tax Council that starts on Tuesday is the 47th of the body – but it is likely the most important to date. When the GST law was passed in 2017, states were assured they would be compensated for the potential loss of revenue on account of moving to the GST regime. The …

GST compensation cess levy extended till March 2026
2 years, 6 months ago

GST compensation cess levy extended till March 2026

The Hindu  

The government has extended the time for levy of GST compensation cess by nearly 4 years till March 31, 2026. The levy of cess was to end on June 30 but the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising State FMs, decided to extend it till March 2026 to repay the loans taken in the last …

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