New Delhi: India Inc. has largely welcomed the decisions taken by the GST Council on Friday to exempt Covid relief items from duty and easing compliance burden for taxpayers but said the measures stopped short of giving complete exemption to taxpayers from late fee payment and also missed out on providing zero rating of Covid supplies. […]
Besides discussion on tax rates, the Council may also deliberate on the estimated Rs 2.69 lakh crore that states need to be provided as per the promise in 2017.
The Council has set five-point terms of reference for the GoM which will include examining the legal validity of such changes (manufacturing capacity based taxation and new composition scheme).
Additional revenue can contribute to necessities like vaccinations and can also be utilised to augment health infrastructure to prepare for a possible third wave, say public health groups
It may also announce a few measures to correct the inverted duty while discuss the compensation cess dues arising in 2021-22 due to a possible shortfall in cess collections.
ATF or jet fuel cost, which account for for 45%-55% of an airline's operating expenses, in India is among the highest in the world and the industry has long been demanding that it should be brought under GST
Petroleum Minister Dharmendra Pradhan had also urged Union Finance Minister Nirmalya Sitharaman to bring petroleum products under the ambit of the GST.
Along with fertilizers, pesticide is also an important agro input that helps in curbing pests and diseases on plants and plays a major role in increasing agricultural production.
Though the dates for next GST Council meeting is yet to be finalised, finance minister sources said its due and may take place anytime after the budget presentation.
Council, chaired by Finance Minister Nirmala Sitharaman and comprising of state finance ministers, will for the third time in a row discuss the issue of funding the shortfall of GST revenue of states
Finance Minister Nirmala Sitharaman said the states which received less apportionment of IGST for 2017-18, the Centre will next week transfer a cumulative Rs 24,000 crore to them
