Policy
GST Council proposes interest, penalty waiver on tax dues
"Our intent is to make GST assessees' life easier, simpler and less cumbersome... We are working towards less and less compliance," Union finance minister Nirmala Sitharaman, chairperson of the body, told reporters after the council's 53rd meeting that was held in the capital.
States seek infra, rural push in pre-budget meet with FM Sitharaman
States presented demands for higher special assistance, increased allocations for rural schemes, and support for housing programmes to Finance Minister Nirmala Sitharaman in the pre-budget meeting. Sitharaman highlighted the Centre's aid to states through timely tax devolution and release of GST compensation arrears. Andhra Pradesh requested central funds for various projects and initiatives, including the development of Amaravati as its capital.
GST Council proposes interest, penalty waiver on tax dues
The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, empowered tax authorities to waive interest and penalties on past tax demands, aiming to ease compliance for GST assessees.
India's social welfare schemes don't speak to each other: Andaleeb Rahman, Cornell University academic
Prime Minister Narendra Modi initiated the transfer of funds for PM-Kisan and approved housing assistance under Pradhan Mantri Awas Yojana. In 'The Future of India’s Social Safety Nets,' Andaleeb Rahman and Prabhu Pingali advocate for a systemic approach to social welfare programs.
Petrol and diesel to come under GST? Here's what FM Sitharaman has to say after Council meeting
Finance Minister Nirmala Sitharaman on Saturday said the intention of the central government has always been to bring petrol and diesel under GST, and it is now up to the states to come together and decide on the rate. She said a provision has already been made by former Finance Minister Arun Jaitley by including petrol and diesel into GST law. What is remaining is for the states to come together to discuss and decide on the rate of the levy.
Intention of Centre to levy GST on petrol, diesel; states will have to decide on rate: FM Nirmala Sitharaman
Sitharaman mentioned the ongoing taxation of petrol and diesel through excise duty and VAT, urging states to collaborate in the GST Council to decide on the tax rate.
GST Council Meeting: From biometric authentication to railways services exemption, top ten key decisions
The Goods and Services Tax (GST) Council, at its 53rd meeting in New Delhi on June 22, decided to roll out Pan-India biometric authentication to check fake invoicing. Union Finance Minister and the chair of the GST Council, Nirmala Sitharaman, apprised the press of key decisions taken in the meeting. Watch the video to learn the GST Council's top ten decisions in the 53rd meeting.
GST Council Meeting: Railway Platform tickets exempted from GST, biometric authentication push & other key decisions
At its 53rd meeting in New Delhi, the GST Council decided to implement nationwide biometric authentication to combat fake invoicing. Finance Minister Nirmala Sitharaman announced retrospective amendments to input tax credit timelines under the CGST Act from July 2017. The meeting, the first since the new government took office, also addressed various operational issues and recommended uniform GST rates for milk cans and carton boxes.
Budget 2024: Sitharaman underlines Centre's support to states via timely tax devolution, GST compensation arrears
Union Budget: Finance Minister Nirmala Sitharaman emphasised the Centre's commitment to supporting states through timely tax devolution and GST compensation arrears to boost economic growth during a pre-budget meeting with state finance ministers. She encouraged states to utilize the 50-year interest-free loan scheme for reforms. States appreciated the assistance and provided suggestions for the upcoming Union Budget, with specific requests for projects and allocations.
What is expected from the GST Council meeting today?
The GST council may delay the inclusion of petroleum products under GST and the much-awaited rate rationalization. Discussions may also focus on reducing GST on insurance products.
Must Watch
Union Finance Minster Nirmala Sitharaman chairs pre-budget meeting with state finance ministers
Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with state and union territories finance ministers at Bharat Mandapam for suggestions on the upcoming Union Budget, after previously consulting with economists and industry experts. She is set to chair the 53rd GST Council Meeting to discuss tax rates, policy modifications, and administrative challenges, crucial for shaping India's indirect tax system. The agenda for the meeting is yet to be disclosed.
GST Council Meeting: Sin goods windfall, tax relief talks, and more ahead of budget buzz
GST Council Meeting: The upcoming 53rd meeting of GST Council is poised to discuss several key measures that could pave the way for significant tax reforms ahead of the government's first full budget. Among the agenda items are -- the use of approximately Rs 70,000 crore collected from GST compensation cess on products like pan masala and cigarettes. Discussions may also cover the potential waiver of interest or penalties on tax notices issued between 2017 and 2020, excluding cases of deliberate default.
Budget wishlist from agriculture & MSMEs stakeholders: Sops, infra push, easy loans and PLI schemes
Stakeholders from the agricultural sector and MSMEs provided key suggestions to Finance Minister Nirmala Sitharaman during pre-budget consultations. Suggestions included rationalizing fertilizer subsidies, boosting agricultural infrastructure investment, and implementing employee-centric production-linked incentive schemes.
Finance Minister Nirmala Sitharaman chairs fifth pre-budget consultation with MSME representatives
Union Minister Nirmala Sitharaman chaired the fifth Pre-Budget Consultation in New Delhi, focusing on inputs from the MSME sector for the forthcoming General Budget 2024-25.
GST Council likely to deliberate on online gaming tax, Par panel recommendation on fertiliser
The GST Council is set to discuss various issues in its upcoming meeting, including taxation on online gaming and the recommendation to lower tax on fertilisers by the Parliamentary standing committee. The current GST rate on fertilisers is 5%, while raw materials like Sulphuric Acid and Ammonia face a higher rate of 18%. The council will also review the decision to levy 28% GST on the full value of bets for online gaming companies, which came into effect on October 1, 2023.
Real repo rate too high and could hurt growth, said MPC dissenters
The two external members of the Reserve Bank of India (RBI) Monetary Policy Committee (MPC) who had pushed for a 25 basis point rate cut at the June 7 meeting, Ashima Goyal and JR Varma, said the real repo rate at 2% was too high and could hurt growth, according to the minutes released by the central bank on Friday.
