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Two-year extension of GST compensation cess levy likely to cover shortfall in tax collection

Two-year extension of GST compensation cess levy likely to cover shortfall in tax collection

🕔17:20, 23.Sep 2020

New Delhi, Sep 23  The GST Council is likely to approve a two-year extension of compensation cess levy on goods and services to allow Centre to pay entire shortfall in GST tax collection by states expected till June 2022. Sources

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GST compensation: 1st option set to get nod with 21 states on board

GST compensation: 1st option set to get nod with 21 states on board

🕔07:01, 21.Sep 2020

New Delhi, Sep 21  With 21 states expressing their preference for the Borrowing Option-1 proposed by the Centre to meet the GST compensation needs of states this year, decks have been cleared for the GST Council to approve the new

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GST cess restructuring, rate changes may come later though Council holds no discussion

GST cess restructuring, rate changes may come later though Council holds no discussion

🕔11:53, 28.Aug 2020

New Delhi, Aug 28  Union Finance Minister Nirmala Sitharaman said that the GST Council at its meeting on Thursday did not discuss any tax rate increase but hinted that these issues could be discussed only after states come back with

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GST Council meet on Thursday, to mull Centre’s compensation default

GST Council meet on Thursday, to mull Centre’s compensation default

🕔17:09, 26.Aug 2020

New Delhi, Aug 26  The GST Council will meet here on Thursday to take up the single-point agenda of GST compensation to states affected by delays in the release by the Centre, a government official privy to meeting agenda said.

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GST Council mulls correction of inverted duty structure

GST Council mulls correction of inverted duty structure

🕔06:58, 13.Jun 2020

New Delhi, June 13 The GST Council is considering the correction of the inverted duty structure as it has impacted revenue collection, along with resulting in higher outflow of refunds. On Friday, the council, headed by Finance Minister Nirmala Sitharaman, discussed

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GST Council’s temporary relief measures for Covid-hit small businesses

GST Council’s temporary relief measures for Covid-hit small businesses

🕔18:50, 12.Jun 2020

New Delhi, June 12  In a bid to provide relief to small businesses amid the coronavirus pandemic, the GST Council on Friday decided to halve the interest rate on late filing of GSTR-3B returns for the period of February, March

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GST Council gives more time to taxpayers to revive cancelled registration

GST Council gives more time to taxpayers to revive cancelled registration

🕔18:49, 12.Jun 2020

New Delhi, June 12  As a step towards trade facilitation in this difficult times of Covid-19 pandemic, the GST Council on Friday decided to give more time to the taxpayers to file for revocation of their GST registration. Accordingly, the

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GST Council to meet again in July on compensation to states: FM

GST Council to meet again in July on compensation to states: FM

🕔18:47, 12.Jun 2020

New Delhi, June 12  Faced with a sharp decline in GST collections due to the lockdown and disruptions in economic activities across the country, the Central government may look at paying GST compensation to states using a portion of its

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GST on mobile phones raised to 18%, rates on MRO services cut to 5%

GST on mobile phones raised to 18%, rates on MRO services cut to 5%

🕔09:42, 15.Mar 2020

New Delhi, March 14 The GST Council chaired by Finance Minister Nirmala Sitharaman on Saturday decided to raise rates on mobile phones to 18 per cent from 12 per cent now stating that the move would correct the inverted duty

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Centre informally proposed GST rate rejig once a year: FM

Centre informally proposed GST rate rejig once a year: FM

🕔06:45, 10.Feb 2020

Kolkata, Feb 10  The Centre has informally proposed to the GST Council that rationalisation of rates be done once in a year and not every three months, as the present system was bringing in a certain level of uncertainty for

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Panel set up to boost GST revenue after sharp collection dip

Panel set up to boost GST revenue after sharp collection dip

🕔17:00, 10.Oct 2019

New Delhi, Oct 10  The GST Council on Thursday constituted a committee of officers to improve revenue after the September Goods and Services Tax (GST) collection dropped sharply to a 19-month low of Rs 91,916 crore, reflecting weak consumer demand.

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GST Council to decide on cutting vehicle rates: Sitharaman

GST Council to decide on cutting vehicle rates: Sitharaman

🕔07:36, 2.Sep 2019

Chennai, Sep 2  Finance Minister Nirmala Sitharaman on Sunday said that the GST Council will take the final call on reducing the tax rate on motor vehicles. Speaking to reporters here, she said that the government is addressing the issues

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GST Council focus now on easing compliance, curbing tax evasion

GST Council focus now on easing compliance, curbing tax evasion

🕔21:31, 21.Jun 2019

New Delhi, June 21  With the Goods and Services Tax (GST) regime stabilizing after a series of rate rationalizations, the focus of the government has now clearly shifted to easing the compliance burden and containing tax evasion. In its 35th

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GST Council to meet on June 20 amid hopes of rate cuts

GST Council to meet on June 20 amid hopes of rate cuts

🕔08:03, 12.Jun 2019

New Delhi, June 12  Ahead of the Union Budget, the all-powerful GST Council will meet on June 20 and discuss the proposal to fix Rs 50 crore as the turnover threshold for entities to generate e-invoices on a centralised portal

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GST cut will boost housing, input tax credit to sting, say industry, experts

GST cut will boost housing, input tax credit to sting, say industry, experts

🕔11:55, 25.Feb 2019

New Delhi, Feb 25  The housing industry on Sunday hailed the decision of the GST council to lower tax on under-construction housing properties to 5 per cent from 12 per cent, and on affordable housing to 1 per cent from

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GST council cuts tax on under-construction houses to 5%, industry responds with caution

GST council cuts tax on under-construction houses to 5%, industry responds with caution

🕔11:51, 25.Feb 2019

New Delhi, Feb 25  In a big relief to the realty sector and homebuyers, the GST council on Sunday lowered tax on under-construction properties to 5 per cent from 12 per cent, and affordable housing projects to 1 per cent

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GST Council to meet on Sunday, consider housing relief

GST Council to meet on Sunday, consider housing relief

🕔18:12, 20.Feb 2019

New Delhi, Feb 20  The GST Council, which met briefly through video-conference on Wednesday, will next be meeting on Sunday to take up real estate issues. Meanwhile, the Council has extended the deadline to file 3B returns by two days.

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GST Composition Scheme : Rs 1.5 cr threshhold from 2019-20

GST Composition Scheme : Rs 1.5 cr threshhold from 2019-20

🕔23:42, 10.Jan 2019

New Delhi, Jan 10 (IANS) In a further relief to the micro, small and medium (MSME) sector, the threshhold limit for eligibility under the GST Composition Scheme was raised to Rs 1.5 crore, from Rs 1 crore, by the GST Council

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GST exemption threshold doubled, Kerala allowed to impose calamity cess

GST exemption threshold doubled, Kerala allowed to impose calamity cess

🕔23:35, 10.Jan 2019

New Delhi, Jan 10 (IANS) In a major relief for MSMEs and small businesses, the GST Council on Thursday doubled the exemption threshold from Rs 20 lakh to Rs 40 lakh and raised the limit for availing the composition scheme to

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GST Council nods formation of centralised appellate authority

GST Council nods formation of centralised appellate authority

🕔09:26, 23.Dec 2018

New Delhi, Dec 22 (IANS) The GST Council on Saturday gave its approval to creation of a Centralised Appellate Authority for Advance Ruling (AAAR) by amending the GST Act. According to the Ministry of Finance, the GST Council in its 31st

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