The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1. Levy of Compensation Cess to be extended beyond the ..
The 39th GST Council meeting will be held on the 14th March 2020, at Vigyan Bhawan, New Delhi. Taxpayers and practitioners have huge expectations from the meeting as the meeting is being held just two weeks before the last date of filing Annual Returns for FY 18-19 and the implementation of the New Return System. Below are some expectations from the 39th GST Council Meeting: 1. Deferment and relaxation of e-Invoicing under GST : The GST Council in its 35th GST Council Meeting ann..
The Department of Expenditure, Ministry of Finance, has today granted permission to 20 States to raise an additional amount of Rs.68,825 crore through open market borrowings. Additional borrowing permission has been granted @ 0.50 % of the Gross State Domestic Product (GSDP) to those States who have opted for Option- 1 out of the two options suggested by the Ministry of Finance to meet the shortfall arising out of GST implementation. In the meeting of GST Council held on 27th&n..
This meeting was an extension of the 42nd GST Council Meet. Key Updates from the 42nd GST Council Meeting can be read. GST Council Meeting held on 12th October 2020 was a continuation of the 42nd GST Council meeting, to discuss one agenda item, namely no. 9A. Discussions went on the issue of borrowing, extension of cess and so on. https://twitter.com/PIBMumbai/status/1315687690159833088 States asked some specific clarifications, which were given. Many of the clarifications were on Atto..
Background - What is GST Compensation? During the implementation of GST, states had to transit from the indirect taxes’ regime into the new GST regime. This resulted in a tremendous loss of revenue for the states, together with them ceding almost all their powers to impose local-level indirect taxes. Thus, a provision was made to compensate the states for such loss of revenue by the center agreeing that revenue shortfalls arising from the transition to the new indirect taxes’ r..
The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing today i.e. 05th day of October 2020 in New Delhi. Union minister of state (MoS) for finance Anurag Thakur and finance ministers of states and Union territories (UTs) are also attending the virtual meeting, which is being held to finalize modalities to compensate states for their revenue shortfall of Rs 2.35 lakh crore in the current financial year. ..
Recommendations of the 42nd GST Council Meeting held on 5th October 2020 The GST Council met through video conferencing on 5th October 2020 for the 42nd time and deliberated on several key issues. Some of the important recommendations made are elaborated as under - Sl. No Area Recommendation/Action Effective from 1 Compensation Cess Compensation Cess to be extended b..
The 41st GST Council meeting was held under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing on the 27th of August, 2020. Shri Anurag Thakur and Finance Ministers of States & UTs and Senior officers from Union Government & States were present in the meeting. What were we expecting from 41st GST Council Meeting? • Issues such as compensation to states and therefore GST rates revision. • Issues s..
The 41st GST Council meeting was held today, 27/08/2020, Thursday with the agenda of compensation for loss of revenue arising from the implementation of GST. The 41st meeting of the GST Council was held via video conferencing. In regard to the shortfall in compensation, the Council had consulted the Attorney General if this gap in compensation can be met through the Consolidated Fund of India and he suggested that the compensation cess levy can be extended beyond 5 years. So, there were two opti..
Arjun (Fictional Character): Krishna, the 40th GST Council Meeting was held under the chairmanship of Smt. Nirmala Sitharaman on 12th June, 2020. What recommendations has the GST council made on Law & procedure changes? Krishna (Fictional Character): Arjuna, the 40th GST Council meeting chaired by Union Finance & Corporate Affairs Minister Smt. Nirmala Sithraman through video conferencing was held on 12th June 2020. The GST council has made recommendations for measures of trade facili..
Recommendations of GST council related to Law & Procedure Finance Minister, Smt. Nirmala Sitharaman chaired the 40th GST Council meeting via video conferencing today i.e. 12th day of June 2020. GST Council is meeting today for the first time after the nationwide lockdown. Key Highlights: 1. Reduction in Late Fee for past Returns: Late fee for non-furnishing FORMGSTR-3B for the tax period from July, 2017 to January, 2020 has been reduced /waived as under: - 'NI..
A. Reduction in Late Fee for Past Returns Late Fee for non-furnishing FORM GSTR 3B for the tax period July, 2017 to January, 2020 has been waived as under: NIL late fee if there is no tax liability; Maximum late fee capped at Rs. 500/- per return if there is any tax liability. The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020. B. One Time extension in period for seeking revocation of cancellation of registration ..