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Finance minister Nirmala Sitharaman on Friday said that the cess on goods such as soft drinks, tobacco, coal and cars will go towards repayment of loans to compensate states for GST (goods and services tax) shortfall up to March 2026, suggesting that the demand for states to extend the compensation period was a tough ask.

The GST Council on Friday reduced the levy on several life-saving medicines, agreed to correct the tax structure for several products – ranging from textiles and footwear to pens – and unanimously concluded that there was no need to include petrol and diesel under this tax regime for now. Finance minister Sitharaman clarified that it … Continue reading GST council agrees to keep fuel out for now

The goods and services tax (GST) Council on Friday took several key decisions including extending tax concessions to Covid-19 drugs and reviewed tax rates of many items. However, the Council unanimously decided to keep petrol, diesel out of its tax regime.

Finance minister Nirmala Sitharaman on Friday clarified that petrol and diesel price will not be brought the goods and services tax (GST) regime yet. Briefing the media on the key decisions taken in the 45th GST Council meet, Sitharaman said that the GST Council members made it clear they do not want petroleum products to … Continue reading Petrol, diesel won’t be brought under GST yet, says FM

The Goods and Services Tax (GST) council will consider taxing petroleum products under a single national rate, according to people familiar with the matter, opening the door for a potential major change in consumer prices and government revenue.

Goods and services tax (GST) collections dipped around 4% to Rs 1.12 lakh crore in August, compared to Rs 1.16 lakh crore in the previous month, but policymakers and experts remained upbeat about revenues remaining strong in the coming months on account of improved economic activity.

Interestingly, the AAR bench observed that Papads were handmade once. Hence, it was easier to roll them into a round shape. Today, with the advancement of technology, the old traditional round papad has given way to different shapes and sizes.

The goods and services tax (GST) collection for the month of June slipped below Rs 1 lakh crore mark for the first time after eight months, majorly on account of state-wise lockdowns in wake of second Covid wave, data released by finance ministry showed on Tuesday.

GST revenue mop-up remained above the Rs 1 lakh crore-mark for the eight straight month in May at over Rs 1.02 lakh crore. The revenue for May 2021 is lower than the record over Rs 1.41 lakh crore GST collected in April 2021.

The GST Council on Friday deferred a decision on cutting rates for a number of products related to combating Covid-19, while exempting a medicine used for treatment of black fungus and relief material such as medical oxygen and concentrators, even if imported on payment basis, from payment of integrated GST.

Multiple GST slabs and interpretations — both by businesses and government authorities — are ensuring that there is never any shortage of classification problems. At least three cases have been dealt with by various authorities, with companies seeking production interpretations, which in many cases were clear.

The Supreme Court on Wednesday sought responses of the finance ministry, the GST Council and the Central Board of Indirect Taxes and Customs (CBIC) on a PIL seeking a mechanism to levy GST on foreign companies, like Facebook and Google, in business-to-business transactions for Online Information Database Access and Retrieval (OIDAR) services.

Goods and services tax (GST) collections touched a new high of nearly Rs 1.2 lakh crore in January, indicating a sharp recovery post lockdown and better compliance, manifested in record returns of 90 lakh.