GST Council
In 4 years, GST has become colonial taxation system: CAIT
Various amendments and introduction of Rules under GST in the recent past have made the taxation system much complicated and put more compliance burden on the traders. It is not alone the Central government but largely the State governments are more responsible for distorting GST taxation system and bringing disparities and anomalies in GST making it a more complex system and a big headache for the traders, said CAIT.
MoS Finance counters Bengal FM's charge of ignoring dissent, says GST Council reflects collective spirit
In his tweet, Mitra accused the Centre of completely ignoring his voice at the meet, forcing him to take the unprecedented step of recording his dissent by letter. To this, the tweet from the MoS Finance showed the details of what actually transpired at the GST Council meeting organised virtually, trashing all of Mitra's allegations while making it clear that Union Finance Minister Nirmala Sitharaman has never stifled dissent in the GST Council meetings.
GST Council meet begins, may consider duty cuts on medical supplies
The meeting is being chaired by finance minister Nirmala Sitharaman and is being attended by finance ministers of all states and union territories. Senior officers from the Centre and States are also present in the meeting. The meeting is taking place after the 43rd meeting of the Council on May 28 announced a series of duty concessions on Covid relief items in addition to relaxation of compliance measures for taxpayers.
Industry welcomes GST Council's decisions, says zero-rating of Covid-relief items should be explored
Industry body FICCI said that the Council's decision providing relief on import of Covid-related items and Black Fungus drug were a welcome move, and now GoM recommendations would be awaited to see what action is proposed on GST rate for other medical supplies for Covid including that for vaccines and ventilators.
GST Council extends compliance relief for all taxpayers, focus on smaller
It has been decided that late fee on returns to filed in form GSTR-3B for tax periods from July 2017 to April 2021 will be capped to a maximum of Rs 500 (Rs 250 each for CGST & SGST) per return for taxpayers, who did not have any tax liability for the said tax periods. Also, late fee has been capped to a maximum of Rs 1,000 (Rs 500 each for CGST & SGST) per return for other taxpayers.
GST Council meet on May 28 may consider duty cuts on essential medical supplies
The meeting coming in the backdrop of fresh and a more deadly Covid wave sweeping the country, is expected to announce a few Covid relief measures particularly in relation to duty relief on essential Coronavirus supplies and other compliance matters.
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