Odisha has additionally sought an extension in compensation interval past June subsequent 12 months. Opposition-ruled state governments are decided to drive a tough cut price within the particular Items and Companies Tax (GST) Council meet to be convened quickly to resolve whether or not and the way a compensation mechanism for his or her ‘income
GST
Whereas the quantity borrowed beneath the RBI-enabled mechanism final 12 months was Rs 1.1 lakh crore — there was nonetheless a shortfall, Rs 60,000-Rs 70,000 crore by one estimate — the concept is to borrow some Rs 1.58 lakh crore in 2021-22. Gross Items and Providers Tax (GST) receipts got here in at Rs 1,02,709
The GOM will submit its report back to the GST Council by June 8 for the Council’s consideration. An eight member group of ministers (GOM) led by Meghalaya chief minister Conrad Sangma will look at the necessity for discount of or exemption from Covid vaccines and different associated healthcare gadgets from items and repair tax
The GST Council will meet after a niche of practically seven months. GST Council Assembly LIVE: The forty third GST Council assembly started earlier at the moment, the place Union Finance Minister and state Finance Ministers will focus on taxation on covid-19 medication, vaccines, and healthcare, and likewise states’ compensation shortfall. Finance Ministers from varied
Over the last few years, the Income Tax Department has undergone a revamp in its approach, from being just a revenue-collecting concern to becoming a more citizen-centric one. By Rajat Mohan Over the past few years, one of the key focus areas of the Union government reforming taxes initiating from GST as a great transformation