Goods and Services Tax (GST) Current Affairs, GK & News
SC: GST Council Recommendations not binding on Centre, States
The Supreme Court recently ruled that recommendations of the Goods and Services Tax (GST) Council are not binding on the Centre and states. What are the highlights of the judgment of the Supreme Court? The Supreme Court held that recommendations of the GST Council only have a persuasive value and are not binding in nature. ..
Month: Current Affairs - May, 2022
Category: Economy & Banking Current Affairs
Topics: Goods and Services Tax (GST) • GST • GST Council • Persuasive value • Supreme court
Centre releases ₹40,000 crore as GST compensation
Central government released an amount of Rs 40,000 crore on October 7, 2021 to states and union territories (UTs) with legislature. Highlights The amount was released under back-to-back loan facility for meeting the shortfall in GST compensation. Amount was released in addition to normal GST compensation which is being released every two months out of actual cess ..
Month: Current Affairs - October, 2021
Category: Economy & Banking Current Affairs
Topics: CGST act • Goods and Services Tax (GST) • GST Compensation Cess • GST Compensation to States Ordinance
Group of ministers to rationalise GST rates
Government has tasked a group of ministers (GoM) headed by Chief Minister of Karnataka, Basavaraj S. Bommai to propose a rationalisation of tax rates and consider the merger of different tax slabs within two months. Highlights With the move, the government seeks to set the stage for an overhaul of the multiple tax rates under ..
Month: Current Affairs - September, 2021
Category: Economy & Banking Current Affairs
Topics: Goods and Services Tax (GST) • Group of ministers (GoM) • GST rate • GST rate cut • Rationalisation of tax rates
Govt. begins review of legal issues in GST
The Central Government has begun a review of the goods and services tax (GST) law so as to provide clarity on the various issues that have cropped up regularly since it implemented in the year 2017. Highlights This review is being undertaken to clear the air on various issues such as whether the services ..
Month: Current Affairs - July, 2021
Category: Economy & Banking Current Affairs • Government Schemes Current Affairs
Topics: Economic Affairs • Goods and Services Tax (GST) • GST • GST Council • review of the goods and services tax
Fin Min to issue appreciation certificates to GST payers
Union Finance Ministry has decided to issue certificates of appreciation to over 54,000 GST payers. Why certificates will be issued? Certification of appreciation will be issued for timely filing of returns and cash payment of tax and to mark fourth anniversary of historic tax reform Goods and Services Tax. About 66 crore GST returns have ..
Month: Current Affairs - July, 2021
Category: Economy & Banking Current Affairs
Topics: appreciation certificates for GST payers • Central Board of Indirect Taxes and Customs (CBIC) • Goods and Services Tax (GST) • Goods and services tax networks (GSTN) • GST • Union Finance Ministry • Value-added tax