GST Council Current Affairs, GK & News
GST Council
The GST bill seeks to set up a GST Council. The GST Council aims to develop a harmonized national market of goods and services. According the GST Bill, the President must constitute a GST Council within sixty days of this Act coming into force. The composition of the GST Council includes: The Union Finance Minister ..
45th GST Council Meeting-Highlights
45th GST council Meeting was chaired by Finance Minister Nirmala Sitharaman on September 17, 2021 in Lucknow. Discussions over bringing petrol & diesel under the GST regime was discussed and several key decisions were taken. Highlights Issue of Petrol & Diesel was discussed as Kerala High Court had questioned it. However, Council decided not to ..
Month: Current Affairs - September, 2021
Category: Economy & Banking Current Affairs
Topics: 45th GST Council Meeting • COVID-19 • GST Council • GST council meet • Union Finance Minister Nirmala Sitharaman
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
44th GST Council Meeting
44th meeting of Goods and Services Tax (GST) Council was chaired by Finance Minister Nirmala Sitharaman on June 12, 2021. Several changes in GST rate have been made which would be applicable till September 30, 2021. What decisions were taken? As per the Finance Minister, GST Council has accepted recommendations of Group of Ministers (GoM) ..
Month: Current Affairs - June, 2021
Category: Economy & Banking Current Affairs
Topics: 44th GST Council Meeting • COVID-19 • GST Council • GST council meet • GST rate cut • GST Rates • Smt. Nirmala Sitharaman
0% IGST on Import of Covid-related relief material
The Government of India recently waived the Integrated GST till June 30, 2021. This included Remdesivir, Beta cyclodextrin, medical grade oxygen, oxygen concentrators, cryogenic transport tanks, etc. Conditions The Government of India has provided exemptions under the following conditions: A Nodal Authority should be appointed by the State Government in accordance with the Central Goods ..
Month: Current Affairs - April, 2021
Category: Economy & Banking Current Affairs
Topics: CGST • COVID-19 • GST • GST Council • IGST • Remdesivir
GST Compensation: Rs 6,000 crores tranfered to 16 states
On October 23, 2020, the Government of India transferred Rs 6000 crores to 16 states and two union territories as the first tranche. The interest rate has been fixed at 5.19 %. Key highlights Over 21 states had opted for the borrowing scheme. And five other states did not have revenue shortfall to claim compensation. ..
Month: Current Affairs - October, 2020
Category: Economy & Banking Current Affairs
Topics: GST • GST collection • GST Council • GST council meet • GST revenue collection • GST shortfall • Nirmala Sitharaman