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

Finance Minister Nirmala Sitaraman chairs 43rd GST Council Meet

On October 12, 2020, the Finance Minister Nirmala Sitaraman chaired 43rd GST Council Meet. The council for the third time discussed the issue of revenue shortfall of states. Before the meet, the minister announced a slew of economic measures to boost consumer demand in the country. Key Highlights The meet ended without conclusions. Majority of ..

Month: Current Affairs - October, 2020

Category: Economy & Banking Current Affairs

Topics: compensation cess • GST collection • GST Council • Nirmala Sitharaman

42nd GST Council Meet held

On October 5, 2020, Finance Minister Smt Nirmala Sitaraman chaired the 42nd GST Council Meet. Key Highlights The GST Council could not finalize borrowing plans of states to meet the compensation short fall after eight hours of meet. 18% of GST over launch satellite launches exempted. The Indian firms earlier had to pay 18% GST ..

Month: Current Affairs - October, 2020

Category: Economy & Banking Current Affairs

Topics: Cess • GST collection • GST Council • GST revenue collection • Nirmala Sitharaman

GoM approves e-way bill for intra-state gold movement

The Group of Finance Ministers has approved bringing the intra-state movement of gold within the ambit of the e-Way bill. However, the panel of ministers has left the final decision to introduce it or not to the individual states as they would be the correct authority to take a call regarding this. What is an ..

Month: Current Affairs - August, 2020

Category: Economy & Banking Current Affairs

Topics: e-Way Bill • Gold • Goods and services tax • GST Council • GST defaulters • GSTIN • Precious Stones

GST Council meet

On June 12, 2020, the Finance Minister Nirmala Sitaraman chaired the 40th GST Council Meet. Highlights The minister at the meet announced that no late fee will be charged from the taxpayers (small taxpayers) that had filed GST returns between July 2017 and January 2020. This is being done as there is lot of GST ..

Month: Current Affairs - June, 2020

Category: Economy & Banking Current Affairs

Topics: Central GST • CGST • GST • GST collection • GST Council • IGST • nirmala sitaraman