198 India News
No Result
View All Result
  • HOME
  • VIDEOS
  • BUSINESS
  • INDIA NEWS
  • NEWS
    • INDIA USA TRADE NEWS
    • INDIA AFRICA NEWS
    • INDIA EU NEWS
    • INDIA GULF NATIONS NEWS
    • INDIA RUSSIA NEWS
    • INDIA NIGERIA NEWS
    • INDIA UK NEWS
  • POLITICAL
  • IMMIGRATION
  • TECHNOLOGY
  • EDUCATION
    • EDUCATION
    • VENTURE CAPITAL
    • JOINT VENTURE
    • INDIA UNIVERSITIES
    • 198INDIA MEDIA TRAINING
    • INDIA FUNDING OPPORTUNITIES
    • INDIA GOVERNMENT ASSISTANCE
    • INDIA PARTNERSHIP OPPORTUNITIES
    • INDIA UNTAPPED OPPORTUNITIES
    • INDIA MANUFACTURERS
    • 198TILG INDIA CEO
    • INDIA BUSINESS HELP
  • ASK IKE LEMUWA
  • CONTACT US
  • HOME
  • VIDEOS
  • BUSINESS
  • INDIA NEWS
  • NEWS
    • INDIA USA TRADE NEWS
    • INDIA AFRICA NEWS
    • INDIA EU NEWS
    • INDIA GULF NATIONS NEWS
    • INDIA RUSSIA NEWS
    • INDIA NIGERIA NEWS
    • INDIA UK NEWS
  • POLITICAL
  • IMMIGRATION
  • TECHNOLOGY
  • EDUCATION
    • EDUCATION
    • VENTURE CAPITAL
    • JOINT VENTURE
    • INDIA UNIVERSITIES
    • 198INDIA MEDIA TRAINING
    • INDIA FUNDING OPPORTUNITIES
    • INDIA GOVERNMENT ASSISTANCE
    • INDIA PARTNERSHIP OPPORTUNITIES
    • INDIA UNTAPPED OPPORTUNITIES
    • INDIA MANUFACTURERS
    • 198TILG INDIA CEO
    • INDIA BUSINESS HELP
  • ASK IKE LEMUWA
  • CONTACT US
No Result
View All Result
198 India News
No Result
View All Result
Home INDIA POLITICAL NEWS

What they plan to fix in the next GST Council meeting

by Gias
August 16, 2021
3 min read
0
Buy JNews
ADVERTISEMENT


RELATED POSTS

Suvendu Adhikari: After Maharashtra, crisis on cards for J’khand, Rajasthan; TMC govt will also collapse: Suvendu Adhikari

Sanctions push Russia to first foreign default since Bolshevik revolution

From Links With Chhagan Bhujbal to Dawood, Eknath Shinde Sharpens Claws to Tear Into Uddhav & Allies

The products and companies tax (GST) Council will quickly meet to debate extension of GST compensation to states past 2022, and can try to repair sure tax anomalies. Mint takes a take a look at the implications for customers and companies.

What points are more likely to determine within the meet?

The council is anticipated to study calls for from states for extending the interval of GST compensation past June 2022, when the five-year transition interval into the brand new oblique tax system ends. Many states are going through monetary hardship due to larger spending wants in the course of the pandemic. GST compensation is financed by a cess levied on gadgets such as vehicles, aerated drinks and tobacco merchandise, in addition to commodities comparable to coal and lignite. One other job earlier than the council is pruning the listing of things beneath the ‘nil’ tax class. Fixing the tax anomaly of sure uncooked supplies getting taxed greater than completed items can also be on the playing cards.

What’ll compensation cess extension imply?

The Union authorities is already borrowing from the market to finance GST compensation to states for FY21 and FY22 as a result of the cess collected is just not adequate. To pay again this borrowing, the GST cess must be prolonged past 2022. Accepting the demand of states for an extra extension of the compensation interval would imply that the GST cess on gadgets comparable to cars, tobacco merchandise and coal must proceed for longer. That point interval would additionally rely upon how lengthy and by how a lot GST compensation will likely be paid to states past June 2022.

On the agenda

View Full Picture

On the agenda

What merchandise are within the zero-tax class?

Many meals gadgets together with fish, egg, meat, milk, puja gadgets, plastic bangles, printed books, contraceptives, uncooked silk, khadi yarn and postal envelopes bought by the federal government are within the zero-rate class. Pruning exemptions are anticipated to widen the tax base. Nonetheless, political issues are anticipated to play a job within the council’s decision-making.

What’s  the  tax  anomaly that must be fastened?

The inverted obligation construction, or the tax outgo on uncooked supplies and companies, being larger than that on the completed merchandise has been a headache for the authorities and companies. That is extreme within the case of things comparable to footwear valued as much as ₹1,000, materials and clothes, fertilizers and pharma-ceuticals. It might be unpopular to boost the tax on the mass-use last product. Nonetheless, the inverted obligation construction forces producers to get better taxes they’ve paid on uncooked supplies and companies by elevating costs of completed merchandise.

What can be the influence of correcting  it?

There may very well be a marginal rise within the tax outgo of merchandise when the inverted obligation construction is corrected. Policymakers are anticipated to guage that in opposition to the financial advantages of correcting it, together with a potential discount in litigation. Regardless of the financial rationale for having reasonable taxation, the speed is stored on the lowest 5% on many gadgets due to political and social causes. This consideration to maintain tax charges low on mass use gadgets is more likely to be a key issue whereas addressing the issue of inverted obligation construction.

 

Subscribe to Mint Newsletters

* Enter a legitimate e mail

* Thanks for subscribing to our publication.

By no means miss a narrative! Keep related and knowledgeable with Mint.
Obtain
our App Now!!

Subjects



Source link

Tags: CouncilfixGSTmeetingplan
ShareTweet
Previous Post

France relocates Kabul embassy to airport Afghanistan Taliban conflict

Next Post

Taliban Take Afghanistan: Country's Fate In Limbo As President, Top Officials Flee | India Today

Related Posts

INDIA POLITICAL NEWS

Suvendu Adhikari: After Maharashtra, crisis on cards for J’khand, Rajasthan; TMC govt will also collapse: Suvendu Adhikari

June 27, 2022
INDIA POLITICAL NEWS

Sanctions push Russia to first foreign default since Bolshevik revolution

June 27, 2022
INDIA POLITICAL NEWS

From Links With Chhagan Bhujbal to Dawood, Eknath Shinde Sharpens Claws to Tear Into Uddhav & Allies

June 27, 2022
INDIA POLITICAL NEWS

Disqualification Notices: Supreme Court hearing today on Maharashtra rebel MLAs plea against disqualification notices

June 27, 2022
INDIA POLITICAL NEWS

GST cess extended, but states’ fiscal woes to continue

June 27, 2022
INDIA POLITICAL NEWS

Uddhav camp fields SC lawyer to ‘scare’ rebel MLAs; another Minister flies off to Guwahati

June 26, 2022
Next Post

Taliban Take Afghanistan: Country's Fate In Limbo As President, Top Officials Flee | India Today

Baring Asia in talks to raise $600 million offshore debt to finance Hinduja Global buy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result

Recent Posts

  • Proptech still has fundamental problems for entrepreneurs to solve – TechCrunch
  • Mum and her six-year-old daughter gang-raped in moving car after accepting lift from group of men in India’
  • Top Crypto Prices Today: All Top Cryptos In Red, Crypto M-Cap Declines Post Scaling $1 Tn
  • Donald Trump’s Truth Social app under fresh legal scrutiny
  • Suvendu Adhikari: After Maharashtra, crisis on cards for J’khand, Rajasthan; TMC govt will also collapse: Suvendu Adhikari
  • G7 Summit PM Modi invites rich nations to tap huge market for clean energy technologies in India Germany
  • UK to remove visa requirement for GCC nationals visiting from 2023
  • Another pandemic around the corner? Experts warn of ‘Disease X’ in UK, details here | World News
  • Tantrik Among 2 Held for Murder of 9 Members of Family Over ‘Secret Money’
  • Sanctions push Russia to first foreign default since Bolshevik revolution
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2021 198 India News.
All Rights Reserved.

No Result
View All Result
  • HOME
  • VIDEOS
  • BUSINESS
  • INDIA NEWS
  • INDIA USA TRADE NEWS
  • INDIA AFRICA NEWS
  • INDIA EU NEWS
  • INDIA GULF NATIONS NEWS
  • INDIA RUSSIA NEWS
  • INDIA NIGERIA NEWS
  • INDIA UK NEWS
  • POLITICAL
  • IMMIGRATION
  • TECHNOLOGY
  • EDUCATION
  • VENTURE CAPITAL
  • INDIA JOINT VENTURE NEWS
  • INDIA UNIVERSITIES
  • 198INDIA MEDIA TRAINING
  • INDIA MANUFACTURERS
  • INDIA BUSINESS HELP
  • 198TILG INDIA CEO
  • INDIA FUNDING OPPORTUNITIES
  • INDIA PARTNERSHIP OPPORTUNITIES
  • INDIA GOVERNMENT ASSISTANCE
  • INDIA UNTAPPED OPPORTUNITIES
  • ASK IKE LEMUWA
  • CONTACT US

Copyright © 2021 198 India News.
All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In