IPA Newspack
  • Home
  • now
  • politics
  • business
  • markets

IPA /

Business

Business

Crucial GST Council meeting underway

 The GST Council, headed by the finance minister Nirmala Sitharman, is discussing several key issues at its two-day meeting which began on Tuesday.

These include GST compensation to states, GST rate revisions of certain items and services, and easier compliance norms for taxpayers and others.

While introducing GST in 2017, the Centre had assured the states to compensate them for five years (base year 2015-16) for the revenue losses rising from the implementation of the new regime. The compensation to states will cease on June 30, 2022. However, the cess will continue on a host of sin and luxury items, till March 2026. This move will help the central government to repay for the borrowings to meet the states’ revenue shortfall over the last two financial years, the finance ministry said a in notification last week.

The Centre, however, is not in favour to extend the compensation cess for another five years, according to reports.

The Fitment Committee has recommended to revise the GST rates on a handful of items. The committee proposed a uniform rate of 5 per cent GST on prostheses (artificial limbs) and orthopaedic implants (trauma, spine, and arthoplasty implants). It also recommended 5 per cent GST rate for several kind of orthoses such splints, braces, belts and calipers. GST rates on ostomy appliances (including pouch or flange, stoma adhesive paste, barrier cream, irrigator kit, sleeves, belt, micro-pore tapes) should be reduced to 5 per cent, from 12 per cent at present, advised Fitment Committee, among other measures.

A flat rate of 28 per cent GST may be applied on popular online gaming, casinos and horse racing as suggested the group of ministers (GoM). In May 2021, the Union government had set up a panel of state ministers to examine the valuations of several services related to casinos, online gaming portal and race courses for levying GST. The GoM are in the favour of imposing flat 28 per cent GST on various services of the fantasy gaming, casinos and horse racing. The GST Council is likely to take a decision on this during June 28-29 meeting.

With inputs from News18

Happening Now

Speculation over Nitish Kumar walking out of BJP alliance

August 7, 2022
Politics

BJP launches drive to woo minorities in Uttar Pradesh

August 7, 2022
Happening Now

Maiden launch of new ISRO rocket runs into trouble

August 7, 2022
Politics

Parliament ‘dysfunctional’, says Chidambaram

August 7, 2022
Politics

Dhankhar’s victory margin highest since 1997

August 7, 2022
Politics

Opposition parties see a new dawn for Congress in Bihar

August 7, 2022
Politics

Modi says proud moment for India to have ‘kisan putra VP’

August 6, 2022
IPA Special

National Rural Employment Guarantee Scheme Being Sabotaged

August 6, 2022
IPA Special

Supreme Court Finds ‘Shackles Of Policy’ Put By Govt As Intimidating

August 6, 2022
IPA Special

More Tightening Of Monetary Policy May Not Be Effective At The Moment

August 6, 2022
IPA Special

Congress Is Under Seige By The Modi Government And It Will Continue

August 6, 2022
IPA Special

Narendra Modi Is Making All Efforts To Make India ‘Opposition Mukta’

August 6, 2022
IPA Special

Some Semblance Of Normalcy Is Returning To Kashmir At Long Last

August 6, 2022
IPA Special

Drones And Transport Capable Of Reshaping Eurasian Geopolitics

August 6, 2022
Politics

Buzz over Mamata’s meeting with Modi in Delhi

August 6, 2022
Happening Now

Amit Shah says Cong protest has anti-Ram temple message

August 6, 2022
Politics

Thackeray was ready to align with BJP sans Shinde

August 6, 2022
IPA Special

RBI Should Insulate India From Global Fluctuations As It Did In 2008

August 5, 2022
IPA Special

Indian Spectrum Management Is Plagued With Adhocism

August 5, 2022
IPA Special

Just Okay By Lingayat Seer Is Not Helping Rahul Gandhi To Win Karnataka Polls

August 5, 2022

An appeal

The legacy of IPA, founded by Nikhil Chakravartty, the doyen of journalism in India, to keep the flag of independent media flying high, is facing the threat of extinction due to the effect of the Covid pandemic. Only an emergency funding can avert such an eventuality. We appeal to all those who believe in the freedom of expression to contribute to this noble cause.
Click here to learn more

Share

Reply

  • 0
More on IPA

Delhi bars, shops closed pending excise policy extension

August 2, 2022 12:10 am | IPA Staff

Even as the AAP government granted a one-month extension of the current liquor excise policy, clubs, hotels and restaurants in Delhi did not serve alcohols as the...

Business

Musk drops $44-b Twitter deal; board threatens action

July 9, 2022 12:35 am | IPA Staff

Elon Musk has terminated the $44 billion Twitter deal, citing that the microblogging platform had failed to provide him proper information on the fake accounts...

Business

Crucial GST Council meeting underway

June 29, 2022 12:21 am | IPA Staff

 The GST Council, headed by the finance minister Nirmala Sitharman, is discussing several key issues at its two-day meeting which began on Tuesday. These include...

Business

No wheat-like export restriction for rice immediately

May 28, 2022 5:37 am | IPA Staff

India does not plan to curb rice exports as the world’s biggest exporter of the staple has sufficient stocks and local rates are lower than...

Business

Delhi bars, shops closed pending excise policy extension

in Business
Aug 2, 2022   ·  

Musk drops $44-b Twitter deal; board threatens action

in Business
Jul 9, 2022   ·  

No wheat-like export restriction for rice immediately

in Business
May 28, 2022   ·  
Follow us on
Up Next: Four BJP panels to work out preparations for 2024
©2020 -2021 India Press Agency, All Rights Reserved
Newspack by India Press Agency
Posting....
logo
  • Home
  • now
  • politics
  • business
  • markets