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Economic Times | 27 Aug, 2020 | 05.52PM IST
GST Council Live News: Not the right time to talk of increasing taxes, says FM
The 41st meeting of GST Council held deliberations via video conferencing on ways to make up for the shortfall in states' revenues, sources said.
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Lok Sabha Speaker Om Birla today chaired a meeting of secretary generals of Lok Sabha & Rajya Sabha along with representatives of CPWD & NDMC over arrangements for upcoming Monsoon session in Delhi.
- Birla said smooth conduct of business will be his utmost priority.
- The Lok Sabha Speaker instructed the officials to ensure that arrangements are made in a timely manner to ensure social distancing and other COVID-19 protocols during the session.
- He directed for making proper arrangements for security & sanitisation.
GST Council agreed that this is not the appropriate time to talk of increases in tax rates: Finance Minister Nirmala Sitharaman on 41st GST Council Meet
Repayment of loans, including interest payments, will be made through the cess collected from 6th year onwards. In no case, states will be burdened i.e they will not have to tap into other sources of revenue for loan repayment
- Revenue Secretary on GST compensation to states
A decision has been taken to permit up to 74% FDI in the defence manufacturing through automatic route
- PM Modi at Atmanirbhar Bharat Defence Industry Outreach Webinar
For many years, India has been one of the biggest defense importers. When India got independence, it had great capability in defense manufacturing & an ecosystem of defense manufacturing established over 100 yrs. Unfortunately, this subject couldn't get requisite attention
- PM Modi
The Government will give a further relaxation of 0.5% in states' borrowing limit under FRBM Act
- Finance Minister Nirmala Sitharaman
During April-July 2020, total GST compensation to be paid is Rs 1.5 lakh crores, this is so because there was hardly any GST Collection in April and May
- Revenue Secretary, Finance Ministry
States have asked us to give them 7 working days to think about the options. These options would be available only during the current year, the situation would be reviewed next year. We may have another GST meet soon
- Finance Minister Nirmala Sitharaman
Compensation gap which has arisen this year (expected to be Rs 2.35 lakh crores), is due to COVID-19 as well. The shortfall in compensation due to the implementation of GST has been estimated to be Rs 97,000 crores
- Finance Secretary
As mentioned by Finance Minister in GST Council meeting held in March, legal views of the matter were sought from the Attorney General of India who said that GST compensation has to be paid for transition period from July 2017 to June 2022
- Finance Secretary Ajay Bhushan Pandey
The Attorney General of India said that protected revenue has to be protected but compensation gap to be met from cess fund, which in turn has to be funded from levy of cess
- Ajay Bhushan Pandey, Finance Secretary
Central govt released more than Rs 1.65 lakh crore as GST compensation to states for FY 2019-20, including Rs 13,806 crore for March. Total amount of compensation released for 2019-20 is Rs 1.65 lakh crore, whereas cess amount collected was Rs 95,444 crore
- Finance Secretary
GST collection has been severely impacted this year, due to #COVID19 pandemic. As per GST Compensation Law, states need to be given compensation
- Finance Secretary on 41st meeting of GST Council
NTA DG told me that 7.5 lakhs out of 8.58 lakhs candidates in JEE have downloaded admit cards. For NEET, over 10 lakhs out of 15.97 lakhs candidates downloaded admit cards in 24 hrs. It shows that students want that exams are held at any cost
- Education Minister Ramesh Pokhriyal
The Armed Forces are committed to supporting the Atmanirbhar Bharat. Nothing will give us greater satisfaction than fighting and coming out victorious in wars with indigenous developed technologies and equipment
- CDS General Bipin Rawat
India today is facing numerous challenges and threats. Our collective response to COVID-19 has firmly established our ability to overcome any such unforeseeable eventuality
- Chief of Defence Staff General Bipin Rawat
Masks to be compulsory across Paris: prime minister
Source: AFP
Over 15 lakh people covered under specialised COVID-19 policies: Irdai chief
- Need for demand-based insurance schemes has grown post the coronavirus pandemic, with more than 15 lakh people already being covered under the recently launched specialised COVID-19 policies, Irdai Chairman Subhash C Khuntia said on Thursday.
- Insurers must come to the rescue of the policyholders during these difficult times, he added.
As the GST Council meeting is still in progress, the virtual media briefing is delayed
The briefing will commence after the GST Council meeting gets over.
High risk of flash flood for next 24 hours over some areas of Odisha, Jharkhand, Chhattisgarh, East MP & adjoining West UP & West MP subdivision
- Central Water Commission Official Flood Forecast citing IMD
Uttar Pradesh Cabinet Minister Sidharth Nath Singh tests positive for COVID-19
कोरोना के शुरूआती लक्षण दिखने पर मैंने टेस्ट करवाया और रिपोर्ट पॉजिटिव आई है। मेरी तबीयत ठीक है और डॉक्टर्स की सलाह… https://t.co/vCjCNAI4JU
— Sidharth Nath Singh (@SidharthNSingh) 1598521302000ED arrested N Nanjundaiah, Director of Sree Kanva Souharda Co-operative Credit Limited in money laundering case
He has been sent to the custody of ED till Sep 1 by a special court in Bengaluru: ED
Two illegal buildings owned by Mukhtar Ansari demolished in Lucknow
"UP police today demolished illegal property of gangster Mukhtar Ansari. All the expenses for the demolition will be realised by the Yogi government from the gangster. Criminals should either give up crime or be ready to face such tough decisions," Mrityunjay Kumar, media adviser to Uttar Pradesh Chief Minister Yogi Adityanath, said in a tweet.
Union Minister Krishan Pal Gurjar says he has tested positive for COVID-19
GST Council meeting debates revenue shortfall of states
A crucial meeting of the GST Council on compensating states for revenue shortfall began on Thursday with the states ruled by non-NDA parties opposing the Centre's move to ask states to borrow to meet the deficit, reports PTI.
Court halts insolvency proceedings against Reliance Group Chairman Anil Ambani
Anil Ambani, who runs a business group separate from his billionaire brother Mukesh Ambani, had filed a plea with the Delhi High Court challenging the appointment of a resolution professional over a roughly 12 billion rupee ($163 million)personal guarantee that he had given to the State Bank of India for loans to his companies.
Mumbai Police escorts Rhea Chakraborty's father Indrajit Chakraborty from their residence
Maharashtra: Mumbai Police escorts #RheaChakraborty's father Indrajit Chakraborty from their residence. Earlier t… https://t.co/uglaiEJ4np
— ANI (@ANI) 1598519683000Top gainers in the real estate sector
Price as on 27 Aug, 2020 02:46 PM, Click on company names for their live prices.
SC declines permission for carrying out Muharram procession across country
SC asks petitioner to move Allahabad HC
SC refuses to stay income tax proceedings against Karnataka Congress Chief, D K Shivakumar
D K Shivakumar had moved & filed a petition challenging the proceedings on the ground of jurisdiction and sought relief from it.
Ola, Uber drivers threaten to go on strike from Sept 1
- Around 2 lakh drivers working with cab aggregators will take part in the strike if the government fails to solve our problems, said Kamaljeet Singh Gill, president of Sarvodaya Drivers Association of Delhi.
- The cab drivers have demanded extension of moratorium on loan payments to December 31, fare hike, increase in commission by cab aggregators, and withdrawal of e-challans issued against their vehicles for speeding, according to a pamphlet circulated by the drivers.
Health Ministry advises COVID screening for all TB patients and vice versa
Rupee settles 48 paise higher at 73.82 (provisional) against US dollar
J&K Flood: Rescue operation underway
15 people stuck in flash floods in Kathua were rescued y'day. Seven people are still stranded there. A team of NDRF is present with the remaining people. All will be rescued soon. The water level is receding in Ujh river. We are constantly monitoring using drones: DC Kathua, J&K
Unfortunate that Jitin Prasada is being targeted in UP
- Kapil Sibal
GST Council meeting debates revenue shortfall of states
- A crucial meeting of the GST Council on compensating states for revenue shortfall began on Thursday with the states ruled by non-NDA parties opposing the Centre's move to ask states to borrow to meet the deficit.
- The 41st meeting of the Goods and Services Tax (GST) Council headed by Union Finance Minister Nirmala Sitharaman and comprising representatives of all states, held deliberations via video conferencing on ways to make up for the shortfall in states' revenues, sources said.
- While Congress and the states ruled by non-NDA parties pushed for the Centre meeting its statutory obligation of covering the deficit, the Union government cited a legal opinion to say it had no such obligation if there was a shortfall in tax collections.
Andaman and Nicobar: Rs 33,500 crore infra boost
Andaman and Nicobar Islands Administration draws up an ambitious plan for investment of Rs 33,500 crore in infrastructural projects to develop the islands: Lt. Governor's Secretariat, Andaman and Nicobar Islands
Nagpur bench of Bombay High Court dismisses a PIL seeking declaration of funds received by PM-CARES
40th GST Council Meet: Key takeaways
- “For all those who have no tax liabilities but have not filed their returns between July 2017 and January 2020 there will be zero late fees,” FM Nirmala Sitharaman said.
- “For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for period July 2017 - January 2020 has been capped to Rs 500,” she added.
- Companies having no tax liability will not be fined any late fee if they have not filed returns, since July 1, 2017. Those with tax liabilities will now be able to pay a late fee of Rs 500 per month, per return, far lower than Rs 10,000 per month.
- During Covid period of February, March and April 2020, interest rate on late return filings by small taxpayers with turnover up to Rs 5 crore, will be reduced to 9% from 18%, if returns of inward supplies are filed till September 30.
- The late fee and interest will be waived for the months of May, June and July, if returns are filed by September 30.
- Taxpayers can file for restoration of GST registrations that have been cancelled till June 12, 2020, through a one-time extension being offered till September 30.
Aviation Ministry approves 78 new routes under UDAN
Following 3 successful rounds of bidding, Civil Aviation Ministry has approved 78 new routes under 4th round of Regional Connectivity Scheme (RCS) - UdeDeshKaAamNagrik (UDAN) to further enhance the connectivity to remote & regional areas of the country: Civil Aviation Ministry
FM Sitharaman to hold press briefing on 41st GST Council meeting at 3:00 PM today
Indo-Pacific epicentre of 'great power competition' with China: Mark Esper
The Indo-Pacific is the epicentre of "great power competition" with China which wants to project its power globally, Defence Secretary Mark Esper has said as he underlined America's efforts to strengthen ties with partners like India to get Beijing to respect the international rules-based order.
Delhi HC stays IBC proceedings against Anil Ambani
Delhi High Court stays Insolvency & Bankruptcy Code (IBC) proceedings against Anil Ambani in a matter pertaining to a personal guarantee given by him against a loan taken by Reliance Communications Ltd (RCom) and Reliance Infratel Ltd (RITL) from State Bank of India (SBI).
Naveen Patnaik speaks to PM over phone, seeks postponement of NEET, JEE exams
Delhi: Rajnath Singh today launched DGNCC Training app, via video conferencing
DGNCC (Directorate General National Cadet Corps) Mobile Training App will be useful to NCC cadets in digital learning and overcoming the difficulties posed by COVID-19 due to restrictions on direct physical interactions: Union Defence Minister Rajnath Singh
GST Council Meet: Why states are demanding compensation from the Centre
- The Centre is yet to pay the first instalment of GST compensation to states for the current financial year. These are typically paid out on a bi-monthly basis. It paid about Rs 1.65 lakh crore to states in FY20.
- These states are likely to push the Centre to borrow from the market and suggest that the compensation cess is levied on more products to raise funds.
- They may also call for the compensation cess to be extended to 10 years from present five, ending in 2022.
- The meeting is being held solely to discuss compensation payments to states for revenue loss on account of GST implementation.
Finance Minister Nirmala Sitharaman chairing the 41st GST Council meeting
Finance Minister Nirmala Sitharaman chairing the 41st GST Council meeting via video conferencing in Delhi today. Mo… https://t.co/Nv9vZIc5Pr
— ANI (@ANI) 1598509355000Pranab Mukherjee continues to be in deep coma: Army Hospital
Former President Pranab Mukherjee continues to be in deep coma and on ventilator support. He is being treated for a lung infection and renal dysfunction. He is haemodynamically stable: Army Hospital (R&R), Delhi Cantt
Government response to pandemic has been fiscally very responsible, prudent and very calibrated: RBI Guv Shaktikanta Das
We have not exhausted our ammunition, whether on rate cuts or other policy actions: RBI chief Das
Once there is clarity on COVID-19 curve and other aspects, RBI will start giving its estimates on inflation and growth
- RBI Governor
Proactive raising of capital will be crucial to improve resilience of banks, financial sector
- Shaktikanta Das
To say that banks will face stress is stating the obvious; what is more important is how banks react and respond to the challenge
- RBI Governor
RBI Governor says there is considerable room for improvement in banks to avoid frauds
SC says its 2004 verdict holding that states do not have power to sub-classify SC/STs for grant of quota needs to be revisited
Domestic air passengers cross milestone number
With more than 1000 flights and more than 200,000 passenger footfalls at airports, now we cross the milestone of more than 100,000 domestic passengers in a day: Union Civil Aviation Minister Hardeep Singh Puri
RBI's response to the situation arising out of COVID-19 has been unprecedented. Measures taken by the RBI are intended to deal with the specific situation of COVID-19 and can not be, obviously permanent
- Shaktikanta Das
While the moratorium on loans was a temporary solution in the context of lockdown, resolution framework is expected to give a durable relief to borrowers facing COVID-19 related stress
- RBI Governor Shaktikanta Das
SC reserves its judgement on review plea filed by Vijay Mallya
Supreme Court reserves its judgement on the review petition filed by fugitive liquor baron Vijay Mallya who was convicted in 2018 for contempt of court.
What all to expect in 41st GST Council Meet today
- The Goods and Services Tax (GST) Council is set to meet today virtually to thrash out solutions for compensating states amid revenue shortfall. The special meeting, the first such to be held solely on the issue, will begin at 11 am.
- While a number of solutions may be put on the table for bridging the compensation deficit, such as adding goods and services under the compensation cess ambit or increasing the tenure of payment to states beyond 2022, market borrowing will be the moot point of discussion between Centre and states.
- States have backed a proposal that the Centre should borrow from the market and provide to states as it will get a lower rate and easier access to markets. More so, since Centre has to make good on its promise to states for paying the due compensation.
- Centre, on the other hand, may tell states to borrow individually, relying on the opinion of the Attorney General that Centre is not liable to pay and that the decision lies with GST Council.
