-The Hindu State rejects Centre’s options; to work for consensus among States. THIRUVANANTHAPURAM: Kerala has rejected the two options for Goods and Services Tax (GST) compensation mooted by the Centre at the 41st GST Council meeting earlier this week. Instead the State has asked the Centre to take a loan and provide compensation to the States. “We have decided to inform the Centre in writing that the State cannot agree to the two...
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GST cess falls 42% short in FY20
-The Hindu Compensation for last fiscal paid to States using previous years’ balance of cess The Centre made up a 42% shortfall in Goods and Services Tax compensation cess collection in 2019-20 by using balance of cess from previous years, plus a transfer from the Consolidated Fund of India. Meanwhile, the GST Council, which was slated to meet this month to discuss the possibility of market borrowing to meet likely future shortfalls,...
More »TM Thomas Isaac, Kerala Finance Minister and a trained economist, interviewed by AM Jigeesh (The Hindu Business Line)
-The Hindu Business Line In the thick of battling the Covid-19 pandemic, the CPI (M)-ruled Kerala government gathered Opposition parties on a virtual platform to chart out a common course on livelihood issues and the economic crisis that is simultaneously unfolding. Kerala Finance Minister TM Thomas Isaac, a trained economist, told BusinessLine that India is facing an attack on economic federalism and there is urgent need for the States to combat...
More »Massive 145% profiteering exposed in coronavirus rapid test kits sold to ICMR -Rajeev Dubey & Vivek Punj
-Businesstoday.in Dispute between importer and distributor unravels super profits; Delhi HC strikes down sale price by 33 per cent * The $3 per test SARS CoV-2 Antibody test kits are being imported from China's Wondfo * Its landed price, including air freight (Rs 20), to importer Matrix Labs is Rs 245 per test * ICMR placed an order to buy 5 lakh kits on March 27, 28 @Rs 600 (plus GST) per test * Importer...
More »Finance panel suggests new structure to rationalise GST slabs -Rajeev Jayaswal
-Hindustan Times The suggestion is to come up with a standard rate of 17%, a lower merit rate for items of common consumption and a higher rate on luxury and sin goods, according to these officials who spoke on the condition of anonymity. The Fifteenth Finance Commission (FFC) has suggested the Goods and Services Tax (GST) Council to simplify tax rates by creating just three slabs, two officials with direct knowledge of...
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