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The <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Monday is expected to deliberate on a host of issues, including <keyword id="20118944" type="General" weightage="20" keywordseo="taxation" source="keywords">taxation</keyword> of insurance premiums, GoM's suggestions on rate rationalisation, and a status report on <keyword id="19939772" type="General" weightage="20" keywordseo="online-gaming" source="keywords">online gaming</keyword>, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> from the current 18% or exempt certain categories of individuals, like senior citizens. The deliberations will also happen with regard to the goods and services tax (GST) cut on <keyword id="23083492" type="General" weightage="20" keywordseo="life-insurance-premium" source="keywords">life insurance premium</keyword>. In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health <keyword id="22612491" type="General" weightage="20" keywordseo="insurance-premium" source="keywords">insurance premium</keyword>, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. The issue of taxation on insurance premium figured in Parliament discussions with opposition members demanding that health and life insurance premiums be exempt from GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue. Finance Minister Nirmala Sitharaman in her reply to discussion on the Finance Bill had said 75% of the GST collected goes to states and opposition members should ask their state finance ministers to bring the proposal at the GST Council. West Bengal Finance Minister Chandrima Bhattacharya had raised the issue in the meeting of the Group of Ministers (GoM) on rate rationalisation last month and the matter was referred to the fitment committee for further data analysis. The GoM had opined against any tinkering of four-tier GST slab of 5, 12, 18, and 28 % for the time being. The panel, however, had asked the fitment committee to look into any scope for rationalisation of rates of goods and services. With regard to online gaming, Centre and state tax officers will present a "status report" before the GST Council. The report would include <keyword id="20053837" type="General" weightage="20" keywordseo="GST-revenue" source="keywords">GST revenue</keyword> collection from the online gaming sector before and after October 1, 2023. From October 1, 2023, entry-level bets placed on online gaming platforms and casinos were subject to 28% GST. Prior to that, many online gaming companies were not paying 28% GST, arguing that there were differential tax rates for games of skill and games of chance. The GST Council in its meeting in August 2023 had clarified that online gaming platforms were required to pay 28% tax and subsequently, Central GST law was amended to make the taxation provision clear. Offshore gaming platforms were also mandated to register with GST authorities and pay taxes, failing which the government would block those sites. The council had then decided that the taxation on online gaming sector would be reviewed after six months of its implementation. Sources said the Council would deliberate on the status of taxation on the sector, and any change in tax rates is unlikely. Besides, the Council is likely to be apprised about the ongoing drive against fake registration, the success of the drive and action taken against such entities. The total amount of suspected GST evasion would also be presented before the Council. The drive, from August 16, 2024, to October 15, 2024, is aimed at detecting suspicious/fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers. In the first drive between May 16, 2023 to July 15, 2023, against fake registration, 21,791 entities (11,392 pertaining to state tax jurisdiction and 10,399 pertaining to CBIC jurisdiction) having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore (state - Rs 8,805 crore + centre - Rs 15,205 crore) of suspected tax evasion was detected during the special drive. Also, the Council would approve notifications, including that of the amnesty scheme, announced in the last council meeting. The council in June meeting took a host of taxpayer-friendly measures, including waiver of interest and penalty for demand notices issued in the first three years of GST -- 2017-18, 2018-19 and 2019-20 -- if the full tax demanded is paid by March 31, 2025. To reduce litigation, a monetary limit for tax officers, to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court was fixed at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively, by the Council. It also recommended a reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under goods and services tax (GST).

GST Council to deliberate on taxation of insurance premium, report on online gaming tomorrow

New Delhi, The <keyword id="4914195" type="General" weightage="20" keywordseo="gst-revenues" source="Orion">GST revenues</keyword> for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection from <keyword id="6359833" type="General" weightage="50" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="80" keywordseo="gst" source="Orion">GST</keyword>) was Rs 1,43,612 crore in August 2022. "Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters. A 11 per cent growth roughly translates to around Rs 1.60 lakh crore. He was replying to a question on the expected GST revenue numbers for August, the data for which will be released later on Friday. Malhotra said GDP growth was 7.8 per cent in June quarter and nominally it has grown 8 per cent. "GST revenues during June quarter grew by more than 11 per cent. This translates into a tax:GDP ratio of more than 1.3," Malhotra said. Malhotra said GST collections have grown by more than nominal GDP and this is despite no increase in tax rates. This is because of better compliance and improved tax collection efficiency. Tax evasion and avoidance is low.

GST revenues grew 11% to about ₹1.6 lakh crore in August: Revenue secretary

The gross GST revenue collections in August witnessed a 28% jump year-on-year basis, as they stood at ₹1,43,612 crore during the month. According to figures released by <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> on Thursday, GST collections in August 2021 were ₹1,12,020 crore. Out of the total collections, CGST was ₹24,710 crore, SGST was ₹30,951 crore, <keyword id="6360947" type="General" weightage="80" keywordseo="igst" source="Orion">IGST</keyword> was ₹77,782 crore (including ₹42,067 crore collected on import of goods), while the cess stood at ₹10,168 crore (including ₹1,018 crore collected on import of goods). "The growth in GST revenue is a clear impact of various measures taken by the <keyword id="6355040" type="General" weightage="20" keywordseo="GST-council" source="Orion">GST Council</keyword> in the past to ensure better compliance. Better reporting coupled with economic recovery has been having positive impact on the GST revenues on a consistent basis," a Ministry statement said.

GST collections stood at ₹1,43,612 crore in August

India's biggest tax reform, the <keyword id="6359833" type="General" weightage="20" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword>), completes its half-a-decade journey on June 30, with many hits and some misses, and also brought about a paradigm shift in use of technology to bring about tax compliance and making over Rs 1 lakh crore revenue collection every month 'a new normal'. A nationwide Goods and Services Tax (GST), which subsumed 17 local levies like excise duty, <keyword id="6355686" type="General" weightage="20" keywordseo="service-tax" source="Orion">service tax</keyword> and <keyword id="6370857" type="General" weightage="20" keywordseo="vat" source="Orion">VAT</keyword> and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST, a four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent. In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer. Besides, there is a special 3 per cent rate for gold, jewellery and precious stones and 1.5 per cent on cut and polished diamonds. Besides, a cess is levied on the highest tax slab of 28 per cent on luxury, sin and demerit goods. The collection from the cess goes to a separate corpus — Compensation fund — which is used to make up for revenue loss suffered by the state due to GST rollout. GST also represents an unprecedented exercise in fiscal federalism as the Centre and states come together in the GST Council to thrash out modalities for smooth functioning of the relatively new tax regime. The Council has met 47 times so far and have taken measures which made Rs 1 lakh crore <keyword id="4943720" type="General" weightage="20" keywordseo="gst-collection" source="Orion">GST collection</keyword> per month 'a new normal' and on course to take the figure to Rs 1.4 lakh crore every month. As the government releases the June GST collection numbers on July 1, it is widely expected that the collections will follow the past four months' trend and be around Rs 1.4 lakh crore. The collections had touched a record Rs 1.68 lakh crore in April 2022, it had for the first time crossed Rs 1 lakh crore mark in collections in April, 2018. On the 5th anniversary of GST, <keyword id="4336899" type="General" weightage="20" keywordseo="Central-Board-of-Indirect-Taxes-and-Customs" source="Orion">Central Board of Indirect Taxes and Customs</keyword> (CBIC) tweeted "GST subsumed multiple levies and cesses, reduced compliance burden, removed regional imbalances and inter-state barriers, and significantly increased the transparency and overall Revenue collection". Over the past years the Government has been proactively issuing circulars and clarifications to clear doubts regarding taxation under GST and ensure ease of doing business. More recently, the GST Council, in its 47th meeting in Chandigarh, has decided to ease compliance for small taxpayers who supply through the e-commerce platform. Such suppliers, who make only intra-state supplies, need not seek GST registration if their annual turnover is less than Rs 40 lakh in case of goods and Rs 20 lakh in case of supplies. To help tax officers in administration, GST Network, which provides the technological backbone for the indirect tax regime, has been using artificial intelligence and machine learning to dish out newer data and plug revenue leakages. Tax experts, however, seek a simpler structure for Goods and Services Tax, a structure which would ensure seamless flow of input tax credit through the entire supply chain without losses. BDO India Partner and Leader - Indirect Tax Gunjan Prabhakaran said “over the past five years, the GST law has evolved and mitigated several issues faced by the taxpayers through timely clarifications and amendments. "However, the GST Council and the Government should quickly address few other hardships faced by taxpayers in relation to unwarranted and excessive issuance of show cause notices (for reconciliations of financial numbers, grant of registration, etc) and introduce a robust, technology driven single assessment process, which would achieve the twin objective of ease of doing business and remove the cascading effect of taxes". AMRG &amp; Associates Senior Partner Rajat Mohan said in the last five years, GST law has matured at a fast pace. First, the focus was on compliance and technology; sooner than later, it moved gears, and taxpayers were posed to self-regulate the annual filings. "Now it seems the law has entered the next phase whereby litigation needs to be reduced by either replacing ambiguous tax laws or clarifying the practical application of technical issues. Businesses expect the government to resolve all sectoral issues like would BPO/KPO qualify as an intermediary, tax credit for capital expenditure on building, levy of GST on Extra Neutral alcohol (ENA) etc," Mohan said. While the GST administration has moved forward with alacrity, it is still a long way to go to achieve the full potential of GST and make it a true 'good and simple tax'. With petrol, diesel, ATF outside GST, a large part of the economy is still not covered by the indirect tax regime. Inclusion of petroleum products under the GST net, could reduce cost for companies, tax experts say. With emerging technology, there is emergence of newer asset classes like the virtual digital assets (VDA) or cryptocurrency. There is a need for clarity on whether they would be classified as supply of 'goods' or 'services' and what would be the tax rate on them. Tax rate rationalisation is something which would happen sooner or later. Current inflationary concerns may have derailed the plans to tweak rates and GST slabs, but it would eventually be a reality as both the Centre and states need revenues and lesser slabs would mean a simplified tax regime. Besides, the decision makers in the Council too have to work out a solution as state governments, from July 1, 2022, stare at a stoppage of compensation for revenue loss due to GST implementation. When GST was rolled out on July 1, 2017, states were promised a compensation, from the cess fund, for five years if their GST collection falls short of the 14 per cent compounded revenue growth. Most states have sought an extension to the compensation mechanism and a final decision is likely to be taken at the next GST Council meeting in Madurai in the first week of August. Abhishek Jain, Partner Indirect Tax, KPMG in India, said going forward, the Government can consider setting up of Central authority to resolve conflicting AAR judgements across states and consider doing away with anti-profiteering provisions freeing businesses to set prices. "Further, bringing petroleum and electricity under GST ambit will help prevent cascading and ensure further uniformity. Lastly, some checks can also be incorporated on system generated GST notices, so as to avoid any unnecessary harassment of taxpayers," Jain said. 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GST had its hits and misses but made ₹1.3 lakh crore monthly tax, the new normal

New Delhi, The government collected Rs 1,51,718 crore gross <keyword id="6354679" type="General" weightage="20" keywordseo="GST" source="Orion">GST</keyword> revenue in October, which is the second highest collection ever after April this year, official data revealed on Tuesday. The monthly GST revenues have been more than Rs 1.4 lakh crore for eight months in a row. The Rs 1.5 lakh crore mark has been crossed for the second time since the inception of GST, official sources said. September saw the generation of 8.3 crore e-way bills, which is significantly higher than 7.7 crore e-way bills generated in August. Out of the total GST collection of Rs 1,51,718 crore for October, CGST was Rs 26,039 crore, SGST was Rs 33,396 crore, IGST was Rs 81,778 crore (including Rs 37,297 crore collected on import of goods) and cess was Rs 10,505 crore (including Rs 825 crore collected on import of goods), which is second highest till date, the data stated. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sensex-opens-above-61000-while-nifty50-climbs-over-18100-mark/articleshow/95220907.cms">Sensex opens above 61,000 while Nifty50 climbs over 18,100 mark</a> <a href="https://www.businessinsider.in/thelife/personalities/news/jamshed-j-irani-steel-man-of-india-who-advised-governments-and-instituted-a-cricket-trophy/slidelist/95223867.cms">Jamshed J Irani – Steel Man of India who advised governments and instituted a cricket trophy</a> <a href="https://www.businessinsider.in/finance/news/rupee-gains-8-paise-to-82-73-against-us-dollar/articleshow/95221397.cms">Rupee gains 8 paise to 82.73 against US dollar</a>

GST collections touch ₹1,51,718 cr in Oct, second highest since April

New Delhi, <keyword id="45663" type="ORGANIZATION" weightage="20" keywordseo="Revenue">Revenue</keyword> from <keyword id="6359833" type="UNKNOWN" weightage="20" keywordseo="Goods-and-services-tax">Goods and Services Tax</keyword> (GST) stood at over ₹1.04 lakh crore in November as against ₹1.05 lakh crore collected in the previous month, <keyword id="1549446" type="COMPANY" weightage="20" keywordseo="The-Finance-Ministry">the Finance Ministry</keyword> said in a statement. This is the second straight month in the current fiscal when GST revenue has topped ₹1 lakh crore. The collection in November 2020 is 1.4 per cent higher than in November 2019 when the GST mop-up was ₹1,03,491 crore. "In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4 per cent higher than the GST revenues in the same month last year. "During the month, revenues from import of goods were 4.9 per cent higher and the revenues from domestic transaction (including import of services) are 0.5 per cent higher than the revenues from these sources during the same month last year," the ministry said in a statement. The gross GST revenue collected in November 2020 is ₹1,04,963 crore, of which Central GST is ₹19,189 crore, <keyword id="3517717" type="COMPANY" weightage="20" keywordseo="state-gst">State GST</keyword> is ₹25,540 crore, IGST is ₹51,992 crore (including ₹22,078 crore collected on import of goods) and Cess is ₹8,242 crore (including ₹809 crore collected on import of goods), the Finance Ministry said. GST revenue had topped ₹1 lakh crore in 8 out of 12 months of 2019-20. However, in the current fiscal, the revenue has taken a hit due to the lockdown and the consequent slowdown in the economy. Revenue in April was ₹32,172 crore, May (₹62,151 crore), June (₹90,917 crore), July (₹87,422 crore), August (₹86,449 crore), September (₹95,480 crore), October (₹1,05,155 crore) and November (₹1,04,963 crore). SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/kunal-shah-cred-raises-80-million-valuation-doubles-to-800-million-for-the-just-two-year-old-startup/articleshow/79502864.cms">Kunal Shah’s CRED raises $80 million – valuation doubles to $800 million for the just two-year old startup</a> <a href="https://www.businessinsider.in/science/space/news/new-technology-to-create-fuel-and-oxygen-on-mars-could-help-humans-explore-the-deep-sea-here-on-earth/articleshow/79504876.cms">New technology to create fuel and oxygen on Mars could help humans explore the deep sea here on Earth</a>

November GST collection stands at ₹1.04 lakh crore

<ul><li>Businesses with turnover of over Rs 5 crore will have to generate electronic or e-invoice for B2B transactions with effect from August 1. </li><li>Currently, businesses with turnover of Rs 10 crore and above are required to generate e-invoice for all B2B transactions.</li></ul>New Delhi, May 11 (PTI) Businesses with turnover of over Rs 5 crore will have to generate electronic or e-invoice for B2B transactions with effect from August 1. Currently, businesses with turnover of Rs 10 crore and above are required to generate e-invoice for all B2B transactions. The finance ministry through a notification dated May 10 has notified a reduction in threshold for e-invoicing. Effective August 1, any taxpayer with turnover exceeding Rs 5 crore should raise e-invoices for B2B supplies. <keyword id="3419539" type="General" weightage="50" keywordseo="deloitte-india-partner" source="Orion">Deloitte India Partner</keyword> Leader <keyword id="17382865" type="General" weightage="50" keywordseo="indirect-tax-mahesh-jaising" source="Orion">Indirect Tax Mahesh Jaising</keyword> said with this announcement, scope of MSMEs under e-invoicing will be expanded and they will need to implement e-invoicing. "For companies e-invoicing is a boon rather than a bane as suppliers who are e-invoicing compliant result in proper flow of input tax credit and reduce the churn around credit issues," Jaising added. AMRG &amp; Associates Senior Partner <keyword id="2913637" type="General" weightage="80" keywordseo="rajat-mohan" source="Orion">Rajat Mohan</keyword> said phased implementation of e-invoicing has resulted in reduced disruptions, improved compliance and increased revenue. E-invoicing was initially implemented for large companies with turnover of more than Rs 500 crore, and within 3 years the threshold has now been lowered to Rs 5 crore. "Inclusion of MSME sector in the e-invoicing regime would benefit the overall business ecosystem by reducing costs, rationalising errors, ensuring faster invoice processing, and also limiting commercial disputes in the long term," Mohan added. Under <keyword id="6359833" type="General" weightage="50" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with turnover of over Rs 500 crore from October 1, 2020, which was then extended to those with turnover of over Rs 100 crore effective January 1, 2021. From April 1, 2021, companies with turnover of over Rs 50 crore were generating B2B e-invoices, and the threshold was brought down to Rs 20 crore beginning April 1, 2022. From October 1, 2022, the threshold was further lowered to Rs 10 crore. EY Tax Partner Saurabh Agarwal said the industry needs to review their vendor masters and ensure that any vendor supplying goods or services and crossing the threshold turnover of Rs 5 crore is necessarily issuing a e-invoice from August 2023 to avoid any dispute with respect to availment of input tax credit (ITC). SEE ALSO: <a href="https://www.businessinsider.in/tech/news/google-launches-passkeys-for-hassle-free-login-to-gmail-and-youtube-without-a-password-heres-how-to-set-them-up/articleshow/99977103.cms">Google launches Passkeys for hassle-free login to Gmail and YouTube without a password - here's how to set them up</a> <a href="https://www.businessinsider.in/tech/news/apples-safari-is-the-worlds-second-most-used-and-least-vulnerable-desktop-web-browser/articleshow/99926825.cms">Apple’s Safari is the world’s second-most-used and least vulnerable desktop web browser, yet only 1% of Indians use it</a>

Businesses with turnover of over Rs 5 crore to generate e-invoice from August 1

India;s <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> Collections under the new indirect tax regime came in at Rs 90,669 crore for August, above the market estimate of Rs 80,000-85,000 crore but lower than the Rs 94,063 crore collected last month. Of the total revenue collected for August, Rs 21,067 crore came from <keyword id="6373967" type="ORGANIZATION" weightage="20" keywordseo="sgst">SGST</keyword>, Rs 14,402 came from <keyword id="6373817" type="ORGANIZATION" weightage="20" keywordseo="cgst">CGST</keyword> and Rs 7,823 crore from GST compensation cess. IGST, which is imposed on inter-state movement of goods and imports, accounted for Rs 47,377 crore of the total GST collection.In a statement following the release of collections data, the government said that a number of assessees have not filed GST returns for both July and August, and also said that GST collections would be higher as and when compliance increases.Compliance for the month stood at 55 percent, down from around 65 percent last month.For August, only 37.6 lakh taxpayers out of a total 68.2 lakh registered taxpayers filed their GST. Last month, finance minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had said that India’s GST collections of Rs 92,283 crore for July was above the government’s tax collection target for the month. The tax mobilisation for July stood at 64.4 per cent of the 59.57 lakh taxpayers registered with the new Goods and <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword> (GST).

India's GST revenue collection for August slows to Rs 90,669 crore

New Delhi, Mar 14 () With cess kitty falling short to compensate the states for revenue loss, the government will look into the legality of GST Council borrowing from market to meet the compensation requirements under the Goods and Services Tax.Finance Minister Nirmala Sitharaman said this year Rs 80,000 crore has been collected as compensation cess, but states have been given Rs 1.20 lakh crore.With states raising the issue of shortfall in compensation kitty, there were discussions on resorting to market borrowing to meet the revenue guarantee to states."There were suggestions recalling what late Arun Jaitley had said about there can be ways that the Council can probably even borrow from the market. So all this was discussed and I have very clearly said that I am committed to giving the compensation as is being collected," she told reporters after the 39th GST Council meeting here. Sitharaman further said that after Parliament session gets over, she would at how, if at all, the Council is allowed to borrow - who stands guarantee for it, how will it be paid, what is the interest that will be given. "All these things will have to be legally looked into. So I have told the Council today that I will have to look at all these things, get more information, legally get the opinion and then come back to the Council as to what I have in my hand. I also said if the Council have to go borrowing I will also have to see what the impact of such a thing will be on the FRBM," she said.Under the Goods and Services Tax (GST) law, states are guaranteed compensation for revenue loss for five years if their revenue does not increase 14 per cent on the base year of 2015-16.The minutes of the 7th GST Council meeting state that the chairperson of the GST Council (the Union Finance Minister) had said, "... compensation would be funded out of the cess mechanism, which would have a pool of revenue and if there was any shortfall in this pool, it could be supplemented by some mechanism that the Council might decide". There were no differences between the Centre and states with regard to compensation payment in 2017-18, 2018-19, and in the first four months of the current fiscal. However, with revenue mop-up from compensation cess falling inadequate, the Centre held back fund transfer to states for revenue shortage beginning August.Sitharaman said after 2-3 weeks of the conclusion of Parliament session, a special meeting of the GST Council would be called to discuss the idea and the Council can take a considered view.Under the GST structure, taxes are levied under 5, 12, 18 and 28 per cent slabs. On top of the highest tax slab, a cess is levied on luxury, sin and demerit goods and the proceeds from the same are used to compensate states for any revenue loss.During July 2017-March 2018, Rs 48,785 crore was released, while between April 2018-March 2019, Rs 81,141 crore was paid to states. For April-May and June -July last year, Rs 17,789 crore and Rs 27,956 crore were released. Further, Rs 35,298 crore was paid to states as compensation for August-September 2019 and another Rs 19,950 crore was released in February 2020. JD MRMR

Govt to look into legality of market borrowing by GST Council to compensate states' revenue loss

The <keyword id="6355040" type="UNKNOWN" weightage="20" keywordseo="GST-Council">GST Council</keyword> will meet here on Thursday to take up the single-point agenda of <keyword id="9025375" type="UNKNOWN" weightage="20" keywordseo="GST-compensation-to-states">GST compensation to states</keyword> affected by delays in the release by the Centre, a government official privy to meeting agenda said. The meeting was earlier proposed in July, as announced by Union Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> after the first GST Council meeting in the backdrop of Covid-19 pandemic in June. "The Council will meet tomorrow with a single-point agenda to discuss the compensation cess. Any changes in the GST rates or cess structure would also relate to how timely compensation to the states could be released," the official said. Faced with sharp decline in GST collections due to the nationwide lockdown and disruptions in economic activities across the country, one of the options before the Centre is to pay <keyword id="2600993" type="PERSON" weightage="20" keywordseo="GST-compensation">GST compensation</keyword> to states by using a portion of its borrowings. The compensation has not been paid to the states since March. Even the compensation for March was delayed and paid in late July. A legal opinion on the matter sought by the Centre from the Attorney General earlier suggested that the former is under "no obligation to pay GST compensation shortfalls to the states" and it is the GST Council which has to decide on making good the shortfall in the goods and services tax compensation fund by putting sufficient amount into it. The AG had opined that the GST Council can recommend to the Centre to allow the states to borrow on the strength of the future receipts from the compensation fund, sources said. It would, however, be for the central government to take a final decision in the matter under Article 293(3) of the Constitution. "If there is need for borrowings to meet compensation to the states and who is going to borrow? How we are going to pay for it?" the Finance Minister had said about the Council meeting in June, hinting that the fall in revenues has become a huge cause of concern for the Centre to meet its liability towards the states as per the GST legislation. Under the GST law, states are guaranteed full compensation for any revenue loss for the first five years after the introduction of the Goods and Services Tax (GST) in July 2017. The compensation is the difference between actually revenue collected and projected revenue. The projected revenue is revenue growth of 14 per cent for the states per year over the base year 2015-16. As per the GST Act, full compensation to the states has to be paid for a period of five years till FY22 only through the compensation fund that gets its money through the levy of GST compensation cess on a few items. However, with the fund not getting enough collections since August 2019, the GST compensation to the states has been delayed. The Centre is now looking at getting GST Council nod for a mechanism to finance the compensation. The situation vis-a-vis the GST revenue has worsened in April 2020, with several states indicating a shortfall in collections to the tune of 80-90 per cent of the average monthly collections during this time of the year. In fact, Delhi has said its GST collections may end up at a mere Rs 300 crore in April as against a collection of Rs 3,500 crore in the same month previous year. Other states like Tamil Nadu, Assam, West Bengal, and Andhra Pradesh are also facing severe revenue decline due to shrinking economic activities during the Covid-induced lockdown. The problem has continued into May as well. With economic activity and GDP growth projected to remain subdued for most part of FY21, the Centre is looking at all possible means on how it could meet its constitutional obligation of compensating the states for their revenue losses. After February, when the Centre released GST compensation of Rs 19,950 crore for October and November 2019, the Centre has cleared dues for December, January and February only now. In late July, the Centre released Rs 13,806 crore to the states as compensation for their revenue losses in the GST goods regime for March 2020. "The total amount of compensation released for the year 2019-20 is Rs 1,65,302 crore whereas the amount of cess collected during the year 2019-20 was Rs 95,444 crore," a government statement had said. The monthly compensation requirement for the states in 2020-21 is pegged at Rs 20,250 crore, government sources said, which leaves a big gap between what needs to be paid and what is getting collected. Even in FY21, monthly cess collections could be at a low Rs 7,000-8,000 crore, or even lower. According to previous releases of the Finance Ministry, in the FY 2017-18, a total GST compensation cess of Rs 62,611 crore was collected, of which Rs 41,146 crore was released to the states/UTs as GST compensation. In the FY 2018-19, Rs 95,081 crore was collected as GST compensation cess, of which Rs 69,275 crore was released to the states and UTs as GST compensation. As on March 31, 2019, Rs 47,271 crore collected as GST compensation cess remained unutilised after the release of GST compensation to the states and UTs in the FYs 2017-18 and 2018-19. Since the end of August 2019, the central government has started realising the impending precarious position in paying the GST compensation to the states and UTs as the compensation cess requirement was twice of the average monthly cess collection. The sources said that though the GST Council also has the option to either bring in more items under the cess base by expanding the base of GST cess items, or to increase cess rate on the existing items. Any increase in compensation cess on a few items could yield only about Rs 2,000-3,000 crore a year. Therefore, the Council in its earlier meeting also discussed other options like forego full cess compensation, which was increasing @14% per annum, or to go ahead with whatever compensation is available. One more option looked at was to raise the tax rate on items through rationalisation via shuffling of slab rates. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/if-you-have-a-bank-loan-that-you-are-unable-to-pay-restructuring-is-on-its-way/articleshow/77391894.cms">If you have a bank loan that you are unable to pay, restructuring is on its way</a> <a href="https://www.businessinsider.in/finance/banks/news/loan-moratorium-still-ends-on-aug-31-while-supreme-court-gives-the-government-another-week-to-clarify-if-accrued-interest-should-be-waived/articleshow/77758597.cms">Loan moratorium still ends on Aug 31 while Supreme Court gives the government another week to clarify if accrued interest should be waived</a>

GST Council meet on Thursday to figure out how states will be compensated for delays in payment

<ul><li><keyword id="6449925" type="COMPANY" weightage="20" keywordseo="Centuary-Mattresses">Centuary Mattresses</keyword> is expecting to close Financial Year 2020-2021 with 18-20% growth. </li><li>Currently, Centuary Mattresses enjoys about 10% of the market share in the organised segment and aims to increase its share to 12-13%. </li><li>Uttam Malani, Executive Director, Centuary Mattresses shares with us the strategy behind its ambitious expansion and revenue goals. </li></ul>The COVID-19 induced lockdown had put brakes on every business but Centuary Mattresses saw its business bouncing back to normalcy in August. As consumers started focusing more on their health and well-being and became more conscious of following a tight schedule, sleep also started playing a vital role in this aspect. Centuary Mattresses, a 30-year-old brand that takes pride in being a ‘sleep specialist,’ was quick to recognise the growing importance of ‘immunity and health’ in the market and launched an antimicrobial foam shield mattresses across its range and online range of pocket spring roll mattresses. The brand is aiming to position its mattresses not only as a wellness product but as a health product which could help in boosting immunity. On how important the wellness proposition has become in the current market, Uttam Malani, Executive Director, Centuary Mattresses, said, “We strongly believe that every business in the post-COVID era will have to bring a certain wellness proposition for the consumer. As a mattress brand, we also intend to leverage this position by tailoring most of our products and communication in this direction. We have a host of new product line ups and health-based brand communications. The post lockdown period will certainly bring optimism for the manufacturing industry. However, few things which should be kept in mind after lockdown are spending the money sensibly with judicious buying. The companies need to implement a proper credit management system, control the operational expenses, plan logistic management, and streamline the labour/manpower management.” According to Malani, Centuary Mattresses is amongst the top 3 brands in the country with a presence in 19 States and availability across 3500+ retailers. It is looking to expand its presence in East/North-Eastern markets and currently has exclusive 400 + EBOs in the country. As the market slowly limps back on its track, Centuary Mattresses is optimistic about achieving 18-20% growth this fiscal. Centuary Mattresses enjoys about 10% of the market share in the organised segment and it aims to increase its share to at least 12-13% in Financial Year 2020-2021. Organised and unorganised put together, the mattress industry in India is currently worth Rs 10,000 crore and only about 40% of the market is occupied by organised players. Talking about the advantages of operating in a market dominated by unorganised players, Malani said, “63% of the mattresses sold in the country still comes from the unorganised sector as per a recent survey conducted by the ISPF; the opportunity presented to the organised sector through the implementation of GST is huge. Add to that the explosion in the health &amp; wellness industry; coupled with growing awareness levels &amp; studies on the importance of sleep in an individual's wellbeing, and it doesn't take long to realise that the category is ripe for transformation to a well-structured, regulated, and largely organised sector. The Online sales of mattresses has gained more traction post-COVID, with nearly 7-8% revenue contribution coming from online channels.” However, the mattress industry is expected to shrink by 10% and that hasn’t shaken its spirit. Malani said, “While growth of the industry will be pegged at -5% in the current fiscal, it may witness a healthy growth in 2021-22. However, we did not waste the lockdown period and rather looked out for opportunity amidst this crisis. We are already on the recovery mode and should be back on the growth track from the festive season. Even though the mattress industry which was growing at 8% annually, is expected to shrink by 10% this year, we are optimistic we will be able to achieve a growth of about 18%-20% Y-oY this financial year onwards,” It was on the back of demand from rural markets that Centuary Mattresses saw an early recovery. With the festive and marriage season, the brand is now hoping to clock good numbers in the urban market as well. “Consumer spending has become more cautious with COVID as consumers are preferring to place their confidence in known and reputed products and brands. Although the average selling prices have shrunk marginally, there is a huge spike in business particularly from rural belts in recent weeks, which bodes well for the organized sector. While mattresses demand is becoming normal in Tier-II &amp; III rural areas, the momentum is yet to pick up in the urban. In the initial period, we were anticipating a hit of around 25% on the business, however, with the current developments, we foresee it to be down by around 5% now this fiscal with healthy growth in 2021-22,” said Malani. Communication Strategy The Indian consumer has been shifting to the online world over the last few years and this trend has only been accelerated post-COVID. “Centuary has been one of the first mattress brands in India to create an e-commerce footprint right from 2015. We are betting big on our first ‘Online Exclusive’ product range – ‘Sleepables by Centuary’. We invested a year on developing it and it's an extension of the umbrella brand Centuary Mattresses and restricted to an online space. The mattress is also made available in the revamped website of Centuary to leverage its own web engine and utilize it as a powerful e-commerce engine with a better customer interface. The traffic has increased 3 times as compared to the Pre-COVID days,” said Malani. On changing its social media to meet the rising consumer demand, Malani said, “We are keeping all our customers and followers engaged through various means of Social Media platforms by providing required information clubbed with some entertainment in these stressful times. We have started a social media campaign to engage and educate people not only on the benefits of sleep but also helping the family members to understand the advantages of better sleep. At the same time, we have also initiated a conversation with all our customers to understand their worries by addressing each of the issues being raised because we are concerned for a better health and longevity of our customers.” Elaborating on the social media strategy further, Malani said, “In continuation to our efforts in engaging with our audience during the lockdown period, we have organized campaigns like ‘KaroNa’ wherein we motivated people to start learning to play musical instruments, indoor games, have a family discussion to enhance the bonding, etc., we thought of making it more interesting and provide relief from boredom to all our audience through an interesting #SleeptimeStories campaign which is still running. Sleep Time or bedtime stories are the most cherished moments of everybody’s life; be it grandparents, parents, and kids as well. So, we wanted them to be more relevant and non-preachy. Therefore, we made them light-hearted, hopeful, and value-driven stories clubbed with fun. We introduced a storytelling expert who interestingly narrates a specific story on social media platforms to impress the audience of every age group. The activity is helping the audience to inculcate a habit of sleeping on time leading to a night of better sleep and feel relaxed in the morning.” Centuary Mattresses will continue to ride on this robust demand by augmenting its presence on social media, increasing its retail presence and focus on launching health and hygiene product range.

Centuary Mattresses aims to expand its market share to 13% in FY21, perform even better than last year

New Delhi, Dec 18 () In a development with far-reaching implications, non-BJP ruled states on Wednesday said the union government may be headed for a sovereign default as it has refused to assure them of paying on time the GST dues guaranteed to them through a Constitutional amendment.
 The showdown between the Centre and states, which started with delays in the monthly payment of compensation to states for loss of revenue from the rollout of Goods and Services Tax, escalated into shedding of the consensual approach to decision making for the very first time at the 38th meeting of the GST Council.
 While Union Finance Minister Nirmala Sitharaman reiterated her stand that the central government was committed to cooperative federalism, finance ministers of non-BJP ruled states such as Punjab and Kerala said she refused to give a categorical assurance that states will be paid compensation on time.
 "There is no gap within the Council. I don't know if it exists anywhere. In the Council, and in the Rajya Sabha, I have explained in detail about how we remain committed to cooperative federalism, and also to keep up all other promises given on GST," Sitharaman said.
 Speaking after attending the meeting of the GST Council -- the highest decision making body of the new tax regime, Punjab Finance Minister Manpreet Singh Badal said it was a sad day as the "Union Finance Minister could not give assurance whether states will be paid on time or not."
 "We were aware that revenue position was grim but we were not aware that it was grim to an extent where the Union Finance Minister could not give assurance in the Council whether states would be paid on time or not," he said. "As far as I am concerned, I think it is just close to a sovereign default where the Government of India is unable to pay its constitutional obligation."
 He said when GST was launched with much fanfare in July 2017, states were "led to believe revenue would go up, GDP growth would go up. Unless the Government of India can fix revenue concerns very very quickly, the whole consensus on GST would unravel. I don't think we need to be in panic mode. Things can be fixed. I want to say they need to be fixed quickly."
 Kerala Finance Minister Thomas Isaac said the Centre had sufficient money in the GST Compensation Fund but delayed payments since August. "It is great disappointment that they are not even able to assure that they will give us our due."
 He said the Council has in its minutes recorded assurance of the former union finance minister Arun Jaitley, under whom the GST was rolled out, that in case of a shortfall in the compensation fund, the Council can borrow and pay states. The period for levy of compensation cess may then be extended from five to six years to pay for the debt.
 West Bengal Finance Minister Amit Mitra said the country was staring at stagflation -- inflation with stagnant growth -- and there will be no compensation money after February to pay the states.
 In the Council meeting, the panel resorted to voting to decide whether a uniform tax on lotteries should be levied or a two-rate system be followed.
 Decisions in the previous 37 meetings of the GST Council, headed by the Union Finance Minister and comprising representatives of all states and UTs, had been taken unanimously. These included fixing of tax rates on dozens of goods and services but never had voting been done to decide on the issue.
 However, when the issue of levy of GST on lottery came up at the 38th meeting of the Council, consensus remained elusive, sources said. This led to a vote being taken to decide on the issue of interest to seven states where lottery is legal.
 As many as 21 states, mostly BJP ruled, voted for a uniform 28 per cent GST rate from March 1, overriding objections from others, they said, adding seven voted against it.
 Currently, dual GST rates are imposed on lotteries.
 The lottery industry has been pressing for a uniform GST rate of 12 per cent and removal of tax on the prize money, saying the existing dual rate is hampering growth of the business. Currently, GST of 12 per cent is levied on state lotteries sold within a state and 28 per cent on those sold outside that state.
 Sitharaman said consensus is a tradition but not a rule. "Every attempt was made to keep that set tradition alive. But eventually, the Council was reminded that the rules allow (voting) and the tradition is not part of the rule book," she said when asked by reporters about the voting on the lottery issue.
 "It (voting) is not imposed by the Council, it is not imposed by me as a chair but it was on request of one member," she said.
 Sources said that Kerala Finance Minister Thomas Isaac wanted division on the proposal of uniform GST rate on lottery.
 On payment of compensation, Sitharaman said she reiterated the government's commitment to cooperative federalism and meeting its obligations at the Council meeting.
 She said one tranche of compensation for August and September was released just a couple of days back.
 Sitharaman had in the Rajya Sabha on December 12 stated that in 2017-18, the total cess collected was Rs 62,596 crore, of which Rs 41,146 crore was released to states. The remaining Rs 15,000 crore was accumulated in the cess fund. In the next year, Rs 95,081 crore was collected and Rs 69,275 crore released. DP NKD ANZ ANZ ABM
ABM

GST compensation: States say Centre staring at sovereign default; GST Council sees 1st ever voting

<ul><li>RBI said it will transfer as much as ₹1.76 lakh crore of its surplus reserves to the government.</li><li>This will cut the estimated fiscal deficit by half leaving more money with the government to spend on growth measures.</li><li>Sensex gained over 150 points at Tuesday’s open as investors expect additional money supply to improve demand in the economy.</li></ul> India’s central bank has been saving for a rainy day and looks like that day has come. After much prodding by the Narendra Modi government, and based on the recommendation of a panel headed by former central bank Governor Bimal Jalan, the Reserve Bank of India (RBI) said it will transfer as much as ₹1.76 lakh crore of its surplus reserves to the government. This alone will fill up more than half of the country’s estimated fiscal deficit-- the difference between the government’s budgeted expenses and revenues-- for the current year. "This will help to some extent in bridging an estimated ₹1.5 lakh crore of shortfall in GST revenues even as the fiscal continues to be strained due to weak tax revenues," said a report by Kotak Economics Research. The Indian share market is celebrating the windfall that it expects more money slush around in the economy due to the RBI move. The Sensex kicked off to a good start and opened 164 points higher in Tuesday’s opening trade. This is in addition to the nearly 800-point <a href="https://www.businessinsider.in/markets/donald-trummp-hints-at-easing-trade-war-with-china-triggers-700-point-rally-in-sensex/articleshow/70840608.cms">Donald Trump-triggered rally</a> on Monday. Banking stocks like SBI, Axis Bank, and ICICI gained as as investors hoped that some of this additional money will go into recapitalising banks. The value of government bonds held by these banks rose in value. “As on June 30, 2019, the RBI stands as a central bank with one of the highest levels of financial resilience globally,” the central bank said in its statement. Why the market is cheering? Indian industry has long been asking for a stimulus package from the government, to overcome the deep crisis in <a href="https://www.businessinsider.in/job-cuts-at-parle-and-britannia-sales-show-indian-economy-is-in-dire-straits/articleshow/70766429.cms">the rural economy</a> as well as in sectors like <a href="https://www.businessinsider.in/hero-motocorp-tata-mahindra-and-maruti-suzuki-are-all-cutting-production-as-theres-no-demand/articleshow/70710729.cms">automobiles</a> and <a href="https://www.businessinsider.in/a-third-of-indias-textile-workers-30-million-lost-their-jobs-and-more-could-go/articleshow/70781257.cms">textiles</a>, which have cut down production and laid off millions of workers following the demand slump in recent years. Those who support the RBI move to part with its funds believe this money can come in handy for the Indian government which is facing heavy fiscal deficit, which means that it is short of funds and has limited room to spend more to stop growth from slipping down further. The Modi government has also promised to spend a whopping ₹100 trillion in building new infrastructure in the next five years. Finance Minister Nirmala Sitharaman also promised to provide as much as ₹70,000 crore in additional funds to banks in the hope to beat the current credit crunch. All of this requires money, which the government is in short supply of. The slowdown in economic activity has meant the direct tax revenue has sharply <a href="https://www.livemint.com/news/india/direct-tax-collections-fall-short-of-rs-82-000-crore-in-fy-19-1557226156318.html">slowed down</a>. The Goods and Services Tax (GST) too has fared short of expectations. along with a slowdown across the economy has cut down <a href="https://www.livemint.com/news/india/direct-tax-collections-fall-short-of-rs-82-000-crore-in-fy-19-1557226156318.html">the government's </a>direct tax revenues by ₹82,000 crore though they revised their target to ₹12 lakh crore in 2018-19. A recent move to levy extra taxes on stock investors in the latest Union Budget did not go down well with the share market, and had to be <a href="https://www.businessinsider.in/nse-and-bse-stocks-lost-over-15-lakh-crore-and-rupee-falls-against-dollar-due-to-tax-surcharge/articleshow/70837553.cms">retracted </a>by Finance Minister Nirmala Sitharaman last Friday (August 23). Those who lost their jobs opposing the move The government’s push to get RBI to transfer excess money has faced severe opposition. The dissent by former Secretary of the Department of Economic Affairs, Subhash Chandra Garg, was <a href="https://www.ndtv.com/business/subhash-chandra-garg-exit-linked-to-sovereign-bond-plan-prime-ministers-office-unhappy-says-report-2075600">one of the main reasons</a> for which he was forced out the Finance Ministry prematurely. Even the former RBI Governor Urjit Patel and former Deputy Governor Viral Acharya left the central bank unceremoniously after contentious standoffs with the government over many issues including the proposal to transfer RBI surplus to the government. Economists in India have been largely divided on the issue because many fear this impedes the RBI’s autonomy. The <a href="https://www.businessinsider.in/nirmala-sitharaman-finance-minister-bimal-jalan-committee-report-on-rbi-surplus-reserves-next-meeting/articleshow/69587872.cms">key questions</a> were who should decide the use of RBI surplus and how should it be spent. The recommendation of an independent panel may partly answer the first question and as for the second question, all eyes are now on the government. SEE ALSO: <a href="https://www.businessinsider.in/nirmala-sitharaman-finance-minister-bimal-jalan-committee-report-on-rbi-surplus-reserves-next-meeting/articleshow/69587872.cms">A bitter debate may hound Finance Minister Nirmala Sitharaman in the first fortnight-- what to do with RBI's surplus reserves</a>

RBI offers Narendra Modi government money to boost growth-- share markets cheer

New Delhi, Dec 16 () Facing heat over delay in payment of GST compensation, the central government on Monday released Rs 35,298 crore to states to make up for the loss of revenue due to rollout of the Goods and Services Tax (GST).
 When GST was rolled out on July 1, 2017, states were through legislation promised to be compensated for the loss of revenue as not just their taxes such as VAT were being subsumed in the new levy but also their right to levy taxes was being snatched.
 The compensation amount was fixed at 14 per cent on top of revenue in the base year of 2016-17. The corpus for paying compensation was collected by levying a cess on top of GST rates on tobacco products, cigarettes, aerated water, automobiles, and coal. 
This compensation was to be released after every two months but the same was pending since August, drawing protests from states, particularly non-BJP ruled ones.
 "The central government has released GST compensation of Rs 35,298 crore to States and Union Territories today," the Central Board of Indirect Taxes and Customs (CBIC) said in a Twitter post.
 This comes just days before the 38th meeting of the GST Council - the highest decision-making body of the new indirect tax regime - on December 18, where the opposition-ruled states had planned to again raise the issue of delayed payments.
 Opposition-ruled states such as Punjab, West Bengal and Kerala have since last month upped the ante for the immediate release of GST Compensation Fund. Their finance ministers had also met Union Finance Minister Nirmala Sitharaman and the issue came up during the just-concluded Winter Session of Parliament.
Sitharaman had in press conferences and industry events acknowledged the dues but never mentioned timelines for making the payment.
 She had in the Rajya Sabha on December 12 stated that in 2017-18, the total cess collected was Rs 62,596 crore, of which Rs 41,146 crore was released to states. The remaining Rs 15,000 crore was accumulated in the Cess Fund. In the next year, Rs 95,081 crore was collected and Rs 69,275 crore released to states but "cess accumulated in the Fund was zero," she had said, according to a verbatim transcript of her speech available on the Rajya Sabha website.
 It wasn't clear how no money was accumulated in the Cess Fund in 2018-19 when, according to her, only Rs 69,275 crore out of Rs 95,081 crore was paid.
She also hadn't said what happens to the surplus that accumulates in the Fund.
 According to Sitharaman, during the current fiscal year that began in April 2019, cess collections till October 31 were Rs 55,467 crore but compensation released to the states was Rs 65,250 crore. "The Government of India has released Rs 9,783 crore more than the amount raised through cess collections (this fiscal)," she had said in the Rajya Sabha.
 On Monday, Sitharaman, speaking at a conference, assured states that the Centre will not "renege" on the promise of GST compensations.
 The delays to pass on the money are due to slippage in collections and the states have nothing to be embarrassed about, she said. "It is certainly their right, I am not denying. At the same time, I am also making it clear to say that I am not reneging on that. States will be given. We are certainly not reneging on it. I admit that the payments which had to go the compensation head have not been given for two months slot."
 "I do not want them (states) to feel embarrassed because it's not their fault nor is it personally my fault," she said, admitting that GST collections have been much lower than expectations.
 She attributed the dip in collections to a slip in GST filing due to natural calamities and also due to a slowdown in consumption that has a direct impact on the collections. DP ANZ ANU

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