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Union Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Saturday morning chaired a <keyword id="20255269" type="General" weightage="20" keywordseo="pre-budget-meeting" source="keywords">pre-budget meeting</keyword> with Finance Ministers of all States and Union Territories. The Pre-Budget Meeting is organised by the Ministry of Finance and Corporate Affairs with Finance Ministers of all the States and Union Territories (with Legislature) to take suggestions for the upcoming <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>. Ministers of State along with other stakeholders are participating in the meeting and visuals showed Uttar Pradesh finance minister Suresh Kumar Khanna, and finance minister of Rajasthan Diya Kumari at the Bharat Mandapam venue before the meeting commenced this morning. The Union Finance Ministry had begun consultations on the budget a few days ago with different stakeholders of economy. Sitharaman has met economists, finance and capital market experts and industry bodies. Sitharaman chaired the first pre-budget consultations with leading economists on June 19. The meeting was attended by Union minister of State for Finance Pankaj Chaudhary, the finance secretary, secretaries of the departments of economic affairs, revenue, financial services and corporate affairs and the chief economic adviser. Meanwhile, Sitharaman will also chair the 53rd <keyword id="19922145" type="General" weightage="20" keywordseo="Goods-and-Services-Tax" source="keywords">Goods and Services Tax</keyword> (GST) Council Meeting scheduled in the second half of the day. This is the first meeting of the <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="GST Council" meta.hostid="261" meta.entityid="GST Council">GST council</keyword> after the formation of the new government. State finance ministers will also be present at the 53rd meeting of the Goods and Services Tax Council. As is the norm, the GST Council gets together to discuss issues pertaining to the GST regime, such as tax rates, modifications to policies, and administrative challenges. The Council is a key player in shaping India's indirect tax system, making sure that it facilitates company and citizen tax relief while also being in line with the country's economic objectives. The information on the agenda of Council meeting is not yet in public domain. However, the decisions and recommendations arising from the 53rd GST Council meeting will be closely watched by various stakeholders, including businesses, policymakers, and the general public, as they have the potential to influence taxation, trade, and overall dynamics. Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years. Meanwhile, preparation has commenced for the Union budget 2024-25, the first for the third term of the Prime Minister Narendra Modi-led <keyword id="22141478" type="General" weightage="20" keywordseo="National-Democratic-Alliance-government" source="keywords" meta.keywordsubtype="org" meta.entityname="National Democratic Alliance government" meta.hostid="261" meta.entityid="National Democratic Alliance government">National Democratic Alliance government</keyword>.

Union Finance Minister Sitharaman chairs pre-budget meeting with finance ministers of states, UTs; GST Council to meet later today

A total of 13 states have so far decided on their borrowing options to meet their <keyword id="9933255" type="UNKNOWN" weightage="20" keywordseo="gst-compensation-shortfall">GST compensation shortfall</keyword> and almost all have decided to go for the first option proposed by the Centre, source said. Out of the 13, 12 states have opted for the first option, under which the Union government has offered states that they could borrow the shortfall arising out of GST implementation, estimated at Rs 97,000 crore approximately. The amount would be borrowed through issue of debt under a special window coordinated by the Finance Ministry. The first option is to ensure steady flow of resources similar to the flow under <keyword id="2600993" type="PERSON" weightage="20" keywordseo="GST-compensation">GST compensation</keyword> on a bi-monthly basis. Under this option, the Centre will endeavour to keep the cost at or close to the G-secs yield, and in the event of the cost being higher, will bear the margin between G-secs and average of State Development Loan yields up to 0.5 per cent through a subsidy. The states which have preferred to opt for this option are Andhra Pradesh, Bihar, Gujarat, Haryana, Karnataka, Madhya Pradesh, Meghalaya, Sikkim, Tripura, Uttar Pradesh, Uttarakhand and Odisha. Only Manipur has so far opted for the second borrowing option under which states can borrow the entire compensation shortfall of Rs 2.35 lakh crore, including the Covid-impact portion, through issue of market debt. Six more states -- Goa, Assam, Arunachal Pradesh, Nagaland, Mizoram and Himachal Pradesh -- will be giving their choice in a day or two, said people in the know. A few states have submitted their views to the Chairperson of the GST Council but are yet to decide on the options, according to sources. In the 41st GST Council meeting last month, the Centre had proposed both options, so that a mechanism could be put in place as an exception this year, as Covid-19 disruptions and lower revenue collections have made it difficult for the Centre to meet its obligation on Goods and Services Tax (GST) compensation to states. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-future-retail-ril-irctc-bhel-tata-motors-adani-green-vodafone-idea-godrej-properties-sunteck-realty-and-more/articleshow/78097615.cms">Top stocks to watch— Future Retail, RIL, IRCTC, BHEL, Tata Motors, Adani Green, Vodafone Idea, Godrej Properties, Sunteck Realty and more</a> <a href="https://www.businessinsider.in/india/news/delhi-police-arrests-umar-khalid-connection-with-northeast-delhi-riots/articleshow/78097740.cms">Delhi Police arrests Umar Khalid in connection with Northeast Delhi riots</a> <a href="https://www.businessinsider.in/tech/news/tiktok-owner-bytedance-rejected-microsofts-offer-for-the-apps-us-operations/articleshow/78097018.cms">TikTok owner ByteDance rejected Microsoft's bid for the app's US operations, Oracle reportedly chosen as US 'technology partner'</a>

13 states decide on GST compensation — only Manipur opts for borrowing entire shortfall in one go

LED lighting solution provider <keyword id="15151029" type="General" weightage="100" keywordseo="ikio-lighting" source="Orion">IKIO Lighting</keyword> Ltd on Thursday said it has fixed a price band of Rs 270-285 per share for its Rs 606-crore initial public offering (<keyword id="6354763" type="General" weightage="80" keywordseo="ipo" source="Orion">IPO</keyword>). The issue will be open for public subscription during June 6-8 and the bidding for anchor investors will open on June 5, the Noida-based company said in a statement. The IPO consists of a fresh issue of equity shares worth up to Rs 350 crore and an offer-for-sale (OFS) of up to 90 lakh equity stocks by promoters Hardeep Singh and <keyword id="2491354" type="General" weightage="50" keywordseo="surmeet-kaur" source="Orion">Surmeet Kaur</keyword>. At the upper end of the price band, the initial share-sale will fetch Rs 606.5 crore. Proceeds from the fresh issuance worth Rs 50 crore will be used for debt payment, Rs 212.31 crore will be used in the company's wholly-owned subsidiary, <keyword id="17582560" type="General" weightage="50" keywordseo="ikio-solutions" source="Orion">IKIO Solutions</keyword>, to set up a new facility at Noida, <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, and for general corporate purposes. The company said that half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 10 per cent for non-institutional investors. Further, investors can bid for a minimum of 52 equity shares and in multiples of 52 equity shares thereafter. IKIO Lighting is a manufacturer of light-emitting diode (LED) lighting solutions. It is primarily an original design manufacturer (ODM) and designs, develops, manufactures and supplies products to customers who then further distribute these products under its brands. It has four manufacturing facilities with one located in the SIDCUL Haridwar industrial park in Uttarakhand and three in Noida in the National Capital Region. IKIO Lighting's revenue from operations jumped 55.47 per cent on year-on-year basis to Rs 331.84 crore in fiscal 2022 from Rs 213.45 crore in fiscal 2021 and profit after tax surged 75.37 per cent to Rs 50.52 crore from Rs 28.81 crore during the period. Motilal Oswal Investment Advisors is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on the BSE and NSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/royal-enfield-sales-rise-22-in-may-at-77461-units/articleshow/100679587.cms">Royal Enfield sales rise 22% in May at 77,461 units</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gst-collection-rises-12-to-1-57-lakh-crore-in-may/articleshow/100679573.cms">GST collection rises 12% to ₹1.57 lakh crore in May</a>

IKIO Lighting sets IPO price band at ₹270-285/share

States which failed to submit their options before the <keyword id="3680839" type="PERSON" weightage="20" keywordseo="gst-council-meeting">GST Council meeting</keyword> in October will have to wait for at least two years to get compensation on Goods and Services Tax collection shortfall expected during the transition period, Finance Ministry sources said on Monday. The sources said that such states will have to wait till June 2022 to get compensation dues, subject to the condition that the GST Council extends the cess collection period beyond 2022. This is so because the Council is expected to adopt one of the two options given by the Centre to meet the <keyword id="2600993" type="PERSON" weightage="20" keywordseo="GST-compensation">GST compensation</keyword> needs of the states this year. The states which decide against operationalisation of the new <keyword id="9971535" type="UNKNOWN" weightage="20" keywordseo="gst-compensation-formula">GST compensation formula</keyword> will get their dues only to the extent of compensation cess collected in FY21 and distributed in proportion among all states and union territories. The balance shortfall will only be met from the collection of GST compensation cess beyond the five-year transition period that ends in June 2022. This will be subject to GST Council approval to the extension of compensation cess. The GST Council, in its 41st meeting on August 27, 2020, had decided to give its member-states two borrowing options to meet their compensation shortfall and a response time of 7 working days from the formal receipt of the detailed proposal on the options by email. Almost 15 states had submitted their options by September 15 and more have joined since. Option-1 on GST compensation brought before the Council last month allows states to borrow, under a special dispensation from the Reserve Bank of India, a sum of about Rs 97,000 crore shortfall calculated by the Centre that is directly on account of GST implementation. Option-2 allows states to borrow the entire projected GST compensation shortfall of Rs 2,35,000 crore (total shortfall of Rs 3 lakh crore minus Rs 65,000 crore collected as GST compensation cess) for FY21. So far, 21 states/UTs have expressed preference for Borrowing Option-1 proposed by the Centre. With GST Act requiring voting for any resolution regarding an option by at least 20 states, the move is expected to be adopted by the GST Council at its meeting next month. If this option is indeed adopted, all states would be able to move ahead and borrow under the scheme suggested by the Centre to meet their shortfall arising due to GST switchover. If states still opt out, they will have to wait to get full compensation. Among the 21 states/UTs which support the first option on GST compensation are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Karnataka, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry, Sikkim, Tripura, Uttarakhand, and Uttar Pradesh. Manipur, the only state which had earlier opted for Option-2, later preferred to change it to Option-1. A few more states are, also, to give their borrowing option in a day or two. However, some of them like Jharkhand, Kerala, Maharashtra, NCT of Delhi, Punjab, Rajasthan, Tamil Nadu, Telangana, and West Bengal are yet to respond to the GST Council proposal to decide their options. Under the existing GST Act, compensation for shortfall in GST collections over an agreed formula is payable by the Centre for the first five years of the operation of the new tax system from July 2017 to June 2022. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-ten-phishing-examples-and-tricks-used-by-companies-to-test-their-employees-cybersecurity-smarts/slidelist/78228072.cms">Top ten phishing tricks that companies are using to test their employees’ cybersecurity smarts</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indian-tech-companies-hcl-tech-wipro-infosys-tcs-share-price-are-green-today/articleshow/78228700.cms">It’s not just the DWS deal, Morgan Stanley's outlook has painted HCL Tech green⁠ — along with TCS, Infosys and Wipro</a> <a href="https://www.businessinsider.in/tech/apps/news/google-hits-back-at-paytm-reiterates-that-repeated-policy-violations-will-lead-to-stricter-actions/articleshow/78229677.cms">Google hits back at Paytm ⁠— reiterates that ‘repeated policy violations’ will lead to stricter actions</a>

States not choosing GST compensation options by October will have wait another two years

The increase in number of dengue cases, ahead of the monsoon season, has put <keyword id="6354750" type="General" weightage="80" keywordseo="health" source="Orion">health</keyword> officials in <keyword id="6357713" type="General" weightage="80" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword> on alert. The state's Director General, Health, Vedvrata Singh said that Uttar Pradesh has the required medical infrastructure to counter the outbreak of dengue but the key to prevention was in the hands of the people. "There are 70 labs in the state with the facility of dengue testing at the moment and another 88 labs are being developed. Rapid Response (RR) teams have been formed at the block level who will take immediate action. Earlier such teams existed at the district level. At the same time, fever health desks have been established in every hospital," he said. Director, Communicable Diseases, A.K. Singh said that there is neither any medicine nor any vaccine for dengue and therefore, efforts should be made to prevent the mosquito bite. Even if the disease affects a person, recovery under medical supervision is possible, he noted. <keyword id="13953621" type="General" weightage="80" keywordseo="vikas-singhal" source="Orion">Vikas Singhal</keyword>, Joint Director, <keyword id="520601" type="General" weightage="50" keywordseo="vector-borne-diseases" source="Orion">Vector Borne Diseases</keyword> (<keyword id="313015" type="General" weightage="50" keywordseo="vbd" source="Orion">VBD</keyword>), said that people usually take fever lightly which costs them dearly. "If the fever persists, the patient should get tested for dengue. Upon diagnosis, high fluid diet should be taken along with medicines," he said, adding that patients should be saved from dehydration. Additional Director, Malaria Control, R.C. Pandey said that dengue can be stopped by united efforts by government, civic agencies and people. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/india-starts-testing-flu-patients-selectively-as-covid-numbers-plateau/articleshow/91610431.cms">India starts testing flu patients ‘selectively’ as COVID numbers plateau</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/corbevax-price-slashed-to-250-per-dose-inclusive-of-gst/articleshow/91598556.cms">Corbevax price slashed to ₹250 per dose inclusive of GST</a>

Rising dengue cases in Uttar Pradesh put health officials on high alert

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

The Income Tax department on Wednesday conducted search operations at around 40 premises belonging to <keyword id="14506298" type="General" weightage="100" keywordseo="madhusudan-ghee" source="Orion">Madhusudan Ghee</keyword> in <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword> and other places in <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword> in connection with alleged tax evasion, sources said. According to information, the firm recently invested in the power and dairy industries in <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>. The income tax department hasn't given any official quote in this respect. Sources said that the I-T officials were scanning the last three-year transactions of the firm. They were also recording the testimonies of the employees of the firm. In coming months, the I-T department may summon the <keyword id="22871" type="General" weightage="50" keywordseo="chartered-accountants" source="Orion">Chartered Accountants</keyword> of the firm, if their statements are required in the case, sources said. The sources said that a few documents and incriminating materials were also seized. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/singapore-to-to-act-tough-on-crypto-platforms-in-the-coming-months/articleshow/92994010.cms">Singapore to act tough on crypto platforms in the coming months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/food-items-when-sold-loose-wont-attract-any-gst-says-nirmala-sitharaman/articleshow/92993947.cms">Food items when sold loose won't attract any GST, says Nirmala Sitharaman</a>

I-T officials raid 40 locations linked to Madhusudan Ghee in Mumbai

Following uproar in the Parliament over <keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword> on <keyword id="72247" type="General" weightage="20" keywordseo="Food-items" source="Orion">food items</keyword>, <keyword id="309842" type="General" weightage="50" keywordseo="union-finance" source="Orion">Union Finance</keyword> Minister <keyword id="129243" type="General" weightage="100" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Tuesday defended the imposition of 5 per cent GST on food articles such as cereals, rice, flour and curd, which are pre-packaged and labelled, saying that it was a unanimous decision of the <keyword id="6355040" type="General" weightage="80" keywordseo="gst-council" source="Orion">GST Council</keyword> last month in which even non-BJP ruled states were present. The <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister released a list of items that will not attract any GST, when sold loose, and not pre-packed or pre-labeled. In a series of tweets, she said: "Recently, the GST Council in its 47th meeting recommended to reconsider the approach for imposition of GST on specified food items like pulses, cereals, flour, etc. There have been a lot of misconceptions about this that have been spread. Here is a thread to lay the facts." "Is this the first time such food articles are being taxed? No. States were collecting significant revenue from foodgrain in the pre-GST regime. Punjab alone collected more Rs 2,000 cr on food grain by way of purchase tax. UP collected Rs 700 cr," she said. "Taking this into account, when GST was rolled out, a GST rate of 5% was made applicable on BRANDED cereals, pulses, flour. Later this was amended to tax only such items which were sold under REGISTERED brand or brand on which enforceable right was not foregone by supplier," the FM said. "However, soon rampant misuse of this provision was observed by reputed manufacturers &amp; brand owners and gradually GST revenue from these items fell significantly. This was RESENTED by suppliers and industry associations who were paying taxes on branded goods. They wrote to the Govt to impose GST uniformly on all packaged commodities to stop such misuse. This rampant evasion in tax was also observed by States." "The Fitment Committee - consisting of officers from Rajasthan, West Bengal, <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>, Bihar, Uttar Pradesh, Karnataka, Maharashtra, Haryana, and Gujarat - had also examined this issue over SEVERAL meetings and made its recommendations for changing the modalities to curb misuse. "It is in this context that the GST Council in its 47th meeting took the decision. With effect from July 18, 2022, only the modalities of imposition of GST on these goods was changed with no change in coverage of GST except 2-3 items," said the minister. "It has been prescribed that GST on these goods shall apply when supplied in 'pre-packaged and labelled' commodities attracting the provisions of Legal Metrology Act." "For example, items like pulses, cereals like rice, wheat, and flour, etc, earlier attracted GST @ 5% when branded and packed in unit container. From 18.7.2022, these items would attract GST when 'pre-packaged and labeled'," <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> tweeted. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ather-450x-gen-3-new-electric-scooter-debuted-today/articleshow/92985192.cms">Ather’s Ravneet Phokela on the company’s new scooter, affordability, EV safety and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/two-months-four-airlines-and-14-air-safety-incidents-dgca-says-safety-paramount/articleshow/92983985.cms">Two months, four airlines and 14 air safety incidents — DGCA says 'safety paramount'</a>

Food items when sold loose won't attract any GST, says Nirmala Sitharaman

<ul><li>Top executives in Indian companies are projected to enjoy at least 8.9% <keyword id="6355281" type="General" weightage="20" keywordseo="salary-hike" source="Orion">salary hike</keyword> this year as compared to 7.9% in 2021.</li><li>The same percentage was 5.1% in 2020 and 8.1% in 2019.</li><li>Top executives in the manufacturing sector with 9.3% and the information technology sector at 9.2% are likely to get the maximum salary hike this year.</li></ul>The top executives in India have something to celebrate about. Their salaries will grow by 8.9% this year - with a solid one percentage point increase from last year. This the highest upward movement seen in the last five years, as per a <keyword id="13968169" type="General" weightage="20" keywordseo="2022-Executive-Rewards-Survey-in-India" source="Orion">2022 Executive Rewards Survey in India</keyword> by Aon. The report also said that the average <keyword id="55739" type="General" weightage="20" keywordseo="CEO-compensation" source="Orion">CEO compensation</keyword> is at around ₹7 crore per year. Nearly 60% of a CEO salary is pay at risk — which is the sum of variable pay and long-term incentives (LTI). For other top executives like CFO, HR head and others, this is at 50%. “The annual long-term incentive for CEOs on average is 125% of the fixed pay. Most companies use a mix of performance and retention-based grants, with at least 50% of the grant amount linked to performance measures such as shareholder return, profit, revenue and cash flows,” says the report. <cmsannotation type="cmsannotation" annotationid="Manufacturing sector CEOs to get the best hikes" comment="subhead" text="Manufacturing sector CEOs to get the best hikes">Manufacturing sector CEOs to get the best hikes</cmsannotation> The salaries of the rest of the workforce is also expected to grow by 9.9%, said AON. “The organizations are expecting the salary increases to be ‘buoyant’ in the next 24 months as the salary budgets in the companies are steadily rising,” the report said. The sectors which are giving the sharpest CEO salary hikes are manufacturing at 9.3% and IT at 9.2%. CEOs from other sectors like consumer goods, financial institutions and life sciences could get a little over 8%. This CEO salary hike could be driven by the pandemic when they could not attract overseas talent - making the domestic C suite more attractive. “The cost of attracting, retaining and engaging leadership talent that grows business is rising rapidly. Not only is the average executive compensation increased the highest in five years, but variable pay and equity grants have also risen as companies cannot risk losing key talent at senior levels as this has implications on delivering business performance,” said <keyword id="211396" type="General" weightage="80" keywordseo="nitin-sethi" source="Orion">Nitin Sethi</keyword>, partner and CEO of Human Capital Solutions at Aon India. The survey received responses from 475 organizations from over 15 sectors and covering over 40 executive positions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/after-unacademy-vedantu-has-laid-off-600-people/articleshow/91643403.cms">Vedantu follows Unacademy’s footsteps — fires over 600 people in May</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/rajasthan-uttar-pradesh-saw-most-internet-shutdowns-after-jammu-and-kashmir-in-the-last-10-years/articleshow/91643000.cms">Rajasthan, Uttar Pradesh saw most Internet shutdowns after Jammu and Kashmir in the last 10 years</a>

Indian CEOs could get the best salary hike in 5 years; and they already make ₹7 crore/yr on an average

New Delhi, Dec 4 () Finance ministers and representatives of opposition-ruled states on Wednesday met Union Finance Minister Nirmala Sitharaman and expressed their concern over delay in release of GST compensation which has put them in an acute financial position.
 The finance ministers of Delhi, Punjab, Puducherry and Madhya Pradesh and representatives Kerala, Rajasthan, Chattisgarh and West Bengal attended the meeting over delay in payment of compensation.
 Speaking to reporters after the meeting, Punjab Finance Minister Manpreet Singh Badal said, August and September compensation has not been released to states.
 "We discussed that issue with the Finance Minister. Even the compensation for next period (October-November) will be due now, so August-November. Government is under obligation to pay.
 "The Finance Minister assured us that the compensation will be released as early as possible but she did not specify any timeline, " he said.
 So far state have not got compensation for the month of August and September and post December 10, compensation for the period October-November will also be due.
 Delhi Deputy Chief Minister Manish Sisodia said it is not that compensation fund does not have adequate money, around Rs 50,000 crore is there through cess collection.
 "We thought we will make appeal to Union Finance Minister (Nirmala Sitharaman) saying that she must personally look into this and not violate the constitutional provisions as passed by Parliament of India," Sisodia said after half an hour long meeting. DP DRR

Opposition-ruled states meet FM over delay in GST compensation

Pre-packed and <keyword id="14314091" type="General" weightage="20" keywordseo="labelled-food-items" source="Orion">labelled food items</keyword> like meat, fish, curd, paneer and honey will now attract GST, a tax that will also be levied on the fee that banks charge for the issue of cheques. This after the <keyword id="6355040" type="General" weightage="50" keywordseo="gst-council" source="Orion">GST Council</keyword> - the highest decision-making body on the levy of goods and services tax - accepted most of the recommendations of a group of ministers from states on withdrawing exemptions with a view to rationalising the levy, officials said. The panel headed by <keyword id="161813" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="Orion">Union Finance Minister</keyword> <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> and comprising representatives of all states and UTs, on the first day of the two-day meeting accepted the GoM's recommendation for reviewing the exemption from GST that packed and labelled food items currently get. So pre-packed and labelled meat (except frozen), fish, curd, paneer, honey, dried leguminous vegetables, dried makhana, wheat and other cereals, wheat or meslin flour, jaggery, puffed rice (muri), all goods and organic manure and coir pith compost will not be exempted from GST and will now attract a 5 per cent tax. Similarly, an 18 per cent GST will be levied on fee charged by banks for the issue of cheques (loose or in book form). Maps and charts including atlases will attract a 12 per cent levy. Goods that are unpacked, unlabelled and unbranded will continue to remain exempt from GST. Besides, a 12 per cent tax on hotel rooms below Rs 1,000/day will be levied, as against a tax exemption currently. GST rate rationalisation is important to boost the weighted average GST rate that has fallen to 11.6 per cent, against 14.4 per cent at the time of launch. The GST Council also recommended a correction in the inverted duty structure for a host of items, including edible oil, coal, LED lamps, printing/drawing ink, finished leather and solar water heater. The Council is likely to discuss on Wednesday the demand for an extension of compensation paid to states for revenue lost from their taxes such as sales tax (VAT) being subsumed into a national GST, besides a 28 per cent tax on casinos, online gaming and horse racing. Non-BJP ruled states such as Chhattisgarh want the compensation regime to be extended or the share of states in the GST revenues be increased to 70-80 per cent from the current 50 per cent. And to drive their point, they cited a recent <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> ruling that decisions made by the Council are not binding on states and any decision not taken unanimously could potentially lead to unraveling of the landmark economic reform. The report of the state finance ministers on GST systems reforms, which recommended biometric authentication of high risk taxpayers and real-time validation of bank accounts too was cleared by the Council. As per data on revenue growth collated for the Council meeting, only five out of 31 states/UTs, Arunachal Pradesh, Manipur, Mizoram, Nagaland, and Sikkim, registered a revenue growth higher than the protected revenue rate for states under GST in financial year 2021-22. With regard to e-way bill on intra-state movement of gold, gold jewellery and precious stones to check evasion, the Council recommended that states can decide on the threshold above which the electronic bill is to be made mandatory. A panel of state ministers had recommended the threshold to be Rs 2 lakh and above.

Pre-packed meats, curds, paneer and puffed rice will now attract GST

<ul><li>Corporate entities will not be able to reduce their tax burden by claiming input tax credit on corporate social responsibility activities.</li><li>This could also lead to confusion amongst corporate entities since AARs of different states have given contrary rulings in this regard.</li><li>Earlier, Uttar Pradesh AAR had allowed <keyword id="12201693" type="General" weightage="20" keywordseo="ITC-on-CSR" source="Orion">ITC on CSR</keyword> activities, while Kerala AAR took the contrary position.</li></ul>Input tax credit allows registered entities under <keyword id="6354679" type="General" weightage="20" keywordseo="GST" source="Orion">GST</keyword> to claim credit on the goods and services tax (GST) that they have paid while purchasing goods or services, which can be offset from the GST that they have to pay after making sales. However, input tax credit (ITC) can’t be claimed on expenses made towards corporate social responsibility (<keyword id="6354502" type="General" weightage="20" keywordseo="CSR" source="Orion">CSR</keyword>) activities, according to a new order from the Authority for Advance Rulings (AAR) ruling in Gujarat. There are two other rulings from the same authority and one of those allows the input tax credit on CSR. According to the provisions of Companies Act, 2013, companies with a net worth of ₹500 crore or more, or turnover of ₹1,000 crore or more, or net profit of ₹5 crore or more, will have to mandatorily spend on CSR activities. The spend should be a minimum of 2% of the average net profit of the past three years. <cmsannotation type="cmsannotation" annotationid="The root of the problem" comment="subhead" text="The root of the problem">The root of the problem</cmsannotation> The primary issue here is whether CSR activities can be construed as “in course or furtherance of business”, that is, whether they are fundamental for a company to continue its business activities. However, the GST provisions do not define what exactly that would entail. For this purpose, the applicant in this case, Adama India Pvt. Ltd., relied on the provisions of Companies Act, 2013, to state that CSR activities are mandatory as per law, and not undertaking them would cause harm to the business. This, the applicant says, entitles it to take ITC on CSR activities. However, the Gujarat AAR referred to the Companies (CSR Policy) Rules, 2014, to state that CSR activities are not covered in activities “in the course or furtherance of business”. It also cited the provisions of Companies (CSR Policy) Amendment Rules, 2021, which provide a definition of CSR that excludes it from normal business activities. Essentially, the GAAR ruled that since CSR is specifically excluded from the scope of normal business activities, the applicant cannot take ITC on CSR activities. According to Ayush Mehrotra, one of the partners at Khaitan &amp; Co., this is likely to further increase litigation in GST. “The GST framework is wide enough to inter alia include activities without pecuniary benefits and those which are incidental or ancillary to main business. As such, the present ruling will only cause further litigation on GST which was otherwise expected to be a simpler and straightforward framework,” he told Business Insider. <cmsannotation type="cmsannotation" annotationid="Contrary AAR rulings put corporates in a bind" comment="subhead" text="Contrary AAR rulings put corporates in a bind">Contrary AAR rulings put corporates in a bind</cmsannotation> Gujarat AAR’s ruling is in contrast to that of the Uttar Pradesh AAR, which allowed the applicant to take the credit of Goods and Services Tax (GST) paid by the company while purchasing goods to be used for CSR activities. However, it is in line with the Kerala AAR, which passed a similar ruling in the matter of Polycab Wires donating flood relief items. “It is also noteworthy to highlight that since this ruling is in contradiction to prior rulings issued by competent authorities in other states, the urgent need for a national authority is once again being felt to ensure certainty of legal position,” Khaitan added further. The exclusion of ITC on CSR activities will mean that corporate entities will not be able to reduce their tax burden by claiming <keyword id="12201691" type="General" weightage="20" keywordseo="GST-input" source="Orion">GST input</keyword> credit. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/swiggy-tightens-focus-on-grocery-delivery-as-zomato-steps-out/articleshow/86582683.cms">Swiggy tightens focus on grocery delivery, as Zomato steps out</a> <a href="https://www.businessinsider.in/policy/legal/news/sc-landmark-ruling-in-the-samsung-heavy-industries-case-could-have-a-positive-effect-on-ease-of-doing-business-in-india/articleshow/77148341.cms">Supreme Court’s landmark ruling in the Samsung Heavy Industries case could have a positive effect on ease of doing business in India</a> <a href="https://www.businessinsider.in/policy/legal/news/these-are-the-common-laws-that-you-may-be-inadvertently-breaking-in-india/slidelist/76638782.cms">These are the common laws that you may be inadvertently breaking in India</a>

You Searched For "gst compensation uttar pradesh" and got 12 results

Union Finance Minister Sitharaman chairs pre-budget meeting with finance ministers of states, UTs; GST Council to meet later today

ANI

13 states decide on GST compensation — only Manipur opts for borrowing entire shortfall in one go

IANS

IKIO Lighting sets IPO price band at ₹270-285/share

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States not choosing GST compensation options by October will have wait another two years

IANS

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IANS

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

IANS

I-T officials raid 40 locations linked to Madhusudan Ghee in Mumbai

IANS

Food items when sold loose won't attract any GST, says Nirmala Sitharaman

IANS

Indian CEOs could get the best salary hike in 5 years; and they already make ₹7 crore/yr on an average

Vaamanaa Sethi

Opposition-ruled states meet FM over delay in GST compensation

PTI

Pre-packed meats, curds, paneer and puffed rice will now attract GST

PTI

Can you claim input tax credit on CSR expense ⁠— three authorities have two different rulings

Rounak Jain

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