Read more about Industry hails relief for GST non-filers, demands no tax on health services on Business Standard. Ficci President Uday Shankar said a quick decision on GST rates on Covid related essentials will help us attain self-sufficiency in this need of the hour.
Read more about ICRA pegs GST compensation of Rs 2.65 trillion for states for FY22 on Business Standard. Chief Economist Aditi Nayar said that after a sharp fiscal deterioration in FY21, the Budget estimates for FY22 of 24 state governments had indicated a decline in their aggregate revenue deficit
The GST Council is likely to discuss on Friday a reduction in the tax rate on Covid medicines, vaccines and medical equipment as well as means to make up for the shortfall in revenues promised to states. Ahead of the first meeting of the top decision-making body, finance ministers of eight states ruled by non-BJP and like-minded parties Rajasthan, Punjab, Chhattisgarh, Tamil Nadu, Maharashtra, Jharkhand, Kerala and West Bengal have devised a joint strategy to press for a zero tax rate on Covid essentials, sources said. The Council, which is headed by Union Finance Minister Nirmala Sitharaman and includes representatives of all states and Union territories, is meeting for the first time in nearly eight months.