Corona's Act of God, its impact on GST collection: Finance Minister at GST Council meeting

-

New delhi date. 27 August 2020, Thursday

The 41st meeting of the GST Council was held on Thursday. Finance Minister Nirmala Sitharaman said that GST collection has come down due to Corona. In the financial year 2021, GST collection could be reduced by Rs 2.35 lakh crore. He called Corona an act of God.

It was hoped that a major decision could be reached at this meeting but no major decision was reached at the meeting. A decision was likely to be taken to reduce the tax on two-wheelers, but the finance minister said there was no timeline for tax cuts on two-wheelers. It may now be considered at the next meeting of the council. The next meeting of the GST Council will be held in September.

Compensation being offered in the states was discussed. The finance minister said the states were given two options of compensation. In which the first option is to borrow from the Center and the second option is taken by the state itself from the RBI, the states asked for a week to consider these two options. This system of compensation will be for the financial year 2021. The finance secretary hoped for a compensation cess collection of Rs 65,000 crore in the financial year.

The finance secretary said there was no discussion on raising GST rates. The finance secretary has hoped for a collection of Rs 3 lakh crore in the current financial year. The finance secretary said Rs 1.5 lakh crore is due from the April-July limit for GST compensation to the states.

Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro...
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja...
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se...
Read more