GST Council Current Affairs - 2020

41st GST Council meet

On August 27, 2020, the finance Minister Nirmala Sitaraman chaired the 41st GST Council meet. The council discussed states’ compensation and revenue losses. Highlights The following were the key discussions at the 41st GST Council meet In the fiscal year 2020-21, the GST shortfall is Rs 2.35 lakh crores. There is shortfall in compensation cess Read More…

Group of Ministers: E-Way Bill for Intra-State Movement of Gold

A high-level ministerial panel of Goods and Services Tax council recently favoured e-way bill for intra state movement of gold. It will help track movement of gold under tax evasion and smuggling. Key Highlights The E-Way bill is an electronic challan that shows that tax has been completely paid before goods are moved from one Read More…

GST Council meet

On June 12, 2020, the Finance Minister Nirmala Sitaraman chaired the 40th GST Council Meet. Highlights The minister at the meet announced that no late fee will be charged from the taxpayers (small taxpayers) that had filed GST returns between July 2017 and January 2020. This is being done as there is lot of GST Read More…

GoI facilitates filling of NIL GST Return through SMS

The Government of India has allowed taxpayers to fill their NIL GST monthly reurn form through SMS. This will improve ease of GST compliance to more than 22 lakh taxpayers. Highlights The facility of filing the NIL form through SMS has been made available in GSTN portal. The portal also allows the users to track Read More…

Incentive Scheme for Large Scale Electronics Manufacturing approved by Cabinet

On March 21, 2020, the Union Cabinet under PM Modi approved the Production Incentive Scheme for large scale manufacturing of Electronics. The main aim of the incentivisation is to increase investments in mobile manufacturing. Benefits The scheme aims to create more than 2 lakh jobs. The indirect employment opportunities are expected to be three times Read More…