Fundamental improvements to the flawed structure needed
The fund is used to compensate the states for revenue shortfall suffered due to roll out of the new indirect tax
The last time GDP grew at a slower pace was in the fourth quarter of 2012-13, when it had expanded only 4.3 per cent
The compensation requirements have increased significantly and are unlikely to be met from the compensation cess being collected, it said
Once the consensus at officers level is reached then it will be put before GST Council meeting
Experts said that the ATF price would come down if it is kept in the 18% GST bracket
Under the Rule 92 of the Central GST (CGST) Act, the claim of the refund has to be made in the RFD 04 form. Thereafter, the officer concerned can accept or reject the claim after his investigations
FM Sitharaman assures sanctity of contracts
Time has come to monitor empirically the buoyancy and elasticity of the tax system
The GST Council has shown willingness to listen and make necessary course corrections
While lower GST would push occupancy and thereby aid room rates, lower corporate tax rate should add to earnings
Removal of compensation cess on all manufacturers of aerated drinks brought some breather for beverage majors
This is a welcome step to reverse the economic slowdown
States' developmental expenditure has gone up from 40 per cent to 60 per cent. There is a huge burden on states
The council also decided to a withdraw a circular issued in June which prescribed that the additional discount given by a company to a dealer in certain cases will be liable for Goods and Services Tax
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The Committee also rejected the telecom ministry's proposal to reduce GST rate for telecom services from the present 18 per cent to 12 per cent, sources said
Centre will push for single rate; Kerala wants to retain current dual structure
There have been demands pouring in from various sectors from biscuits to automobiles and FMCG to hotels to reduce tax rates in the wake of perceived economic slowdown