Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
The GST Council approved formation of a GoM on restructuring Compensation Cess to examine revenue impacts on states post-GST implementation. Key points: Karnataka raised concerns about revenue loss of approximately 0.7% of GSDP despite higher GST collections and growth rates compared to national average. The state clarified this was due to being a producer state under destination-based taxation. The Council agreed to form a GoM chaired by Minister of State (Finance) to: - Analyze state-wise revenue data considering COVID-19 impacts - Review compensation cess structure beyond March 2026 - Examine challenges faced by manufacturing states - Consider solutions within GST's destination-based framework Pre vs Post-GST comparison shows: - Pre-GST (2012-16): 8.3% growth rate, 11.5% GDP growth, 0.72 tax buoyancy - Post-GST (2018-23): 12.3% growth rate, 9.8% GDP growth, 1.25 tax buoyancy The GoM will submit detailed analysis and recommendations for Council's consideration before compensation cess expires in March 2026.
The GST Council approved formation of a GoM on restructuring Compensation Cess to examine revenue impacts on states post-GST implementation. Key points: Karnataka raised concerns about revenue loss of approximately 0.7% of GSDP despite higher GST collections and growth rates compared to national average. The state clarified this was due to being a producer state under destination-based taxation. The Council agreed to form a GoM chaired by Minister of State (Finance) to: - Analyze state-wise revenue data considering COVID-19 impacts - Review compensation cess structure beyond March 2026 - Examine challenges faced by manufacturing states - Consider solutions within GST's destination-based framework Pre vs Post-GST comparison shows: - Pre-GST (2012-16): 8.3% growth rate, 11.5% GDP growth, 0.72 tax buoyancy - Post-GST (2018-23): 12.3% growth rate, 9.8% GDP growth, 1.25 tax buoyancy The GoM will submit detailed analysis and recommendations for Council's consideration before compensation cess expires in March 2026.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4807
Join Channel
TaxTMI 
