INSUBCONTINENT EXCLUSIVE:
reached on the reduction of tax rates over vaccines
The previous meeting - the 42nd GST Council meet, was conducted last year, on October 5, 2020.At its last meeting, the Council decided to
The central government also announced that the shortfall amount was increased to Rs 1.10 lakh crores from Rs 97,000 crores under the
revenue shortfall due to the GST implementation
any borrowing option will have to borrow from the market.Under the GST law, states were guaranteed to be compensated bi-monthly to make up
for the revenue shortfall in the first five years of the GST implementation, starting from July 1, 2017
14 per cent annual growth in GST collections of states, over the base year of 2015-16
welfare surcharge is levied on such items
As IGST is charged on the taxable value, which includes import duties, the effective burden exceeds by another 2-3 per cent, added the
manufacturers will not be able to offset the taxes paid on inputs.Presently, domestic supplies and commercial imports of vaccines attract a
GST revenues, translating into monthly gross GST revenue of Rs 1.1 lakh crore
