In light of COVID-19, taxpayers were given certain compliance-related relaxations to ease their burden. Relief was provided by way of payment deferrals, reduced interest rate, and waiver of late fee/capping of late fee to Rs 500 in certain cases. #4yearsofGST
The following exemptions/reduction in GST/ IGST on import of COVID-19 relief goods have been granted on the recommendations of the GST Council. #4yearsofGST
The GST Council decided to slash the GST rate on several key COVID-19 essential supplies so as to provide relief to citizens during the pandemic. #4yearsofGST
The GST Council recommended several trade beneficial clarifications in light of the COVID-19 pandemic. One of them related to Anganwadis. #4yearsofGST

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More from @FinMinIndia

30 Jun
✅On the eve of completion of #4yearsofGST , CBIC to honour the tax payers contributing to the GST success story
✅CBIC to issue certificates of appreciation to honour contributions of tax payers

✅Government reaffirms its commitment to continuous improvement in taxpayer services
A data analytics exercise was undertaken by the Central Board of Indirect Taxes and Customs to identify taxpayers who have made substantial contribution in payment of GST in cash along with timely filing of returns.
Read 5 tweets
30 Jun
Overall, GST rates have been reduced on 400 goods and 80 services. Given that, in the pre-GST regime, the combined Centre and States rates were more than 31% on most of the items; this reduction marks a significant relief for the taxpayer. #4yearsofGST
Common-use items such as hair oil, toothpaste, and soap have seen their tax rates come down from 29.3% in the pre-GST era to just 18% under GST. #4yearsofGST
Appliances such as fridges, washing machines, vacuum cleaners, food grinders and mixers, shavers, hair clippers, water heaters, hair dryers, electric smoothing irons, TVs (up to 32 inches) have all seen tax rates lowered from 31.3% to 18% due to GST. #4yearsofGST
Read 8 tweets
29 Jun
Finance minister Smt. @nsitharaman yesterday announced slew of measures to help sectors hit by 2nd wave of pandemic.

Rs 6,28,993 crore package to support Indian economy

See below set of tweets for more details 👇

#IndiaFightsCorona #Unite2FightCorona
✅ Rs 1.1 lakh crore loan guarantee scheme for COVID affected sectors
✅Additional Rs 1.5 lakh crore for Emergency Credit Line Guarantee Scheme
✅Credit Guarantee Scheme to facilitate loans to 25 lakh persons through Micro Finance Institutions (MFIs)

✅ Financial support to more than 11,000 Registered Tourists/ Guides/ Travel and Tourism Stakeholders
✅ Free one month Tourist Visa to first 5 lakh tourists
Read 9 tweets
27 Nov 20
Q2 GDP at –7.5% buttresses recovery as captured by several high frequency indicators. Economic impact is primarily due to #COVID19, good news is falling daily cases are due to lower transmission & not due to lower testing. To sustain economic recovery, caution must continue.(1/7)
➡️High PMI Indices for Manufacturing and Services with manufacturing PMI at a decadal high
➡️Broad based recovery is underway
➡️Index of Industrial Production enters positive territory
➡️Index of 8-core industries regains previous year levels in September
Read 7 tweets
27 Nov 20
Finance Minister Smt. @nsitharaman held a meeting through VC with Secretaries, and CMDs of 10 CPSEs of @MinOfPower, @MinOfMines, @DepttOfAtomicEnergy to review the capital expenditure in this financial year. (1/4)
Read more ➡️…
The combined CAPEX target for FY 2020-21 for these 10 CPSEs is Rs. 61483 crore. (2/4)
FM Smt. @nsitharaman emphasised on close monitoring of the performance of the CPSEs to ensure achieving the target of 75% CAPEX by Q3 and 100% by Q4 of the FY 21. (3/4)
Read 4 tweets
3 Nov 20
There have been several media reports alluding to steep increase in service charges by certain Public Sector Banks (PSBs). (1/5)
Please read more for the factual position in this context ➡️…

@nsitharamanoffc @Anurag_Office @PIB_India @DFS_India
➡️Basic Savings Bank Deposit (BSBD) accounts including Jan Dhan accounts - No service charge is applicable on the 60.04 crore BSBD accounts, including 41.13 crore Jan Dhan accounts opened by the poor and unbanked segments of society, for the free services prescribed by RBI. (2/5)
➡️Regular Savings accounts, Current Accounts, Cash credit accounts & Overdraft accounts: While the charges have not been increased, Bank of Baroda had made certain changes w.e.f. 1st Nov 2020, with regard to the number of free cash deposits and withdrawals per month. (3/5)
Read 5 tweets

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