Highlights: GST Council announces steps to help tourism, trade

GST council meeting Live updates: All eyes are on GST council's meeting in Goa after the government announced slashing corporate taxes.

4:29 PM

GST boost for hotel industry

The GST Council is likely to rationalise rates for five-star hotels, holding out hopes for a boost to the tourism industry. The fitment panel, comprising Central and state officials, has recommended a rate cut for outdoor catering and rate rationalisation for match sticks in its final agenda circulated to the council members.

4:03 PM

No tax break for automobile sector?

The fitment panel of the GST council may not give a tax rate cut for the automobile sector, reckoning such a step will have a huge revenue implication

3:59 PM

Caffeine boost

GST on caffeinated drinks will go up substantially, if the Council accepts the fitment panel’s recommendation of a steep increase in the tax rate to 40 per cent (28 per cent GST and 12 per cent cess), from the current 18 per cent, Business Stanard reported this morning.

 

11:31 AM

Corporate heads welcome FM Sitharaman's announcements

11:17 AM

Private entities can do their own research in collaboration with govt-funded or educational institutes and use the 2% CSR money on their own research

11:14 AM

Sensex up more than 1,140 points. Nifty up 225 points

11:12 AM

The scope of CSR spending has been expanded. The companies can now spend 2% of the money on state or union govt incubators, PSUs, state universities, IITs, public-funded entities.

11:04 AM

The new companies coming up in manufacturing will be taxed at 15% if they forgo exemptions and incentives: Sitharaman

11:01 AM

In order to stablise the flow of funds into the capital market, it is provided that enhanced surcharge introduced in Budget of July 2019 shall not apply on capital gains arising on sale of equity share in a company or a unit of a equity oriented fund.

11:00 AM

Market cheers announcements by Sitharaman; Sensex shoots up more than 800 points

10:59 AM

Total revenue forgone for the reduction of corporation tax is Rs 1.45 trillion per year: Sitharaman

10:58 AM

Reflief for listed companies that have made an announcement for buyback before July 5,  tax on buyback of share shall not be charged: Sitharaman

10:53 AM

To provide relief for companies which enjoy exemption, the MAT will be reduced to 15% : Sitharaman

10:48 AM

These companies will not be required to pay Minimum Alternate Tax: Sitharaman

10:47 AM

FY19-20 domestic companies can pay tax at 22% if they forgo incentives. Effective tax rate will be 25.17%: Sitharaman