An internal assessment, these officials reveal, suggests that the compensation cess needs to continue till FY26 to meet the estimated shortfall of 1.37 trillion as of March 2025.
The GST Council, headed by Union Finance Minister Nirmala Sitharaman and with all state finance ministers as its members, has a packed agenda and might give relief to foreign airlines grappling with GST notices of more than ₹10,000 crore. The fitment panel, set up by the council and consisting of revenue officials from the Centre and states, has recommended an exemption and regularisation of the past period on an as-iswhere-is basis.
The GST intelligence department has issued show cause notices to the India offices of at least 10 foreign airlines pertaining to services received by their headquarters and asked them to cough up GST at the rate of 18 per cent.
This story is from the September 04, 2024 edition of Business Standard.
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This story is from the September 04, 2024 edition of Business Standard.
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