05
Oct
India will extend a surcharge on taxes on luxury goods including cars and tobacco products beyond 2022, under plans to help states repay loans raised to meet revenue shortfalls in the current fiscal year, the finance minister said on Monday. "The GST council has approved to extend the cess(surcharge) beyond five years," Nirmala Sitharaman told reporters after a virtual meeting with state finance ministers. Tax receipts of the central and state governments fell about 40 per cent year-on-year in the five months to August due to the economic fallout from the coronavirus pandemic. The economy is projected to contract by…
