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PremiumMany important decisions are expected to be taken at the 47th meeting of GST Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state counterparts. The Council is also set to discuss compensation payout to states with opposition-ruled states aggressively pushing for its continuation beyond the five-year period which ends in June. GST was introduced from July 1, 2017, and states were assured of compensation for the revenue loss, till June 2022, arising on account of GST roll out.
The 47th GST Council meeting on Tuesday approved a host of compliance procedures for GST-registered businesses along with the group of ministers (GoM) report on high-risk tax payers to check evasion. Click here to know more
Pre-packed and labelled food items such as meat, fish, curd, paneer and honey will now attract GST, a tax that will also be levied on the fee that banks charge for the issue of cheques.
States ruled by Opposition parties have demanded that either the revenue sharing formula under the GST regime should be changed or the compensation period should be extended by five years, amid concerns over revenue losses.
The discussion on the crucial issues of extension of compensation to states beyond June 2022 and the imposition of 28 per cent GST on casinos, online gaming and horse racing, will take place on Wednesday.
The GST Council has approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones.
The Council also cleared a host of compliance procedures for GST-registered businesses along with a GoM report on high-risk tax payers to check evasion.
Today's meeting of the GST Council is over, the Council will meet again on Wednesday.
The GST Council has accepted an interim report of the Group of Ministers on rate rationalisation.
FM Sitharaman interacts with BJP's Kirron Kher on the sidelines of the 47th GST Council meeting in Chandigarh.
Mamata advisor Amit Mitra asks Centre to make decisions at GST council meet by consensus shunning majoritarianism, as per SC ruling.
With compensation to states for loss of revenue from the implementation of GST ending this month, states ruled by non-NDA parties have started clamouring for changing the revenue sharing formula to protect their revenues.
The Goods and Services Tax Council will consider several measures to prevent tax evasion at its two-day meeting starting Tuesday as central and state governments face increasing pressure to mobilize revenue to manage spiralling deficits. Read more
Chhattisgarh commercial taxes minister T S Singh Deo on Tuesday urged the union finance minister Nirmala Sitharaman to extend the goods and services (GST) tax compensation for the states beyond 30 June in view of revenue challenges faced by mining and manufacturing states under the GST regime. Read more
The meeting is crucial, coming at a time central and state governments are facing stiff fiscal challenges. Mint examines what the Council is upto. Read more
The 47th GST Council meeting that is currently underway is slated to discuss a host of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers.
The meeting of the Council will also clear levying the highest tax of 28% on online games, casinos and horse racing, besides, measures to curb tax evasion, especially devising ways to tackle high-risk taxpayers in GST.
The GST Council will deliberate on the recommendations for withdrawal of GST exemption on a host of services including on hotel accommodation of less than ₹1,000 per day.
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