Union Finance Minister Nirmala Sitharaman on Saturday will chair the 48th GST Council meeting virtually. The Federal indirect tax body may consider over a dozen of changes to bring clarity to tax provisions.
Read MoreSource: https://www.livemint.com/economy/what-to-expect-from-gst-council-meet-today-11671261258110.html
New Delhi: Federal indirect tax body, the Goods and Services Tax (GST) Council began its 48th meeting virtually on Saturday, seeking to bring more clarity on a host of tax issues, improve ease of doing business and put in place an appellate tribunal. Mint takes a look at the key issues involved.
Read MoreFinance Minister Nirmala Sitharaman on Saturday, 17 December held the Goods and Service Tax (GST) Council meet in national capital Delhi. The Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, set up last year on the issue had submitted its report to Finance Minister Nirmala Sitharaman on Thursday.
Read MoreNEW DELHI: Federal indirect tax body, the Goods and Services Tax (GST) Council, on Saturday decided to raise the monetary threshold for launching prosecutions under GST law to ₹2 crore from ₹1 crore now, and also decided to de-criminalise three offences in addition to issuing several clarifications to bring certainty to businesses, especially in automobile and insurance sectors.
Read MoreThe GST Council on Saturday clarified on the definition of SUVs (sports utility vehicles) for levy of 22% compensation cess and decided to come out with parameters to define MUVs (multi utility vehicles).
Read MoreThe panel of state ministers – set up by the GST Council to look into taxation of online gaming and casinos – submitted its report to Finance Minister Nirmala Sitharaman on 15 December.
Read MoreThe government is working to slow inflation further, and is closely monitoring the prices of essential commodities, finance minister Nirmala Sitharaman said, adding that the country is protected from the risk of stagflation due to its relatively slow inflation rates and fast growth.
Read MoreThe Goods and Services Tax (GST) Council will on Saturday consider raising the monetary threshold for launching prosecution for tax evasion, two people familiar with the Centre-state discussions said, as the federal indirect tax body aims to improve business climate and ease of doing business.
Read MoreGood and Services Tax (GST) evasion of nearly ₹23,000 crore by gaming companies in the period between April 2019 and November 2022 is being investigated by the tax officers, said Minister of State for Finance Pankaj Chaudhary on Monday.
Read MoreNEW DELHI : The Goods and Services Tax (GST) Council will meet on 17 December to decide on the composition and regional distribution of appellate tribunals that will handle GST disputes, but will not address the contentious issue of taxation of online gaming, horse racing, and casinos, two people familiar with centre-state discussions said.
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