The Goods and Services Tax (GST) Council on Tuesday decided to correct several tax rates and withdraw some tax exemptions. A move that is being speculated as shifting towards a higher GST regime to earn more revenue in the high inflation era is expected to hit demand. Recommendations on tax rationalisation made by three ministerial committees on gold and precious stones were adopted without any change, three Council members told Mint on condition of anonymity.
Read MoreSource: https://www.livemint.com/economy/gst-council-meet-day-2-what-is-expected-11656480843604.html
NEW DELHI: The Goods and Services Tax (GST) Council will on Wednesday examine demands from several state governments that the Centre should continue to make good their tax reform related revenue losses beyond June when the existing scheme expires.
Read MoreCHANDIGARH: The Goods and Services Tax (GST) Council on Wednesday gave 15 days more time to a ministerial panel led by Meghalaya chief minister Conrad Sangma to finalise the regulations needed for the proposed new tax regime for casinos, online gaming and horse racing, said a state finance minister.
Read MoreChandigarh: The Goods and Services Tax (GST) Council is “informally" discussing the demands from several state governments that their indirect tax reform-related revenue losses be compensated beyond June when the current scheme expires, said a person aware of the development.
Read MoreThe 47th GST council meeting ended today and the Council could not take a decision on the contentious issues of extension of GST compensation mechanism for states. Puducherry finance minister K Lakshminarayanan told PTI that said all states sought an extension of the compensation mechanism, but no decision has been taken.
Read MoreFrom policymakers to common man, everyone is waiting eagerly for the outcome of the 47th Goods and Service Tax (GST) Council meeting. Union Finance minister Nirmala Sitharaman announced the outcome of the 47th GST meeting on Wednesday.
Read MoreThe GST Council, headed by Union finance minister Nirmala Sitharaman and comprising representatives of all states and UTs, is meeting after a gap of six months. This will take up 25 major issues, including discussion on reports by three groups of ministers, series of clarification, some relief majors for small online suppliers.
Read MoreThese items are currently exempt from GST. The council also accepted the recommendations of another ministerial panel on stricter scrutiny and verification of high-risk taxpayers. These decisions were taken on the first day of the two-day GST Council meeting being held in Chandigarh.
Read MoreUnder the GST law, ‘goods’ inter alia means every kind of movable property other than ‘money’ and ‘securities’.
Read MoreThe group of ministers on online gaming casinos, headed by Meghalaya Chief Minister Conrad Sangma had submitted a report to the council, recommending the highest 28% tax on these activities. Sources said that the council is likely to accept the report.
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