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. It was the first day of the two-day meeting of the GST Council which is headed by Finance Minister Nirmala Sitharaman, and is going on in Chandigarh.
The five important points regarding the meeting are stated below:
- The Council has agreed alterations in tax rates on some particular goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones.
- The GST Council has approved the interim report by a group of ministers (GoM) that was built to keep an eye on the rationalisation of rates under the indirect tax system. According to reports, all the recommendations of the GoM were accepted.
- The discussion held on the important issues of extension of compensation to states beyond June this year and the imposition of 28% GST on casinos, online gaming and horse racing, will be applied from tomorrow. Besides that, according to reports, the Council accepted GoMs interim report on rate rationalisation, including correction of inverted duty structure and removing tax exemption on some items, to simplify the rate structure, in the meeting.
- States which are ruled by Opposition parties have demanded that either the revenue sharing formula under the GST regime should be altered or the compensation period should be extended by five years, in regard to concerns over revenue losses.
- In accordance with the e-way bill on intra-state movement of gold, jewellery and precious stones to check evasion, the panel suggested that states are free to decide on the threshold above which the electronic bill is to be made mandatory. The threshold according to reports, recommended by the panel of state ministers is to be about ₹2 lakh and above.
Please follow and like us:
