GST Meeting

GST Council may take up today expert panel's proposal to avoid multiplicity of audits by central, state authorities

The GST Council on Saturday agreed to decriminalise certain offences and doubled the threshold for launching prosecution to Rs 2 crore, Revenue Secretary Sanjay Malhotra said. The Council could decide on only 8 out of the 15 agenda items due to paucity of time, Finance Minister Nirmala Sitharaman said, adding the items not considered included one pertaining to setting up of appellate tribunals for GST. The issue of mechanism to curb tax evasion in pan masala and gutkha businesses could also not be taken up. Malhotra said GST on online gaming and casinos was not discussed as the report of a Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, on the issue submitted its report only a couple of days back. The report of the GoM was not even circulated to GST Council members, he added. He further said the Council agreed to raise the threshold of launching prosecution to Rs 2 crore from the present Rs 1 crore. Also, the GST on husk of pulses was reduced to nil f

Goa Transport Minister Mauvin Godinho has said he and TN Finance Minister Palanivel Thiagarajan had clashed on the issue of compensation to states during the 43rd GST Council meeting held on May 28

He added the matter has been referred to a Group of Ministers by the GST Council and he sought for an early favorable decision

With the revenue shortfall looming large, there have been suggestions for raising GST rate and cess to meet the gap

Kerala Finance Minister Thomas Isaac has proposed a 10 per cent cess on SGST for two years to raise Rs 10 billion annually

SLUG: GST and INDIA INC STRAP: Auto likely to face the brunt of 28 per cent tax bracket plus cess.... Arnab Dutta, Sheetal Agarwal, Aneesh Phadnis & Shubham Parasher India moved a step ahead in adopting its biggest tax reform since Independence, namely, the Goods & Services Tax (GST), with the GST Council fixing rates of 1,211 items today. The good news is that consumer goods and life-saving drugs are likely to get cheaper, while auto may face the brunt of higher tax incidence as cars are likely to fall in the 28 per cent tax bracket plus cess. Of the 1,211 items, 7 per cent are on the exempt list, 14 per cent will be taxed at 5 per cent, 17 per cent will be taxed at 12 per cent, 19 per cent will be taxed at 28 per cent and the rest will be taxed at 18 per cent. Hair oil, toothpaste and soap makers have reason to cheer since these products will be taxed at 18 per cent, lower than the present effective rate of 23-24 per cent. "The announcement of 18 percent GST rate for soaps,