Home / News / India /  From rate rationalisation to tax evasion: 5 updates from GST Council meeting today
Listen to this article

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.

The two-day meeting of the Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state counterparts, is taking place in Chandigarh and the meeting will conclude on Wednesday.

Here are the 5 points you need to know:

1. The 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.

2. The GST Council has accepted the interim report by a group of ministers (GoM) that was formed to look into the rationalisation of rates under the indirect tax system. All the recommendations of the GoM were reportedly accepted.

3. The discussion on the crucial 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 take place tomorrow.

In the meeting, 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, according to reports.

4. 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.

5. With regard to e-way bill on intra-state movement of gold, jewellery and precious stones to check evasion, the panel recommended that states can decide on the threshold above which the electronic bill is to be made mandatory.

A panel of state ministers had recommended the threshold to be 2 lakh and above.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout