GST Council’s 47th meeting likely to be held next month


 








GST Council’s 47th meeting is likely to be held next month as Finance Minister Nirmala Sitharaman is going for a 10-day trip to the US for World Bank-IMF meet this month, as per sources in the know.

Earlier, the meeting was scheduled for this month but due to FM’s other commitments, the meeting had to be postponed to next month. According to the sources, the meeting will likely take place in Shillong, Meghalaya as planned earlier.

In the next GST Council meeting, compensation issue will likely be taken up as many non-BJP States are pressing for the extension of the GST compensation mechanism for beyond five years ending in June 2022. Under the law, the Centre has committed to compensate states bi-monthly for any shortfall in their revenue due to implementation of the GST regime for the first five years beginning July, 2022.

“The State compensation issue will be taken up in the next GST Council meeting. If any consensus is formed on the extension beyond 5 years, then the constitutional amendment is required which then would be taken up in the next Parliamentary session,” a Government official who is familiar with the matter told The New Indian Express.

Besides this, as per sources, a merger of 5% and 12% slab rates may also be discussed in the next meeting. “The items falling under both the slab rates may be merged under the 8% category. Also, many items which come under the 12% category are being considered to be moved under 18%,” the official added. However, they said the decision on the merger of slabs is unlikely in the upcoming meet as the situation is very volatile at this juncture because of inflation and other geopolitical tensions.



Download our App to get knowledge updates: https://play.google.com



Join Our Telegram Channel for more updates:https://t.me/praveengst:





























Comments

Post a Comment

Popular posts from this blog

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud...
Read more

Seven key things to know before filing income tax return (ITR) for FY21

Image
  The last date to file income tax return for the financial year 2020-21 has been extended to September 30, 2021. Although there is more than two months left for the deadline to end, it is always recommended to complete the task as soon as possible and not to wait for the last minute. Worth mentioning here is that the income tax department last month launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. The I-T department will soon launch a mobile application, having all the features of the new portal. This year taxpayers have to take care of the following changes in the ITR filing process. 1) A new utility named JSON has been launched for filing tax return forms for FY21. At present, only three forms, ITR 1, 2 and 4 have been released. These new forms will import pre-fill data such as personal details, salary income, dividend income, interest income, capital gains and all the information available in Form 26AS. 2) Taxpayers will have the ...
Read more

Income Tax Dept detects ₹350 cr unaccounted cash receipts after raid in Rajkot

Image
  The Income Tax Department carried out a search and seizure operation on a real estate group based in Gujarat's Rajkot and found unaccounted cash receipts in various projects of approximately ₹350 crore, the Finance Ministry said on Friday. The group is among Gujarat’s prominent real estate builders and developers and is actively engaged in real estate, construction and land trading businesses in and around Rajkot. More than 40 premises were covered in the search operation. During the course of operation, many incriminating documents and digital evidences were seized indicating involvement of the group in unaccounted transactions. The IT sleuths found substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash. Evidence of on-money payments in real estate projects-flats, shops and land deals has also been found. Total unaccounted cash receipts in various projects of approximately ₹350 crore...
Read more