GST Fitment committee likely to meet tomorrow to review GST slab mergers

 









The Goods and Services Fitment Committee is likely to meet tomorrow to review the proposal of GST slab mergers. The feasibility of merging the 12 per cent and 18 per cent to a single slab may be looked into, a source said.



Following this, a group of ministers (GoM) on GST rate rationalising may later this week meet if the need is as per Fitment committee's discussion. "Fitment committee has been meeting over various issues and will soon submit the review report to Group of Ministers on rate rationalisation, as per the final discussion." added a source.

If the GoM on rate rationalisation concurs with as to what Fitment committee suggests, then they will send their final report to GST council and the final decision will be taken by GST council.

“We were supposed to meet in February, but due to the global situation and elections in various states, we had to delay this meeting. Following our meeting, the GST Council will take a call on the recommendations made by the group of ministers (GoM)," a government official told Business Today TV.

The GoM has reportedly met only twice since its constitution in September 2021. Led by Karnataka Chief Minister, Basavaraj Bommai, the GoM has not been able to conclude deliberations on revising and rationalising GST rates.

Last December, the 46th GST Council meeting decided to drop a plan to hike GST rates for most textiles products in the man-made value chain from 5 per cent to 12 per cent. At the same time, the Council did not roll back their decision on hiking the GST for low-cost footwear.

Industry expects the government may propose a single 15 per cent GST slab by merging the existing 12 per cent and the 18 per cent slab. The 15th Finance commission led by former bureaucrat N.K. Singh had also called for a three-slab GST rate structure.


Download our App to get knowledge updates: https://play.google.com/store/apps/details?id=com.app.gstmitra


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 opti
Read more

Income Tax Return or ITR for FY20 Can Be Filed Till May 31

Image
  n the wake of severe Covid-19 pandemic, the Central Board of Direct Taxes (CBDT) has decided to extend timelines of various tax compliance dates on Saturday. “In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines today," the ministry of finance said in a statement. The move is aimed at mitigating “the difficulties being faced by various stakeholders," it further added. The “relaxations are the latest among the recent initiatives taken by the government to ease compliances to be made by the taxpayers with the aim to grant respite during these difficult times," it mentioned in a notification. “It’s a welcome move to extend the timeline of various tax compliances as the country is struggling with severe second wave
Read more