GST rate hike: Centre says no feedback sought from states on GST rates

 







The government on Monday issued a clarification regarding the reports of purported feedback sought on raising GST rates on 143 items, saying the reports are "speculative without any basis in fact.”


The Centre noted that a section of the media has reported that feedback has been sought from states regarding a suggestion for raising Good & Services Tax (GST) rates on 143 items. Some reports have even carried the number and description of items.


“It is clarified that no feedback from the states has been sought on the GST rates for any specific items or specific proposals to restructure the rates and the reports regarding the same are purely speculative without any basis in fact,” the government stated in its clarification.


45th GST council meet


Meanwhile, the GST Council in its 45th meeting had formed a Group of Ministers (GoM) to look into the rationalisation of rates and the deliberations of the Group are ongoing.


“The views of the States were sought generally on the Terms of References (ToRs) of the GoM soon after it was set up in September, 2021. A report of the Group is yet to be submitted to the Council for consideration," the Centre informed.


Recent media reports had claimed that the GST Council has sought views of states on hiking rates on 143 items, most of which are in 18 per cent slab at present.
t was reported that Some of these 143 items include papad, jaggery, power banks, watches, suitcases, handbags, perfumes/deodorants, colour TV sets (below 32 inches), chocolates, chewing gums, walnuts, custard powder, non-alcoholic beverages, ceramic sinks, wash basins, goggles, frames for spectacles/goggles and apparel and clothing accessories of leather, daily Indian Express reported citing sources.


Of these 143 items, about 92 per cent of them are proposed to be shifted from the 18 percent tax slab to the top 28 percent slab, it said.\



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 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