GST Council Meet Highlights: Nod For Gold E-Way Bills, Interim Report On Rate Rationalisation On Day 1
Here's what the GST Council approved on the first day of its 47th meeting.
The Goods and Services Tax Council, on the first day of its 47th meeting, approved the recommendations of the group of ministers on gold, system reforms and the interim report on rate rationalisation, according to three people with the knowledge of the matter state.
The council is expected to deliberate on GoM suggestions for casinos, race horsing and online gaming on Wednesday, along with GST compensation.
Nod To E-Way Bills For Gold
The council approved the suggestion to issue e-way bills for the movement of gold and precious stones, according to the people cited earlier. But the decision on the threshold limit remains within state capacity, the people said.
The GoM, led by Kerala Finance Minister KN Balagopal, had recommended issuing e-way bills for the movement of gold and precious stores to check tax evasions.
Consensus On System Reforms
The suggestions on system reforms by a GoM headed by Maharashtra Deputy Chief Minister Ajit Pawar were met with consensus, the people said. The GoM pushed for the mandatory use of biometric authentication for high-risk taxpayers and the use of artificial intelligence to outline the risky behaviour of taxpayers.
Nod For Interim Report On Rate Rationalisation
The interim report submitted by the GoM on rate rationalisation got approval of the ministerial panel, the people quoted above said.
The GoM, led by Karnataka Chief Minister Basavaraj Bommai, advocated removal of exemption on packed items which currently attract NIL GST. It was approved, the people said.
This is expected to affect items which earlier did not fall into the “branded” category such as lassi, curd, buttermilk, puffed rice, and flattened rice. Now such packed items will attract the lowest 5% slab.
Consensus On Inverted Duty Structure Review
A consensus emerged on the review of items for correction of inverted duty structure proposed by the GoM, the people said. Details on the particular items and the date of effect are yet to be finalised.
New GST Tribunal Cleared
The law committee's recommendation for setting up a new GST tribunal for settlement disputes was also approved, the people said. The suggestion to exempt online sellers on e-commerce platforms has been deferred for further study after opposition from a few states, the people said.
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