GST Council
GST Council mulling 28% tax on Bitcoin, other cryptocurrencies
The services such as crypto mining along with sales and purchases are likely to attract the 28 per cent GST if the proposal goes through in the next GST meeting, according to reports. The date of the next GST meeting is yet to be finalised.
'GST Council's GoM to recommend best practices to tax online gaming, horse racing'
Speaking to reporters ahead of the GoM in the national capital on May 2, Godinho, the state's representative to the Council, also said that after the recommendations made by the GoM, the GST council would take a final call on the taxation policy for the three services.
GST Council meet: Extension of compensation cess to be in focus
Among the many items on the Council's agenda, the extension of the GST compensation cess to states could turn out to be a contentious issue if the government refuses to accede to the request, given its vociferous demand from several opposition-rules states.
Reports on states' feedback for GST hikes 'purely speculative': Govt
According to a Ministry of Finance statement, a section of the media has reported that feedback has been sought from states regarding a suggestion for raising Good and Services Tax (GST) rates on as many as 143 items. Some reports have even carried the number and description of the items, the statement said, adding that the GST Council, in its 45th meeting, had formed a Group of Ministers (GoM) to look into the rationalisation of rates and its deliberations are ongoing.
GST Council did not recommend reducing GST on health insurance: FM
At present, GST on health insurance services is levied at a standard rate of 18%. "Health insurance, like majority of other taxable supplies, is standard rated at 18%. In pre-GST regime also, health insurance was standard rated," Sitharaman told the Lok Sabha in a written reply. "A significant relief in GST has been provided by way of exemption to above stated insurance schemes catering to economically weaker sections of the society and differently abled."
Extension of key dates under GST to help seasonal businesses
While major policy decisions in Goods and Service tax take place only through GST council, Union Budget 2022-23 has provided the much-needed changes in the statute, said Smita Singh, Partner, Indirect Taxes, Customs and Trade Laws, S&A Law Offices.
Swiggy, Zomato to pay 5% GST from today as new rules come into effect | Here're details
The GST council justified the new 5% tax on online food aggregators, arguing that such a move will reduce instances of tax invasion by restaurants. The council meeting notification read that “services by cloud kitchens/central kitchens are covered under ‘restaurant service… under section 9(5) of the CGST Act, 2017’,” will attract this tax rate increase minus the input tax credit.
GST Council should rationalise rates: PHD Chamber
As per the industry body, the current rates are not in-sync with demand creation and employment generation in the country. Accordingly, the industry body said that items in category of 12 per cent rate should be reduced to 10 per cent and items in the category of 18 per cent rate should be reduced to 15 per cent.
Traders up in arms against 12% GST on textiles, footwear
CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal said that in the cotton textile industry there was no inverted tax structure, then why fabric and other cotton textile goods were brought under the 12 per cent bracket. Even in the man-made textile industry, at the stage of manufacturing garments, sarees and all types of made ups, there was no inverted tax issue. Without having any understanding of the stages of the textile industry such a harsh decision will be a regressive step.
Multiple rates, applications make GST more complicated, Revenue Dept pushed to issue clarifications
The GST regime with five major different rates and few more for certain special products had created more confusion for taxpayers than bringing about simplicity. This confusion often results in litigation that affects both the authorities and well as taxpayers. In order to remove some of confusion created by differential tax rates and it applications, the Revenue Department has issued a circular directed at all the operative officials giving clarifications
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