Measures To Curb Fake Registrations, Fraudulent ITC Claims
CBIC Chairman Vivek Johri elaborated on measures to curb fake registrations and fraudulent ITC claims.
Valid Bank account details of registrants will be mandated. In the absence, automatically the registration will be revoked.
Physical verification can be mandated even if Aadhaar details of the registrant is available.
Physical premise verification will not require the physical presence of the registrant.
The biometric identity verification pilot has also been discussed and formalised.
State Benches To Be Set Up In Phased Manner
The GST state benches will be set up in a phased manner, says Revenue Secretary Sanjay Malhotra.
It will expand from initial benches in state capitals
Proposals for 50 state benches across the country have been received.
Tax Applicable On Purchase Value Of Chips In Casinos, Says Vivek Johri
Tax applicable on purchase value of chips in the case of casinos, says Central Board of Indirect Taxes and Customs chair Vivek Johri.
A GST of 28% will be levied.
States Submit Bench Requirements, Says Finance Minister
States have submitted their bench requirements and selection process, says Sitharaman.
Cancer Treatment Drugs, Special Medicines Exempt From GST
Cancer treatment drugs, special medicines and food for special medical purpose will be exempt from GST, says Sitharaman.
Tax exemption also extended to satellite launch services provided by private parties.
Raw Cotton from farmers to cooperatives has been clarified as taxable and previous period will be regularised for five item heads.
GST Council Approves Rate Reduction On 4 Items
GST Council approves Rate Reduction on four items, says Finance Minister Nirmala Sitharaman.
Uncooked and unfried snack pellets down from 18 to 5 %
Fish soluble paste down from 18-5%
Imitation zari thread down from 12-5%
LD slag to be at par with blast furnace slag . Changed from 18 to 5%
Maharashtra Requests 7 Appellate Benches In State
Maharashtra has requested for seven appellate benches in the state, says Maharashtra Minister Sudhir Mungantiwar.
Four will be approved in the first phase and three in the next phase.
Council Agrees To Reduce GST On Food And Beverages At Cinema Halls
The recommendation to reduce GST on food and beverages served at cinema halls approved, said Chandrima Bhattacharya, Finance Minister of West Bengal
The new GST rate would be 5% from previous 18%.
Council Agrees To Levy 28% Tax On Online Gaming, Horse Racing, Casinos
GST council agrees to levy 28% on online gaming, horse racing and casinos, according to Chandrima Bhattacharya, Finance Minister of West Bengal.
The mechanism of levy would likely be full face value, not gross gaming revenue.
Amendment to keep horse racing, casinos and online gaming out of actionable claims purview.
Maharashtra Minister Sudhir Mungantiwar said there will be no differentiation between game of skill or chance for taxation on online games.
Tax exemption for special medicines also approved.
West Bengal has informed it will have two appellate benches in its state.
States Raise Concerns Over inclusion Of GSTN Under PMLA Without Prior Discussion: Atishi Marlena
Inclusion of GSTN under PMLA should have been discussed in the GST Council prior to the issue of notification, said Delhi Finance Minister Atishi Marlena.
West Bengal, Tamil Nadu, Karnataka, Kerala, Chhattisgarh, Rajasthan, Himachal Pradesh and Punjab also raised this issue. The matter was, however, not discussed further in the GST Council meeting.
The 50th GST Council meeting will convene in New Delhi on Tuesday. The meeting will be chaired by Finance Minister Nirmala Sitharaman, wherein the council will discuss the ministerial panel's report on online gaming, casinos, and horse racing. The council is also likely to take a call on the rules of the GST Appellate Tribunal.
Measures to check fake registrations and the reconstitution of the group of ministers on rate rationalisation are also likely to be discussed in the meeting today.
The ministers would suggest revising the revenue-sharing model, one of the council members told BQ Prime on the condition of anonymity. GST revenue is shared between the centre and states in a ratio of 50:50, unless decided otherwise by the council.
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