GST Council Meeting Highlights: 28% Levy On Online Gaming; Reduced Tax On Food At Cinemas And More
Catch all the live updates from the GST Council meeting in Delhi here.
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.
