GST Council Meet Highlights: E-Way Bills On Gold To Rate Rationalisation, Here's What Was Approved
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What GST Council Discussed And Approved--Key Highlights
The 47th meeting of the GST Council accepted recommendations on exemptions and correction of inversion and e-way bills for intra-state movement of precious metals and stones, Finance Minister Nirmala Sitharaman told reporters after the two-day meet on Wednesday.
E-way bills for gold have been allowed for a minimum amount of Rs 2 lakh, Revenue Secretary Tarun Bajaj said.
States gave inputs on extension of GST compensation, said Sitharaman. "A few states said they would like compensation cess to continue for some time." No decision was, however, taken.
Sitharaman said "horse racing, online gaming, casino--all three are essentially gambling". The council, however, have decided to hear representatives of casinos, horse riding and online games again.
The council didn't discuss GST on virtual digital assets, Sitharaman said. It, however, approved setting up a GST Tribunal for dispute resolution.
Several Decisions Taken On MSME-E Commerce Issue: Tarun Bajaj
Revenue Secretary Tarun Bajaj says several decisions taken on MSME-e-commerce issue.
The council has decided whatever is applicable for offline businesses will be applicable to online ones. "We expect it will be implemented from January 1, 2023," he said.
E-Way Bills Allowed For Gold Worth Rs 2 Lakh And Above
E-way bills for intra-state movement of gold has been allowed for a minimum amount of Rs 2 lakh, Revenue Secretary Tarun Bajaj said.
Vehicle details will not be disclosed for security reasons. States will decided what details need to be disclosed on the e-way bills, he said.
No Discussion On GST On Virtual Digital Assets
No discussion took place on GST on virtual digital assets, Sitharaman said. The council discussed GST Tribunal and a group of ministers will be set up on the matter.
By end of this month, GoM will submit report and the matter will be taken up in the next council meet, she said.
Revenue-Neutral Rate Breached: Sitharaman
Revenue neutral rate, as per the RBI study, has been breached to the disadvantage of the system, the finance minister said.
It came down from 15.5% to 11.8% and has hit some sectors and this requires a correction, Sitharaman said.
So rate rationalisation, as and when it happens, if it results in an increase in tax buoyancy, will also correct inefficiencies borne by someone in the value chain, she said.
