Name: GST Council meet to clear air on key issues
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GST Council meet to clear air on key issues

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Benchmarks NiftyCanara Robeco Small Cap Fund Regular - Growth3Y ReturnInvest NowCanara Robeco Equity Tax Saver Regular-IDCW5Y ReturnInvest Now›››› The Economic Times daily newspaper is available online now.Read Today's PaperGST Council meet to clear air on key issuesBy Anuradha Shukla, Last Updated: Oct 05, 2023, 12:23 AM ISTSynopsisThe Goods and Services Tax (GST) Council is set to meet on October 7 to consider extending the concessional tax rate of 18% on vehicles purchased by visually impaired persons, exemption on millets sold in powdered form, and clarify levy of tax on bank and corporate guarantees provided by directors and promoters to a company and its subsidiaries.The fitment committee under the council, which looks at tax rates, has not recommended any significant tweaks in rates and rejected over dozen proposals by industry or left the decision to the Group of Ministers on rate rationalization, people privy to the matter told ET.The committee, which comprises revenue officers from both centre and states, rejected proposal to reduce GST on lithium-ion batteries used in electric vehicles (EV) to 5% from 18%, reduction of compensation cess on cigarettes, reduction on services supplied by Business Correspondent to 5% from current 18% and tax exemption to institutes imparting flying training, said one of the persons quoted above.The apex decision making body for the indirect tax is also expected to take up a proposal to bring all services provided by Indian railways under forward charge mechanism shifting from reverse charge mechanism, which is leading to an annual loss of ₹1,300 crore due to inability of the national transporter to claim input tax credit.Slew of proposals on agendaThe council will take up a host of proposals to provide greater clarity to taxpayers under the GST regime.The council will take up a recommendation by its law committee that corporate guarantee given by directors or promoters to subsidiaries was supply of service and the valuation for taxation can be either the remuneration in case of director and one per cent of the total guarantee amount.The meeting will consider another law committee recommendation to allow advocates with 15 years of practice eligible as judiciary members in the GST tribunal and increase in the upper age limit of chairman of appellate tribunals to 67 years from current 63 years.The council may provide some relief to industry inform of additional time to file appeals in tax disputes for some specific cases, the person said.The council could consider changes in the GST registration forms to incorporate 'One Person Company' and provide detailed clarification regarding the place of services in case of advertisement service, data centre and co-location service and services provided through mail and courier.The council is also likely to discuss and review GST on various public contracts on government related constructions which are not for sale, like bridges, roads, industrial units.The council is also considering exemption of GST on horticulture services given on contract to maintain public-parks, lawns, and public gardens where value of goods is less than 25%.Experience Your Economic Times Newspaper, The Digital Way!Read Complete Print Edition&nbsp;»gstGST Counciltax ratemilletsvisually impairedconcessional tax rategoods and services tax (gst) councilGoods and Services Tax Council(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)Download The Economic Times News App to get Daily Market Updates &amp; Live Business News.Under the lensThe Taiwan conundrum: India balancing trade, technology, and security amid Chinese belligerenceEconomyInnovation and modernisation: The tech roadmap for a 170-year-old growth engine called rail infraInvestingHDFC Bank is now world’s No. 6 by market cap. What will it take to compete directly with JPMorgan?View Today's Top Deals on Amazon »Latest from ETXStories you might be interested in

Benchmarks NiftyCanara Robeco Small Cap Fund Regular - Growth3Y ReturnInvest NowCanara Robeco Equity Tax Saver Regular-IDCW5Y ReturnInvest Now›››› The Economic Times daily newspaper is available online now.Read Today's PaperGST Council meet to clear air on key issuesBy Anuradha Shukla, Last Updated: Oct 05, 2023, 12:23 AM ISTSynopsisThe Goods and Services Tax (GST) Council is set to meet on October 7 to consider extending the concessional tax rate of 18% on vehicles purchased by visually impaired persons, exemption on millets sold in powdered form, and clarify levy of tax on bank and...

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GST Council meet to clear air on key issues

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