The GST Council will meet for the 50th time on July 11, 2023 at Vigyan Bhawan, New Delhi. The last meeting, 49th GST Council meeting was held on 18th February 2023 under the Chairmanship of Finance Minister of India Smt. Nirmala Sitharaman. The meeting took place in New Delhi. Here the Top 5 Agendas of 50th GST Council Meeting:
5 Top agenda of 50th GST Council Meeting
More Anti-evasion Measures
The meeting is likely to cover measures to stop fraudulent input tax credit (ITC) generation and fake registration as it attempts to stop tax evasion. “We are thinking of some other measures and we will take them through the due process of the law committee and GST council,” CBIC Chairman Vivek Johri told reporters. The GST officers have already started a special two-month campaign against fraudulent registration.
GST Network identified 60,000 entities during the drive that are suspected to have fake registrations, and as a result, central and state tax officers have started physical inspections of the locations. “We have completed 43,000 verifications. Of which 10,000 have been found to be bogus involving fake ITC claims of ₹15,000 crore,” Johri added.
Read Also: GST All India drive against Fake Registration: 11,140 bogus registrations detected
Amendments to the GST Law for e-Invoicing Timelines
Last month, the 7-day time limit for reporting e-invoices on Invoice Registration Portal (IRP) surprised businesses. There is no deadline for generating e-invoices until now, despite the fact that e-invoicing has been in use for more than two years. Generally, the Taxpayers would consolidate and generate e-invoices for a week or even a month, and occasionally they would backdate their e-invoices. This caused problems.
According to the GST portal, only taxpayers with a turnover of Rs. 100 crore or more will be subject to the seven-day restriction. The deadline for reporting e-invoices has been extended by three months, according to a new advisory from the GST portal. The department has not yet made the new implementation date public. The Council may therefore talk about it at the next Council meeting and propose an amendment to the GST law.
Join Tax Solution Subscription – Be ahead from others
Rates on Online Gaming
The council is also expected to discuss it with regard to online gaming, casinos, and horse racing. In December of last year, the GoM gave the Council its report, but the Council has not yet discussed it. Currently, GST on online gaming is charged at 18% for skilled games without betting and 28% on games of chance, such as betting and gambling.
Although the GoM decided a 28% GST rate on all of the profits from all the online games, it has not yet agreed on a base value for calculating the tax rate. This may be the reason the GST Council was forced to postpone the conversation at its previous meeting in February 2023. However, the issue relating to this other outstanding matter might be resolved at the upcoming GST Council meeting.
Selection of Convenor for GOM
The selection of a convenor for the Group of Ministers (GoM) on rate rationalisation is another item on the agenda for the meeting. Basavaraj Bommai, a former chief minister of Karnataka, served as the panel’s convenor. However, since Karnataka’s government has changed, a new convenor must be chosen by the Council. Also, sources said that the rationalisation of the GST rate on cement is not under consideration by the council. Currently, cement attracts a GST of 28%.
Read Also: GST Pre-filled data coming soon, just like Income Tax AIS
Plan for the GST Appellate Tribunal (GSTAT)
At its upcoming meeting, the GST Council will be focusing on developing a comprehensive plan for the GST Appellate Tribunal (GSTAT). As many taxpayers are not able to get relief in absense of GSTAT.
The central level of authorities are developing the tribunal blueprint which has made significant progress. To align with the State Goods and Services Tax (SGST) laws with the suggested framework, some adjustments will be necessary., as per the sources. These sources believe that the end of 2023 is the expected deadline for the government to complete GSTAT’s establishment.
Read Also: Not paying GST businesses will be identified soon; GST dept to scrutinise I-T, MCA data
Disclaimer: The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.
For Collaborating with us-
- Mail us at [email protected]
- Whatsapp us at +91-7024984925
