GST CouncilAccording to a report by CNBC-TV18, which is due in Chandigarh next week, the fitment committee is likely to discuss changes in tax rates on 14 items recommended. The council was earlier told that the views of the states had been sought for increasing the rates. 143 ItemsHandbags, perfumes/deodorants, chocolates, chewing gum, leather apparel and clothing items, and walnuts, among others.
The report said the fitment committee, comprising revenue officials from both the Center and the states, rejected rate changes on 113 items, deferred on two items and recommended rate changes on 22 services.
According to a report, in view of the disruption caused by the COVID-19 pandemic, the GST Council may waive the requirement of filing refund claims by waiving the period of two years between March 1, 2020 and February 28, 2022. CNBC-TV18 quoting sources. It may also allow tax authorities to file appeals against wrongful refunds by not considering the COVID-19 period of two years.
The council is also likely to extend the deadline for filing GSTR 4 for FY22 by composition dealers without late fee from the previous deadline of June 30, 2022 to July 28. Composition Taxpayer for the first quarter of FY23 from July 18 to July 30, 2022.
The fitment panel, comprising officials from the Center and states, has recommended an increase in the GST rate on cut and polished diamonds from 0.25 per cent to 1.5 per cent, as the lower rate on cut and polished diamonds changes duty. Had been. A Livemint report. The final decision was left to the Group of Ministers (GoM) to examine the rate rationalization.
According to the report, the fitment panel has also proposed to reduce the GST rates on ostomy devices to 5 per cent from the existing 12 per cent.
The 47th meeting of the GST Council will be held in Chandigarh from June 28-29. The Council-appointed Group of Ministers (GoM) headed by Karnataka Chief Minister Basavaraj Bommai has already held its meeting to discuss various, including changes in tax slabs and rates. The GoM will submit its report before the GST Council meeting.
The GoM reportedly discussed issues like tax slab and rates on Friday but did not reach consensus. The report said that the Group of Ministers will, however, submit a status report to the GST Council on the consensus reached at the last meeting of the GoM on November 20, 2021. The panel, which was set up in September last year, last met in November 2021.
In a major judgment last month, the Supreme Court has held that the GST Council is only a recommendatory body and its recommendations are not binding on the Center or the states. The court held that the recommendations of the GST Council would have a persuasive value. The Court also held that both the Parliament and the State Legislature can legislate equally on matters relating to GST.
At present, there are four GST slabs – 5 per cent, 12 per cent, 18 per cent and 28 per cent. There are 480 items in the 18 per cent slab, of which about 70 per cent of the GST collection comes. In addition, there is an exemption list of items like unbranded and unpacked food items that do not attract levies.
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