New Delhi: The 49th meeting of the GST Council is scheduled to be held here in the national capital on February 18. The GST Council meeting will be chaired by Union Finance Minister Nirmala Sitharaman. Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said the much-awaited report of the Group of Ministers on online gaming and GST Appellate Tribunal is unlikely to be presented in the upcoming meeting. ,
The 48th meeting of the GST Council was held on December 17, 2022 through video conference. In the last meeting, the GST Council had recommended decriminalizing three different types of offences, including tampering with physical evidence. ,Also Read: Price Drop Alert! Samsung Galaxy S23 Ultra price cut by Rs 8000: Check discount offers on Amazon and Flipkart,
They pertain to obstructing or preventing any officer in the discharge of his duties, willful tampering with physical evidence and failure to provide information. The other major decision taken in the meeting was regarding the threshold limit of tax amount for initiating prosecution on any criminal offense defined under GST laws which has been increased from Rs.1 crore to Rs.2 crore. ,Also read: Bad news for borrowers! PNB, BoB hike lending rates by up to 25 bps,
However, this will not apply to offenses like fake invoicing. In addition, the GST rate on pulses, husk and chaff has been reduced from 5 per cent to nil. GST is exempted on ethyl alcohol for the purpose of ethanol blending.
Earlier it was taxed at 18 per cent. Goods and Services Tax was introduced in the country from July 1, 2017, and states are assured compensation for any loss of revenue arising due to the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017. was given. for a period of five years.
To provide compensation to the states, a cess is levied on certain items and the amount of the cess is credited to the Compensation Fund. From July 1, 2017, compensation is being paid to the states from the Compensation Fund.