{"id":136407,"date":"2021-09-23T18:00:01","date_gmt":"2021-09-23T12:30:01","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=136407"},"modified":"2021-09-25T16:03:04","modified_gmt":"2021-09-25T10:33:04","slug":"a-time-to-introspect-on-gst-council-meeting","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/a-time-to-introspect-on-gst-council-meeting\/","title":{"rendered":"A time to introspect: On GST Council meeting"},"content":{"rendered":"\n

What is the news?<\/span><\/b>\u00a0<\/span><\/p>\n

Recently, GST Tax Council held its\u00a0first physical meeting during the pandemic. It approved various changes. <\/span><\/p>\n

Concessional tax rates on vital COVID-19 equipment such as oxygen concentrators will lapse on Sep 30, while the lower rates on medicines were extended till December. <\/span><\/p>\n

As there are no signs the virus and its variants would be extinct on New Year\u2019s Day, it was expected from the council to take a more considerate view on pandemic essentials.<\/span>\u00a0<\/span><\/p>\n

What were the outcomes of the council meeting?<\/span><\/b>\u00a0<\/span><\/h5>\n

First,<\/strong> <\/em>tax rate modifications were okayed for a range of sectors with long-pending course correction on inverted duty structures for several items, including footwear and textiles. <\/span>\u00a0<\/span><\/p>\n

Second,<\/strong><\/em> clarity was given on the definition of an intermediary as it was hurting several sectors, including IT services exports. Double taxation on the import of leased aircraft goes. <\/span>\u00a0<\/span><\/p>\n

Third,<\/strong> <\/em>council dismissed any shift of petroleum products to GST to lower the tax burden<\/span>\u00a0<\/span><\/p>\n

Fourth,<\/strong><\/em>\u00a0GST\u00a0cess\u00a0on automobiles, tobacco and aerated drinks will now be levied till April 2026, not June 2022 as originally envisaged<\/span>\u00a0<\/span><\/p>\n

Fifth,<\/strong><\/em> states requested for an\u00a0extention\u00a0of the GST compensation period. But Centre claimed that GST revenue\u00a0is below expectation.<\/span>\u00a0<\/span><\/p>\n

What are the recommendations of the council?<\/span><\/b>\u00a0<\/span><\/p>\n

First<\/strong><\/em>, food delivery services players shall be made liable to collect and remit taxes\u00a0instead of the restaurants.<\/span>\u00a0<\/span><\/p>\n

Second<\/strong><\/em>, inc in consumption may lead to inc in private investments. For that, Centre and States must begin talks on rationalising fuel taxes. <\/span>\u00a0<\/span><\/p>\n

Third<\/strong><\/em>, to increase spending,\u00a0both\u00a0Centre and states need to\u00a0give up a little revenue.<\/span>\u00a0<\/span><\/p>\n

Fourth<\/strong><\/em>, two ministerial groups have\u00a0been tasked to augment revenues using technology and\u00a0rate\u00a0rationalisations.\u00a0<\/span>\u00a0<\/span><\/p>\n

Fifth<\/strong><\/em>, Centre need to discuss States\u2019 compensation concerns, as had been promised.<\/span><\/p>\n

Source<\/strong>: This post is based on the article “<\/span>A time to introspect<\/span><\/b>” published in\u00a0<\/span>The Hindu<\/span><\/b>\u00a0on\u00a0<\/span>23rd September 2021.<\/span><\/b>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

What is the news?\u00a0 Recently, GST Tax Council held its\u00a0first physical meeting during the pandemic. It approved various changes. Concessional tax rates on vital COVID-19 equipment such as oxygen concentrators will lapse on Sep 30, while the lower rates on medicines were extended till December. As there are no signs the virus and its variants… Continue reading A time to introspect: On GST Council meeting<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[8942,3203,8788],"class_list":["post-136407","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-fiscal-policies","tag-gst","tag-mobilisation-of-resources","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704861936},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/136407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=136407"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/136407\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=136407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=136407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=136407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}