Kerala Finance Minister K N Balagopal has called for a review of the central-state tax sharing ratio of the Goods and Services Tax (GST), and said that 60 per cent should go to the states, whereas it is shared equally now.
GST Council in its 53rd meeting dated 22.06.2024 recommends waiving interest and penalties for demand notices issued under Section 73 of the CGST Act (i.e. the cases not involving fraud, suppression or wilful misstatement, etc.) for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid upto 31.03.2025
The GST Council has referred a proposal to exempt the fertiliser sector from the current 5% GST to the Group of Ministers on rate rationalisation. This decision follows discussions on recommendations from the Standing Committee on Chemicals and Fertilisers made in February.
The much-anticipated GST Council meeting concluded on Saturday with a slew of clarifications for various industries. However, hopes for a review of the 28% Goods and Services Tax (GST) rate on online gaming and casinos were dashed, as Finance Minister Nirmala Sitharaman confirmed that the issue was not discussed.
Nirmala Sitharaman on Saturday said the intention of the central government has always been to bring petrol and diesel under GST, and it is now up to the states to come together and decide on the rate.
The GST Council will have to reconstitute three Group of Ministers (GoM) under it as new ministers from 11 states joined the body on Saturday.
The GST Act will now have provisions to recognise general practice in trade to consider cases of non-levy or short-levy. However, contrary to speculation, this will not provide any relief to online gaming companies, though some experts feel the proposed section has the potential to do so.
CBIC is all set to come out with detailed clarification regarding the applicability of GST on corporate guarantees by related parties for loans from banks or financial institutions.
Finance Minister Nirmala Sitharaman on Saturday underlined Centre’s support to states through timely tax devolution and GST compensation arrears to stimulate growth.
The Goods and Services Tax (GST) Council in its Saturday meeting has approved several compliance measures, aiming at reducing tax litigation and enhancing ease of business across the sectors.
