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A panel mandated to examine tax rates under the Goods and Services Council has recommended slashing tax on green hydrogen to 5% from 18% now, said people familiar with the matter.
The State-Central Panel of GST Officials, also known as Fitment Committee has recommended that GST exemption under entry 34 of Notification No. 12/2017-CTR will apply to payment aggregators (PAs) for settlement services involving handling of money, but not for payment gateway (PG) functions.
The Fitment Committee of the Goods and Services Tax (GST) Council is set to review the 18 per cent GST on co-lending services, following a report submitted by the State Bank of India (SBI)-led committee on co-lending. The Department of Financial Services (DFS), which had commissioned the report, had submitted a request to the Department of Revenue for a review of the GST on co-lending services, sources said.
The Fitment Committee, comprising of state and centre revenue officials has deferred its decision regarding Goods and Services Tax (GST) compliance issues for Foreign Shipping Lines (FSLs) in India.
The Goods and Services Tax (GST) Council’s fitment committee, which is made up of central and state officials, is looking into the possibility of eliminating some of the rates, especially the 12 per cent slab. The committee has started over with a new rate rationalization exercise in order to achieve a revenue-neutral structure.
India may consider exempting services rendered between the head offices and local branches of foreign airline operators from the goods and services tax (GST).
Tamil Nadu Finance Minister PTR Palanivel Thiaga Rajan on Thursday said the Goods and Services Tax (GST) council, in its…
The 48th GST Council meeting, which is scheduled to take place on December 17, is unlikely to take any major…
Fitment committee recommends further GST rate rationalizations, clarifications, sources. Fitment Committee Recommends Further GST Rate Rationalisations, ClarificationsGST Council-Nominated Fitment Committee…
Fitment committee defers clarification on tax burden for crypto ecosystem. No clarity on GST applicability on crypto exchanges and activities…