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India’s Goods and Services Tax (GST) system has come under sharp criticism, with former Infosys CFO Mohandas Pai taking aim at its ambiguities. “This is silly and complex. It will lead to tax terrorism,” Pai wrote on X, adding that it is making citizens “hostages to rent-seeking officials” and creating endless disputes.
Cigarettes could be among the first products to be brought under the “track and trace mechanism” that was cleared by the GST Council on Saturday, with pan masala also being a likely candidate for inclusion.
The rice millers of Haryana have expressed relief and gratitude after the GST Council reduced the tax rate on fortified rice kernels (FRK) from 18 per cent to 5 per cent. The decision, taken during the 55th GST Council meeting chaired by Union Finance Minister Nirmala Sitharaman, has resolved a significant issue for the millers.
A cigarette pack or gutaka pouch may soon be marked with a unique identifier in order to check GST evasion. The GST Council has approved a proposal empowering the government to implement the Track and Trace Mechanism for specified evasion-prone commodities, such as tobacco or tobacco-based products.
Economic Affairs and Revenue Secretary Ajay Seth on Sunday, December 22, explained the GST Council’s cautious approach to key issues…
Minutes after the 55th meeting of the Goods and Services Tax (GST) Council concluded in Jaisalmer on Saturday, former Chief Economic Adviser Arvind Subramanian raised sharp concerns over the trajectory of the GST framework.
India’s move to tax popcorn differently based on its sugar or spice content has drawn criticism from the opposition and sparked social media outrage, with two former government economic advisers questioning the tax system introduced in 2017.
States turned down any move to levy Goods and Services Tax on Aviation Turbine Fuel, a persistent demand from the aviation sector, at the GST Council meeting.
The GST Council, led by Finance Minister Nirmala Sitharaman, has approved a significant increase in the tax rate for the sale of used cars, including electric vehicles (EVs). The GST, previously set at 12%, will now rise to 18%, a move aimed at bringing uniformity to the taxation of second-hand vehicles.
In what could be a blow to real estate companies, the Goods and Services Tax (GST) Council in its meeting on Saturday is likely to take up the proposal to retrospectively amend the Central Goods and Services Tax (CGST) Act, thereby reversing the recent Supreme Court judgment in the Safari Retreats case. The top court had, in October, allowed input tax credit (ITC) claims on construction costs for rental properties.