GST Meet Highlights | Interim GoM report on rate rationalisation accepted; states seek continuation of GST compensation, say sources

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The GST Council is all set to discuss on June 29 the subject of compensation to states and what Goods and Services Tax (GST) to levy on online gaming and casinos. According to sources aware of the council's discussions on June 28 in Chandigarh, the Group of Ministers' interim report on rate rationalisation was accepted in full on the first day of the meeting.

Another report on GST systems reform, submitted by the Ajit Pawar-led Group of Ministers, was also accepted, the sources said on the condition of anonymity as the deliberations of the council are private.

Finance Minister Nirmala Sitharaman will address the media on June 29 on the GST Council's decisions. The briefing is likely to be held at 4 PM, sources said. Read full report

GST Council accepts interim report of GoM on rate rationalisation, sources say

The GoM, chaired by Karnataka Chief Minister BS Bommai, was tasked with looking into matters related to rate rationalisation and correction of the inverted duty structure.

GST Meet LIVE Updates | Finance Minister Nirmala Sitharaman will address the media on June 29 on GST Council's decisions. Earlier today, sources claimed that the interim report on rate rationalisation, submitted by the Group of Ministers, has been accepted by the Council.

GST Meet LIVE Updates | GST Council will on June 29 discuss tax on casino, gambling, and issue of compensation to states, sources said.

 GST Council LIVE Updates | States have asked for continuation of GST compensation beyond June 30: Sources

The state governments have asked for continuation of GST compensation beyond June 30, sources said. The states hopeful of a positive response on their request.

GST Meet LIVE Updates | GST Council seeks report from GoM on setting up of GST Tribunals

GST Council has decided to refer the matter of setting up GST Tribunals to the Group of Ministers (GoM), sources told CNBC TV18. The ministerial panel has been asked to deliberate and come up with a report on detailed structure for tribunals, they added.

GST Meet LIVE Updates | GST Council has accepted the interim GoM report on rate rationalisation, CNBC TV18 reported. Here are the changes which have been reportedly proposed:

- ITC refund on account of inverted rates be disallowed for edible oils.

- Inverted duty correction likely on -- printing, writing/ drawing ink from 12% to 18%.

- Correction of inverted duty structure on LED lights, fixtures, LED lamps from 12% to 18%.

- Correction proposed on solar water heater and system from 5% to 12%.

- Correction proposed on finished leather, composition leather from 5% to 12%.

- Correction proposed on works contract supplied to government from 5% to 12%.

- Correction of inverted duty on tailoring and other job works for textiles from 5% to 12%.

GST Council accepts interim report of GoM on rate rationalisation## GST Meet LIVE Updates | GST Council accepts interim report of GoM on rate rationalisation

The GST Council has accepted the interim report on rate rationalisation, submitted by the Group of Ministers headed by Karnataka CM Basavaraj Bommai, reported CNBC TV18.

#CNBCTV18Exclusive | | GST Council accepts interim report of #GoM on rate rationalisation, sources to @TimsyJaipuria

Correction of inverted duty structure | ITC (@ITCCorpCom) refund on account of inverted rates be disallowed for edible oils@GST_Council

Here's more 👇 pic.twitter.com/s9fXMR9v8I

— CNBC-TV18 (@CNBCTV18Live) June 28, 2022

GST Council Meeting LIVE Updates | Several important decisions have been taken at the GST Council Meeting, said Bihar Deputy Chief Minister Tarkishore Prasad. Official announcements were, however, awaited. The meeting, which began today in Chandigarh, will be held till tomorrow under the chairmanship of Union Finance Minister Nirmala Sitharaman.

 GST Council Meet LIVE Updates | Take decision by consensus, 'shunning majoritarianism': Mamata's advisor Amit Mitra to Centre

Amit Mitra, the special advisor on finance to West Bengal Chief Minister Mamata Banerjee, has written to Finance Minister Nirmala Sitharaman, saying that the GST Council should take decisions by consensus and "shun majoritarianism", as per the Supreme Court ruling.

GST Council Meet LIVE Updates | FM Sitharaman interacts with Punjab Governor, Haryana CM at sidelines of the meeting in Chandigarh

Smt @nsitharaman interacts with Shri Banwarilal Purohit, Punjab Governor and Administrator of Chandigarh, and @cmohry Shri @mlkhattar on the sidelines of the 47th #GSTcouncilmeeting in Chandigarh. pic.twitter.com/vvmkWqldFI

— NSitharamanOffice (@nsitharamanoffc) June 28, 2022