GST Council Meeting Live Updates: Finance Minister Nirmala Sitharaman virtually chaired the 48th meeting of the goods and services tax (GST) Council meeting on December 17.
The GST Council recommended three types of offences be decriminalized. No decision on taxation of tobacco and gutka was taken, despite it being among the prominent issues on the Council meeting's agenda today.
Also Read | 48th GST Council Meeting: Key highlights
The Council also announced that insurance companies' no claim bonus will not attract GST from now. The finance minister said that no tax increase has been declared on any item today.
In another key decision, the Council has doubled the threshold for launching prosecution from Rs 1 crore to Rs 2 crore. It has further decided to reduce the compounding amount from the present range of 50 to 150 percent of tax amount to the range of 25 to 100 percent.
-No tax increase on any item was announced at today's meeting. Revenue Secy said GST on online gaming and casinos was not discussed as the report of GoM on the issue submitted its report only a couple of days back. The report of the GoM was not even circulated to GST Council members, he added.
-GST reduction on husk on pulses was announced. Tax on husk reduced to nil from five percent. Ethyl alcohol or biofuel- supplied to refineries for blending with motor spirit (petrol) down to five percent from 18 percent.
-The issue of mechanism to curb tax evasion in pan masala and gutkha businesses could not be taken up.
-GST rate on "ethyl alcohol supplied to refineries for blending with motor spirit (petrol)" has been reduced from 18 percent to five percent.
Check all highlights of today's GST Council Meeting Here
-The offences which are to be decriminalised are - "obstruction or preventing any officer in discharge of his duties"; "deliberate tempering of material evidence"; and "failure to supply the information", stated the government'spress release.
-We received the report by GoM on online gaming only a couple of days ago. So there was not enough time to circulate it, said Revenue Secretary Sanjay Malhotra
-GoM's report on GST rate rationalisation hasn't reached us yet, said Finance Minister Nirmala Sitharaman
-Decriminalisation of offences under the GST law, setting up appellate tribunals and a mechanism to curb tax evasion in pan masala and gutkha businesses are among the issues slated to be discussed in the GST Council meeting. Also, GST on online gaming and casinos may come up for deliberations at the Council meeting.
-The GST Council would also consider a report of tax officers and give clarity on the rate applicability in certain goods and services.With regard to decriminalisation of offences, the law committee of the GST Council, comprising tax officers from the Centre and states, has suggested to the Council to increase the monetary threshold for launching prosecution for GST offences.READ MORE Here
| Good afternoonand welcome to Moneycontrol's LIVE coverage of the GST Council Meeting today on December 17, 2022. Stay tuned for the latest news, developments, and analysis!
