The system of decision making which the indirect tax embodies is unique and needs to be preserved at all costs
The Centre has come to commandeer too much of resources through centrally-sponsored schemes over the formulation of which the states have no say. These schemes are implemented by the states but the Centre takes credit for them.
To boost tourism, the Council has approved cutting tax rates on rooms with tariff of Rs 7,500 and above to 18 percent and those with tariff below Rs 7,500 to 12 percent.
The Committee was of the view that the rate cut would hurt the collection as auto sales contribute almost Rs 50,000-60,000 crore to the total GST kitty
The GST Council, headed by Union Finance Minister Nirmala Sitharaman and comprising representatives of all states and Union Territories (UTs), is scheduled to meet on September 20 in Goa amidst a clamour for a cut in tax rates from various industries to beat the slowdown in the economy.
Amid the current slowdown in the auto sector, the industry demand was for an across-the-board GST rate cut from 28 percent to 18 percent.
The rate reduction from 43 percent to 28 percent would be done by removing the cess on such vehicles
The agenda hasn't been finalized yet, but the healthcare industry's demand on input tax credit maybe considered.
The input tax credit (ITC) model of GST owed its origin to the premise of ‘matched invoices’. But it has become too problematic.
In the next phase of GST, the government is expected to take up many unfinished agenda, reforms, simplification of compliance procedures, rationalisation of tax rates, among others
Risk factors to watch: Acceleration in the cigarettes business downtrading; review and increase in ad valorem duty by subsequent GST Council meetings and delay in rural demand recovery
Most multiplexes are selling e-tickets and are GST compliant.
The Council may also consider changes in GST law, extension for the National Anti-profiteering Authority (NAA) and rate rationalisation.
Council to consider changes after Lok Sabha elections. Some states such as Maharashtra, Delhi and Gujarat wanted the price cap to be raised from Rs 45 lakhs, given property were costlier in these regions
The government had scheduled a press conference to announce the H1 borrowing calendar for FY 20, but cancelled it at the last moment because of the model code of conduct
Revenue Secretary Ajay Bhushan Pandey said the time limit for transition to new rates will be discussed with states.
GST council will meet on March 19 to finalise guidelines and rules on lower rates on under construction houses that will come into force from April 1, but without input tax credit benefits
Homebuyers ought to be wary of developers who may try and increase the base price for non-affordable housing units to make good the loss on account of input tax credit being denied to them
In case of both general housing projects and affordable units, there are no clear guidelines about how anti-profiteering provisions would work for the units which are sold post July 1, 2017
As many as finance ministers of six states, including Delhi, Kerala and Punjab, have requested head of the GST Council Arun Jaitley to postpone the 33rd Council meeting.
There is also speculation that a rate cut on cement, which currently attracts 28 percent GST, is on the agenda.
The recommendations are "aimed at reducing the impact of GST on the end-consumer and simplifying the compliance requirements of the developer.
The scheme may have a detrimental effect on real estate prices due to the blockage of input tax credit
To gauge the consumer pulse on how GST rate reductions are reaching consumers, LocalCircles conducted a three-point poll.
Under GST, state-organised lottery falls under the 12 percent tax slab while state-authorised lottery attracts 28 percent tax.