What is expected from the GST Council meeting today?
tax (GST) council which is meeting today is likely to take up host of reforms including conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, empowering the centre and states to quash tax notices on industry specific trade practices and putting a sunset clause on anti profiteering cases.
The council may also decide on reducing the pre deposit for filling appeals to 7% from 10%, may set a monetary threshold for filing appeal in GST Appellate Tribunal and hight court and apex court and may set deadline for issuing summons even in case of willful default.
The proposals once passed would set the ground ready for next level reforms in goods and services tax regime which will complete seven years in July. Also it may open window for relief to insurances, non banking financial services, banks, airlines and shipping companies facing tax demands along with penalties.
Industry may have to wait longer for inclusion of petroleum products under GST, reduction of GST on insurance and the much awaited rate rationalisation.
The council however may reconstitute the group of ministers on rate rationalisation, setting a fresh deadline and mandate and may relook at correcting rate rationalisation on
The council will also deliberate on the fitment committee's recommendation to refer to taxation on fertilizers to a group of ministers.
Currently, fertilizers attract a GST rate of 5%, while raw materials like Sulphuric Acid and Ammonia face a higher GST at 18%.
The council is expected to review the
