Under the GST, a four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and a top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent.
The tax base has significantly increased since July 1, 2017. As of March 31, 2022, there are 1.36 crore active GST registrations in the country.
Puducherry finance minister K Lakshminarayanan said all states sought an extension of the compensation mechanism, but no decision has been taken.
Severa non-BJP ruled states want the compensation regime to be extended by 5 years or the share of states in the GST revenues be increased to 70-80 per cent from the current 50 per cent.
The GoM had suggested withdrawal of GST exemption on a host of services including on hotel accommodation of less than Rs 1,000 per day and replacing it with a 12 per cent tax.
Many are hopeful that this time apart from petrol and diesel, a decision should be taken on bringing liquor under GST. However, there is no official word on these developments.
GST Council meet: The council may see a stormy discussion around compensation payout to states with opposition-ruled states aggressively pushing for its continuation beyond the five-year period which ends in June.
This is the second time that the GST Council meeting is being held in Srinagar. Before the launch of the Goods and Services Tax (GST) on July 1, 2017, the 14th meeting of the Council was held on May 18 and 19 in the city. GST rates on 1,211 items were approved at the two-day meeting.
GST Collections: This is the fourth time when GST collections crossed Rs 1.40 lakh crore mark since the inception of the tax regime in July 2017 and the third straight month since March 2022.
GST Slabs Changes News: Reducing GST slabs will involve raising taxes on some items and a reduction as well on a few items.
A meeting of the Goods and Services Tax (GST) Council, the highest decision-making body in the GST matter, is likely to be held next month.
The Supreme Court observed that GST Council is not merely a constitutional body restricted to the indirect tax system in India but is also an important focal point to foster federalism and democracy.
At present, services of casinos, horse racing and online gaming attract 18 per cent GST.
The record GST collection is also a sound indicator of the national capital's economy recovering fast after the devastation caused by the three waves of COVID during past 2-years, officials said.
Bitcoin, the world's largest cryptocurrency by market value, has fallen by 50 per cent since its peak in November last year.
The gross GST collection in April 2022 is an all-time high and Rs 25,000 crore more than the previous highest collection of Rs 1.42 lakh crore recorded in March.
Finance Ministry yesterday said the Centre has already released eight months of GST compensation dues to the states for fiscal ended Mar 2022 and Rs 78,704 cr is pending due to inadequate balance in the cess fund.
A group comprising ministers from states is yet to finalise a report on rationalisation of GST rates and a decision will be taken in due course, sources said.
Currently, GST is a four-tier structure of 5, 12, 18 and 28 per cent. Besides, gold and gold jewellery attract 3 per cent tax. In addition, there is an exempt list of items like unbranded and unpacked food items which do not attract the levy.
Accusing the Centre of not doing anything to control price rise of fuel and other essential commodities, Mamata insisted that a policy should be made to arrest the hike.
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