NEW DELHI: he 27th meeting of the GST Council on Thursday will imagine various problems which have been in the pipeline for some time now. The Union Finance Minister Arun Jaitley-chaired council, comprising state finance ministers, will meet through video conferencing.
The meeting comes at a time when Goods and Services Tax (GST) collections achieved its record prime by exceeding Rs 1 lakh crore milestone in April.
Here are five main problems that will probably be at the Council's agenda:
1) NEW RETURN FORMS: It has been putting fire for a very long time and a Group of Ministers (GoM) below Bihar deputy CM Sushil Modi may no longer get earnings officers and Infosys chairman Nandan Nilekani, who is being consulted at the factor, to conform to a simplified form. Now, the GST Council will make a decision at the “fusion fashion” proposed by Sushil Modi
2) DISCOUNT ON DIGITAL PAYMENTS: If the proposal, which has been at the table since November goes through, cost by bank card will fetch you a cut price at the GST legal responsibility, which may be to the song of 2 proportion issues
three) FUTURE OF GST NETWORK (GSTN): The Centre and the states will make a decision if GSTN, the corporate that runs the IT platform, must be became a 100% government-owned corporate at a time when there is debate over knowledge safety. Currently, HDFC, ICICI Bank and LIC Housing Finance are majority owners.
4) REVERSE CHARGE MECHANISM: The anti-evasion instrument is supposed to stay tabs on sale by companies, which have a turnover of lower than Rs20 lakh and don't wish to sign in for GST.
5) CESS ON SUGAR: A contentious factor, given that the speculation was to do away with cesses and surcharges after the new regime kicked in. The ill-conceived plan has been
proposed by the meals ministry.
The meeting comes at a time when Goods and Services Tax (GST) collections achieved its record prime by exceeding Rs 1 lakh crore milestone in April.
Here are five main problems that will probably be at the Council's agenda:
1) NEW RETURN FORMS: It has been putting fire for a very long time and a Group of Ministers (GoM) below Bihar deputy CM Sushil Modi may no longer get earnings officers and Infosys chairman Nandan Nilekani, who is being consulted at the factor, to conform to a simplified form. Now, the GST Council will make a decision at the “fusion fashion” proposed by Sushil Modi
2) DISCOUNT ON DIGITAL PAYMENTS: If the proposal, which has been at the table since November goes through, cost by bank card will fetch you a cut price at the GST legal responsibility, which may be to the song of 2 proportion issues
three) FUTURE OF GST NETWORK (GSTN): The Centre and the states will make a decision if GSTN, the corporate that runs the IT platform, must be became a 100% government-owned corporate at a time when there is debate over knowledge safety. Currently, HDFC, ICICI Bank and LIC Housing Finance are majority owners.
4) REVERSE CHARGE MECHANISM: The anti-evasion instrument is supposed to stay tabs on sale by companies, which have a turnover of lower than Rs20 lakh and don't wish to sign in for GST.
5) CESS ON SUGAR: A contentious factor, given that the speculation was to do away with cesses and surcharges after the new regime kicked in. The ill-conceived plan has been
proposed by the meals ministry.
GST Council meet today: 5 things to watch out for
![GST Council meet today: 5 things to watch out for]()
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May 04, 2018
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