● 28% GST on full face value for online gaming,
casinos and horse racing to be
implemented after a
GST law amendment.
● GST rates are regularised for five items:
Trauma Panthera Implantation and raw
as well as kala
cotton, for instance, are items clarified as taxable by
regularisation for
the past periods. It means those who have not paid GST in the
past for these items
may not be recovered for the shortfall.
● GST rate reduced on the following goods:
Uncooked/unfried food pallets from
18% to 5%, fish and
soluble paste from 18% to 5%, Imitation zari threads from
12% to 5% and LD slag
from 18% to 5%.
● Bulk sales of chewing tobacco will be taxed
under the pre-RSP structure.
● Exemptions are provided for cancer-related
drugs, medicines for rare diseases
and food products that
have special medical purposes.
● GoM recommended establishing GST appellate
tribunals in various locations of
states/UT.
● Compensation has been released for States that
have submitted the AG
certifications. A few
states which have not submitted will get the pending
compensation once they
submit the same.
● The GST law will be aligned with the New trade
policy by the Commerce Ministry
Tuesday 11 July 2023
Highlights from the 50th GST Council Meeting
Subscribe to:
Post Comments (Atom)
P & H HC stays the operation of Circular clarifying taxability of corporate guarantee
This Tax Alert summarizes a recent interim order [1] passed by the Punjab & Haryana High Court (HC) staying the effect and operation ...
-
Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
-
1. Introduction: Every trust/charitable society/ NGO that wishes to claim the tax exemption benefits has to file Form 10A to seek fresh re...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
NECESSITY : Sometimes, in view of the expansion of the business, multiple increase in turnover and need for getting finances from the ...
-
Filing income tax returns (ITR) within the specified timelines under the Income-tax Act is not just a legal obligation but also crucial fo...
-
Earlier this year, the Mauritius Government approved the amendment to the India – Mauritius tax treaty, aligning it with the proposal of th...
-
This Tax Alert summarizes a recent judgement of the Delhi High Court (HC) [1] dealing with the issue of denial of input tax credit (ITC) ...
-
This Tax Alert summarizes a recent instruction issued by the SEZ Division, Department of Commerce, clarifying various concerns relating t...
-
On 25 April 2024, the Hon’ble High Court of Karnataka delivered a judgement (W.P. No.18486/2012 and others) striking down the special prov...
-
Section 17(5)(c) and (d) of the Central Goods and Services Tax Act, 2017, blocks input tax credit for works contract services, goods or serv...
No comments:
Post a Comment