GST Meeting Live updates: An important meeting of the GST Council, the policy-making body of the Goods and Services Tax (GST), began on Saturday in which it is likely to consider decriminalizing irregularities under the GST law.
The agenda of the meeting also included setting up of appellate tribunals and making arrangements to prevent tax evasion in pan masala and gutkha businesses.
Apart from this, discussions can also be held regarding GST on online gaming and casinos. The Group of Ministers (GoM), headed by Meghalaya Chief Minister Conrad Sangma, submitted its report on the issue to Finance Minister Nirmala Sitharaman on Thursday.
Finance Ministry said in a tweet that Finance Minister Nirmala Sitharaman will chair the 48th GST Council meeting online. Apart from the Ministers of State for Finance, the Finance Ministers of the States and Union Territories and senior officials of the Central Government and the States are also involved in this meeting.
A report of the tax authorities will also be considered in this meeting and efforts will be made to clarify the applicable GST rate on certain goods and services.
With regard to the decriminalization of malpractices under the GST law, the Law Committee of the GST Council has suggested increasing the monetary limit for initiation of prosecution.
The Law Committee has also suggested that the fee payable by taxpayers for errors under GST be reduced to 25 per cent of the tax amount. At present it is up to 150 per cent.
Similarly, it has been suggested to increase the limit of Rs 5 crore from the present Rs 20 crore for prosecution under criminal cases.
Sources said the GoM report on tax evasion by pan masala and gutkha companies is likely to be discussed in the meeting.
With regard to the constitution of the Goods and Services Tax Appellate Tribunal, the GoM has suggested that it should have two judicial members, one technical member each from the Center and the states, as well as a retired judge of the Supreme Court as the chairman.
With regard to taxing online gaming, casinos and horse racing, the GoM in its last meeting in November had agreed to levy GST at the rate of 28 per cent. However, the decision on this was postponed due to lack of consensus.
APPROVED in GST MEETING
The Narendra Modi government wants ease of doing business. That’s why the business is removing the difficulties on the way. Under this, the related provisions coming under various ministries are being rationalised. Now the government has approved the bill to remove minor irregularities from the category of crime. The Department for Promotion of Industry and Internal Trade (DPIIT) of the Union Ministry of Commerce and Industry had proposed to decriminalize these malpractices.
Sources said that the cabinet has approved it after discussion on ‘Ease of Doing Business and Ease of Living (Amendment of Provisions) Bill, 2022’. This bill can be introduced in the current winter session of the Parliament. The Bill proposes to rationalize about 110 provisions of 35 Acts relating to 16 Ministries/Departments.
Taking the reform agenda to the next level
A source told that the purpose of this bill is to take the reform agenda to the next level. The government is focusing on reducing the compliance burden for companies and citizens. For this, a four-pronged strategy of simplification, digitisation, decriminalization of minor offenses and elimination of unnecessary laws/rules (Simplification, Digitisation, Decriminalisation of provisions for minor offences, and Elimination of redundant laws/rules) was adopted. Is. The Department has finalized the Bill after extensive consultations with all stakeholders.