47th GST Council meet: 2-day meeting begins tomorrow; compensation to states, rate rationalisation to be among top agendas

The 47th Goods and Services Tax (GST) council meeting 2022 is scheduled for 28 and 29 June and will be covering many burning issues. During the two-day meeting several GoM (Group of Ministers) reports are likely to be taken up for discussion and a decision could be taken on those reports, Zee Business’ Tarun Sharma reported citing his top sources.

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The officers' meeting has been scheduled for today from 3 o'clock.

Here is the list of key agendas:  

- States can demand an extension of the GST compensation period which ends after 30 June.

- As per the sources, the fitment committee has given various proposals.

- Online sellers can also get the benefit from the composition scheme.

- Option to pay 1% tax annually on turnover up to Rs 1.5 crore, sources.

 

- GST on ropeway travel proposed to be reduced from 18% to 5%.

- There are proposals to reduce GST on sewage-treated water from 18% to zero categories

- Proposals to give ITC (Input Tax Credits) benefit to Gencos on the export of additional power under the IGST Act.

- GST on Tetra Pack may increase from 12% to 18%.

- Discussion on taking uniform 5% GST on all types of renewable energy equipment is also possible.

- GST on artificial limbs, and orthopedic implants maybe 5%

- The council may issue a clarification on the dilemma related to 5% GST on all types of EVs.

- Compliance-related matters are also included in the agenda to give relief to taxpayers.

- GoM may consider increasing GST on online gaming and casinos from 18% to 28%.

- GoM recommends 28% GST on online gaming and casino horse racing.

- Council can also stamp the methods of GST calculation.

- GoM will also submit an interim report on GST rate rationalization.

- The interim report recommends abolishing exemption for religious institutions where the booking is more than Rs 5000.

- There are recommendations to remove GST exemption on railway equipment and to abolish discounts on items like curd, and paneer.

- Moreover, there are recommendations to exempt RBI, SEBI services, and airports in the North East from GST.  

- Products related to petroleum / CBM can be excluded from the 5% slab.

- Discussion on increasing 5% GST on branded food items. GST hike from 5% to 12% on finished leather.

- Sources say that the council is likely to change the inverted Duty structure on Finished Leather / Printing Ink.