This document provides the Sector-wise analysis of the 45th GST Council Meeting and the changes relating to laws & other recommendations. Drafted by Taxmann’s Indirect Tax Research & Advisory Team.
The 47th Meeting of GST Council was held at Chandigarh on the 28th & 29th of June 2022, and Union Finance Minister Nirmala Sitharaman chaired the meeting. The Taxmann’s Advisory and Research (Indirect Tax) team has analysed these amendments recommended by the all-powerful GST Council and discussed the sectoral impact of these recommendations.
The 54th GST Council meeting was held in New Delhi on 9th September 2024. The Council primarily focused on easing compliance, rationalising rates, and implementing changes and recommendations from the Finance Act 2024 and the 53rd GST Council meeting held in June of this year. These recommendations include the following: ‣ Granting Exemptions for Services to Various Sectors ‣ Rate Rationalisations for Various Products, Including Cancer Treatment Drugs, Extruded and Expanded Savory or Salted Products ‣ Clarifications of Ongoing Issues, such as ITC Eligibility on Demo Vehicles, Treatment of PLC under GST, and the Place of Supply of Services Provided to Foreign Affiliates ‣ Prescribing Mechanisms for the Implementation of Section 16(5), Section 16(6), and Section 128A ‣ Introduction of E-Invoicing for B2C Supplies ‣ Covering New Goods under Services under the Reverse Charge Mechanism
The 50th GST Council meeting took place on 11th July 2023 in New Delhi. This meeting stands as a significant milestone, symbolizing the achievements of cooperative federalism and establishing a streamlined tax system known as the Good and Simple Tax (GST). During the meeting, the GST Council made significant decisions regarding longstanding issues aimed at enhancing transparency in the tax regime and facilitating business operations. Major decisions include: ‣ Taxability of online gaming, race courses and casinos ‣ Government’s stand on ISD vs Cross Charge mechanism ‣ Measures for streamlining compliances under GST ‣ Few Administrative changes ‣ Approval of GST Appellate Tribunal and its effective implementation In this article, the Taxmann Advisory & Research Team has provided a comprehensive analysis and simplified version of the recommendations and decisions.
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Background: The Government has notified a revised tax structure for the Brick Kilns sector effective from April 01, 2022. In this new tax structure, the Government has provided the GST rate of 12% (with ITC) or 6% (without ITC) for the supply of bricks, roofing tiles etc. The Finer Points: • With the introduction of the new rates, the manufacturer supplier of the specified products would not be entitled to avail of the composition scheme. • Further, the threshold limit for the persons engaged in the supply of specified goods has been reduced from Rs. 40 Lakhs to Rs. 20 Lakhs. Read the Analysis Now! Read Time | 12 Mins Drafted by Taxmann’s Advisory & Research Support Services
In continuation to decisions taken by the GST Council in its 45th meeting, the Government on September 30, 2021 has notified various rate and exemption notifications under the GST and Customs laws. In this document, Taxmann’s Indirect Tax Research & Advisory Team has discussed these notifications and its implications.
The Government, on November 18, 2021, has issued four notifications providing amendments relating to the following: • Changes in GST Rates/Exemptions on specified services provided to Governmental Authority or Government Entity • Changes in the scope of taxability of E-Commerce Operators – Food & Passenger Vehicle Aggregators • Changes in GST rates under Footwear & Textile Industry