Table of Contents
- 1 What are the recommendations of GST council?
- 2 What are the decisions taken in latest GST council meet?
- 3 What is GST council meeting?
- 4 What is Article 246 A?
- 5 Why are there GST council meetings?
- 6 Who is the present chairperson of GST council instituted for making recommendations to Government of India on important issues related to GST?
- 7 What are the decisions taken by the GST Council in May 2021?
- 8 What is the time limit for the GST Act 2021?
What are the recommendations of GST council?
Life-saving drugs Zolgensma and Viltepso used in treatment of Spinal-Muscular Atrophy exempted from GST when imported for personal use. GST rate on Keytruda medicine for treatment of cancer reduced from 12\% to 5\%.
What are the decisions taken in latest GST council meet?
The revenue-neutral rate at the time of the introduction of GST was 15.5\%. The same has been brought down to 11.6\%. The compensation cess collection will be extended beyond July 2022. To repay the total amounts borrowed last year and this year to pay the states, the compensation cess will be extended to March 2026.
Which of the following place the 43rd GST council meeting has held?
New Delhi
(GST rates on Goods and Services) The GST Council in its 43rd meeting held on 28th May, 2021 at New Delhi took the following decisions relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure.
What percentage of total number of members shall constitute the quorum in GST council meeting?
Quorum and Decision-Making For a valid meeting of the members of GST Council, at least 50 percent of the total number of the member should be present at the meeting.
What is GST council meeting?
GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India. The last Council meeting held was the 44th GST council meeting, which was held on 28th May 2021. The meeting was chaired by Finance Minister Smt. Nirmala Sitharaman.
What is Article 246 A?
Article 246A Constitution of India: Special provision with respect to goods and services tax. (2) Parliament has exclusive power to make laws with respect to goods and services tax where the supply of goods, or of services, or both takes place in the course of inter-State trade or commerce.
What is the latest changes in GST?
The time limit for completing any GST compliance, except a few notified, falls between 15th April 2021 and 29th June 2021 has been extended to 30th June 2021. A new GST amnesty scheme has been introduced to rationalise late fees for delay in filing of GSTR-3B return.
Is there any change in GST rates?
GST rate changes will apply from 1 March 2020 for lottery and from 1 January 2020 for bags and sacks….GST Rate revision in 38th GST council meeting.
| Item | Old Rate | New Rate |
|---|---|---|
| Woven and non-woven fabrics | 12\% | 18\% |
| Sacks of Polythene and Polypropylene in nature | 12\% | 18\% |
Why are there GST council meetings?
The panel has been tasked to propose rationalisation of tax rates and give the report within two months. The GoM is likely to meet next week to deliberate on the rate structure. The GST council is also working on developing tools to plug in the revenue gap or loopholes between the state and the Centre.
Arun Jaitley
The Union Finance Minister, Arun Jaitley will be the Chairperson.
Are GST Council recommendations binding?
The authors are of the view that the recommendations of the GST Council are not binding, and states are under no obligation to comply. States are expected to treat the recommendations as guiding principles while keeping in mind the objective to ensure a harmonised tax regime.
What is the threshold limit for registration of Telangana state for goods and services?
States who opted for the new limit
| Normal Category States who choose status quo | Special Category States/UT who opted for new limit of Rs.40 lakh |
|---|---|
| Telangana | Jammu and Kashmir, Ladakh and Assam |
What are the decisions taken by the GST Council in May 2021?
The GST Council in its 43rd meeting held on 28th May, 2021 at New Delhi took the following decisions relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure.
What is the time limit for the GST Act 2021?
Time limit for completion of various actions, by any authority or by any person, under the GST Act, which falls during the period from 15th April, 2021 to 29th June, 2021, to be extended up to 30th June, 2021, subject to some exceptions. [Wherever the timelines for actions have been extended by the Hon’ble Supreme Court, the same would apply].
Is the reconciliation statement in form gstr 9C self-attested by the taxpayer?
From FY 2020–21 onwards, the Reconciliation Statement in Form GSTR 9C will be self-attested by the taxpayer, instead of getting it certified by a chartered accountant.
What is fresh amnesty scheme under GST?
Fresh Amnesty Scheme has again been provided by the government so as to encourage the taxpayers to come forward and file their pending GST Returns. Benefit of Amnesty Scheme will be available if the pending GST Returns are filed between 01.06.21 to 31.08.21. 2. Rationalization of Late Fees imposed under Section 47 of the CGST Act, 2017