47th GST Council Meet: Key Highlights For You To Know

The 47th GST Council meet today gave a go ahead to a number of compliances for GST registered entities. The Council has convened a 2-day meet headed by the Finance Minister Nirmala Sitharaman and including state finance ministers in Chandigarh. The meet will come to an end tomorrow.

Here are some of the key updates from the meet:

1. The Council has given an approval for change in tax rates for certain goods and services. Also, at the same time it has allowed states to issue an e-way bill for movement of gold and precious gems within the state. Further, panel suggested that states can be given the leeway to decide on the threshold above which e-way will has to be made compulsory for transit of gold and other stones within the state.
The panel suggested threshold as Rs. 2 lakh and higher.

2. For other key issues such as extension of compensation to states even after June as well as levy of 28% GST on casinos, online gaming and horse racing, the discussion will be made tomorrow.

3. GST Council has further rendered its acceptance to an interim report submitted by the GoMs, constituted to oversee the rationalisation of rates under the indirect tax. As per reports, the recommendations include removal of exemption on some of the goods, correction in inverted duty structure and simplification of the rate structure.

4. States led by Opposition parties have put forth a demand that either the revenue sharing computation method be changed or the compensation timeline be extended for another 5 years.

As per a PTI report, pre-packed and labelled food items such as meat, fish, curd, paneer and honey will henceforth be charged a GST. The same will also be applicable on fee that banks charge for the issue of cheques.

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