Goods and Services Tax
GST: The GST Council, headed by Union Finance Minister Nirmala Sitharaman, had decided to constitute these two ministers on September 17.
The Finance Ministry has constituted two committees of state finance ministers to review the existing slabs of tax and items exempted from GST, identify sources of tax evasion and suggest changes in the income tax system. are of. The Group of Ministers (GoM) on Rate Rationalization will review the invert duty structure and recommend rationalization measures, including merging of slabs of tax rates.
The seven-member committee will submit its report in two months. Karnataka Chief Minister Basavaraj Bommai will be its chairman and it will be attended by West Bengal Finance Minister Amit Mitra, Kerala Finance Minister KN Balagopal, Bihar Deputy Chief Minister Tarakishore Prasad among others.
It also reviews the supply of goods and services exempted under the Goods and Services Tax (GST) with the aim of expanding the tax base and eliminating the breakdown of the Input Tax Credit (a kind of exemption from the government to the manufacturers of goods). will do.
The Group of Ministers (GoM) on GST system reforms will identify potential sources of tax evasion and suggest changes in business processes and IT systems to check revenue shortfall.
The eight-member committee, headed by Maharashtra Deputy Chief Minister Ajit Pawar, will include Delhi Deputy Chief Minister Manish Sisodia, Tamil Nadu Finance Minister PT Rajan and Chhattisgarh Finance Minister TS Singh Deo.
would suggest this remedy
The committee will review the income tax tools and interfaces available with taxpayers and suggest ways to make them more efficient, identify potential use of data analysis for better tax compliance and suggest ways for better coordination between central and state tax authorities.
The decision was taken in the meeting of the GST Council
The GST Council, headed by Union Finance Minister Nirmala Sitharaman, had decided to constitute these two ministers on September 17.
GST is not to be paid on these products
At present, 4 rates have been fixed on GST. These rates are 5 per cent, 12 per cent, 18 per cent and 28 per cent. However, gold is taxed at the rate of 3 per cent. Apart from this, there are many types of items and services on which no tax is to be paid.
Fresh milk, curd, lassi, butter milk, peeled paneer, eggs, natural honey, potatoes, tomatoes, onions, garlic and other vegetables, fruits, unroasted coffee beans, unprocessed tea leaves, loose spices, loose cereals, Oil Seeds, Betel Leaves, Jaggery, Chuda, All Kinds of Salt, Electrical Energy, All Kinds of Contraceptives, Organic Manure, Kajal, Kumkum, Bindi, Sindoor, Alta/Mahavar, Bangles, Coal, Postal Items, Cheques, Books, Newspapers, journals or periodicals, raw silk, khadi yarn, pottery etc. are not subject to GST.
There is no GST on children’s work items and news papers – children’s drawing and coloring books and education services.
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