GST Council to decide on taxation
The council likely to deliberate on taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming ITC
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New Delhi The GST Council at its meeting on Tuesday is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming ITC.
The Council, chaired by Union finance minister and comprising state representatives, is also likely to clarify on GST rates applicable on food and beverages sold in multiplexes, exempt GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases. It is also expected to finalise contours for setting up appellate tribunal, and demand of the industry for reimbursement of full CGST and 50 per cent IGST in 11 hill states under the 'scheme for budgetary support'.
The Council is likely to provide for mandatory physical verification of the business premises of "high risk" applicants before granting of GST registration, as well as reduced time for submitting Pan-linked bank account details to GST authorities. Also, a new rule in GST law under which businesses would be required to explain the reasons for excess input tax credit (ITC) claimed or deposit the amount with the exchequer is likely to be discussed.
