GST Council convenes today – Covenant relief, oil and gas indirect tax regime on the agenda – IT Energy World

NEW DELHI – The GST Council will convene in Lochin on Friday to decide on issues to be reviewed in the aftermath of previous meetings to focus on VV relief measures in the event of a second pandemic.

However, the conference is expected to announce a few more covide relief measures, especially in respect of respect.

And When discussing compensation payments for 2021-22, it outlines a few steps to rectify the obligation.

Two other factors may be on the agenda, including lowering the GST price for two-wheelers and indirect taxation of natural gas.

“Finance Minister Smt. @Nsitharaman presides over the 45th GST Council meeting in Luke today. The meeting will also include MOS Shri @mppchaudhary, state finance ministers and senior officials from the UTAs, the Union Government and the states. Finance said on its Twitter page.

The GST Council met twice this year. The panel of finance ministers discusses a series of mandatory relief and compliance measures to compensate for GST shortages at GST Compensation and Centers.

The council’s 45th session is expected to discuss compensation issues again in the new year, but sources say it could take a few steps to improve GST rates without having to increase GST rates or to consolidate GST into three rates. Structure.

Sources said the council could reduce the GST price for two-wheelers and take two other important factors, including natural gas in indirect taxes.

According to a senior source at the Ministry of Finance, reverse surgery, GST cutting of two-wheelers and the incorporation of natural gas into the GST is on the agenda and we hope the council will provide some solutions that will benefit all stakeholders.

In particular, there is a need to indirectly adjust the structure of fertilizers, metal products, solar modules, tractors, tires, electric transformers, pharmacies, textiles, textiles, railways and other commodities.

A reverse tax indicates that inputs are higher than those paid for finished products. This, in addition to a number of administrative and compliance issues, raises high demand credit for commodities.

Currently, imported tires are taxed at 10 percent, but the inputs are taxed at 20 percent. Similarly, solar modules do not incur any obligation when charging rooms 5-10 percent tax.

Similarly, the council may reduce the GST rate by 28 percent on two-wheeled vehicles to increase sales for those affected by the district epidemic.

The council agreed in principle to include five oil products under the GST, but states have so far indirectly included them because of fears of huge revenue losses. Now the government is considering bringing natural gas under the GST, as it will be difficult to bring the entire oil and gas sector to it immediately.

According to sources, natural gas can be included in a three-tier GST structure, depending on the price. Thus, while the PNG for the homes remains at 5 percent lower, commercial pipeline gas can hold an average of 18 percent GST and a car fuel CG at 28 percent higher. .

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