The recent GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, introduced significant measures to enhance tax compliance and streamline rates. Here are the 10 key highlights from the meeting:
Biometric Authentication: The Council approved mandatory biometric authentication for high-risk taxpayers to prevent fraud and enhance security within the GST system.
Source:- India today
Tax Rate on Milk Cans: The tax rate on steel milk cans was set at 12%, aimed at standardizing taxation in the dairy sector and reducing costs for dairy farmers.
Compliance Simplification: A proposal to simplify GST return filings for small businesses was discussed, aiming to ease the compliance burden on SMEs.
Source:- BBC news
Luxury and Sin Goods Tax Review: The Council debated potential revisions in GST rates on luxury items and sin goods to balance revenue generation and consumer impact.
Digital Monitoring: Introduction of an enhanced e-way bill system and vehicle tracking to curb tax evasion in goods transport.
Real Estate GST Adjustments: Adjustments in GST applicability on under-construction properties were considered to address industry concerns.
Rate Rationalization: Ongoing efforts to rationalize GST rates to eliminate anomalies and reduce classification disputes were highlighted.
Council’s Autonomy: Discussion on reinforcing the Council’s role and decision-making autonomy in GST administration.
Integrated GST Refund Mechanism: Streamlining the IGST refund process to ensure faster and more efficient refunds for exporters.
New Taxpayers Measures: Proposals to incentivize voluntary compliance among new taxpayers and reduce the burden of mandatory registrations were reviewed.
These measures are part of the Council’s broader agenda to enhance the effectiveness and fairness of the GST system.
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