The Goods and Services Tax (GST) Council meeting is likely to be postponed, and the final decision over the meeting is likely to come on Monday after consultations with the states.
Earlier scheduled for September 12, the decision over the dates for the 57th GST Council meeting will be announced soon, the Economic Times reported.
Reports have said that the meeting was postponed due to its earlier date clashed with the BRICS Leaders’ Summit scheduled for September 12-13.
The meeting was likely to consider reforms including making it easier to get blocked input tax credit (ITC), simplifying the GST treatment of corporate guarantees and allowing small businesses to register in multiple states.
GST Council Meeting will be chaired by Union finance minister Nirmala Sitharaman and comprising state finance ministers.
Among many issues, the council is likely to consider automation and other changes in the process of GST registration cancellation.
Experts believe that the Council is likely to examine ways to simplify registration, including for businesses passing on more than Rs 2.5 lakh of tax credit a month.
GST treatment of corporate guarantees between related entities also remains a major industry concern.
Focus will also be on reducing the litigation as it emerged as a broader reform priority. One issue attracting attention is the large tax disputes involving the online gaming sector.
Some reports also suggested that in order to give a boost to the common man, the council is also considering cutting the 18% GST on mobile phones to boost affordability and support India’s growing manufacturing sector.
According to exports, the council is likely to focus on simplifying GST compliance. A big chunk of the changes this time would revolve around simplifying processes and facilitating businesses.
Issue related to faster GST registration will also be taken up at the council meeting. As the law requires the registration to be completed within three to seven working days, it’s hardly the case in reality.
GST Council Meeting Likely To Be Postponed, New Dates On Monday: Report
