GST council approves for removing tax exemptions on some items
The GST Council approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones.
The Council also cleared a host of compliance procedures for GST-registered businesses along with a GoM report on high-risk tax payers to check evasion. The GoM had suggested withdrawal of GST exemption on a host of services including on hotel accommodation of less than Rs 1,000 per day and replacing it with a 12 per cent tax.
With regard to the e-way bill on intra-state movement of gold, jewellery and precious stones to check evasion, the Council recommended that states can decide on the threshold above which the electronic bill is to be made mandatory.
The GoM recommended that cheques, loose or in book form should be taxed at 18 percent. The GoM favoured withdrawal of exemption given to renting of residential dwellings by businesses for residential use.
With regard to high-risk taxpayers, a report of a panel of state finance ministers had suggested verification after registration for high-risk taxpayers under GST, besides using verification of electricity bill details and bank accounts for identifying such taxpayers.
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