The 50th GST council meeting saw a conflict of words between Union Finance Minister Nirmala Sitharaman and her Delhi counterpart Atishi over bringing the GST system under the ambit of the Prevention of Money Laundering Act (PMLA), sources said.
GST council meeting
The 50th GST Board meeting began on Tuesday and is probably going to think on a large group of issues including tax collection from web based gaming, meaning of utility vehicles and fixing of standards for enlistment and guaranteeing of ITC.
According to a tweet from Nirmala Sitharaman's office, the Council has made approximately 1,500 decisions in the spirit of cooperative federalism in the 49 meetings it has held thus far.
"The 50th meeting is an achievement which demonstrates progress of helpful federalism and foundation of a decent and basic duty system," the tweet said.
The Chief Post Master General of the Delhi Circle India Post Office presented Sitharaman with a customised "myStamp" and Special Cover, the finance ministry tweeted.
Ministers from each state and Union Territory make up the GST Council, which is presided over by the Union Finance Minister. The Committee is likewise liable to explain on GST rates material on food and refreshments sold in multiplexes, absolved GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) utilised in the treatment of uncommon illnesses.
As part of the "scheme for budgetary support," it is also anticipated to finalise the contours for the establishment of an appellate tribunal and the industry's demand for reimbursement of the full Central Goods and Services Tax (CGST) and 50% Integrated Goods and Services Tax (IGST) in 11 hill states.
Additionally, mandatory physical verification of the business premises of "high risk" candidates prior to giving of GST enrollment, as well as decreased time for submitting Dish connected financial balance subtleties to GST specialists is supposed to be talked about.
It is planned to be discussed a new rule in the GST law that would require businesses to either deposit the excess input tax credit (ITC) with the exchequer or explain why they claimed it.
The Law Committee, containing charge officials from Center and states, have thought that where the ITC profited in GSTR-3B return surpasses how much ITC accessible as per the auto-produced assertion GSTR-2B by a predetermined edge, the enrolled individual might be hinted on the entryway about such distinction and be coordinated to either make sense of the distinction or pay the overabundance ITC alongside interest.
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