GST Council can also be anticipated to take up the matter of GST charge to be levied on on-line gaming in its subsequent assembly.
There is a 28 per cent GST on cement, and the fitment committee is engaged on the proposal of lowering the tax charge
GST On Cement: The GST Council, which is chaired by the Union finance minister and includes representatives of all states and UTs, might focus on the discount in GST charges on cement to 18 per cent in its subsequent assembly scheduled for mid-June, ET Now has reported.
Currently, there’s a 28 per cent GST (items and providers tax) on cement, and the fitment committee (comprising income officers from the central and state governments) is engaged on the proposal of lowering the GST charge on cement to 18 per cent in the meanwhile.
Earlier, CBIC Chairperson Vivek Johri has mentioned the fitment committee — which research the results of charge changes — will convene to debate and full its report on the discount of a 28 per cent GST charge on cement, earlier than submitting it to the GST Council.
In February, Finance Minister Nirmala Sitharaman additionally mentioned the federal government could possibly be open to contemplating a discount in GST charge on cement
The fiftieth GST Council, which is prone to be held throughout mid-June, is now prone to focus on the problem of GST on cement. Apart from this, it is usually anticipated to take up the matter of GST charge to be levied on on-line gaming.
In the forty ninth GST Council assembly in February, the Council agreed to scale back the GST charge on pencil sharpeners from 18 per cent to 12 per cent. It additionally determined to scale back GST charge on liquid jaggery from 18 per cent to nil or 5 per cent, and likewise minimize tax charge on sure monitoring units.
It additionally rationalised the late charges on annual returns. Late payment for annual return as much as 5 crore has been fastened at Rs 25 per day, topic to an most quantity of 0.02 per cent of his turnover. For taxpayers having turnover of Rs 5 crore to Rs 20 crore, the late payment can be Rs 50 per day.
