49th GST Council Meet: Approves Report Of GoM On Capacity Based Taxation & Special Composition Scheme In Certain Sectors
The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman approved the report of GoM on capacity-based taxation and special composition scheme in certain sectors on GST.The Council accepted the GoM's recommendations to stop the leaks and increase revenue collection from goods like pan masala, gutkha, and...
The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman approved the report of GoM on capacity-based taxation and special composition scheme in certain sectors on GST.
The Council accepted the GoM's recommendations to stop the leaks and increase revenue collection from goods like pan masala, gutkha, and chewing tobacco.
It includes the capacity-based levy not to be prescribed. The compliance and tracking measures to be taken to plug leakages/evasions. The exports of commodities are to be allowed only against LUT with a consequential refund of accumulated ITC. The compensation cess levied on commodities is to be changed from ad valorem to a specific tax-based levy to boost the first stage collection of the revenue.
Press Release 49th Meeting of the GST Council
Date: 18.02.2023
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