ANALYSIS OF 47TH GST COUNCIL'S DECISIONS

Описание: ANALYSIS OF 47TH GST COUNCIL'S DECISIONS

This video explains -

1. The Basis of 47th GST Councils decision's
2. The Effective Date of Implementation of the decision's.
3. Various classifications
4. Important Rate Rationalizations .

For Press Release: Key Highlights of 47th GST Council Meeting
https://taxguru.in/goods-and-service-...

47th GST Council meeting concluded after two days of marathon i.e. on 28th June and 29th June 2022. The GST council meeting basically revolved around following points –
1. Rate rationalization to solve the inverted duty structure issue;
2. Taxability of casino, betting, horse racing etc.;
3. IT and technology related tools;
4. Inter-state movement of precious metals like gold, etc.

Various GST rates applicable to specified goods and services are increased to rationalize the rate and resolve the issue of inverted duty structure. It is stated that the rate changes will be made effective from 18th July 2022. However, notification for the same is still awaited.

In case of taxability of casino, betting, horse racing, etc. it is just concluded that the same are the forms of gambling. However, taxability of the same is likely to be discussed in the next GST council meeting.

It is recommended to work on IT and technology related tools. It is recommended to implement granting of GST registration on a risk-based model. Here, IT tools will help to identify whether the person obtaining registration is risky or not.

In case of inter-state movement of precious metals like gold, wherein, it is decided that rules relating to precious metals like Aadhaar card of driver; e-way bills; etc. would be decided by the respective states.

Another important decision taken in the GST council meeting relating to risky exporter. Certain exporters are tagged as risky exporters by the DGARM. However, even after all the inquiry, DGARM do not know how to untag the risky exporters tag. Accordingly, it is decided that based on certain criteria the risky exporters how are not untag will be given the respective refund.
Another important rate change to be noted here is hospitals with room rent of more than INR 5,000 per day will be liable to GST @5% without ITC. Further, hotels rent of less than INR 1,000 per day will also be liable to GST@12%.

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