49th Meeting Of GST Council:
The 49th meeting of the council was recently chaired by Finance Minister Smt Nirmala Sitaraman. Outstanding GST cess dues to the states were cleared.
Highlights:
- GST on liquid jaggery, pencil sharpeners, and tracking devices was reduced
- A report of the GST Appellate Tribunal was adopted; certain modifications were introduced
- Capacity-based taxation introduced in certain sectors
- To Plug the leakages in GST collections
- There are leakages in the revenue collection from certain products like tobacco, Gutkha, Pan Masala, etc. The following recommendations were made for these products
- GST on rab reduced from 18% to 5%
- GST on pencil sharpener reduced from 18% to 12%
- Council recommended Amnesty Scheme
- Late Fees for returns rationalized
