Finance Ministry is working on revisions
NEW DELHI: The Centre is expected to provide GST relief to corporates, including IT giant Infosys, foreign airlines, and shipping lines, amid increasing concerns about business ease, according to a reliable report.
The report suggests that some provisions from the June GST circular may be “revisited and potentially relaxed” at the upcoming Goods and Services Tax (GST) Council meeting in September.
The Finance Ministry’s Department of Revenue is working on revisions to enhance clarity and reduce compliance burdens, particularly for the service sector.
Notice to Infosys
The Directorate General of GST Intelligence (DGGI) has been issuing notices to Infosys, foreign airlines, and shipping lines, and relief measures could halt these notices.
Ahead of the GST Council meeting on September 9, the Group of Ministers (GoM) on GST rate rationalization will convene to review progress and plan future actions.
This meeting will be the first for the GoM, which includes ministers from seven states, with Bihar Deputy Chief Minister Samrat Chaudhary serving as convenor.
The panel also comprises West Bengal Finance Minister Chandrima Bhattacharya, Karnataka Revenue Minister Krishna Byre Gowda, Kerala Finance Minister K N Balagopal, Uttar Pradesh Finance Minister Suresh Kumar Khanna, Goa Transport Minister Mauvin Godinho, and Rajasthan Medical and Health Services Minister Gajendra Singh.
GST council meeting
In its previous June meeting, the GST Council had tasked the GoM with evaluating GST rate rationalization, including the status and aspects of the work completed and pending.
The 54th GST Council meeting on September 9 will focus on the future direction for rate rationalization. Currently, the GST regime features five tax slabs: 0%, 5%, 12%, 18%, and 28%, with an additional cess applied to luxury and demerit goods beyond the 28% rate.
