GST: More sinned against than sinning

Business and Finance Business and Finance

Thu, December 26, 2024

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GST: More sinned against than sinning

^{Published on 2024-12-26 03:20:56 - cnbctv18}

The 55th GST Council meeting made news for another reason; questions were being raised by many about the very functioning of the GST Council, about the multiple slabs of taxation, the apparent irrationality in the manner in which GST rates are determined,

The 55th GST Council meeting, held on April 23, 2023, focused on several key issues including the establishment of the GST Appellate Tribunal (GSTAT), which is expected to be operational by November 2023. The meeting also addressed the taxation of Extra Neutral Alcohol (ENA) used in liquor production, deciding that ENA will not be taxed under GST, but states can continue to levy VAT. Additionally, the Council discussed the taxation of cinema hall refreshments, clarifying that popcorn and other food items sold in theaters will be taxed at 5% if sold independently, but at 18% if bundled with the movie ticket. Other topics included the potential rate rationalization, the correction of the inverted duty structure, and the taxation of online gaming, horse racing, and casinos, with further discussions planned for future meetings.

Read the Full cnbctv18 Article at:
[ https://www.cnbctv18.com/business/finance/gst-55th-gst-council-meeting-cgst-gst-tribunal-popcorn-tax-19529805.htm ]

N@N

GST: More sinned against than sinning