50th GST Council Meeting Today: Expectations from GST Council Meeting

Union Finance Minister Smt. Nirmala Sitharaman will chair the 50th GST Council meeting in Vigyan Bhawan, New Delhi, today. The meeting will start at 11:00 AM.

The meeting will be attended by MoS Finance Shri Pankaj Chaudhary, Finance Ministers of States and UTs (with Legislature) besides Senior officials from Union Government and States.

Expectations from GST Council Meeting

TCS liability of suppliers doing e-commerce trading

The GST Council is likely to decide on the TCS liability of suppliers doing e-commerce trading through the government’s Open Network for Digital Commerce.

GST Tribunal

49th GST Council meeting approved the creation of the National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT). The further road map to GST Tribunal is to be decided further.

Food and beverages (F&B) sold inside cinema halls to become cheaper

The Multiplex Association of India (MAI), an industry lobby group representing cinema hall owners has proposed to reduce the taxes on certain categories of food and beverages (F&B) sold inside cinema halls from the existing 18% to 5%. So it is expected that the food and beverages, sold inside cinema halls, might become cheaper.

Cess on MUVs / XUVs

Multi Utility Vehicles (MUVs) or Crossover Utility Vehicles (XUVs) to now attract a 22% cess and thus to become more expensive.

Tackle GSTR-3B/GSTR-2B difference

The upcoming GST Council meeting to discuss the issue of the GSTR-3B/GSTR-2B difference. As per the news sources, the taxpayer might get a GST notice from Department if the mismatch between ITC claimed in GSTR-3B and GSTR-2B exceeds 20% or more than Rs. 25 Lakh.