GST Council is likely to take a final call on the recommendation of the Law Committee in its 50th meeting on Tuesday. The GST Council at its meeting on Tuesday is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming ITC. The Council is likely to provide for mandatory physical verification of the business premises of "high risk" applicants before granting of GST registration, as well as reduced time for submitting Pan-linked bank account details to GST authorities. GST Council is likely to take a final call on the recommendation of the Committee in its 50th meeting on Tuesday. A clarity on the taxation of Multi Utility Vehicles (MUV) or multipurpose vehicles or Crossover Utility Vehicles (XUVs) for levy of a 22 per cent compensation cess over and above the 28 per cent GST rate is also expected.

Source: dna July 11, 2023 14:10 UTC