Banking service chronicle

Banking service chronicle

Banking service chronicle this article was published in the month of december 48th meeting of goods and services tax (gst) council key decision taken in gst council meet measures for facilitation of trade  decriminalised gst offences under section 132 of central gst act 2017 such as obstruction or preventing any officers from discharging their duty deliberate tampering of material evidence etc.  doubling of threshold of tax amount for launching prosecution from ₹1 crore to ₹2 crore.  reduction in compounding amount from 50- 150% of tax amount to 25-100%. reduced gst on husk of pulses to nil from 5% and on ethyl alcohol (biofuel) to 5% from 18%. no decisions on taxation of tobacco and gutka determination of tax treatment for online gaming casinos and horse-racing and tribunal to settle disputes with taxpayers. gst council is a constitutional body established under article 279a (1) introduced through 101st constitutional amendment act to decide issues relating to gst. gst council is a joint forum of centre and states consist of following members  union finance minister (chairman)  union minister of state in-charge of revenue or finance (member)  minister in charge of finance or taxation or any other minister nominated by each state government (member) banking service chronicle monthly magazine buy.

Banking service chronicle