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GST Council clears proposal to remove tax exemptions on a Few Items

Published on June 29, 2022
Current Context: Many important decisions have been taken at the 47th meeting of the GST Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state counterparts.
GST Council clears proposal to remove tax exemptions on a Few Items
  • It has approved a host of compliance procedures for GST-registered businesses on high-risk taxpayers to check evasion.
  • Pre-packed and labeled food items such as meat, fish, curd, paneer, and honey will now attract GST.
  • In addition to that, they have approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for the intra-state movement of gold and precious stones.
  • It has also been demanded that either the revenue sharing formula under the GST regime should be changed or the compensation period should be extended by five years.
  • GST was introduced on July 1, 2017, and states were assured of compensation for the revenue loss, till June 2022.
  • Besides a proposal for extension of compensation to states beyond June 2022 and the imposition of 28% GST on casinos, online gaming, etc is made in this meeting.

Question:

Q.1 Consider the following statements regarding Goods & Service Tax.
A. It is a single tax on the supply of goods and services, right from the manufacturer to the end consumer.
B. Kelkar Task Force on indirect tax had suggested a GST in 2003.

Select the correct option given below
a. Only A
b. Only B
c. All of the above
d. None of the above
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