FM Sitharaman chairs 57th GST Council meet
Finance Minister Nirmala Sitharaman chairs the 57th GST Council meeting in New Delhi, with proposals on GST rate changes, exporter rules, input tax credit and procedural reforms.
October 8, New Delhi: Union Finance Minister Nirmala Sitharaman is chairing the 57th GST Council meeting today in New Delhi with expectations focus on a package of procedural and structural reforms covering registration, refunds, input tax credit and enforcement.
Under the proposals, future GST rate changes could be considered once a year and take effect from April 1, bringing greater predictability to the tax regime.
The Council is also expected to consider measures aimed at easing GST rules for exporters. Billing a foreign client through an overseas branch would not lead to loss of export status under the proposal.
The proposals also seek to bring some business expenses currently outside the credit chain within its ambit and prevent double taxation where a service is resold in the same line of business.
(File image of Union Finance Minister Nirmala Sitharaman)
Source & Wire Service: Prasar Bharati SHABD (DD / Akashvani News)
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