- Proposal of the Petroleum Ministry to bring ATF under GST at 5% and natural gas either at 12% or 18%
- Clarity on claiming ITC in several sectors where the industry has been facing issues
- Lay down a proposal on tax applicability on metal and steel scrap
- Consider a proposal to correct the inverted duty on as many as 14 items, including textiles, leather, pharma, engineering goods, etc.
- Clarifying norms on claiming and applicability of input tax credit on telecom services and spectrum charges
- To bring in further ease of doing business and better compliance
- Could bring a circular for clarity for global companies with branch offices in India and head offices abroad
- Clarifications are likely to be issued by the approval of the council for foreign airlines and shipping lines that have come under the DGGI scanner
- Could consider exempting services rendered between the head offices and local branches of foreign airline operators from GST. The headquarters of airlines or shipping companies cover expenses such as maintenance, crew payments, and rental costs. Current norms say that these services provided by the headquarters abroad to the branch office in India are transactions between two different legal entities and thus, the services received in India are liable to GST
- To further plug loopholes and ensure shell companies and invalid GST IDs are weeded out from the system, the council is likely to approve a timeline for the pan-India rollout of mandatory biometric Aadhaar-based authentication of GST taxpayers
- The council could also come up with a roadmap for further simplification of rules and laws, and measures for enhancing compliance under GST
Note: This information is extracted from the CNBC TV 18 X (Tweeter) news and is just for information.