GST Council Meet: Two GoMs formed for Tax Rate Rationalization and E-Way Bills, FASTags and Technology

GST Council Meet - E-Way Bills - FASTags - Taxscan

The GST Council, in its 45th meeting, has decided to form two Groups of Ministers (GoMs) to study the issues on GST rate rationalization and E-way bills, FASTags and Technology, etc, The GoMs shall study the issues and submit their reports within two months, said Finance Minister Nirmala Sitharaman in the press meeting while addressing the country.

“On the issue of compensation scenario, a presentation was made to the Council wherein it was brought out that the revenue collections from Compensation Cess in the period beyond June 2022 till April 2026 would be exhausted in repayment of borrowings and debt servicing made to bridge the gap in 2020-21 and 2021-22,” the Minister said.

“In this context, various options, as have been recommended by various committees/ forums were presented. The Council deliberated at length on the issue. The Council decided to set up a GoM to examine the issue of correction of inverted duty structure for major sectors; rationalize the rates and review exemptions from the point of view of revenue augmentation, from GST. It was also decided to set up a GoM to discuss ways and means of using technology to further improve compliance including monitoring through improved e-way bill systems, e-invoices, FASTag data, and strengthening the institutional mechanism for sharing of intelligence and coordinated enforcement actions by the Centre and the States,” the Government said in a press release.

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