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GST Council: amendments for ITC reconciliation, strengthened registration, and 28% GST on casinos, racecourses and online gaming. Council approved CGST/SGST rule amendments and new procedural rules/forms to implement e-way bill mandates for gold/precious stones, capacity based taxation and a special composition scheme, strengthened registration requirements (bank details, suspension/revocation, targeted physical verification, biometric Aadhaar pilot), and system-driven ITC reconciliation measures (proposed Rules 88D and 142B and FORMS DRC 01C/DRC 01D) to detect and recover excess ITC or reporting mismatches; clarificatory circulars were approved on interest for wrongly availed IGST credit, e invoice applicability to TDS registered government entities, refund linkage to GSTR 2B, inverted duty refunds, exporters' delayed claims (without interest), ISD and internally generated services, and the non taxability of mere shareholding by a holding company; Fitment Committee rate changes and the decision to tax casinos, race courses and online gaming at 28% on full face value were also adopted.
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GST Council: amendments for ITC reconciliation, strengthened registration, and 28% GST on casinos, racecourses and online gaming.
Council approved CGST/SGST rule amendments and new procedural rules/forms to implement e-way bill mandates for gold/precious stones, capacity based taxation and a special composition scheme, strengthened registration requirements (bank details, suspension/revocation, targeted physical verification, biometric Aadhaar pilot), and system-driven ITC reconciliation measures (proposed Rules 88D and 142B and FORMS DRC 01C/DRC 01D) to detect and recover excess ITC or reporting mismatches; clarificatory circulars were approved on interest for wrongly availed IGST credit, e invoice applicability to TDS registered government entities, refund linkage to GSTR 2B, inverted duty refunds, exporters' delayed claims (without interest), ISD and internally generated services, and the non taxability of mere shareholding by a holding company; Fitment Committee rate changes and the decision to tax casinos, race courses and online gaming at 28% on full face value were also adopted.
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