Goods and Service Tax

[Ganeshan Kalyani]

Amid pressure from some states, the GST Council will soon start publishing rates of various products to prod companies to pass on gains, including those from input tax credit.

“To begin with, 150 items will be taken up. It will have a detailed explanation of previous taxes and prices as well as new prices after GST. It will also explain the price differential between the two tax regimes,” said an official who did not wish to be identified.

AI Summary

GST Council to Publish Rates for 150 Items to Ensure Companies Pass on Input Tax Credit Benefits The GST Council plans to publish rates for 150 items to encourage companies to pass on benefits from input tax credits, with further items to be added later. Some states, like Kerala and West Bengal, are pressuring companies to reduce prices, as many believe prices have not decreased post-GST. The government aims to ensure consumer acceptance of GST by maintaining price checks. The e-way bill requires pre-registration of goods over 50,000, with exempted goods excluded. Queries were raised about the GST treatment of pipelines, structural supports, removal of used goods, and procedures for sending machinery for repairs.