The upcoming GST Council meeting is expected to address suggestions for the indirect tax regime that can be included in the Union Budget next month. The industry is looking for discussions on restructuring the multiple-rate tax structure and reviewing the 28% levy on online games, horse racing, and casinos. Resolving the inverted duty structure for sectors like textiles, footwear, and fertilizers is also a focus. The industry is hoping for relief from the new rule for valuation of corporate guarantee and discussions on including petrol, diesel, ATF, natural gas, and selected petroleum products within the ambit of GST. The 53rd GST Council meeting will be held on June 22, 2024 in New Delhi.
Source A2ztaxcorp
