Shillong, June 16: A senior official announced on Friday that the upcoming meeting of the GST Council, scheduled for July 11, will primarily focus on implementing stringent measures to prevent the fraudulent generation of Input Tax Credit (ITC). The aim is to curb tax evasion and promote transparency in the system. The discussion will revolve around ways to effectively tackle this issue and ensure strict provisions are in place.
Vivek Johri, the Chairman of the Central Board of Indirect Taxes and Customs (CBIC), shared this information during an event while speaking to reporters. He emphasized the significance of preventing the misuse of ITC and highlighted the Council’s commitment to curbing tax evasion through effective policies and regulations.
In addition to addressing fake ITC generation, the finance ministry is considering the imposition of countervailing duty on steel imports from China. The ministry has received a recommendation in this regard, and it is currently under consideration. This step aims to safeguard domestic industries and promote fair trade practices.
Furthermore, the GST Council, headed by Nirmala Sitharaman, is expected to review the report submitted by the Group of Ministers on online gaming, casinos, and horse racing. The report, which focuses on these sectors, will be circulated to the states for their consideration and feedback in the near future.
The forthcoming GST Council meeting holds significance as it aims to strengthen the GST framework, combat tax evasion, and promote fair trade practices in various sectors.
