Tax System in India - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Mon, 23 Dec 2024 08:25:58 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png Tax System in India - Rightsofemployees.com https://www.rightsofemployees.com 32 32 GST Council Meet: Govt has Approved a Proposal to Implement a ‘Track and Trace’ Mechanism for Some Goods Suspected of Tax Evasion https://www.rightsofemployees.com/gst-council-meet-govt-has-approved-a-proposal-to-implement-a-track-and-trace-mechanism-for-some-goods-suspected-of-tax-evasion/ Mon, 23 Dec 2024 08:29:17 +0000 https://www.rightsofemployees.com/?p=37138 Tax System in India: The government has approved a proposal to implement a ‘track and trace’ mechanism for some goods suspected of tax evasion. Under this, a unique code will be put on such goods or packets so that they can be traced in the supply chain. Taking an important step to prevent Goods and […]

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]]> Tax System in India: The government has approved a proposal to implement a ‘track and trace’ mechanism for some goods suspected of tax evasion. Under this, a unique code will be put on such goods or packets so that they can be traced in the supply chain.

Taking an important step to prevent Goods and Services Tax (GST) theft, the GST Council on Saturday approved a proposal to implement a ‘track and trace’ mechanism for some goods suspected of tax theft. Under this, a unique code will be put on such goods or packets so that they can be traced in the supply chain.

The government aims to implement this system by incorporating a provision through Section 148A in the Central Goods and Services Tax (CGST) Act, 2017 to empower the government to implement a track and trace mechanism for products that are prone to tax evasion.

The code will be pasted on the items or packets

Giving information about the decisions taken in the 55th meeting of the Council here, the Finance Ministry said, “This system will be based on a unique identification mark, which will be affixed on the said goods or their packets. This will provide a legal framework for developing such a system and will help in the implementation of the mechanism for tracing specified goods in the supply chain.”

It said, “It is clarified that in respect of supply of ‘online services’ such as online money gaming, OIDAR services, etc. to unregistered recipients, the supplier is required to mandatorily mention the name of the State of the unregistered recipient on the tax invoice and such name of the State of the recipient shall be deemed to be the address on record of the recipient for the purpose of section 12(2)(b) of the IGST Act, 2017, read with the proviso to rule 46(f) of the CGST Rules, 2017.”

Regarding the decision taken regarding the GST rate on goods, Finance Minister Nirmala Sitharaman said that the Council has decided to reduce the rate on ‘Fortified Rice Kernel’ (FRK) from 18 percent to five percent and also exempted gene therapy from GST.

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