The finance ministry has released an official notice indicating that, going forward, goods and services tax (GST) will be applied to corporate guarantees offered by companies to their subsidiaries. Earlier this month, the GST council provided clarification on the taxation of corporate guarantees, specifying that they would be subject to an 18 percent GST.
A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was told by Attorney General R Venkataramani that the Union finance ministry issued a notification on September 14 and the process of setting up the tribunals has commenced. The bench asked the attorney general whether the tribunals have become functional.
The GST Council is reported to have endorsed the recommendation presented by the fitment committee. This proposal seeks to lower GST rates to 5 percent on products where millet flour makes up over 70 percent of the composition., Economy News, Times Now
The Fitment Committee of goods and services tax (GST) Council has recommended exempting powdered millet from GST when sold in loose form, with 70% millet content. The fitment committee, which comprises revenue officials from both the Centre and states also deferred decision on imposing uniform cess on cigarettes and bidi, as the industry said that the current cess system is not uniform.