Context:
Goods and Services Tax (GST) Council of India has taken several decisions regarding rates and has made its clarifications on such decisions.
Key Highlights:
- The council went on record delaying clarifications on items like pepper and raisins, gift vouchers, and penalties imposed on borrowers not taxable.
- The three-legged levy on what seems to be competing frivolous objects like popcorn is worrying, though health-related reasons keep it for sweetened varieties.
- It may be recalled that the council was reversing its verdict in October which allowed real estate players to claim input tax credits on construction cost incurred for commercial structures depressing India’s investment scenario.
