As published on: economictimes.indiatimes.com, Friday 7 July, 2023.
The Goods and Services Tax (GST) Council is likely to discuss further tightening of the registration process to curb tax evasion, including introduction of mandatory physical verification and imposition of restrictions on tax refunds for companies claiming wrongful input tax credits, said officials.
The apex decision-making body for the indirect tax will also discuss issues related to definition of "physical address" for smaller companies operating out of co-working spaces, they said.
The council is also expected to take up detailed procedure and rules for recovery of tax and interest, clarification on blocking of refunds and interest charged on blocked input tax credit.
It will also take up reduction in the GST rate for some cancer drugs, papad (non-fried) and LD steel slag to 5% from 18%, said officials.