In the upcoming meet in June, the Goods and Services Tax (GST) Council is likely to discuss rate rationalisation and digital assets, including cryptocurrency, sources told CNBC-TV18 on Tuesday.
Sources said the GST Council is likely to meet in the second half of June and discuss the possibility to cover virtual, digital and crypto assets under the GST.
The Council may also lay down contours for
GST tribunals. Tribunals have been a long-standing demand of the industry to reduce and fastrack litigation. Therefore, "the government is likely to have national, regional, state and area-wise tribunals across the country," sources said.
They said more than one tribunal is likely in large states like
Maharashtra,
Tamil Nadu,
Uttar Pradesh and
Rajasthan. "The Council will likely discuss the composition of tribunals, structure and benches...and technical and judicial powers (the tribunals will have)," they said.
The agenda for the June meeting might also include an extension of compensation for states which expires on June 30. "The Council is unlikely to extend the window of compensation. However, the timeline for GoM (Group of Ministers) on rate rationalisation might be extended by another 6 months," sources said.
(Edited by : Akriti Anand)
First Published: Jun 7, 2022 2:40 PM IST