GST Council's fitment panel clarifies tax levy on SUVs, UPI transactions

Defers the classification of crypto assets under GST regime

The Goods and Services Tax (GST) Council’s fitment panel has said sports utility vehicles (SUVs) are subject to a 22 per cent compensation cess if they fulfil certain conditions.

Also, the panel, which comprises revenue officials of the Centre and the states, has said incentives to banks for promoting RuPay/BHIM-UPI transactions are “not taxable”.

It has been contended that the incentives to member banks are nothing but subsidies from the Central government to promote the use of specified electronic modes.

The panel’s clarification on these issues is part of the GST Council agenda, which it will take up in its meeting on December