GST Cuts

Delhi Finance Minister Atishi on Monday said the GST Council has decided to exempt research grants from the GST net, and called it a victory for the entire nation. Addressing a digital press conference, Atishi said last month, six educational institutions, including IIT-Delhi and Punjab University were sent showcause notices over research grants. "The AAP has strongly opposed imposition of GST on research grants. Today in the 54 th GST Council meeting, me and Harpal Singh Cheema, Punjab finance minister vehemently opposed it. It is good news that the GST Council has decided to exempt research grants from the GST net. This is a victory for the entire country," she said. Atishi said the AAP had consistently called the decision to impose GST on research grants akin to tax terrorism. The Aam Aadmi Party has continuously opposed GST on research grants. Today, in the GST Council meeting, the Delhi and Punjab governments raised the issue that GST should not be levied on research grants ..

GST Council headed by Union Finance Minister Nirmala Sitharaman on Monday decided to set up a Group of Ministers (GoM) on reducing tax rate on life and health insurance and cut GST on cancer drugs and namkeens. Briefing reporters on the outcome of the 54th GST Council meeting, Sitharaman said it has decided to have a Group of Ministers (GoM) to look into the GST rate on life and health insurance. The GoM will be headed by Bihar Deputy Chief Minister Samrat Choudhary, who is currently heading the panel on GST rate rationalisation. Sitharaman said that new members would be joining the GoM to look into GST on health insurance. The GoM will be submitting its report by October end, she said. The issue of taxation of insurance premiums had figured in Parliament discussions with Opposition members demanding that health and life insurance premiums be exempt from the GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue. Sitharaman in her reply to a discussion on the

The Council unlikely to decide on taking crypto assets in next week's meeting in Chandigarh.

Companies accused of not passing on benefit of lower rates to consumer by increasing prices on intervening night of November 14 and 15 from when GST rate reduction was notified

50 petitions pending in court, court asks each petitioner to submit its arguments within five pages

The Indian automobile industry leapfrogged to BS VI emission standards from BSIV from April 1 this year

Key demands and suggestions include improving liquidity, cutting customs duties and goods and services tax (GST) rates, expediting all refunds and a halt on tax scrutiny

The PCBA is a key component in the mobile manufacturing ecosystem. It sought continuation of BCD on mobile phones at 20 per cent

Resolution passed at conclave of ministers also calls for lower airfares, rationalisation of inter-state tourist vehicle taxes

LPG used for domestic purposes is taxed at 5 per cent and high incidence of tax for its usage in automobiles provides an incentive for illegal diversion

The pricing aberration, based on the size of a product, has prompted the national anti-profiteering authority under GST to carry out an investigation

In good news for restaurant goers, all AC and non-AC restaurants are to be charged GST in the 5% bracket; here is a full list of 177 items moved from 28% to 18% bracket