Gst Council Meeting

35% GST slab in the works? A look at GST bands and how they are decided

The Group of Ministers (GoM) on GST rate rationalisation has recommended to raise GST on select sinful goods. Here's how GST Council decides on different tax bands

GST council's nod on exempting research grants victory for nation: Atishi

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 ..

54th GST Council meet: New GoM to look into rate on life, health insurance

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

Tax on helicopter services for religious travel down at 5%: Uttarakhand FM

Uttarakhand Finance Minister Prem Chand Agarwal on Monday said the GST Council has decided to cut tax on helicopter services for religious travels to 5 per cent. The 54th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, is currently underway. "Helicopter services for religious purposes like Kedarnath, Badrinath has been reduced to 5 per cent from 18 per cent. There was no clarity on this. After this, there will be clarity," Agarwal told reporters. The Council is slated to deliberate on a host of issues, including lowering of taxes on life and health insurance premiums, as well as levy of GST on payment aggregators for small digital transactions up to Rs 2,000, via debit and credit cards. Agarwal further said the Council has referred the issues of levy of 18 per cent GST on payment aggregators (PAs), like BillDesk and CCAvenue, for small digital transactions up to Rs 2,000, via debit and credit cards to the fitment committee. Currently, payment ...

Online gaming industry eyes relief as stakeholders await GST Council review

GST Council Meet: The gaming industry is hopeful that the meeting will address concerns over issues such as valuation, retrospective tax levies, and the impact of the new tax regime

GST Council set to meet today, talks on rate rationalisation to kick off

GST Council Meet: The Goods and Services Tax (GST) Council is expected to deliberate on a host of issues on Monday, including the taxation of insurance premiums and rate rationalisation

Time to book profit in insurance stocks as GST meet looms? Key levels here

Star Health, ICICI Lombard, ICICI Pru Life, SBI Life and HDFC Life stocks have zoomed up to 28% so far in the September quarter. Time to keep track of these key pivot points as per technical charts.

GST Council to meet on Sept 9, to start discussion on rate rationalisation

The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, will meet on September 9. "The 54th Meeting of GST Council will be held on 9th September, 2024 at New Delhi," the Council said in a post on X. The GST Council, comprising finance ministers of Centre and states, is the apex decision making body with regard to Goods and Services Tax (GST), which was rolled out on July 1, 2017. The meeting is expected to start discussion on rate rationalisation, reducing tax slabs, besides removing duty inversion under GST. After the previous Council meeting on June 23, Sitharaman had said the next meeting of the GST Council the Group of Ministers (GoM) on rate rationalisation under Bihar Deputy Chief Minister Sumant Chaudhary, will give a presentation on the status of the work and aspects covered by the panel and work pending before the panel. "There will be a presentation by the GoM irrespective of whether the report is draft... and then Council will start the discussion on rate

FinMin notifies GSTR-1A, allows taxpayers to amend outward supply form

The finance ministry has notified the GSTR-1A form which will give an option to taxpayers to amend outward supply or sales return form. Last month, the GST Council had recommended providing a new optional facility by way of form GSTR-1A to facilitate the taxpayers to amend the details in form GSTR-1 for a tax period and/ or to declare additional details. GSTR-1A will, however, have to be filed before filing of return in GSTR-3B for the said tax period. The finance ministry on July 10 notified the GSTR-1A form. Moore Singhi Executive Director Rajat Mohan said the Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant enhancement to the GST compliance framework with the optional facility of form GSTR-1A. "By facilitating timely corrections, form GSTR-1A ensures that the correct tax liability is auto-populated in form GSTR-3B, reducing manual errors and fostering a streamlined compliance process," he said. This amendment not only minimizes the risk of penalt

GST Council to reconstitute 3 GoMs as new ministers from 11 states join

The GST Council will have to reconstitute three Group of Ministers (GoM) under it as new ministers from 11 states joined the body on Saturday. Finance Minister Nirmala Sitharaman has said that in the 53rd GST Council meeting on Saturday, there were 11 new ministers from Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Madhya Pradesh, Mizoram, Odisha, Rajasthan, Sikkim, Telangana and Tripura. The 52nd GST Council meeting was held on October 7, 2023. With new ministers joining the council, the reconstitution of three GoMs on analysis of revenue from GST, boosting the real estate sector under GST, and GST system reforms are on the cards. While the GoM on GST rate rationalisation has already been reconstituted in February, making Bihar Deputy Chief Minister Samrat Chaudhary its convenor, the reconstitution of the other three is yet to be notified. In the GoM on analysis of revenue from GST, the new finance minister from Odisha has to be inducted. The BJP won the assembly polls in Odis

GST Council likely to mull on online gaming, reduce tax on fertiliser

The GST Council, in its meeting on Saturday, is likely to deliberate on various issues, including taxation on online gaming and the Parliamentary standing committee's recommendation for lowering tax on fertiliser, according to sources. The 53rd meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising her state counterparts, is also likely to discuss the progress of the Group of Ministers (GoM) on finalising the report on Goods and Service Tax (GST) rate rationalisation and amendments to GST laws based on previous decisions of the council. The council may also discuss the recommendations made by the Standing Committee on Chemicals and Fertilisers in February to reduce GST on nutrients and raw materials in the interest of fertiliser manufacturing companies and farmers. Currently, GST at a 5 per cent rate is charged on fertilisers, while raw materials like Sulphuric Acid and Ammonia face a higher GST at 18 per cent. The issue of further reduce ta

Delta Corp stock up 14% on retrospective GST respite hope. Check key levels

As per reports, the GST Council is expected to take up a key amendment that has the potential to resolve the vexatious issue of retrospective taxation for online gaming companies this Saturday.

GST Council meet on Oct 7, may review progress in anti-profiteering cases

Zero cases disposed of in Q1 after NAA gets subsumed into CCI

GST Council meet on Oct 7, may review SGST amendments on online gaming

The GST Council, chaired by Union finance minister and comprising state ministers, will meet on October 7. "The 52nd meeting of the GST Council will be held on 7th October, 2023 at Vigyan Bhawan , New Delhi," the GST Council said in a post on X. In the previous meeting on August 2, the council had approved amendments to the Goods and Services Tax (GST) laws to provide clarity on the taxation of casinos, horse racing and online gaming. A 28 per Cent GST is levied on full face value of bets in the three supplies.

Centre expects over Rs 19K cr additional revenue from e-gaming, casinos

Revenue estimates based on the turnover of the gaming industry

GST Council meet: 28% tax on online gaming from October 1, says Sitharaman

The Council will review the implementation of 28 per cent goods and services tax (GST) on online gaming, and casinos after six months

GST Council Meeting 2023 Highlights: Here are the key points to know

The 51st GST Council meeting 2023 was held yesterday via video conferencing. The government stands its ground with its 28 per cent GST charge on casinos, race courses, and online gaming

Holding shares in firms' subsidiaries exempted, clarifies GST Council

The clarification came amid GST officers sending notices to both Indian and foreign companies, demanding tax on share capital held in their subsidiaries at 18%

Top headlines: Disney explores option for India biz, veggie prices soar

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From Zari to apples, GST Council to review proposed rate revision

Khari/cream roll to come under toasted products