Page 2 - Gst Council Meet

GST Council forms GoM on compensation cess; report expected by Dec 31

The Goods and Services Tax (GST) Council has set up a 10-member GoM, chaired by Minister of State for Finance Pankaj Chaudhary, to decide on the taxation of luxury, sin and demerit goods once the compensation cess ends in March 2026. The Group of Ministers (GoM), which includes members from Assam, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Punjab, Tamil Nadu, Uttar Pradesh and West Bengal, will submit its report to the Council by December 31. In the GST regime, compensation cess at varied rates is levied on luxury, sin and demerit goods over and above the 28 per cent tax. The proceeds from the cess, which was originally planned for five years after GST roll-out or till June 2022, were used to compensate states for revenue loss incurred by them post the introduction of GST. In 2022, the Council decided to extend the levy till March 2026 to repay the interest and the principle amount of the Rs 2.69 lakh crore worth loan taken in the 2021 and 2022 fiscal years to make good state

Consensus eludes GoM on GST rate rationalisation, over 100 items discussed

The outcome of the rate rationalisation discussions will be crucial in shaping the agenda for the upcoming 55th GST Council meeting, expected in November

GoM meeting in Goa: No consensus on GST proposals for real estate sector

Meeting favours States that declare tourism as infra to facilitate exemptions

Two-day GST Summit in Goa: GoM to review tax rates for 100+ products

The recommendations from this panel will serve as the foundation for a report to be presented at the 55th GST Council meeting in November

Key decisions ahead for GST Council: Rate cuts, slabs, compensation cess

The challenge will be to rationalise rates and adjust the part which is now collected as cess in a manner that makes the GST system more efficient and helps improve overall tax collection

Cheaper cancer drugs, pricier cars: Here's what 54th GST Council discussed

Key changes were proposed that could affect what consumers pay for certain goods and services. Here's what may get pricier and what might ease your wallet if the proposals are accepted

Bikaji, Gopal Snacks stocks get tastier as GST council cuts rate; up 8%

Gopal Snacks and Bikaji Foods share price rallied after GST Council slashed GST rates from 18 per cent to 12 per cent

54th GST Council meet: GoM to decide future of GST compensation cess

Relief to foreign airlines, secretaries panel on IGST

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 ..

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

GST council to discuss report on online gaming taxation, fake registration

The GST Council in its meeting next week is likely to deliberate upon the status report on taxation of online gaming, in addition to the progress of the drive against fake Goods and Services Tax registration, sources said. The Council will also clear the notifications to give effect to the amendments in GST law, which were part of the Finance Act, 2024. The Council, which is chaired by the Union Finance Minister and comprises state counterparts, in its 54th meeting on September 9 will also discuss the report of two Group of Ministers (GoM) -- one on rate rationalisation and the other on real estate. With regard to online gaming, centre and state tax officers will present a "status report" before the GST Council. The report would include GST revenue collection from the online gaming sector before and after October 1, 2023. From October 1, 2023, entry-level bets placed on online gaming platforms and casinos were subject to 28 per cent GST. Prior to that, many online gaming companies

GST Council meet to discuss rate rationalisation on Sep 9, says FM

Finance Minister Nirmala Sitharaman on Tuesday said the GST council next month will discuss rationalisation of tax rates but a final decision on tweaking taxes and slabs will be taken later. She also said that compensation cess on luxury and sin goods are also going to be discussed and can come up in the September 9 meeting or later. The Group of Ministers (GoM) on rate rationalisation under Bihar Deputy Chief Minister Samrat Chaudhary met last week and broadly converged on retaining slabs under the Goods and Services Tax (GST) unchanged at 5, 12, 18 and 28 per cent. The panel also tasked the fitment committee -- a group of tax officers -- to analyse the implication of tinkering rates on some items and present them before the GST council. "The upcoming GST Council meeting will take up the issue of rate rationalisation. There will be a discussion on the issue. Committee of officers will make a presentation on rate rationalisation," Sitharaman told reporters here. However, a final .

GoM on rate rationalisation to meet 1st time ahead of GST council meeting

Ahead of the GST Council meeting on September 9, the Group of Ministers (GoM) on GST rate rationalisation will meet here on Thursday, officials said. This will be the first meeting of the high profile GoM comprising ministers of seven states with Bihar Deputy Chief Minister Samrat Chaudhary as the convenor. The other members of the panel are West Bengal Finance Minister Chandrima Bhattacharya, Karnataka Revenue Minister Krishna Byre Gowda, Kerala Finance Minister K N Balagopal, Uttar Pradesh Finance Minister Suresh Kumar Khanna, Goa Transport Minister Mauvin Godinho, Rajasthan Medical, and Health Services Minister Gajendra Singh. "The GoM will meet today to take stock of the progress and the future course of action," an official said. The GST Council, in its previous meeting in June, had tasked the GoM to give a broad overview of the work done or a draft report on GST rate rationalisation. It would include the status of the work and aspects covered by the panel so far and work pend

On the table: Fitment panel working on 2 sets of 3-slab GST structure

The panel is working on two options to keep prices of essential goods in check

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 waives interest, penalty on tax demands between FY18 and FY20

Reconstituted rate rejig state panel; asked to give status report in subsequent meet post Budget

Panel on rejigging GST rates due for another revamp, to meet before Budget

Council likely to meet by end of this month or first week of July

TMS Ep539: Israel-Palestine war, Hamas, GST Council meet, IT Q2 results

How will Israel-Palestine war affect India? What were key outcomes of the recent GST Council meet? How will Indian IT companies fare in second quarter? What is Hamas? All answers here