Page 3 - Gst Council Meet

GST Council to discuss apportioning compensation cess beyond March 2026

The GST Council will decide on the modalities for appropriating the revenue collected by levying compensation cess on luxury, sin and demerit goods beyond March 2026, the deadline to repay loans taken by Centre to compensate states for revenue loss during Covid, an official said. Compensation cess was initially brought in for 5 years to make good the revenue shortfall of states following implementation of the Goods and Services Tax (GST). The compensation cess expired in June 2022, but the amount collected through the levy is being used to repay the interest and principal of the Rs 2.69 lakh crore that the Centre had borrowed during Covid. The GST Council will now have to take a call on the issue of 'GST compensation cess' with regard to its name, and the modalities for its distribution among the states. The issue was raised by some states at the 52nd GST Council meeting on October 7. Chattisgarh Deputy Chief Minister T S Singh Deo said the issue was raised by Karnataka on ...

Relief for Sikkim: Likely duty waiver by GST Council for warning system

The exemption would be valid for imports made up to the end of February 2024, a source familiar with the matter said

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 likely to exempt distilled alcohol used to make liquor from tax

However, states adopt different practices while imposing GST on extra neutral alcohol, which is key input used to produce liquor

28% GST on online gaming to be implemented from October 1: FM Sitharaman

Despite dissent from a few states, including Goa, Sikkim, and Delhi, the Council proceeded with the decision without a vote, as the majority of states were in agreement

GST Council okays 28% tax on online gaming, casinos and horse racing

To be levied on full face value; effective roll-out after amendments to GST law

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Petrol, diesel can be brought under GST ambit if Council takes a call: FM

Union Finance Minister Nirmala Sitharaman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call

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GST Council okays setting up tribunals, specific levy for pan masala firms

GST Council also decided to clear the entire dues of GST compensation pending to states

GST Council cuts tax on jaggery; rationalises late fee on delayed returns

GST Council on Saturday reduced the Goods and Service Tax on liquid jaggery, pencil sharpeners, and certain tracking devices, Union Finance Minister Nirmala Sitharaman said. Briefing media after the 49th meeting of the GST Council, the minister also informed that reports of the GoM (Group of Ministers) on checking tax evasion by pan masala and gutkha industry, and on Goods and Services Tax Appellate Tribunals (GSTATs), have been taken on board. She further said all the GST compensation dues will be cleared, including Rs 16,982 crore for the month of June. The finance minister further said the GST Council has decided to rationalise late fees on filing of annual GST returns after the due date. Finance ministers of states and UTs (with legislature) and senior officials of Union Government and states participated in the meeting.

Top headlines: GST council meet, non-BFSI Q3 profit shrinks, and more

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Labelling of millet-based health products to dictate 5% or nil GST

Issue of tax treatment of MUVs may be deferred at Feb 18 GST Council meet

Top headlines: MSCI to review Adani Group securities, Maaza to go global

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GST Council meet begins; decriminalisation, gutkha biz tax on agenda

Decriminalisation of offences under the GST law, setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha businesses are among the issues slated to be discussed in the GST Council meeting which began on Saturday morning. Besides, GST on online gaming and casinos may come up for deliberations at the Council meeting. The Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, set up last year on the issue had submitted its report to Finance Minister Nirmala Sitharaman on Thursday. The Council would also consider a report of tax officers and give clarity on the rate applicability in certain goods and services. "Union Finance Minister Smt. @nsitharaman chairs the 48th meeting of the GST Council via virtual mode, in New Delhi, today," the finance ministry tweeted. With regard to decriminalisation of offences, the law committee of the GST Council, comprising tax officers from the Centre and states, has suggested to the Council to ...

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

Defers the classification of crypto assets under GST regime

New GST rates come in effect from today: Check the rate change list here

While the GST council proposed to withdraw tax exemptions for a few items and rate changes for others, exemptions for many others were removed

GST rate hike comes in effect from Monday: Here's what will get costlier

From next week, many household items, hotels, and bank services among other things will get costlier

What have been the most notable hits and misses of GST in five years?

The finance minister recently called her experience as the chairperson of GST Council humbling. After the initial teething troubles, GST completed five years last week. A peek into the journey so far