Page 2 - Gst Council Meeting

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

Business Standard brings you the latest headlines at this hour

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

Khari/cream roll to come under toasted products

GST Council to discuss scope of budgetary support for units in hilly states

The 50th GST Council meeting is scheduled to take place on July 11 in New Delhi

CBIC to implement geotagging for verification of new GST registrations

The move comes after it was found that fake office places were created for verification; geotagging functionality is currently available to taxpayers registered in Delhi and Haryana

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.

GST Council likely to decide on common audit manual for Centre, states

GST Council may take up today expert panel's proposal to avoid multiplicity of audits by central, state authorities

49th GST Council meeting scheduled to be held in New Delhi on Feb 18

The GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, will meet on February 18. "The 49th meeting of the GST Council is scheduled to be held at New Delhi on February 18, 2023," the GST Council said in a tweet on Friday. The council may take up a discussion on the report of a group of ministers on taxation of 'pan masala' and 'gutka' firms and a report by a Group of Ministers (GoM) on setting up of appellate tribunals. The report by another GoM, chaired by Meghalaya Chief Minister Conrad Sangma, for GST levy on online gaming, casinos and horse racing may come up for deliberations. These three GoM reports were part of the agenda items in the last GST Council meeting, that was held on December 17, 2022.

TMS Ep328: GST Council meeting, vacation trends, IT performance, GM crops

What changed at last week's GST Council meeting? Are Indians more holiday-prone? Does Accenture's Q1 result spell more pain for IT firms? What are GM crops? All answers here

What changed at last week's GST Council meeting?

In its latest meeting, the GST Council approved the decriminalisation of certain offenses and clarified the tax provisions on a number of items. What were the key decisions taken at the meeting?

Centre, state govts to focus on efforts to widen GST base: FM Sitharaman

According to finance minister Nirmala Sitharaman, monthly GST revenue collection has been above Rs 1.4 trillion in the recent past