Page 3 - Gst Council Meeting
Auto industry body hails GST Council's clarification on definition of SUVs
Auto industry body Society of Indian Automobile Manufacturers on Saturday welcomed the GST Council's clarification on the definition of SUVs, saying it is on the lines of its discussions with the finance ministry. Briefing reporters after the 48th GST Council meeting, finance minister Nirmala Sitharaman said the higher rate of compensation cess of 22 per cent is applicable to a motor vehicle fulfilling all four conditions -- it is popularly known as SUV; has engine capacity exceeding 1,500cc; length exceeding 4,000 mm; has ground clearance of 170 mm and above. In response, SIAM in a statement said this has brought in a clarity that higher rate of compensation cess of 22 per, over and above of 28 per of GST, will be applicable only on such vehicles which meet all the four conditions. "SIAM is thankful to ministry of finance, government of India and the GST Council for issuing a clarification on the definition of SUVs," it added. This is on the lines of SIAM's recommendations and bas
 "Auto industry body hails GST Council's clarification on definition of SUVs")
GST Council defers GoMs reports on appellate tribunal, capacity-based tax
Clarifies compensation cess of 22 per cent on SUVs, said tax treatment of MUVs to be examined; nods to the decriminalisation of GST offences
 "GST Council defers GoMs reports on appellate tribunal, capacity-based tax")
FM Sitharaman likely to begin pre-Budget talks from third week of November
FM Nirmala Sitharaman and senior officials will hold eight meetings in all with all stakeholders
 "FM Sitharaman likely to begin pre-Budget talks from third week of November")
GST Council likely to meet in Dec, may take up report on e-game tax
The Council meeting was expected to be held in August in Madurai
 "GST Council likely to meet in Dec, may take up report on e-game tax")
Bumper GST collections could lead to compensation windfall for states
Extending compensation is a topic that has remained a sticking point in India's federal structure, with not only opposition states but also BJP-governed states speaking about it
 "Bumper GST collections could lead to compensation windfall for states")
GST collection jumps 28% YoY in July to second highest ever at Rs 1.49 trn
Collection remains above Rs 1.4 trn for fifth straight month
 "GST collection jumps 28% YoY in July to second highest ever at Rs 1.49 trn")
GST council meeting takes no decision on extending compensation to states
New rates for some items, removal of exemptions with effect from July 18
 "GST council meeting takes no decision on extending compensation to states")
Amid inflation, GST Council withdraws exemption on host of household items
Pre-packed wheat flour, papad, paneer, curd and buttermilk will be taxed at 5 per cent after the GST Council decided to stop allowing exemptions on such items while raising rates on a host of others.
 "Amid inflation, GST Council withdraws exemption on host of household items")
GST Council okays mandatory registration waiver for small online retailers
The waiver, which is subject to certain conditions, will benefit about 120,000 small traders
47th GST Council meet: Here's what became expensive after Tuesday meeting
The GST Council today is expected to take up extending compensation to the state
 "47th GST Council meet: Here's what became expensive after Tuesday meeting")
Sensex, Nifty end flat after volatile session; metal, energy stocks shine
CLOSING BELL: M&M, Tech M, Dr Reddy's Labs, Reliance Industries, HCL Tech, and Tata Steel were the top gainers on the 30-pack index
 "Sensex, Nifty end flat after volatile session; metal, energy stocks shine")
GST Council meet begins today: Here's what's on the agenda in Chandigarh
From revising some rates to deciding on the thorny issue of compensation extension for states, here is what the Council is likely to take up
Top headlines: GST Council meet to begin today, Vedanta turns to LIC & more
The two-day Goods and Services Tax (GST) Council meeting, which begins today in Chandigarh, is likely to be action-packed
 "Top headlines: GST Council meet to begin today, Vedanta turns to LIC & more")
Punjab likely to lose Rs 15K crore in FY23 as GST compensation ends
At the Council meeting in Chandigarh, states may call for extending compensation deadline
 "Punjab likely to lose Rs 15K crore in FY23 as GST compensation ends")
Top headlines: Fantasy games may be taxed at 28%, input tax credit & more
The exposure of debt mutual fund (MF) schemes to certificates of deposit (CDs) issued by banks has more than doubled in the past year
Fitment committee rejects demands to reduce GST rate on over 200 items
The Council unlikely to decide on taking crypto assets in next week's meeting in Chandigarh.
Indian economy: Not just a twin but a triple-deficit problem looms
While the twin deficit problem of widening fiscal and current account deficits has been spoken about, a third problem of widening deficit in the states also stares the Indian economy in the face
GST panel to submit interim report on exempted items, may prune list
No decision on rate rejig; to meet again for further deliberation
 "GST panel to submit interim report on exempted items, may prune list")
47th meeting of GST Council to be held on June 28-29 in Srinagar: FinMin
The meeting assumes significance as it is expected to discuss the report of the panel of state ministers on rate rationalisation and also the tax rate on casinos, race courses and online gaming
April GST mop-up notwithstanding, Rs 1.5 trn a month may not happen in FY23
CBIC to focus on scrutiny of returns and audit for better compliance during current fiscal; finance ministry official sceptical, says April usually has high collection due to payment of arrears
