Page 7 - Gst Council

GoM report on GST on health insurance to be put before Council: FinMin

Recommendations of the Group of Ministers (GoM) looking into issues pertaining to GST on life and health insurance will be placed before the GST Council when received, Parliament was informed on Monday. The issue of exempting/reducing GST on life and health insurance was placed before the GST Council in its 54th meeting on September 9, 2024. After detailed deliberations, the Council recommended constituting a GoM to holistically look into issues pertaining to GST on life and health insurance. Accordingly, a GoM was constituted under the Chairmanship of Samrat Chaudhary, Deputy Chief Minister of Bihar. First meeting of the GoM was held on October 19, 2024 at New Delhi where issues of GST rate on health and life insurance policies were discussed, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Lok Sabha. "Recommendations of the GoM when received will be placed before the GST Council," he said. GST on health insurance services and pure term life insuranc

FICCI calls for GST cut on EV batteries and charging to boost growth

EV Committee chair points out that while EVs are taxed at 5%, batteries and charging services face an 18% GST rate

GST Council to meet in Jaisalmer on December 21; may discuss insurance levy

The GST Council will meet on December 21 in Jaisalmer, in which the much-awaited decision on exemption or lower GST rate on health and life insurance is likely to be taken. The council, chaired by Union Finance Minister Nirmala Sitharaman and comprising her state counterparts, may also take up some rate rationalisation exercise and reduce tax rates on a host of common man items from 12 per cent to 5 per cent slab as per the recommendations of a panel of state ministers. "The 55th meeting of the GST Council will be held on 21 December 2024 at Jaisalmer, Rajasthan," the GST Council said in a post on X. The council, in its previous meeting on September 9, had tasked the GoM to finalise the report on GST levy on insurance by October-end. Following that, the group of ministers (GoM) on health and life insurance GST last month met and broadly agreed on exempting insurance premiums paid for term life insurance policies, and senior citizens' health insurance from GST. Also, GST on premium

GST Council may waive 18% tax on senior citizens' insurance plans in Dec

The GST Council is scheduled to meet in Rajasthan on December 21 and 22 to discuss potential tax relief on select insurance plans

58 luxury goods and 24 services may face 28% GST slab in upcoming review

The Council is planning to move 58 goods and 24 services to the 28% Goods and Services Tax (GST) slab, including Botox services, luxury spa and salon offerings, and premium stationery, among others

Food processing ministry to take up concern on GST with Council: Paswan

Seeking to promote the food processing sector, the Centre on Thursday held consultation with more than 100 senior executives of food companies to understand the problems faced by them related to ease of doing business, imports, GST rates and misconceptions about processed food items. During the meeting, food companies demanded reduction in GST rates of many food items. A high-level CEO roundtable, under the co-chairpersonship of Commerce & Industry Minister Piyush Goyal and Food Processing Industries Minister Chirag Paswan, was organized as part of World Food India 2024 event being held during September 19-22 in the national capital. It laid "focus on promoting investment and enhancing Ease of Doing Business and was attended by over 100 CXOs," an official statement said. Speaking on the sidelines of this meeting, Paswan said, "the objective of this CEO roundtable was to provide a platform to industry representatives of food companies to put forward their concerns and suggestions ..

Kudos to CBIC for dropping difficult CGST Rules, reducing compliance burden

When goods are exported without IGST payment under bond or letter of undertaking, the ITC of GST paid on related inputs and input services remains unutilised

From filter coffee to viral blend: Annapoorna steams up headlines

Sreenivasan raised concerns about the different GST rates for sweets, savouries, and bakery products during an interaction of Sitharaman with MSMEs and Chamber of Commerce in Coimbatore

GST Council moves closer to reducing GST on life, health insurance premiums

Shares of major insurance companies like Star Health, ICICI Lombard General Insurance, and Go Digit General Insurance traded in the red due to concerns over insurance premium GST rates

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 relief on health insurance: Council likely to take up 4 options

Expected cost to exchequer likely between Rs 650 crore and Rs 3,500 crore

GST Council meeting: E-invoice mandate may soon cover B2C transactions

Pilot run on voluntary basis for selective sectors

GST Council to meet on Sept 9; compensation roadmap may stretch into FY26

GST Council agenda includes tax relief for foreign airlines, and clarity on a host of items such as car seats

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

Why there is an urgent need to rationalise both GST slabs and rates

Rationalisation of the tax structure is expected to be discussed in the GST Council meet on Sep 9. The group of state ministers would be well advised to initiate the process

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

GST Council decisions to be incorporated in the Finance Bill: CBIC Chief

CBIC Chairman Sanjay Kumar Agarwal said at the 53rd GST Council meeting rate rationalisation was proposed on some goods and services

GST Council's key state panel for rate changes may face another revamp

In the last reorganisation of this panel, at the GST Council meeting on June 22, Bihar Deputy Chief Minister Samrat Chaudhary was appointed as its convenor