Tag: Gst Council

GST Council Did Not Recommend Reducing GST On Health Insurance: FM

Health insurance schemes catering to the needs of economically weaker sections of the society and differently abled, such as the Rashtriya Swasthya Bima Yojana, the Universal Health Insurance Scheme, the Jan Argoya Bima Policy, and the Niramaya Health Insurance Scheme are fully exempt from GST.

GST Council Defers Implementation Of Tax Rate Hike On Textiles
GST Council Defers Implementation Of Tax Rate Hike On Textiles

States like Gujarat, West Bengal, Delhi, Rajasthan and Tamil Nadu have said they are not in favour of a hike in Goods and Services Tax (GST) rate on textiles to 12 per cent, from 5 per cent, with effect from January 1, 2022.

GST Council Meet Begins, May Consider Duty Cuts On Medical Supplies

The 44th meeting of the GST Council, the second this year in the midst of the second wave of Covid pandemic, began on Saturday morning through video conferencing.

Modify New GST Notification, Traders Urge Council & Finance Minister
Modify New GST Notification, Traders Urge Council & Finance Minister

Kolkata: Trading community urged Union Finance Minister Nirmala Sitharaman and Goods and Services Tax (GST) Council on Sunday to withdraw certain provisions of the new GST notification issued a few days back. The government had notified certain changes to the GST Rules on December 22 and some of the rules are set to be applicable […]

GST Rates: Council To Meet Next Month, FinMin Not In Favour Of Raising Rates

New Delhi: The finance ministry is not in favour of increasing goods and services tax rates on non-essential items in the next month’s meeting of the GST Council, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19. If goods and services tax (GST) rates are increased on non-essential items, […]

No Rate Hike, GST Council Votes For Uniform Lottery Rate

New Delhi: The all-powerful GST Council, in its 38th meeting here on Wednesday, voted for uniform rate of 28 per cent on lotteries across the country. During the voting, 21 states voted in favour of a uniform rate. This is the first time since the launch of the new indirect tax that the Council has […]

GST Council Hikes Tax On Caffeinated Beverages, Cuts Rates On Hotel Tariffs

Panaji: The all-powerful GST Council on Friday more than doubled the tax on caffeinated beverages to 40 per cent and slashed the rate on hotel room tariffs. Briefing reporters after a meeting of the panel, Finance Minister Nirmala Sitharaman said the GST on caffeinated beverages has been hiked to 28 per cent plus additional cess […]

GST Council to decide on cutting vehicle rates: Sitharaman

Chennai: Finance Minister Nirmala Sitharaman on Sunday said that the GST Council will take the final call on reducing the tax rate on motor vehicles. Speaking to reporters here, she said that the government is addressing the issues of the automotive segment on the backdrop of the recent slowdown in sales. “One of the suggestion […]

Nirmala Sitharaman
Developers want Budget to ease liquidity, make changes in GST

New Delhi: As the new Finance Minister Nirmala Sitharaman presents the Union Budget for the fiscal 2019-20 on July 5, the real estate players want the Budget document to feature steps to improve the liquidity situation with a proposal to re-introduce Input Tax Credit (ITC) for under-construction properties. In their pre-Budget memorandum, the real estate […]

GST on under-construction houses cut to 5%

New Delhi: The GST Council on Sunday lowered the tax on under-construction residential properties to 5 per cent from 12 per cent to boost the realty sector. The new rates will be implemented from April 1. The Council also made changes in the definition of affordable housing carpet area and cost. Properties costing up to […]

GoM to look into anomaly in GST collection in states: Jaitley

New Delhi: The Goods and Services Tax (GST) Council on Saturday decided to form a seven-member Group of Ministers (GoM) to study anomalies in tax collection in some of the states which showed wide deviation from what was expected. “The Council has approved the proposal to form a seven-member GoM to study the revenue trend, […]

Movies, monitors, video games get tax cuts; GST Council leaves cement at 28%

New Delhi: Computer monitors, TV screens, video games, lithium-ion power banks, retreaded tyres, wheelchairs and cinema tickets are among products and services set to get cheaper with their removal from the GST regime’s highest 28 per cent tax bracket by the GST Council on Saturday, with the industry lauding the latest reductions as a boost […]

GST Council proposes cashback incentive to promote digital payments

New Delhi: The Goods and Services Tax (GST) Council in its meeting on Saturday decided to start a pilot project to give cashback to consumers in order to incentivise digital payments in the country. The pilot project, which proposes 20 per cent cashback on GST component of transactions, will be rolled out by states who […]

GST Council passes e-way bill mechanism for movement of goods

New Delhi: GST Council has cleared mandatory compliance of e-way bill for intra-state movement of goods from June 1, 2018, informed sources. The Council has fixed February 1 as the compliance date for inter-state movement of goods, sources in the panel added. The e-way bill facility bill be available for trial run from January 15. […]

Leasing vehicles purchased before July 1 to attract 65% GST

New Delhi: In order to provide relief to old/existing leases of motor vehicles, the GST Council has decided that the leasing of vehicles purchased and leased prior to July 1 would attract 65 per cent of the applicable GST rate (including compensation cess). Sale of vehicles by a registered person who had procured the vehicle […]