GST COUNCIL MEETING
India’s ‘sin’ is govt’s bounty: GST cess may deliver Rs 70,000 cr bonanza
The Centre is anticipating a significant surplus of approximately Rs 70,000 crore from GST compensation cess collections, even after repaying loans taken during the Covid-19 period on behalf of states. This unexpected windfall is due to robust collections from sin goods like pan masala, cigarettes, and automobiles. Officials suggest that this surplus could allow for early loan repayments and still leave a substantial amount for other uses.
GST Council proposes interest, penalty waiver on tax dues
"Our intent is to make GST assessees' life easier, simpler and less cumbersome... We are working towards less and less compliance," Union finance minister Nirmala Sitharaman, chairperson of the body, told reporters after the council's 53rd meeting that was held in the capital.
GST Council recommends reduction of GST on carton boxes from 18 pc to 12 pc
Industries Minister Harshwardhan Chauhan, representing the State, thanked the council for taking the decision unanimously on the proposal of the state. He said that the decision would also help the industry reduce working capital costs.
GST council refers Par panel recos to cut GST on fertiliser to Group of Ministers
Talking to reporters after the 53rd GST council meeting, Keshav said the proposal to reduce the GST rate on fertilisers has been referred to the Group of Ministers (GoM). The issue of further reduction of tax on fertilisers was placed before the GST council in its 45th and 47th meetings held in September 2021 and June 2022, though the council did not recommend any change in rates.
GST Council needs to reconstitute three GoMs as new ministers from 11 states join
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.
GST Council fixes monetary limit for filing of appeals before various legal forums
The Council has also recommended that the maximum amount for pre-deposit for filing appeal before the appellate authority be reduced from Rs 25 crore CGST and Rs 25 crore SGST to Rs 20 crore CGST and Rs 20 crore SGST, she said. The Finance Minister also informed that services provided by the Indian railways like sale of platform tickets, facility of retiring rooms, waiting rooms, are exempted from GST.
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GST Council proposes interest, penalty waiver on tax dues
The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, empowered tax authorities to waive interest and penalties on past tax demands, aiming to ease compliance for GST assessees.
GST council has taken some far-reaching steps: Pratik Jain, PwC India
The GST on petrol and diesel and all the passenger fuels will take a lot of time. GST on ATF and natural gas could come in hopefully soon, but for other petroleum products like petrol and diesel and other passenger fuels, where a lot of revenue is involved, it will take some time, says Pratik Jain, Partner, PwC India
In Graphics: GST Council’s new steps to simplify tax processes
The Goods and Services Tax (GST) Council on Saturday, in its first meeting after the new government took charge at the Centre, announced several measures to ease tax compliance and provide tax certainty to industry. ET reviews the steps taken:
Intention of Centre to levy GST on petrol, diesel; states will have to decide on rate: FM Nirmala Sitharaman
Sitharaman mentioned the ongoing taxation of petrol and diesel through excise duty and VAT, urging states to collaborate in the GST Council to decide on the tax rate.
GST Council Meeting: Railway Platform tickets exempted from GST, biometric authentication push & other key decisions
At its 53rd meeting in New Delhi, the GST Council decided to implement nationwide biometric authentication to combat fake invoicing. Finance Minister Nirmala Sitharaman announced retrospective amendments to input tax credit timelines under the CGST Act from July 2017. The meeting, the first since the new government took office, also addressed various operational issues and recommended uniform GST rates for milk cans and carton boxes.
Union Finance Minster Nirmala Sitharaman chairs pre-budget meeting with state finance ministers
Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with state and union territories finance ministers at Bharat Mandapam for suggestions on the upcoming Union Budget, after previously consulting with economists and industry experts. She is set to chair the 53rd GST Council Meeting to discuss tax rates, policy modifications, and administrative challenges, crucial for shaping India's indirect tax system. The agenda for the meeting is yet to be disclosed.
What is expected from the GST Council meeting today?
The GST council may delay the inclusion of petroleum products under GST and the much-awaited rate rationalization. Discussions may also focus on reducing GST on insurance products.
GST Council Meeting: Sin goods windfall, tax relief talks, and more ahead of budget buzz
GST Council Meeting: The upcoming 53rd meeting of GST Council is poised to discuss several key measures that could pave the way for significant tax reforms ahead of the government's first full budget. Among the agenda items are -- the use of approximately Rs 70,000 crore collected from GST compensation cess on products like pan masala and cigarettes. Discussions may also cover the potential waiver of interest or penalties on tax notices issued between 2017 and 2020, excluding cases of deliberate default.
GST Council likely to deliberate on online gaming tax, Par panel recommendation on fertiliser
The GST Council is set to discuss various issues in its upcoming meeting, including taxation on online gaming and the recommendation to lower tax on fertilisers by the Parliamentary standing committee. The current GST rate on fertilisers is 5%, while raw materials like Sulphuric Acid and Ammonia face a higher rate of 18%. The council will also review the decision to levy 28% GST on the full value of bets for online gaming companies, which came into effect on October 1, 2023.
Reduce GST slabs, hike exemption threshold for firms with up to Rs 1.5 cr turnover: GTRI
The Global Trade Research Initiative (GTRI) proposed several reforms to enhance India's Goods and Services Tax (GST) system on its 7th anniversary. Recommendations include raising the GST exemption limit to Rs 1.5 crore for firms (up from Rs 40 lakh), simplifying the tax structure by reducing slabs and eliminating state-wise registration requirements. GTRI highlighted GST's role as the world's largest indirect tax platform, with over 1.46 crore registrations.
Waiver, other tax reforms top GST Council's docket
The GST Council is set to discuss various measures at its upcoming meeting on June 22 to pave the way for broader tax reforms in the new government's first full budget. These measures include considering a conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, with exceptions for wilful defaulters. The budget announcement is expected in July.
Fertiliser stocks jump up to 9% amid hopes of exemption in upcoming GST Council meeting
Fertiliser stocks surged by up to 9% on Wednesday following reports of anticipated relief for the sector through Goods and Services Tax (GST) rate rationalization, expected to be discussed at the GST Council meeting scheduled for June 22, Saturday.
Law committee recommends amendment to CGST law to quash retro tax notice
The recommendation, if approved by the council may give relief to a large number of industries including online gaming industry, which was seeking relief from retrospective tax notice. The recommendation may be placed before the GST council and once approved this would pace way for quashing a large number of notices sent to online gaming industry. The law committee has suggested amendment to the Central Goods and Services Tax (CGST) Act, 2017 via the introduction of a new Section 11A in the legislation.
Retro tax demand on online gaming companies may be quashed
As per the recommendation tax notices in cases where the lower tax was paid due to interpretation of law or lack of clarity can be quashed, people familiar with the development said. The law committee has suggested amendment to the Central Goods and Services Tax (CGST) Act, 2017 via the introduction of a new Section 11A in the legislation.
GST council may cut upfront payment for tax appeal to 7%
The council could also consider an amnesty scheme for disputes of the pre-GST regime and a proposal to make biometric-based Aadhaar authentication mandatory for suspicious persons seeking GST registration.
GST Council likely to consider a review of 28% tax on online gaming at June 22 meeting
The council may also take up recommendation of the fitment committee on inverted duty structure of 15 items, officials aware of the matter told ET. However, a broader process of rate rationalisation may be pushed for later, they said.
GST Council meeting scheduled for June 22 in New Delhi
The 53rd meeting of the GST Council is slated to convene on June 22, 2024, in New Delhi, following the inauguration of a new government. Previously, the 52nd Meeting of the GST Council took place on October 7, 2023, in New Delhi, with Union Finance & Corporate Affairs Minister Nirmala Sitharaman presiding as the chairperson.
Clarification likely on GST on NBFC co-lending
The government, led by Vivek Joshi, addresses concerns around GST levy on co-lending arrangements with NBFCs, raising issues of distortion and increased lending costs. Banks, tax authorities, FIDC, MFIN, CRISIL, partner banks discuss the growth of co-lending model, NBFCs' loan book reaching ₹1 lakh crore.
GST officers working on registration mechanism for 'shared warehouse' for e-commerce suppliers
GST authorities are developing a mechanism to address taxation and registration issues for shared warehouses used by e-commerce companies, where multiple suppliers store goods for last-mile delivery. This issue arises because suppliers have geo-tagged these warehouses as their 'additional place of business' under GST rules, raising concerns of potential fraudulent registrations and the risk of holding warehouses accountable for individual supplier defaults.
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